Detroit Free Press from Detroit, Michigan • Page 16

Markets Iliisiness droit mem WEDNESDAY, JANUARY 28, 1942 Heads DMA Strictly Business National Bank Up in 17th Place The Detroit Bank No. 36 in Deposit Rank, 'American Banker' Reveals BY 30HV D. M. WHITE Free Frnt Financial Writer National Bank of Detroit rose i i I i I i i THE BOARD MUTING "We've just completed the best -TO CONSERVE RUBBER- Standardizing of Tires for Trucks Cuts Waste WALL STREET Early Spurt Fades for Slight Loss Gains of Point or Two at Opening Reduced or Turn into Recessions BY BERNARD S. OUARA.

Assoelated Press Financial Writer NEW YORK, Jan. 27 Th. stock market did all right for a while today but lack of any real follow-through on Monday's rally eventually made for Irregularity In trends. Gains of fractions tp'a point or so were well distributed at the start Selling then cropped up after mid-day and, at the close, extreme gains were substantially reduced in most cases or transformed Into minus signs. The Associated Press average of 60 stocks was up .1 of a point at 38.1.

Dealings quickened in the morning but dwindled appreciable S1ABKET PCMMARI JNewTork Stfwks, uneyim; list taller after arl recovery. Sale 641Uilf) shares. Rnuds. mixed: some railroad Issues a4 yance. gales sn.2H7.0ll0.

t'oitnn. steady; trade and mill burins, profit-taking. Chlraao Wheat, lower. oroflMaklnr sales. Corn, steady to hedjuia; sain, aunnnrt from easli houses.

Hogs, uneven: extreme too $12: later trade weak to 10 lower. rattle, sieera and jearllnw 85 hUhsri mail recelots. on the home stretch. Transfers totalled 549,610 shares against the day before. Some cheer was derived from re-ports of further hits on Japanese warships but invasion threats to Australia and the advance of the enemy toward Singapore were offsetting factors marketwise.

Russian successes also were counteracted by the dubious British position In Libya. The Churchill speech to the House of Commons was a mildly hopeful element. Favorable earnings statements from railroads and other corporations still were balanced by tax problems. The broad authority given Price Administrator Henderson by the War Production Board to retain all goods at retail hardly was calculated to touch off a buying wave In stocks, brokers said. FOR RENT Storage Space 10,000 to 100,000 Sq.

Ft. Commercial Rates Gr. River and Warren Location 423 Ford Bide, CH. 2882 MORTGAGE LOANS Refinancing New' Buildings, Residences, Apartments, Stores tow Rate -Prompt Sertic0 Harmon Co, Established 1899 2812 Union Guardian Bldo. RA.

2563 lYMTGm LOANS to buy, build or flnonce nomtl, tfor, or Induttrlal property. nnORfGAGE Vv.fl XV. ChVry 3M IOAN CCIISONDIN', ww veN list mui. co. WALTER B.

CARY President of the Michigan Insurance Agency, Cary was elected president of the Detroit Association of Insurance Agents at a meeting of the board of directors Tuesday. At this annual election Fred C. Esper, vice president of Arthur J. Rohde, was elected vice president of the association and C. Gilbert Waldo, partner in Bosquett was elected treasurer.

Elmer Salzman was retained as secretary-manager. Construction Awards Rise in Michigan The construction contracts that were awarded for work and materials through Southern Michigan during 1941 jumped more than $59,000,000 over the corresponding valuation for 1940. Each of the three major classifications had big Increases. Miles W. Beatty, Michigan managed of Dodge Reports, construction news service, prepared a summary of the valuations in Southern Michigan for 1941 but omitted any speclilc or the lo cations and types of buildings in cluded.

In a grouping of all types of construction contracts awarded throughout Southern Michigan, a total of $270,524,000 was found by Dodge Reports. In 1940, the final total was $211,307,000. Residential buildings accounted for the largest classification total, $131,083,000. The 1940 total was considerably lower, at $122,430,000. Nonresidential buildings had the second largest 1941 valuation, with $111,011,000.

The advance here was from the corresponding in 1940. The Dodge Reports summary of last year's construction in South ern Michigan concluded with engineering construction. In this classification work-and-materials contracts were valued at $28,430,000. The year 1940 had a total of in engineering construc tion. No Sag Spring Co.

Nells SI 1 1,162 No Sag Spring Co. reports for the six months ending Dec. 31, 1941, a net profit of $11,462 after depreciation, Federal income taxes, equal to $1.85 a share on common shares outstanding. This compares with $51,939 or 86 cents a share last year in the same period. Current assets as of Dec.

31, 191, amounted to $275,818 including $91,239 In cash and current liabilities Were $36,385 against $196,371 and $36,334 respectively in the like period of 1940. MORTGAGES Deeds, 33; mortgages, 182; chattels. 504: face 1- lev. ies, mechanics liens, 4. Ir I if i i iV-Cr4'' 16 U.S.

Steel 1911 Profit 116 Million Final Quarter Net of $20,331,427 Shows Decline; SI Dividend Voted By (he AasoeUtetl Vim NEW YORK, Jan. 27 Profit of the United States Steel Corp. in the "final quarter of 1941 showed a considerable drop from the prev loua three months and the same period of 1940 in the face of record shipments of finished steel prod' ucts but earnings for the full year topped those of 1940, the corpora tion's quarterly report disclosed Earnings for Big Steel for the latest three months amounted to equal, after provision tor preferred dividends, to $1.61 a share on the common stock, com pared with $34,313,345, or $3.21 a common share, In the. September quarter and $32,763,201, or $3.04 a share, in the December, 1940, quarter. A factor In the earnings decline, the report disclosed, was the setting up during the quarter of an additional contingency reserve of $11,500,000, making a total of put by for for the full year.

$10.43 a Common Share The corporation's net Income for the year ended Dec. 31 was 9,518, equivalent to $10.43 a common share. This compared with $102,181,321, or $8.84 a share, in 1940. Directors of the corporation at the regular quarterly meeting, which preceded the release of the financial statement, ordered a dividend of $1 a share on the common stock payable March 20 to holders of record Feb. 20.

Similar payments had been made quarterly since March, 1940. Irving S. Olds, chairman, In a press conference after the board meeting, said: "Of the total business In 1941, about 73 per cent, on a dollar basis, Was for defense or lease-lend. Of the remaining 27 per cent a large part probably was actually defense business, but not such that We can identify on our books." Olds said the corporation's stock piles of critical materials he specifically mentioned tin and manganese "are fairly comfortable for this year at least." Payroll Set Record Olds said that while records had not always been as carefully kept as at present he was confident the number of average vyeekly earnings and hourly rates both for the quarter and the year were the highest in the corporation's history. The corporation had an average of 320,335 employees In the fourth quarter against 313,250 In the third quarter and an average of 304,394 for the year.

Total payroll In the December quarter was against $156,470,058 In the preceding three months and for the 12 months. The corporation's shipments of finished steel products in the December quarter were 5,321,501 net tons, equivalent to 105.7 per cent of capacity. In the third quarter shipments were 5,084,559 tons or 101.1 per cent of capacity and for the 12 months 20,458,937 tons, or 102.5 per cent of capacity. Rig Tax Provision Provision for taxes in 1941 was $101,496,332 against $26,300,000 in 1940. The corporation's ingot producing capacity as of Jan.

1, Olds tytid, was 00,553,000 tons, up 1.5 per cent sinoe June 30 and 2.8 per cent from Jan. 1, 1941. Blast furnace capacity, he said, had increased 2.5 per cent in 1941 and was due to go up further with completion or new facilities at Birmingham, scheduled for Aiarcn. Unfilled orders. Olda revealed.

were down somewhat from three months ago but still were eauiva- lent to five or six months' business at current rate operations. Controllers to Hear Price Control Expert Canada's experience In operating under a price control law will be outlined by W. H. McPhillips, of yuawa, price ana supply repress tative of the Dominion Wartime Prices and Trade Board, at a meet-ing of the Controllers' group of the Retail Merchants Association at Huyler's restaurant in the Fisher Building at 6:30 p. m.

Wednesday. w. vray, president of the Con troiiers' group, said that McPhillips was a widely known retailer before Canada drafted him to aid we anu-inflation effort MICHIGAN HKW MARKKT SAGINAW. Jan. Weinie-dav nominal Pi'l to grower-: l'ea l.

Nil: red Kidneys li.Hliil-llckPd Inrlil ii.no. dark l.T5: yellow eve( liiind-iiiWiPii mi; rranoerriM nitnt o.ou. dark WPB Warns 'Small' Business Will Not Help Little Manufacturers Unless They Engage in 'Essential' Output BY inXLIER KRIEGITBAUM lnlte4 Praia Staff Writer WASHINGTON, Jan. 27 The War Production Board tonljrht told the nation's 128,000 "small" manufacturers that it does not intend to help them unless they engage in "essential" civilian or war production. The blunt warning was sounded as the board announced a "simplified production requirement plan" designed to make it easier for small manufacturers to switch from nonessential production to war or other essential work.

It classified small manufacturers as those whose annual business volume is less than $100,000. Help on Priorities Help would be in the form of priority assistance granted on the Dasis of information provided in single-page application blanks that would be filed quarter-annually by applicants to the small business section, production requirements branch, War Production Board, Washington. The plan is aimed at marshaling the nation's small manufactures facilities for the all-out war effort The WPB made it clear that those who don't Join in this effort will have to take their own chances. "It is not Intended to maintain nonessential industries when no effort is being made to tie production into the war program." a WPB statement said. "The division of industry oper ations may, however, be able to give priority assistance to small manufacturers under this plan to help them keep their organizations together while they are changing from nonessential civilian production to war or other essential work." Fair Distribution The warning came as the Na tional Small Business Men's As sociation, in a statement issued at! Chicago, advocated among other things intensified efforts distribution of war orders among small business and the "fairest possible distribution of materials for production of civilian goods" to preserve small business.

Under the simplified WPB Plan applicants for priority assistance will be asked to list the nature of products manufactured, volume of business, materials used, number of workers and other basic facts customarily shown in records of manufacturers. If priority assistance is granted uie manuiaciurer will receive a certified copy which specifies the Kinds ana quantities of materials that will be available to him for use. WPB officials said the plan also would provide the overall inven tory of the needs and uses of ma terials by industry. They expect me survey may brine to lieht con siderable quantities of small plant machinery which qould be used for war proauciion. Overall Picture The accumulation, of informa tion, it was pointed out will re sult in an overall picture of the needs and requirements of ma terials and the industrial facilities available, thus making for ereater accuracy in granting priority as' sisiance.

Assistant Attorney General Thurman Arnold told the Chicago meeting that "little" dealers in tires, sugar and scrap iron "will be protected by the Government against monopolistic "squeeze piays oi oig Business. He advocated two courses In dealing with "unfair" trade com plaints: Ask the OPA to act or. in cases of alleged monopoly, ask the justice Department to prosecute. "We know some bad practices are being observed by business in this he said. "If we hear about it, believe me, we'll be in to act." Wright Will Speak to Underwriters John D.

Wright, C.L.U. of the firm of Lowe Wright, tax consultants of Baltimore, will be guest speaker at 10:30 Wednesday morning Deiore the Estate and VjT Business Protection course sponsored the life underwriters of Detroit, in the Italian Gardens of the Boo Cadillac Hotel Wright's uation of Property for Estate Taxation." Frank M. Minnlnger, C. L. U.

general chair man of the course, and manager for Connecticut General in Detroit will introduce the speaker. Elmer Gettys, C. L. U. general agent, Bankers Life of Iowa, and educational chairman for the General Agents and Managers Association, will preside.

sub- if .1 right Heads Terminal J. A. -CLAJiCEY At the annual meeting of the Detroit Terminal Railroad Tuesday Clancey, general manager of the Grand Trunk Western Railroad, was elected president, and Jesse L. McKee, assistant vice president and general manager New York Central Railroad, was elected vice president. McKee, past president of the Terminal, and Clancey constitute the executive committee, with D.

G. Cohan as general manager. GRAIN PIT Profit-Taking Halts Upsurge on All Grain Br the Associated Prut CHICAGO, Jan. 27 Grain fu tures rose sharply today to the best levels in five years for wheat and rye before profit taking and hedging sales reversed the trend. At the close gains of more than a cent In wheat were converted into losses ranging up to i cent on the deferred contract and all other commodities finished lower with the single exception of soybeans.

A sharp rally in the closing min utes pushed the price of soybeans as much as cents above the previous close. Earlier losses had ranged to as much as 2'a cents. The late demand was attributed to short covering, but resting orders to buy also accounted for some of the upturn. Wheat closed '4 to under Monday's final prices, May $1.32, July Corn unchanged to lower, May July 92-; oats to lower; rye to down( soybeans unchanged to 1 cents higher and lard 2,3 to 5 cents a hundredweight lower. Chief market interest again cen tered around price fixing legislation with the expectation that passage of the measure in the Senate would be prompt and that the President would sign the bill.

Some traders said, however, such action already had been discounted. CASH? Kn tat. rVvm M. S. 9 1.

Inw. 83 ii: No 4. S3: nsmola grail if How. SO-SiH: new rorn. No a yellow.

Km-K'i No 4. 77K-H0. Onti. Ha roixm). Att-nSK: simple rraile miied.

63 No 1 while, Mo oIl-Mt'i. Bralfy. ntnltinr. 75-97 nominal: feed and irrcon-hilrM. nonmml.

Sor lyjintt. No No 1. T.HI SDK, Hamuli' KPatift vllnw. I rirlo iw-il n-r owl nominal: Timothy. 15 on 1S.H0: rc! ton.

s.n-H.7ii: mi lovor, ltl.W-ltl. UU: HWi'ft clow. U.5U-9.0O. ni mtiirp' Wheat Ooen Hitrh T.ow Horn Mar 1.31 1.S5S l.jM'i Sfpinmlier 1.U714 l.llo IMM loru Mbt .91 .00 JulT 414 Soptembrr .94 .4 .93 Oat Mar .50 '4 JiS'4 JulT i'4 SeulemW .68 'A .69 .69 .69 li SoiDeailt Mar 2.01 'i 01 199 8.01H Inly 11.1 S.03U 2.01 8.11.1 Octohor 1.99 2.00 1.96 2.00V4 .90 i .90 .91 Wi .9:1 .08 0)5 May JulT .9.1 Seutfmbcr OTHER C.R.VIX MARKET TOLEDO. Jan.

27 (API Grain on (rack. 8-oent rate Nw York nominal. Wheat. No. red, corn.

No. 2 yellow, R4-84ti; al. No. 1 white, 64H-08: No. 5 white.

65-115: eoyheani, ao. enow. Jl.k4-ijk: nay, uncuangeu. LESS WOOL FOB DRESSES WASHINGTON, Jan. 27 (AP) The War Production Board asked today that women's and children's dress manufacturers simplify their product and use less wool, and warned them that "the "per capita consumption of wearing apparel will have to be reduced as the war continues." Produce Markets DETROIT PROni'CE Fedf nl-Ktte Market Nrwi Smle Prices oer doien nald.

ob. Detroit, hr flrt rocelvwa for ravi lots of Ciovertinierit graced rues from tradlnj etations. Jan. 'J7, wnitc: ii.s. extras (irrade A), Inrea.

35H-II8: medium. umall. 39-ai: US. landard (eradn 11). lare.

medium. 83: rnnall. H8; trade (srade C). larre. 29-3H4.

Browna: U.S. xtru irrade A), larte, medium. Market ruled lull eteadv to llrm on larre extra with lupnliea cleanne oiowlv: otber sixes rem lirra and short ol demands. UrTTER Best creamery In tuhs. 3.1 '-i.

CHEKE Steady. Michigan flan. 23 fi- mh: nwonsin lonirnornn. Hoi: Wlncon-sin dalis. domestic Swiss wheel.

CN-39. accordiuir to eradc. Quotation on taiuorte.l Items temporarily withdrawn. POULTRY Easy. Hens, average rnn.

21: lerhorn hens. ,1 lbs un. 17: rocks. 12-14: Main. IK- rock snrinirera.

4-5 lbs. 23: rocii broilers, a'i-4. 21; canons, 7 lh ud. 27: under 7, hen turkevs, 25: toms. 21; ducks, white.

6 lbs ud. 18: treee. 1(1. Unloadinr 1 to 3 i n. Ko Saturday unloading-.

by McFeatters kozc-'Komort CHAIR CO. sales month In our history!" utilize scientific conservation methods in 1942 to keep in service thousands of truck tires that other, wise would be worn out prematurely," Collyer said. "A truck tire worn out through neglect on American highways in 1942 Is a truck tire subtracted from the reserves needed to equip the huge truck fleets to supply Allied armies in Europe, the Near East and Asia in 1943." Tire Care Manual His firm released a manual on how to make tires wear longer. Correct load and air pressure recommendations and other operating data on truck tires are contained in the manual. Rules it sets forth include: 1 Use only correct type and size of truck tire as based on normal weight load, type of road to be traveled and climate, 2 Do not overload, no matter how strong the temptation to pile on all the truck will hold.

Overloading is a costly and ill advised practice that sacrifices mileage that may be urgently needed later on, and may contribute to accidents resulting from tire failure. 3 Keep tires correctly inflated at all times, and do not "bleed" or let air out of tires in a mistaken effort to relieve the extra air pressure built up on a long run. The United States Army now Is training personnel in the care and maintenance of tires at the Goodrich plant in Akron. Shell's War Plans Heading Shell Union Oil Corp. plans for war production is a project being discussed with the Government to erect a plant for production annually of thousands of tons of butadiene, synthetic rubber ingredient, R.

G. Van Der Woude, Shell president, said Tuesday, He made the announcement along with preliminary 1941 indicated not earnings of $17,300,000, after a $4,000,000 special reseive. Net income after the special pro vision equaled i.3Z a common share, compared with $1.05 in the preceding year. Shell is turning out other war materials and is working on new plants, at undisclosed locations. that will increase by nearly 70 per cent us output of high octane avia-tion gasoline, he said.

Tire Shipments Fall The Federal order freezing stocks of tires dropped December of automotive casings to 2,604,022 units, 35.7 per cent under November's total and 47.8 per cent under December, 1940, the Rubber Manufacturers' Asso ciation said Tuesday. December production, 2,967,387 units, was 25.1 per cent under No vcmber and 40.3 per cent under December of 1940. Casings shipped for original equipment purposes in December totaled 1,288,798, a drop of 28.5 per cent from November and 50.9 per cent below shipments In De cember, 1940. Replacement shipments for the month were 1,278,854 casings, 40.8 per cent off from November and 42.8 per cent below the compar- auie monui or laiu. Stocks in the hands of manu iaciurers JJec.

31, 1941, were 4,416,640 against 4,042,995 at the end of November and 9,126,528 on Dec. 31, 1940. Private Trucks in War Joseph B. Eastman, defense transportation director, assured private firms operating motor truck fleets Tuesday that he had no plans to bring them under Gov ernment regulation. Eastman, addressing the Nation al Council of Private Truck Own era, in Washington, said that private industrial and commercial firms operated perhaps 75 per cent of the trucks in this country and were "directly and vitally con-cerned with the war effort." dome or you, am told, are apprehensive that an attempt may be made to bring private carriers In some way within the fold of public regulation, like the for-hire carriers under the Motor Carrier Act.

"My responsibility is to see to it that transportation functions ef ficiently snd effectively. I see no present reason why I should concern myself with this problem of regulation, and if I should later ty 4y clutftCe be of a uilfei'vnt mind, you may be sure that I shall let you know and solicit your views brfi.re arriving nt any conclu- BY ROBERT L. PERRY free Prra Automotive Editor The rubber industry Is conserv ing its supply of raw material by standardizing truck tire sizes to eliminate wasteful duplication. Major producers have announced that combination of balloon and high-pressure casing tires, or elimination of the high-pressure type, has halved the former size range. Firestone Tire ft Rubber Co.

started its standardization by pro ducing a 700x20 balloon tire to fit a 32 6 wheel rim, and now makes only balloon types. Similar simplification of truck tires sizes is reported by Goodyear Tire Rub ber Co. and the B. F. Goodrich Co.

11 Do Work of 28 'John L. Collyer, president of Goodrich, said that his concern has developed 11 combination sizes to do the work of 28 formerly used. "Allied hopes of launching a world-wide offensive in 1943 large ly are dependent upon the degree to which America's truck operators, civilian and Governmental, Job Insurance Claims Are Off lo 53,055 Further shrinkage of job Insur ance claims, reflecting determent of the peak of industrial dislocations until after completion of the January quotas of automobile pro duction, were Tuesday by the Unemployment Compensa tion Commission. Wendell L. Lund, director, said the total of all types of claims from Michigan dropped from In the week ended Jan.

17 to 85,877 last week. There were only 53,055 compensable claims as compared with 70,728 in the. week of Jan, 11-17. Those In the waiting period numbered 17,154, a drop of about 2,000 from the earlier week, Detroit. wlUi 7,867 initial claims, an increase of about 1,000, accounted for most of the State's increase from 14,674 to 15,668.

All types of Detroit claims num bered 39,194 as compared with 46,881 the previous week. WHEAT FOR CORN New York Timet Herylrt WASHINGTON, Jan. 27 The Commodity Credit Corp. Is prepared to sell wheat in place of corn for production of ethyl alcohol, It was announced today. The corporation will sell wheat at 91 cents per bushel delivered to processors.

A lower sales price will be made to distillers with unusually high conversion costs, but no sales will be made at less than 80 cents per bushel. HOOVER BALL ANN ARBOR, Jan. 27 (AP) Frank A. Stivers, Ann Arbor attorney, has been elected president of the Hoover Ball Bearing succeeding the late Walter C. Mack, it was announced today.

Stivers had been first vice president of the firm, largest manufacturer of steel balls in the world, since its organization in 1913. to seventeenth in deposit rank dur ing. 1941 from eighteenth a year ago, it was revealed today in the 1942 roll call of the American Banker. This gain In standing reflected a boost in deposit totals to from $589,829,360. Deposits in the natiton'S 300 largest commercial banks rose more than $3,000,000,000 last year to a total of $48,745,000,000 on Dec.

31, the compilation by the publication from published statements indicated. The Detroit Bank held to its rank as thirty-sixth In the first hundred, with deposits aggregating $222,578,805 at year end against $211,522,716 a year ago. Manufacturers No. 40 Manufacturers National rose a bit to rank number 40 against number 41 at the end of 1940, deposits advancing to $201,573,718 from $176,888,855. In the second hundred largest Commonwealth Bank, Detroit, ranked 83 number 102 against number 99 a year ago with a rise in deposit totals to $92,245,428 from $82,007,397.

In this group also were two out-state banks Michigan National Bank, Lansing, ranking number 139 with deposit totals of and Old Kent Bank, Grand Rapids, ranking number 154 on deposits of In the third hundred largest Wabeek State Bank and United Savings Bank in Detroit were number 261 and 293 respectively and out-state the Second National Bank and Trust Co. of Saginaw and the Citizens Commercial and Savings Bank of Flint were numbers 226 and 277, respectively. liane Tops the List The Chase National Bank of New York topped the list with deposits aggregating $3,534,966,000, followed by the National City, also New York, with $2,878,821,200. The bankers trade journal said 1941 showed a new trend in growth, due to war and defense financing, which left deposits in the big Wall Street banks almost steady while major gains were recorded by the large institutions in 105 other cities such as San Fran cisco, Los Angeles, Chicago, St. Louis, Philadelphia and the cities of the South and of Texas particularly.

The shift In deposit growth from New York to the rest of the Country, the American Banker said, also was due to lowered gold Imports during the year. Federal regulations changing bank reserve funds and defense production putting more money into cities other than New York. A Fractional Gain New York's 22 biggest banks gained $54,000,000, less than .3 of 1 per cent of their total deposits. In other cities gains ranged up to $400,00,000. After Chase and National City, In the first 10 banks in the Country and their deposit totals, were: Guaranty Trust New York, Bank of America, N.

T. S. San Francisco, Continental Illinois National Bank Trust, Chicago, $1,616,430,100: Bankers Trust New York, Central Hanover Bank Trust New York, First National Bank Chicago, Chemical Bank Trust New Vork, Manufacturers Trust New York, $984,004,700. COMMERCIAL MAKKKT POFTEE Stroiu. Best.

Bound oaek-aics 29, COFFEE NEW TORK. Jan. 27 (AP) Santos coffee futures were in demand toilay but sales totaled only 2,501) bau-s since holders of contracts were uuwilliotr to sell and bids were at the celling levels. Rio wm Inactive aud tinehaiwed with bids at the ceilints. A llirht routine business wa reuorted In the snot market at approximate maximums Snot Santos So 4 wero quoted at 13 oeuta i Dound and Kin No 7a at 9 cents, Santos lutures: Htrh T.ow Jf 12 93 13.93 Scntemher December Did.

Close DO bia.UO WOOL TOPS NEW YORK. Jm. 27 AP) Buyers raise.i their bids sliithlly today on the nossihilitv that eeilinr levels may be revised upward. Snot houses and locals were buyers In (rrease wool with trade hone stinnlv confrActu. Local traders supported the market for Wool tops.

Urease wool Juluxea closed of cent hither. Hlsh Low rinse October us 5 5.o i Tinicawa srreaie wool spot lis. Kb. wool ton lutures closed ol a cent nuraer. Mich Low Cloee May 127.0 127.0 127.0 vriniiL'dtL'U I WUO b-Hid: n-nommal.

PEPPER Black nepner futures clow Prey. Sales Iliirh Low Close Uo-e March 4 U.32 fi.32 32 S.33 May fl.43 43 43 6 43 lutHi sies iois. market ciosca unchanged to 1 noint lowpr. Closings February b30n, April June 47n. July d.50-fi;.

Ausiist 6.64n. September B.oU-tU. October (S rVJ-nO. November December 0 68-73, January DEFESSE FOR YOU-IS '42 (and in to come) can best be secured by buying U. S.

Defense Savings Bonds here, and by opening in insured uvinet nrerMine a igan's largest 8 start witn any amount. FIRST FEDERAL SAVINGS end LOAN ASS 150 Fort Bet. City Hill Port QIRcs i ii5.K300wirOBt,lilel.(inFjmnd CUint XiO00M (insured SAVINGS SURE, 1 CAN TALK.PPOFESSOB,-Ll STEN "THE YELLOW PAGES OF THE telephone: DIRECTORY ARE. FILLED WITH BUYING AIDS FINANCIAL STATEMENT December 31, 1941 ASSETS First Mortgage Loans 910,007.97 Loans on Passbooks and Certificates 5,752.00 Properties Sold on Contract 138,819.74 Federal Home Loan Bank Stock 20,000.00 United States Defense Bonds 25,000.00 Cash on Hand and in Banks 111,365.36 Furniture and Fixtures less depreciation 1,358.38 Deferred Charges and Other Assets 196.80 1,212,500.25 LIABILITIES Members' Share Accounts 880,706.01 Home Owners' Loan Corporation 100,000.00 Advances from Federal Home Loan Bank 200,000.00 Loans in Process 11,702.02 Other Liabilities 10.84 Advance Payments by Borrowers for Taxes, Insurance, etc 3,931.20 Income Collected in Advance 29.25 Federal Insurance Reserve 3,422,06 Federal Social Security 27.38 Reserve for Uncollected 265.08 Reserve for Contingencies 3j457.68 Undivided Profits 8,948.73 1,212,500.25 SaWsgs Xccounfi Federally Insured lift fe $5,009 DETROIT FEDERAL SAVINGS AND LOAN ASSOCiATiON 210 BARLUM TOWER. DETROIT, MICHIGAN BANK MORTGAGE 0 iiisunnncE location LAFAYETTE WAYliE COHflER (Ground Floor with Lobby Entranet) 9" ti am in ssiia ni: ntcsd uuillm.

For Rental leformtlloe. tall er writs Wilier Butter. RArjIoloti 8900. Lies 31S Root, 519. Free Prs Detrct for 1 lb.