davidaulloa/AmericanStories huggingface dataset:
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
MARKETS
IckeS Hits
Standard
Oil of Cal.

WASHINGTON, June Is QNS)
Secretary OF Interior Ickes in q
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 10 cooperate 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 20 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 wartime
situation what IL believed to be
an opportunity to use Its superior
physical and economic resources
10 improve Its sales position ut
the expense Of its competitors
whe were less fortunately situ-
sted," said Ickes.
The committee received a tele-
gram from President II. 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-
fled acceptance OF specific requests
by him 10 improve the Oil situation.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
With WARD SCHULTZ
Detroit Times Financial Editor

it was more OF a revelation than
to most of those present. ] used
to 60 through the plant 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 down to let of the
landing party. 1t will carry about
30 soldiers and can run right up
on the shore of any normal beach.
I learned that the navy had
been having some trouble develop
ing a waterproof in3allation on
that front end, but the Chris
Craft technicians solved the prob
lem in short order.
BERNARD SMITH, another OF
the brothers who own and operate
the company. tells me that many
Wslpole Island Indians are on the
company pay roll and that they
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
-DETR0F4g@ INES
M. S. Rukeyssr
M. S. Rukeyser
Free Enterprise
Out Temporarily

Much Of the underlying pesmsm expressed in recent months
the stock market been based the fear that the free
enterprise system disappearing.
Under OF a observers have
evidence increasing OF business govern
II conclude that free
enterprise is temporarily of suspended animation
The immediate distinction may academic but this view
leaves the question
OF restoring the private enterprise system
According the principle Of action and reaction stu
dents business believe that after the the
public will be neerences with personal
liberty that there will be nostalgia demand for something
approaching "nornacy."
Instead of relying Realistically memorable forces think
that those restoring the system should
begin make analyses fundamentals them
in humanized dramatic worngmen, small
stockholders and the public generally will have sympathetic
understanding believe corporations
temporarily estopped from stimulating demand for certain types
goods advantage of the hiatus
employ advertising to merchandise and ideas about the
desirabity OF the American
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Auto
Packard Production
Scars as Work to Win
Program Steps Up q

II there Is any doubt of the
wisdom Of Donald M. Nelson's
idea of b boosting production
through better employment
ploye relationship. take a trip
rough the Packard plant.
Amid the hum and whir Of
wheels and the stir of activity.
there Is 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 8. when
the Work 10 Win" program was
put into effect, production has
stepped up way beyond what
even the most optimistic exec
utive expected.
1--WE can only lay that 70 the
combined efforts Of . b o. and
management" said George T.
Christopher, the far seeing and
frank spoken president Of
Packard.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

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 ]
went UP on and queried every
man in uniform he saw about Ba-
tam.
His boy was with the 1S3rd 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.
Before the ceremony. we were
taken through the plant. To me
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Hire More Women

Women are becoming more
and more numerous around the
plant. At one time there was
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
as the draft and enlistnents cut
into their manpower.
They too have joined In the
Work to Win" program with
good results.
Christopher believes the same
plan can work in a small or
large plant.
we have found no encroach.
ments on each Others territory
between management and la
bor," stated Christopher. We've
found common ground, which 10
TO win tho war"
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
5000 More Employees

The company's war program
has been expanded MANIFOLD.
They have 5000 more employees
than the peak of peacetime pro-
duction and are adding at the
rate of about 80 a day. The
demands on Packard are being
expanded more and more.
The company Is using all its
automobile building facilities
plus three new buildings. In ad.
dition to its two big projects, IL
has added several smaller ones
and the report from government
officials is They're doing q
swell job"
And the Work to Win" pro-,
gram is given all the credit.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Tax PROGRAM Diserininates in Favor Of Bonds

We have heard much decade about centralized
economic planning.
leadership then the
left hand must know what the right hand is doing
For example, the present administration repeatedly
erred to the dangers debt The
SEC for example encouraged to attain greater
fexbiity through stock rather than bond, financing.
But the program been synchronized with this
objective On contrary the income profit
tends discriminate bond rather than stock
financing In figuring income subject to
deduct bond interest but dividends stock Thus
the opportunity under existing conditions where other factors
continuance bonds second and
third grade bonds than retaining dividends shares
There Offset this the OF companies
who figure their liability of invested
capital rather than the basis Of earnings during the
base period paid in for stock included
the excess profit credit under the invested capital method
whereas portion capital be included
Nevertheless which the earning base
finds the provisions favorable paying bond interest
than TO
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Get 800 Suggestions

The most hopeful part OF the
program TO Packard officials IL
the response to the suggestion
boxes scattered all through the
plant. More than 800 sugges.
tons 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, II any ideas are
patentable, are reserved to the
man who makes the suggestion.
1t works out well both for the
suggestee and the company.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
[. A. Young Earnings
Show Sharp Decline

L. A. Young Spring & Wire Cor
poration and subsidiaries reports
for the nine months ended April
30. 1912, a net profit of S424, 404
after provision Of $3.50. 931 for esti-
mated federal and Canadian in
come taxes and excess profits
taxes equal TO $1.03 a share on
4OS,6SS shares common, against a
net profit Of $l,017.195 or S2.49 a
share for nine months ended April
30, 1941.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

In view of the demonsable superiority OF the enterprise
system achieving high living standards and human liberty
deeatm concerning the long term future of the not
warranted The present situation highly abnormal Armament
production not industry in the accepted is rather
necessou Communicating by Of the facilities for
dcng and exchanging goods With the the sole
buyer materials wartime develop
RECOMMENDATION would unsuitable peaceme
conditions
The should dubbed the private enterprise
system That aacouy puts emphasis the socaed vested
rights OF the business the Those prv
eges only incidents to the system which should be described
mechanism by which American workers farmers and others
produce and exchange goods themselves through the
ration the partnership other agencies What really at stake
the liberty their freedom select work and
goods OF their choosing foruous circumstance that
the annals this been
productive than other.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Nat Accident
Insurance Men
To Meet Here
Schedule Convention
June 29-JuIy | With
Many Ranking Speakers

Charles L. Wsddell, president OF
the Detroit Accident and Health
Association, has announced the
completion Of plans for the 1912
Of the National Asso-
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

citation CT Acct
dent and Health
" n d rw ri l.
ers scheduled TO
be held in De-
[ roit at the
Statler II o { e l
j u n e %, 80.
July !.
w. S. Faber
of the Detroit
1 n su r a n C e
Agency, who Is
vice chairman
of the conven-
ton and chair
man of the pro-
gram commit
tee, has lined I'D
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

a prominent array or speakers Tor
the Detroit meeting.
According to Faber, the con-
vention Is to open June % at $50
a. m. with registration OF dele
gates. At 10 a. m. there will be
the formal opening of the conven-
ton with the address of welcome
by Mayor Edward ]. Jeffries Jr.
and a response by Clyde E. Dali
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
Rexsir, Incorporated.
LIST SPEAKERS
The afternoon session will be
addressed by w. F. White, super
intendapt accident and health de-
|partments, Royal, Globe and Eagle
Indemnity Companies, subject, I'm
Observation-Disclosures Counts; w.
C. 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, e d era
Legislation - What's Ahead?";
George L. Dyer Jr., first 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
association officers and
all National Association Commit
teemen. Also on Tuesday, June 80,
is the annual sales congress pro-
gram with Homer ]. Bisch, gen.
eral agent. Toledo. o., 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
ISOLATION, subject. "The Ideal
Agent; z. II. O'Connor, agency
manager. Provident Life and Ac-
cident, subject, Women as Pros
pects"; r. J. Costigan, Missouri
manager, Business Mems Assur-
ance Company, subject. Meeting
Objections; Frank z. Mueller Jr.,
OF agents, CONT
mental 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 al 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. G. f. Waddell,
president of the Detroit Associa-
ton, will preside.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Earnings

Cincinnati street Railway Company Tor
the hvs months ended May 81 reports a
net income Of $500 03o after federal in
come taxss, etc, equal 20 65 cents q share
cents share in the 1871 period.
Electric Auts-Lite Company and Its
subsidiaries for the March quarter report 4
net pront Of 81. 500. ais after federal
ta1es Al existing rates, or 81. 26 a share ON
me common. against q revised net profit OF
81 ,bS.f3i. or 3i.37 q share in the 1871
quarter.
GENERAL Realty and UtiIitles Corporation
Tor the tiI months ended March 81 reports
pront Of t2et $50 before depreciation
and proht 81 Ss7siO. after dsprecistin
Ihn compares With proht 81 t2iI ,ei7
before depreciation and loss ~ Si5il7
sftsr depreciation for avn months ended
March Al last year.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Corporations Need Profits to Pay OF Debts

President reduction private debt during
the period This be done only corporations are allowed
Undrsecreay Treasury Hanes has suggested IA
In avoid discrimination against companies financed solely
supplementary recommendation been made
permitted retain equivalent
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Rail Revenues
Soar B Per Cent

WASHINGTON, June 16.-Pre-
liminary reports from SO class one
railroads to the Association of
American Railroads show esti-
mated operating revenues in May
aggregated $481, $50, 054 against
$3.50, 649.415 in May, 1941, an in
crease Of 1871 per cent The SO
roads reporting represent 81h per
cent of total rail revenues.
May freight revenues Of the SO
roads were estimated to have in
creased 29.9 per cent over a year
earlier while passenger revenues
increased S9.1 per cent.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
No Shortage
Pspsrboard Industry Plans
70 publiei,s Plenty

NEW YORK. June 16.-Paper.
board makers plan an advertising
campaign stressing the plenty OF
paper situation to offset the wide
spread impression that a scarcity
exists. The industry's output i.
larger than incoming orders while
prices are softening and produc.
ton has fallen Is per cent from
last falls peak.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Treasury 10 Offer
$500, 100000 Issue

WASHINGTON, June is (UP).
The treasury will announce q
81, SOC, 900, 900 offering of secure
ties to raise new money Thursday
The type of security and
the terms Of the Offering will be
made known at that time.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Plane Output
Cut by Shortage
Of Aluminium
L. Toilette Charges
Monopoly. Demands
New Federal Control

WASHINGTON, June is QNS)
Senator La Toilette (P) OF Wis
consir charged in Senate speech
thaF an aluminium shortage Il
restricting airplane production.
Calling for action 10 end what
ne said was a monopoly of the
Aluminium Company of America
La Toilette urged creation Of a
federal aluminium authority Il
integrate the far-fiung government
aluminium enterprises both to
speed the war effort and assure
competition in aluminium produc-
ton after the war.
Reviewing the aluminium expan-
sion program, into which the
government has poured hundreds
ot millions of dollars, La Toilette
charged government experts with
having made misleading state
ments.
He quoted Glenn L. Martin,
airplane manufacturer. as saying
his production of bombers is 20
per cent under capacity because
NJ lack OF aluminium. The same
day, he said, Secretary OF Com
merce Jesse II. Jones said it
appeared there would be ample
aluminium. while the aluminium
companies denied responsibility
for any lack of aluminium at the
Martin plant.
HITS BUCK PASSING
"Bombers are too important
for us 20 be content with buck
passing" La Toilette said. I'VE
must find out now what II
wrong while we can still remedy
the situation and not wait for
disaster to give birth to . 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 II. Bunker,
chief of the aluminium section of
the War Production Board, OF
making misleading statements.
"Some Of Mr.. Bunker's state
ments on the bauxite situation
makes ono wonder whether he
was misled by private industry"
La Toilette continued. For
example, his statement was mis-
leading when he fatty asserted
before the Truman committee
that our program suggests that
not one single ton Of high grade
bauxite enter into production of
aluminium metal--not one
HELD MISLEADING
sMr. Bunker should have
known when he made his state
ment that it was misleading. He
knew that only the government
alumina plants were going TO
operate exclusively on low grade
ore while the private plants of
Aicoa and Reynolds (Reynolds
Metal Company were to con-
tinue 70 use principally high
grade bauxite."
La Toilette said disclosure Of
Alcoa's friendly relations with /.
G. Farben. the German dye trust,
emphasizes the need "for a thor
ough resppraisal Of Alcoa's role
IN the war production drive"
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
STILL CAN RISE

Price of cotton can still rise un.
der the ceilings in the Price Con.
troll Act, he said. adding that par.
ity price on the farm now is 1885
cents, and when translated into q
parity price in New York it is
1880 a pound.
With cotton now $40 or more q
bale below parity, the price can
rise on the New York market to
S22.32 cents q pound before q cell.
ing" could be fixed under the Price
Control Act, he said.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Detroit Poultry

Market unsettled. Hens, average run.
70c; leghorn hens, lbs and up, lie
cocks. 1iu i3e; rock springsrs, 4 lbs. and
up. zoe; rock broilers. az TO 4 lbs, use
leghorn broilers. 2 lbs: up 77e; IN "a
tom turkeys. 2sc hens. 77e.
EGGs-Market steady; current receipts,
2ae; underErades 2761se
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

ReadiaE Company In the four months
ended April 30 reports = net income of
81. $50. s44, equal after dividend require
ments on $50, s24 shares OF per cent
nrst preferred, and on
$50. t12 shares OF q 4 per cent noncumula-
tive second preferred, to S1.sT a share on
4 100 Ta2 shares on the common.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
FOREIGN Exchanoe
Scratches
~ United Press

~ United Press
AoUEDUcr
Track fast.
FIRST Raes-Msiody. Colors To. P.r-
nstent. Marion. Budded.
Second Rsee-emsrf. Jack Fubens
Fourth Race Dutehess Anita. zaes.
nne. Tetrsvslent, Love Soma.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Livestock Markets
DETROIT


CATTLE-Reeeipts, 1.T5o. All classes
active; slaughter steers and yesrlingi
strong, spots io-1oc higher; cows full,
steady at last weeks high time: bulls
kinds only steady. Load choice around
1200-lb. fed steers held at si4; load good
steers held above $3.50; early sales me
dunn TO good fed steers and yearlings
Sii.T5; few common light Southwestern
beef cows oU 50. 15s1o'Ts; cutters. IS. 30
ESQ; Gamers, se.159s.2o few good weiEhty
individual 10 Si2. so; common and medium
bulls mainly ys911.50; medium 20 good
o50-650-lb. Southwestern stock steers
' CALVEs-Rsesipts, 1000. Bidding STEADY
on veslers at SIS for good and ehotcs
HoGs-Rsceipts. a,5oo; market STEADY
to is cents higher; weights, $50 lbs: up,
srs. s14.1o614.35: extreme top. $3.50;
around I5O-Iso-lb. lights, s13.co0 1875;
most sows. y13.7e@13.oo.
sHEEP-Receipts. T5o. Not enough on
20 common old crop shorn lambs sold 30 o
10. so; some good native springers held
a hove SIS package choice 10e-lb. shorn
ewes, $3.50; most ewes eligible
IS down.
CHICAGO, June IS uNs) .--HoGs-.Rs-
ceipts. 81, 500; market i0c 10 15c higher
top SASS; bulk, s14.159ll.3o: heavy.
S14Hl4.30; medium, slt.156l4.35; light,
light lights. STA. D014;
packing sows. s13.oo91I; pigs, si2.co0
CATTLE - Receipts. 1900; market
steady. Calves, receipts. loo; market
steady. Beef steers, choice. S1t@leo0
common. ,s.so9h;, ys.rlinss; sioeis;So;
OSis. 50. 50 Sii.75: caves, ss0I5; feeders,
50 so 613.5o; stockers. steers. s1o014;
cows and heifers, SAMOAN.
sHEEP-Receipts. 5000; market steady.
iinss' sli,soSisss; feeders. iiaeis; ewes,
PITTSBURGH
PITTSBURGH. June is UNs). CAT
TLE-Receipts, SO; market slow and 2oe
dunn 10 seos si9Ssais: eo%mon So
d1i.25; heifers. medium TO good, sl0.2o
q 1918: common, s7Ge75: cows, medium
20 good. Ss.2o6e.2o: Gamers and cutter,
ss;2SSs2S; bulls. good to ehoic:; 81; !.
HoGs-Receipts. 500; market active at
5000 lbs, ,lI4oeit,O; ap:5ao lbs,
$50 ,S. laSssS as. s scssS ,s
SCHOOL,; 1O0-ibO lbs. 2.5o6 Ia;
roughs, S17 bodI3.5O.
sHEEP-Receipts. 75o: market slow at
. 81 prices choice lambs; SIS; medium ed n
ali.50; ewes, s5d5.50: wethers, Sds50.
cALvEs-R.ceipts. 725; market slow
and soc lower: good 20 choice. $4,000
1870; medium, ti2.5oGi3; culls and
common, t71o.
EAST BUFFALO
UNs1. -HoGs-Rsceipts, 7,ooo. Good and
choice. tit.76; trueksd-ins. tlt;toaii.So;
cATTLE--Rteeipts, 900. strictly good
and choice, sitd1+.5o; medium TO good
steers and heitsrs, s12,7e@i3.oo; GRASSY
kinds tfi.50a12. So cows and bulls 25c
higher: beef cows and dairy type heifers,
ti035nit; cutter and common cows,
ss.so0a.so; Gamer. sT.7Sqsto: sausage
bulls. ti2
generally SOC lower Good and choice
$3.50; common and medium, sio1135o.
sHEEP-Rseeipts. 400: market IS,
Nj cher. Good o. near choies native spring
srs. $3.50; hsndyvsight ewes. t7d7So.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

Crown Cork international Cor
|poration has declared dividend
of 10 cents on cumulative partici-
pating Class A, payable July /, to
holders of record June %. The
same amount was paid April l.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16

United MIX Products Company
has declared dividends of so cents
on the common, and SIPS on par
|ticipating preferred. both payable
July /, to holders of record
June 1S.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Dividends

Continental Roll and steel
Foundry Company has declared a
dividend of so cents on the CON-
mon, payable June 30, TO holders
|of record June ~. The same
amount was paid March 81.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Unlisted Stocks

Approximate prices furnished by IN. Ma
tional Association Of securities Dealers,
Inc. Diatricf M n
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-06-16
Factories
Give Good
News
~ International News Service

MORE PLAN ES- 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 STEEI~Production of
ingot steel in the Chicago area in
As 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 urged by the President to
comb his home for every bit of
rubber suitable for reclamation.