Indianapolis Times, Volume 45, Number 258, Indianapolis, Marion County, 8 March 1934 — Page 10

PAGE 10

URGES END OF TAX EXEMPTION OF SECURITIES Morgenthau Says U. S. Can Save $145,000,000 Annually. By United Pren* WASHINGTON. March B.—Treasury Secretary Henry Morgenthau this afternoon urged adoption of a constitutional amendment eliminating tax-exempt securities. Mr. Morgenthau’s statement was made before the house judiciary committee, which is considering a bill to prepare the way for a constitutional amendment eliminating tax-exempt securities. The secretary estimated the government would increase its revenues approximately 5145.000.000 annually if such a amendment were adopted He said there were SI 1.510.000.000 worth of totally tax-exempt securities and about S 13.500.000 000 worth cf partially tax-exempt bonds outstanding at the close of 1933. “The treasury department favors as a permanent policy the elimination of the exemptions from federal income tax now accorded to the interest on federal, state and municipal securities, insofar as future issues of such securities are concerned,’’ Mr. Morgenthau said. “I consider it very important that *'hen the exemption is eliminated it i should be eliminated not only in re- ! spect to future issues of federal securities, but to future issues of state or municipal securities as well. '‘The enactment of legislation requiring federal obligations to be issued in the future on a fully taxable basis, in competition with wholly tax exempt securities originating elsewhere, would be likely to react unfavorably on the market for federal securities, to increase the cost of the government's borrowing, and to complicate our financing operations. "I am advised that a constitutional amendment would be re- ; quired to enable the federal govern- j ment to tax the interest on state and municipal securities. “In my judgment, such an amend- •

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‘POP’ JUNE IS ILL

George (Popi June, well known restauranteur. is seriously ill at the Edwards hotel. Mr. June has been in the restaurant business in Indianapolis for nearly a half century. He formerly was a prominent theatrical agent in New York before taking over the Down East Oyster Hcuse” at 138 South Illinois street.

GREENLEE. GUILELESS IN DILLINGER ESCAPE, BLAMED FOR SLUSH

Pleas Greenlee, that jovial “head-hunter” in the office of Governor Paul V. McNutt, grined today when asked if he had been blamed for the Dillinger escape. “No, sir,” he said. “That is one thing that has happened since we took office that no one has blamed on me. But there was a fellow in here just a minute ago and asked if I was to blame for this slushy weather.” ment snould be drawn on a reciprocal basis: the states should be permitted to tax the income from federal securities, and the federal government to tax the income from state and municipal securities. “I favor such an amendment,” Mr. Morgenthau concluded.

AERIAL PARITY WITH WORLD, BRITAIN'S AIM Government Pledges Nation to Front Ranks in Aviation. j By United Pn LONDON, March B.—The govemj ment gave its pledge in the house |of commons today that Britain would have an air force on a par | with other nations. Six Philip Sassoon, undersecretary of the air ministry, in mtroj ducing the air estimates, said he realized the additions made would be considered disappointing by many, ' but we do not want at this stage to put forward a program that might prove to be the starting gun : in a race of air armament.” Sassoon called attention to President Roosevelt’s approval of big additions to the air force, the order last August of Klementi Voroshilov, Russian war commissar, threatening to surpass the biggest capitalistic air powers. He also mentioned the enlarged air programs of European nations. "Under these circumstances,” he said, “the government feels it is impossible for this country to continue holding in abeyance its ten-year-old program of 1923, now so long overdue. “We can not afford to accept the I position of continuing inferiority, j We have made it plain that this country must, so long as air forces exist, have parity in the air, how- : soever it is maintained.” He said Britain would maintain J its stand in support of air bomb- ‘ ing for police purposes, which has ! proved more humane and more economical than any other method of ; dealing with colonial disorders. At present, Britain ranks sixth ; among the powers in the air, which rank as follows: France, United j States, Russia, Italy, Japan, Britain. Watermelons are grown as far north as the Great Lakes states, but the bulk of the commercial crop is grown in five southwestern states.

THE INDIANAPOLIS TIMES

DIES IN FLORIDA

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Thomas L. Green Thomas Luther Green, founder of Thomas L. Green & Cos., manufacturers of bakery machinery, died Monday in Miami. The body has been brought to Indianapolis for funeral services and burial Saturday. BIBLE CLASS TO GIVE THREE-ACT COMEDY Mrs. Grace Sprowl to Have Leading Role in Play. Mrs. Grace Sprowl will have a leading role in the three-act comedy to be given Friday night in the auditorium of School 75, by mem-

bers of tne Loyal Workers Bible class of the Eighth Christian church. The play, which will be “No Account David,” will have a cast composed of Mrs. Sprowl, Mrs. Hildred Kfcely, Mr. and Mrs. Arthur Hayes, Mr. and Mrs. Willard Duncan, Harry Sweeny, Ben ton Hicks, Dewey Laue and Arthur

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Sprowl. George Sprowl will be the director. The class has been successful in presenting other pLays.

0. S. IS FACING STRIKE CRISIS, JOHNSON SAYS Shorter Hours, Higher Pay Needed, NRA Head Warns; Committees Named. ! By United Prrm> WASHINGTON, March B.—lndustrialists at the NRA conference today selected small groups to work with Administrator Hugh S, John- | son in an effort to whip into practicable form the administration’s program for further employment and higher wages. They were faced with warnings from Mr. Johnson that the government expected many industries to reduce hours 10 per cent and that there would be an unprecedented wave of strikes unless labor’s rights under the recovery act were fully recognized. Mr. Johnson asked selection of two committees of twelve to meet with him in their belief they could expedite concrete action on the basis |of the general discussions which i were closed for the most part last ! night. Code authorities of the capital : goods industries met under the i chairmanship of George Houston, president of the Baldwin Locomotive Works. They selected a nominating committee headed by Ralph E. Landers, New England manufacturer, to SEVEN-YEAR ITCH ENDED I The itch (scabies) is highly ranj tagious. if not treated it will continue for life. It is not a blood disease, but | is caysed by file itch-mite, which bur- ] row s and forms torturous galleries within the skin. The itch-mite spreads rapidly and is immune to ordinary treatment. The Psoric institute has perfected a simple treatment railed EXSORA that kills the itch-mite almost instantly, and rids you of your trouble in three days. Get complete EXSORA treatment at once at_ Dependable Drug vZOOftd Stores

Mrs. Sprowl

name a committee of twelve to meet with Mr. Johnson later in the day Consumers goods industries held a similar meeting under the chairmanship of George Sloan, president of the Cotton Textile Institute. Mr. Houston said the capital goods industries, through their committee

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has a real opportunity to present its case as it has not been presented before and he hoped the committee would bring before General Johnson a sympathetic solution of the industry's problems. Henry Wise Wood, president of the Wood Newspaper Machinery

.MARCH 8, 1934

Corporation. New York, in response to Mr. Johnson’s request for uaeful suggestions, proposed that during the emergency all corporation earnings which are reinvested In capital goods should be exempt from federal taxation.