Detroit Free Press from Detroit, Michigan • Page 24

1.1 111 ii iff i i i mi ii i i mi liusincss Markets mum PART TWO SUNDAY, DECEMBER 27. 1942 KEEPING PACE Final Test of Antiaircraft Searchlight All Grains Close Up in Fractions UtilitiesFace More Control After the War By the Aiioelsted Prna WASHINGTON, Dec 2S The American Council on Public Af Detroit's War Output Dwarfs 1937 Dollar Volume Twice Best Peacetime Year; DSR Up 4 Million Passengers a Week fairs, a private research organiza tion, today issued a report pre dicting greater Federal control over the electric utility industry alter uie war. "The electric utility Industry under the present wartime conditions is undergoing great changes particularly in its interstate aspects," said the study, prepared by Dr. Robert D. Baum.

"The growth of large-scale generating sources, long distance transmission lines and increased co-ordination of interconnection and interchange point to the likelihood that Federal control in the post-war period will be more significant than before the war." Dr. Baum recommended that state control of local power distribution be retained but that duplication and overlapping of functions of state regulatory agencies and the Federal power commission be eliminated. BANKERS FOB 101 YEARS NEW YORK. Dec. 26 (AP) The private firm of Laidlaw Co.

started its 101st year of continuous operation. V- Banks Praised for Sale of War Bonds WASHINGTON, Dec. 26 (AP) John IL Fahey, commissioner cf the Federal Home Loan Bank An. ministration, praised savings and commercial banks today for sale of war bonds and called greater Investment In the bond? next year. "The volume of war bond salei to date is evidence of the effo-ts that have been put forth by the nation's financial Institutions'" Fahey's statement said.

"But the fact remains that recent reports show that only one-third of the savings accumulated in the third quarter of 1941 went into war bonds, as compared with a iropor-tion of 57 per cent during the first three months of the war Latest fashions at Detroit stores and shops are presented daily by Jean Pearson, Free Press Fashion Editor. See the Women's Pages FARWELL BUILDING 124!) Grlswold CHOICE OFFICE SPACE 300 to 10,000 SQ. FT. Very Reasonable Rates F. A.

DeBOOS, Mgr. rhone CAdlllao 9843 gm! Peace-Rated Favorites in Spotlight Few Customers in Board Rooms for Brief Session; Sales Hit 300,000 BY BERNARD S. O'HARA rrrc Press rianneial Writer NEW YORK. Dec. 26 Industrial stocks, especially those with a peace-time flavor, featured today's post -Christmas session with a move into the highest territory for more than a year.

While numerous customers ex tended the holiday to Monday, the good war news brought further demand for Issues which stand to benefit when victory eventually arrives. The list, consequently, finished a somewhat uneven week with prices generally tilting upward. Belated tax selling of low-priced stocks appeared at the start and helped an otherwise slow market to aggregate 370,695 shares against 372,060 a week ago. Business developments were fairly cheerful but rails, on bal ance, failed to respond to pleasing revenue statements and most utilities were virtually at a standstill. The Associated Press average of 60 stocks was up .2 of a point at 41.5, a new high since Oct.

8, 1941. Rising groups were gold mines, rubbers, oils, motors, farm implements, air transports and specialties. Touching best levels for 1942 or longer were Dome Mines, Mc-Intyre-Porcupine, Texas Chrysler, Goodyear, U. S. Rubber, Firestone Tire, International Harvester, Deere, American Airlines.

"Heal Corn Leads Cereals in Dull Brief Trading Session By th Associated Press CHICAGO, Dec. 26 Late buying today lifted all grain prices to fractional net gains for the post- holiday short session, with corn up almost a cent to new highs for the past several months. Wheat closed -s-cent higher than Thursday, May and July corn V'z-'i up, May 93Ts-94, July 94ft; oats la-ft higher; rye -y2 higher. yA.SH.'; Whea. No dark northern.

1.3trf-i4; tough. 1.35 li 'o 4 dark northern, Corn, No 2 yellow, old. new, No 3 yellow. 88-93 No 4. 84VS9'j: No 6.

Mtnplc, 674-75: No 3 white. 1.10. OaM. No white No 1 anecial red fcpaw o4; ftanipie, maltinr, S5-104 n'om; Iced, field eecd unchanged. Kanie, nf future on.

Barley, 00-73 uoin. ileal Mar July September Open Hich Low none 1 1. (, i l.3'i l.a.i 1.37 1.37 1.3BH 1.37 Vi torn May .03 .05 .54 .64 .95 .54 .54 MM July September Oatt May July September .05 .54 .54 .54 .64 Vi soytx ana-May flya May July .78 Ti September 1.72 .77 .73 .80 Grain ranre at other principal market: May wheat Hifb Low Clo Prer.ci Mlnneapolia 1.30 1.29 1.29 1.29 Kamaa City 1.30 l.W, 1.30 1.30 OTHER GRAIN MARKETS TOLEDO. Deo. 20 (AP) Grain, on track.

27c rate. New York, nominal. Wheat, 'o 3 red, 1.4.V1.46. Oom. No 8 yellow, U'J 1 -n." Vi No 3 yellow, OaU.

No 2 hile. 64-53V4: Ho 3 white. Soyheann, No 2 yellow. 1.84-1.65. Hay unchanged.

Furniture Shorn OK, OWE Rules BY ADRIAN FULLER Tree Treti Staff Writer The flurry of uncertainty In the furniture Industry over ODT's request of a few days ago that furniture marts be discontinued subsided over the holiday when Joseph D. Eastman, ODT director, withdrew his request. Furniture Shows in Chicago, Grand Rapids, New York and San Francisco will be held as scheduled. Eastman's action la reported due to representations by Lawrence Whiting, president of the American Furniture Mart, who told Eastman that furniture shows were not travel wasters, but travel savers, because dealers could buy at a central market rather than having to make trips to many points. Cancellation of these merchandising facilities at this time, trade circles say, would result In the utmost confusion in the retail trade, a branch of commerce already beset by manifold difficulties.

There is no indication, however, that ODT will rescind requests that conventions, and other gatherings not distinctly connected with the war effort, be postponed or cancelled altogether. LOAN INSURANCE The Federal Housing Administration In sured in loans, including $770,000,000 for 160,000 new homes, during 1942, Abner H. Ferguson, FHA administrator, re. ports. GLASS GAUGES WPB's con servation division plans large scale substitution of glass for steel in the manufacture of precision gauges.

The changeover will save three-quarters of the man-hours of machine tool labor required for manufacture of steel gauges, as well as substantial quantities of critical alloy steel. JeoM FRIDAY, NOVEMBER 13, 1942 This antiaircraft searchlight whose 800,000,000 candlepower beam Is effective more than five and one-half miles In the air undergoes Its final test at the General Electric Co. This lamp Is a source of pride In Detroit because Its sixty-inch shell, once made of cast aluminum, is now a steel stamping, turned out on one-time auto body presses. ENGIflEERIHG EXECUTIVE A intll proirtiiirt manufacturing company witk an tnviablt record rofrtn ii deiirosi of obtaining the service of a proven engineer was it thoroughly familiar witk to engineering and manofactnre of hydraulic tab coupling and accexoriei. Tail must not be comidered wartime venture.

The man we are interested in alould be between tie age of 35 and 45. He ii energetic and ambitious, and take pride in getting a good job dune quickly. He must lave the foresight to prepare for post war possibilitie through new development in our line. In reply pleas end complete brochure containing a complete autobiography and a recent photograph. Address Box 1055, Detroit Free Press.

Babson Reviews Stock Markets' 1942 Activity WoJik Ito mcU Press said It Was a possible only by real YES I teamwork. As the tree Record made Last of Thornton Tandem's 'Arctic. Specials' the stiff delivery schedule to do its bit on the all-important Alcan highway it helped make history But this was only possible because parts and materials were delivered on schedule by our sup. pliers who in many instances disrupted their shops to deliver on time. Practically every American keenly realizes the strategic value of this highway over which supplies pass to Alaska and thence to the Aleutians.

Winter suspends all possibilities for road construction so this was an all-important race between the U. S. Army and the Winter and the U. S. Army won! To the following suppliers who so vitally assisted, our thanks for "a good job well 'done!" Detroit's output of war ma tcrials and civilian goods this year was approximately double, in dollar value, the production of this area's best peacetime year, the Dntroit Board of Commerce re.

ported Saturday in its year-end index. The largefct peactlme output reported by the Fulled States Census of Manufacturers for this area was $3,400,000,000 In 1937," according to Willis II. Hall, manager of the Hoard's Industrial Department. "Exclusive of duplications, production that year is estimated at $2,100,000,000. In 1942 this area's automobile factories turned out war materials in excess of this figure, while tolal output approximated four billion dollars." At year's end DSR traffic was running nearly four million passengers a week ahead of 1941 and mass production of war poods was still rising rapidly, the index shows.

The year saw an Increase of 150,000 workers on Detroit factory payrolls, and a lengthening of the average work week by 26 per cent above 1037, the city's best peacetime year. LONGER WEEK, HIGHER PAT Under the combined Impetus of a longer work week and higher hourly rates, the average Detroit worker's weekly pay now is $13 more than in 1941, $20 more than in 1940 and $23 more than in 1937, according to Hull's figures. Industrial power sales by the Detroit Edison Company for the week ended Dec. 19 totaled kwhr, an all-time peak; prior week, 61.S11.000 kwhr; year ego, 42,841,000 kwhr. Revenue passengers on DSR for week ended Dec.

25, totaled fl.fi05.08H; preceding week, and this week last year. Buildings for which permits were issued by the Department of Buildings and Safety Engineering during the week closed Dec. 24 were valued at corresponding week last year, $303,785. FHA loan applications received at the local office during the week ended Dec. 18 totaled prior week, year ago, $917,550.

Gas sendout by the Michigan Consolidated Gas Co. from the Detroit district totaled 793,604,000 cubic fcc during the week ended IJec 1H; preceding week cubic feet; a year ago, cubic feet. UNEMPLOYMENT DECLINES Initial unemployment compensation claims filed in Wayne County during week closed Dec. .19 numbered 635; previous week, fi43; year ago, 25,313. Total claims, 2,465 compared with 2,603 preceding week and 38,111 this week lust year.

During week ended Dee. 24, ftteel mills in Detroit area operated at 102.5 capacity; prior week, 102.5; year ago, 107.5 per cent, according to the magazine Iron Age. On Dec. 22, Detroit welfare families numbered a week earlier, a year ago, 10,061. In addition, there were 2,961 WPA workers in Wayne County on that date as compared with 3,063 seven days earlier and 11,842 this date last year.

Tire Quotas Up in January Br the Amikm.iU Press WASHINGTON, Dec. 26 The Office of price Administration sharply Increased today the quota of truck tire recapping services and passenger car tire allotments for January. The January allotment of 368. 200 recapping services compares with the December allotment of 149,250. Passenger car tire allotments for January follow: Grade one, 161,000 compared with 126,097 for December: grade two, ZoU.uuo compared with 368, 000; grade three, 690,000 compared With 82,000.

The passenger car tire recapping quota for January Is 800,000 compared with 887,245 for December, and the passenger car tube quota 709,336 compared with 057.372. The truck tire quota for January is 345,307, and the allotment for farm tractors and implements is 21,000. The December quota for these two classifications was lumped at 340,229. Mutual Investment Dividend Is Up Directors of Mutual Investment Co. of America, in the Penobscot Building, announce a 40 cent dividend payable Dee.

28 on stock of record Dec. 22. A ten-cent dividend was paid July 1, making 50 cents for the year, compared with 40 cents in 1941. On the board ore Julius H. Moeller, president; John C.

Shaw, vice president and treasurer; Maurice S. Marr, secretary, and Maxwell E. Kead and George V. Mehling. The firm was organized in 1938.

Detroit Slocks insr the past 12 months. A nre- ponderance of bad news, Govern ment iinancing. tax uncertainties, me normal shocks and mental stagnation of war have all had their effects on the stock market. Even though the belief has been current, tnat In view or inflation, equities are better to hold than cash, there has been but little buying for hedging. Lack of ready cash by well-to-do Investors has also helped to slow down market activity.

Except In a real slock market boom, such as in 1928 and 1929, the public has never participated much In the purchase of listed securities. Usually this group get In during the last few: months of a sustained rise. Thev contrihutfi littu eveens "small chance" to risiner volume and prices. Wealthy individuals, estates, insurance companies and institutions formerly heavy buyers of securities are now nhlWH to use their available funds for income taxes and the purchase of Government bonds. Hence, these groups are no longer an impor tant ractor in the stock market.

RATE OF DIVIDENDS For nearly all tvne.s nf hunt. nesses represented by New York Stock Exchange Issues, volume has been at record heights Amusement, copper, steel, utility, ruDDer, airplane and mail order companies have all enjoyed an extremely heavv cross hnslneo. Furthermore, in spite of allow ances ror nign excess corporation taxes, dividends have been trener. ous with many companies declar ing year-ena extras. However, aggregate dividends for 1942 will not be as larce as thev wer )n 1941.

Unlike the case in recent past years, a fair share of regular dividends and most of the extra dividends Will not en hnrU" ntn the market for the purchase of additional shares. In all probability, many companies have passed, or are passing, their peak volume of business for the war period. Necessary capacities for war production are nearly, If not entirely, reached. If s.nd when some critical materials are released or higher priorities are available to certain concerns, as in the case of rail equipment companies, they may do better In 1943. This can also be true of companies selling equipment to municipalities.

Dividends, too, may have passed the honeymoon stage. While they may continue generous in Individual instances, the total for 1943 may not rise about that of this year. I am, however, generally bullish on the prices of good stocks. MARKET SI MMART New York RliX'l(. 'mW'.

iwaco shares forored. Silr, harr. Homin. lew rails hlth'r. Sales SX.W.'i sou.

Cuiioii. firm: tral rrlwlliinr and cumiuLsiDon house huvtns. ChlrK Wheat, hither, nhorl cnTeHnr. I'nrn. duller: weather rumlltliuis.

nominal! uraiiv. Ho, hiimiIv: too LARGE NON-FERROUS FOUNDRY ha opportunity for an etperieneed saleiman. Applicant nuikt he auffi. elent experience to htln substantial biiftlnetie from reliahle firms. In replying sUte all Qualifications and rx-perteoce.

Also preference of com-penutlnn as to salary or rommlssion. Apply Box 1064, re Press. STATE LAND BULLETIN Additional properties in the following area will be released for "Private Sale" beginning January 4, 1943. City cf Dearborn See our Bulletin Board for miscellaneous additions, price changes and corrections, effective January 4, 1943. TRI-COUNTV UNO AGENCY.

INC, 401 Cadillac Square Hldjr, CHerry 17H5 OR TOTR RROKf WILMINGTON, Dec, 26 In the year that has passed since Pearl Harbor we have seen the lowest volume of stock market trading since 1914. It amounted to only 108,863,000 Bhares. This Is 22 per cent under the corresponding period of a year ago. During the past year rail averages went up about 0.32 while industrials were down approximately 7,89. And this during a period when London, Berlin and Amsterdam markets moved consistently upward under a heavy volume of buying.

It, therefore, may not be possi ble to obtain many rood stocks during the coming 12 months at prices which have prevailed dur- Local Holiday Trade Breaks All Records Returns In this area Indicate that for the majority of merchants volume of holiday trade attained a level exceeding all previous rec ords. While it was anticipated mat because or the unusually early start of gift buying, the final period would taper off earlier than normally, the four last week days snowea only a slight decline in total sales from the peak reached the previous week, and, with some stores the final days actually exceeded the corresponding days of the preceding week, Dun Brad- street, report. Certain units the downtown shopping district which for some time past have been observing evening hours re ported Monday tho best single day in men- nisioiy. Apparently all types of mer chandise normally in demand for gift purposes as well as staples sold readily and stocks have been substantially diminished. A greater percentage of cash sales, and luxury buying have been in evi dence for a long; period, undoubt edly resulting from the highest payrolls ever Known in this sec tion.

The wholesale trade has held up exceptionally well for the season because of the call for fill-ins to replace depleted stocks. Collections have been excellent Dress Sales Group at Book-Cadillac Louis Mctz' "Band Wagon," traveling sales croup will display samples of infants' and children's wear at the Book-Cadillac hotel, Monday through Wednesday. Recognizing the fact that gov ernmental priorities have made traveling difficult for both sales men and retail buyers Metz, presi dent of the Infants' and Children's Wear Salesmen's Guild, has or ganized representatives of 60 of the country's most outstanding manufacturers into a mobile unit that displays its samples in key cuies an over the country. Ikuton Realty Marks Expansion C. Bruton Realty 14142 Puritan, topping off a year in which it expanded Into a new office, and optimistic that 1943 will see "a great volume of building In Detroit," was host over the holidays at two gatherings, one for 40 salesmen and their wives and the other for some 150 builders, mortgage and advertising brokers.

George Cartright, attorney, made the 1943 forecast at the salesmen's dinner in Huck's Red-ford Inn. NTLON' SALVAGE WASHINGTON, Dec. 26 (AP) The first month's salvage of silk and nylon hosiery yielded pounds from about 2,800,000 pairs, the War Production Board announced today. Earn. inns 1 R-iie i 10 11 ,1 KVI Kit 1 iu 2i) 4- in RH r- in 1 rni; i.t.-.f t) O.I 1.

a Vn 1 I I ie. WORKMEN WAVE FAREWELL TO BOOTH HXAVT-DTJTT TJMX. Some worked 21 sours a day to get the job out aiead of schedule 4 IJrlUKINlUiN fieat Marlin Rockwell Corp, Jamestown, N. Y. Mathew Co, Detroit Mamnee Malleable Casting Co Toledo, O.

Mechanics Universal Joint DIt, Rockford, lit Midland Steel Products Cleveland. Miller Seldon Elect Co, Detroit Nash-Kelvinator Detroit National Vulcanized Fibre Co, Wilmington, Del. Ontario Steel Products Chatham, Ont Peerless Pattern Detroit Penola, Inc, Pittsburgh. Precision Part Co Ann Arbor, Mich. Precision Spring Corp, Detroit Pontine Varnish Co, Fontiae, Mich.

Republic Steel Corp, Cleveland, Rim Wheel Service Co, Detroit Rivard Bros, Baseline, Mich. Ryerson Son, Inc, Detroit Murray W. Sales Co, Detroit Service Heat Treating Co, Detroit Service Steel Corp, Detroit SKF Industries, Ine, Philadelphia. Smith Welding Supply Equipment Co, Detroit Snap-On Tools Corp, Kenosha. Soeony Vacuum Oil Ref.

Co, New York. Spicer Mfg. Co, Toledo, O. Standard Forge Co, Detroit Steel Tlato Shape Corp, Detroit Stewart-Warner Corp, Chicago, Chas. A.

Strellnger Co, Detroit Superior Brass Wks, Detroit Superior Steel Treating Co, Detroit Timken-Detrolt Co, Detroit Timken Roller Bearing Canton, O. Trio Tool Co, Detroit TrucksteU Inc, Cleveland. Tut lull Spring Co, Chicago, Detroit C. S. Rubber Co, New York.

Wagner Electrio St Louis. Edgar T. Ward Sons Co, Pittsburgh. Weatherhead Co, Cleveland. Wayne Gasket Co, Detroit Welding Gas Equipment Co, Detroit Wtcrn Automatic Machine Co, Elmira, O.

Western Mg. Co, Detroit Whitehead Stamping Co, Detroit it All THE IMPOSSIBLE-AUAIX Record Truck Output Speeds Alaska Highivay Detroit Steel Products Detroit Detroit Tool Mfjr. Co, Detroit Duncan Steel Co, Detroit Eaton Detroit' Spring; Service Co, Detroit Eaton 51f. Cleveland, Detroit, Maisilon. Endlcott Forging Is Mfg.

Co, Endlcott N. Y. Epworth Mfg. Co, Detroit Firestone Tire Rubber Co, Akron, O. Ford Motor Detroit Frot Gear Forge, Jaeksotv Mich.

(i Sales Detroit Gage Products Co, Ferndale, Mich. dale Mfg. Co, Albion, Mich. B. F.

Goodrich Co, The, Akron. Goodyear Tire Rubber Akron, O. V. L. Graf Co, Detroit Groov-Fin Corp, Union City, N.

J. TTanley Motor Sales Toledo. Hoover Ball Bearing Ann Arbor, Mich. Tlorat Mfg. Co, Detroit Hubbard Spring Co, Fontiae, J.

I. Hunt Detroit Industrial Plating Co, Detroit Johns Manville Corp, New York. Kasle Steel Detroit Kendrick Mfg. Co, Detroit Knight Screw Product Co, Detroit Knorr-Maynard Co, Detroit Kmeger Machine Co, St Clair Shores, Mich. Lincoln Brass Wks, Detroit Lincoln Engineering Co, St Louis.

Machine Tool Die Co, Detroit Madison Ilectrle Co, Detroit Mareniont Automotive Trod, Inc, Chicago. If a 3 id a it 11 Commonwealth Heat Treating Co, IX-troit Copeo Steel Tng. Detroit Crowe Name Plate Mtg. Chicago. Dearborn Stamping Dearborn, Mich.

Detroit Bevel Gear Co, Detroit. Detroit Bolt Nut Co, Detroit Detroit Gasket Mfg. Co, Detroit Detroit Lumber Co, Detroit Detroit Name IMata Co, Detroit Detroit Rivet Co, Detroit Detroit Seamlens Steel Tubes Co, Detroit. Dirkea Industrie. Ine, Detroit Dirkaon Serew Product Co, Detroit Detroit Steel fantlnr Co, Typical of industrial co-operation that makei possible uch wartime feati the opening of the Alaska Highway month ahead of achedule li the production itory revealed Thursday by the Thornton Tandem Cf Detroit Thornton delivered the last of 500 four-wheel-drive uniti applied to Ford trucks for use on the highway seven days ahead of a schedule that looked impossible wheri It was made earlier in the year.

The trucks are In operation now, These Suppliers Helped Uncle Sam Solve A Critical Transportation Problem By Co-op-eraling Fully To Help Us Meet Our Delivery men one To accomplish this feat, believed! to be a record for production of; that type unit, some Thornton worked as long as 21 hours in day. THE FIRMS THAT HELPED America's Life Line to the North is Open! Operating months ahead of even the staff schedule set up by Army engineers! A tough assignment In rough country called for husky, durable, efficient equipment-nd right on the lob is a big fleet of trucks with THORNTON FOUR-REAR-WHEEL DRIVE Br means of THOBXTOK Installations these tmrls lisve neea rniTerted from to 2-tna vrhiclea into hfavy-dotv, lonr-rear-wheel drira trucks handling 6-jrard dump bodiea. h. Vi.VV'.l", Antl, track, a. not available today-hot here la the asswtr to that problem, loa ein ronrert new or nwd I'i to S-toa Sracka to hoiky, reliahl heavy-dutr units ot morn than twiro th.

wpac.ty. Ihej acUaily d. th. jo betl and cost less! Cadillac Malleable Iron Co, Cadillac, Mich. Central Steel Wire Co, Chicago.

Chicago Pneumatic Tool Co, Detroit Chicago Rawhide Mfg. Co, Chicago. Commercial Steel Treating Corp, Detroit Ajax Bolt Screw Co, Detroit Albion Malleable Iron Albion, Mich. American Chain able Co, Bridgeport, American Felt Co, Glenville, Conn. Conn.

Anderson James Detroit Associated Tool Co, Ferndale, Mich. Atlas Kngineering Co, Detroit Auto Electric Service Co, Detroit Automobile Equipment Co, Detroit Barnes, Gibson 4 Raymond. Inc, Detroit. Batavia Metal Prod. Corp, Batavia, N.

ItattenhYld Oil Co, Detroit. Bearing Co. of American, Ijtncaster, Pa. Kissett Steel Co, Cleveland, O. Bohn Lumber Products Detroit.

Bowen Products Corp, Ecnrse, Mich. Boner Roller Bearing Co, Detroit. Boyer Campbell Hardware Detroit Buekere Forging Cleveland, Budd Wheel Co, Detroit Bnhl Sons ITardirsre Defrott, Bundy Tuhint; Co, Detroit. SATURDAY. DEC.

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