Indianapolis Times, Volume 40, Number 241, Indianapolis, Marion County, 26 February 1929 — Page 8

PAGE 8

FARMERS WHET KNIVESTQ PRUNE BILLS Tobacco and Amusement Tax Measures of Group Defeated. With tobacco and amusement tax bills killed or abandoned, farmer members of the Indiana house of representatives whetted their knives today determined to pare millions from the biennial budget appropriation measure. The house was to convene as a committee of the whole this afternoon to begin consideration of the voluminous budget bill carrying appropriations of $55,000,000 for the next fiscal biennium, an increase of $5,000,000 over the amount granted two years ago. The farm group was in no mood to substitute the Freeman-Lowry measure, proposing to tax intangibles at 25 per cent of their value, for the ill-fated sales tax bills it drafted and introduced. Strenuous opposition to the Free-man-Lowry bill is promised by the farm group. One Cause Left Open Explaining their position, W. H. Settle, Indiana Farm Bureau Federation president, said farmers regard the bill and discriminatory against real estate. “Rejection of the special sales taxes proposed by the farm group leaves only one course open,” Settle declared. “We will concentrate our forces in shearing the increases in the budget to prevent an increase in the state tax levy.” Buaget committee members predict a 7 or 8-cent increase in the present 23-cent levy to meet appropriation boosts. “It is the belief among farmers that the Freeman-Lowry measure will result in less intangibles being reported rather than a great amount as anticipated by its sponsors,” Settle said. Denounce Intangibles Tax Simultaneously, Philip Zoercher, state tax board member, issued a brief upholding legality of the intangibles tax, citing supreme court decisions. A resolution denouncing the intangibles tax plan was adopted by the legislative committee of the Indiana Real Estate Assocaition meeting here today. The intangibles tax was denounced as “revolutionary” and threatening to “so increase taxes on homes and farm buyers that it would materially if not completely, stop the building and sale of homes and farms on the deferred payment plan,” by a resolution Monday by the Indianpolis 'istate Board.

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START MOVING EASTERN FIRM TO PLANT HERE Contract for Addition to Be Awarded Today by Mallory Company. Contract for a one story 60x100 foot addition to the old National Lamp Company building, Gray and Washington streets, recently purchased &y P. R. Mallory Company of Indiana, w r as to be let today by W. H. Knowles, vice-president, who is here to arrange removal of machinery from the east. The Mallory company will combine manufacturing divisions of Elkon, Inc., Weehawken, N. J., and the Knapp Electric Company, Port Chester, N. Y„ in the plant here. About 875 persons will be employed as soon as the plant gets into full operation. Its finished product will amout to about $4,000,000 annually and the monthly payroll will be more than $70,000. A number of freight cars loaded with new machinery for the local plant are en route, and work of removing machinery from one of the company’s Port Chester plants has been started. The new addition here will house the company’s metallurgical work now located in a plant at Little Ferry, N. Y. The four-story, brick building purchased, built by the National Lamp Company eight years ago but never used, contains 10,000 square feet, only 3,000 square feet more than already used by the various plants,

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and it is expected that a larger addition will be needed soon. The plant making electric contacts will not be moved here at this time, it was said, because of being so far behind orders that the company is unable to stop production. Instead, all new machinery for this work is being shipped here and both plants will be operated. C. J. Martin, office manager, arrived here Monday to arrange for the office personnel. A number of the present office employes will remove here. Factory employment will not be started for about two weeks, although several hundred applications have been received at the Chamber of Commerce already. The plant was brought here largely through efforts of the chamber industrial commission. Knowles said the company expected that the plant would be operating at 50 per cent capacity with-

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in forty-five days. The removal is being made progressively, one department at a time. Products of the company here will include Elkonite, an alloy; sorboloy, an alloy for tool cutting, approaching the hardness of diamonds; electrical contacts, electro-mechanical toys, radio parts and fractional horseppwer motors. Lindy to Launch Air Mail Bv United Press WASHINGTON, Feb. 26.—The first air mail plane between Brownsville, Tex., and Mexico City will be piloted by Colonel Charles A. Lindbergh. Lindbergh also may pilot the first plane over the extension of the route from Canal Zone to Chile about April 1.

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The Life Insurance Company of Virginia Incorporated 1871 HOME OFFICE: RICHMOND, VIRGINIA JOHN G. WALKER BRADFORD H. WALKER Chairman of the Board President Financial Condition December 31, 1928 ASSETS Bonds and Mortgage Loans on Real Estate $ 49,838,477.97 Railroad and Public Utility Bonds „ _ 832,756.25 United States Government Bonds 1,066,518.93 State Bonds 5,325.00 Municipal Bonds 10,150.00 Miscellaneous Bonds 289,873.75 Miscellaneous Stocks 9,975.00 Real Estate 2,197,607.47 Loans on Company’s Policies 4,278,899.59 Cash in Banks and Trust Companies on Interest . 755,521.19 Cash in Offices and in Banks Not on Interest 43,088.68 Interest Due and Accrued 854,164.46 Net Uncollected and Deferred Premiums and Premium Notes and All Other Assets 1377,322.05 Total Admitted Assets $ 61,559,68034 LIABILITIES Reserve on Policies in Force as Computed by the Actuary of the Company $ 49,988,107.00 All Other Liabilities 3,628,642.41 Total Liabilities $ 53,616,749.41 Capital Stock $ 5,000,000.00 Surplus —— 2,942,930.93 Surplus of Assets Over Liabilities , 7,942,930.93 Total $ 6135938034 We have examined the books and records of the LIFE INSURANCE COMPANY OF VIRGINIA for the year ending December 31, 1928, and have verified therefrom the above Statement of Assets and Liabilities at the close of business at the Home Office as of that date. We have examined and verified all Mortgage Loans, Bonds, and other investment! owned by the Company, and have proved that the Bonds are carried at tbeir market vahwt on December 31, 1928. We have counted the Cash on hand, and have verified the balances deposited with Banks and Trust Companies. The Reserve on Policies in Force and other Actuarial Liabilities are certified by the Actuary of the Company, and the Legal Reserves have been confirmed by the Virginia Bureau at looorance. We certify that, m our opinion, the 2bove Statement of Assets and Li abilities tatwaOkf sets forth the true financial condition of the Company on December 31, 1928. H. B. BOUDAR & SON, Richmond, Virginia, January 22, 1929. Certified Public Acconntante. Statement of Operations During 1928 GROSS INCOME $ 15,3085455.47 INCREASE IN GROSS INCOME $ 628,859.02 INCREASE IN ASSETS 5 5321,690.46 INCREASE IN INSURANCE RESERVE $ 3,962371.00 SURPLUS ...... 3 2,942,930.93 INSURANCE IN FORCE S 349,113318.00 INCREASE IN INSURANCE EM FORCE $ 15,932,750.00 TOTAL NUMBER OF POLICIES IN FORCE 1,282,467 INCREASE IN NUMBER OF POLICIES IN FORCE— 23,170 DEATH CLAIMS, Etc., PAID TO POLICYHOLDERS... $ 4,589,693.91 Total Payments to Policyholders Since Organization, $51,887,657.90

Growth of the Company, in Last Quarter Century _ _ . w-i i No. of Policies Outstanding Year Gross Income Assete at End Force at Insurance at End Y * for the Year of Year End of Year of Year 190 T ~5T, 57035931 $ 1365,41433 338,906 $ 39,717,43L0H(f 1908 2350,(H 1.46 4,444,711.62 492,191 63309302.00 1913 3,842,0703 4 9,74637337 637,973 94,668,092.00 1918 6367354.51 18362,862.75 828,903 149,170320.00 1923 10302349.09 36,916,613.75 1,090,029 255,168368.00 1928 15308,455.47 • 6135938034 1382,467 349,113,618.00

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