Indianapolis Times, Indianapolis, Marion County, 29 May 1936 — Page 13

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Steel Industry’s Tax Money Is Not Wasted. BY JOHN T. FLYNN EW YORK, May 29.—The Iron ‘N Age, a highly respected and wisely edited trade journal, offers some facts about taxes in the steel industry. : In the year 1935, 127 steel corporations which do 90 pe: cent of the business of the industry paid out $73,000,000 in taxes to the Federal, state and local governments. : Then the editor proceeds to weave some observations

around this seeminggly large payment. First of all, he calls attention to the fact that this sum would have paid the wages of 57360 workers in the steel industry. Also he notes that it was larger than the total combined earn-

Flynn ings of the 127

FRIDAY, MAY 29, 1936

PAGE 13

Bank of Chicago.

States in April rose to a point 19 per above a year ago. The rise in production is to seasonal trends according to the Federal Reserve

counter

STOCKS MOVE HIGHER DURING DULL SESSION

New York Stock Exchange Prices

(I#¥ Thomson & McKinnon) High: low.

Steel Shares Respond to|Phifipe

Anticipated Price Advances.

BY ELMER C. WALZER United Press Financial Editor

NEW YORK, May 29.—Stocks

rose 1 to more than 3 points in dust! am

pre-holiday trading today. Steel shares responded to outlook for increased demand in June to anticipate proposed tird-quarter price advances. Rails were bid up on the car loadings report for the week ended last Saturday totaling 683,406 cars, up 1959 from the previous week and up 85,010 from the corresponding week of 1935. It was a new high for the year. Gold mining issues had a period of strength that carried them up fractions to more than 2 points.

Steel .. . 16% Rep Iron & Steel 19%

uU U

4. 6;

Iron-Stl pfd 83 Pipe & 39 S Steel .. . 61% S Steel pfd 127% Yungstwn 8S & T 617%

u's

Close. 931; 16

23%

SRE In

1: y

. 12% -. 98 - 13% 8

28%, 28% 1233 97%a 13%2

35%, 10%

Avia Aviation Corp ..

N. Y. Bonds

(Reprinted From Late Times Yesterday)

DAILY BOND INDEX

2% 18 :

8 19% 201;

[111] Fr

g His 38

@ wo

28% aa - a >

| ad rr” - 28: wa

82 :

3 oF

wre FUBIRYY ® FR

SSR se -

WHEAT VALUES RISE FRACTIONS IN LATE RALLY

Corn Prices Turn Uneven; Oats, Rye Higher in Small Range.

By United Press CHICAGO, May 29.—Short covering of wheat futures generated a rally in the wheat pit today on the Board of Trade. At the end wheat was up % to

New Bond Issues

{By Lyons & Co) Ask

Cent Maine 4s ey hy "96 a s Un Sts 3% 6s .

cent. Corn was off 3% to up !s, and | Ohio

cats were up 3% to 1 cent.

Wheat prices opened firm in re-|Pemn

sponse to a higher Liverpool market and in spite of preholiday quietness that prevailed throughout the session, prices continued to advance. Traders ' ignored reports of good rains in parts of the Kansas “dust bowl” and chose to follow the lead of higher outside markets.

Ss - - Pub Serv N H 3%s "60 .. \Lite 4%s '55 4%s ‘56

106% lll ee T 4s "61 98% tos "51. 104;

SWINE PRICES STEADYTO20 | CENTS HIGHER

Cattle, Veals Scarce and

a»! Stationary; Lambs 023s .

Uneven.

Inbuenced by improved shipping requirements and a continued strong demand prevailing for fresh pork in the East, swine values were generally 20 cents higher on weights ranging upward from 160 pounds today at the Indianapolis Union Stock yards. : ; Most classes of lightweights, however. continued to display a steady trading range. A substantial decrease in the total number of receipts also added to the moderate upturn in medium and heavy classes. Today's supply was estimated at 4000, the lightest number on hand this week. Holdovers number 260.

{ Dome set a new high. Buying may

mpan ies. gone {have reflected some foreign de- |

While the governments took $73,- Demand Is Strong

Inds. The bulk of choice grades, scaling

000,000 in taxes, the stockholders of these companies got only $38.926.000, or only a little more than half as much. The stockholders got $71 each. The government got $132 for each stockholder.

Nov while the article does not say 80, in so many words, two impressions are left strongly on the reader's mind. They are favorite themes with business men and their writers. One is that had this money remained in the industry, instead of being taken _ by the government, it would have gone into wages or at least have . been available for hiring men. The other is that when it goes to the government, it is in some mysterious way sunk, thrown down a rat hole; that it disappeares into utter inutility. The example of the steel companies is an excellent one for scrutinizing this popular notion. First of all, what would have happened to this money if it had not been paid to the government in taxes? It would have remained with the steel companies. And what would they have done with it? Would they have paid workers with it or would they have paid it out in dividends? Of course they would not have paid workers. The steel companies hire workers only to the extent that the demand for steel calls for workers. We may assume that they hired “gs many workers as the industry required. The money would have been part of the earnings. It would have been allocated to surplus or paid out in dividends.

UT what actually happened to it when it was paid to the government? What happens toiall government money? None of it is piled up in profits. All of it—and, alas, more—is paid out instantly. And most of it is paid out in wages to workers. In other words the payment of that money in taxes almost insured its being paid in wages to workers, while had it remained in the steel companies it would have most certainly been retained as earnings. Of course the steel apologist will insist that if taxes were lighter, business would be better and there ‘would be more work. But this is hardly true of the steel industry. It would be interesting to know what proportion of government expenditures in 1935 made their way to the steel industry—steel for battleships, for army supplies, for government construction, for railroad expansion made with government money. It is certain that the steel industry got back from the government far more than $73,-

000.000. Copyright. 1936. by NEA Service. Inc.)

NET EARNINGS EXPAND

Brille Manufacturing Co. Has Best Income Since 1931. Times Special NEW YORK, May 29.—Net income of the Brillo Manufacturing Co., Inc, for the first quarter amounted to $62.108 after all charges including depreciation and provision for Federal and state

mand on fears

I |

i f

| }

BUSINESS VOLUME UP

over the franc. Francs fell below the gold point and additional gold shipments were | arranged for New York. Gold de- | clined to a new low for the year

in London.

Case Gains 3 Points

Utilities were better. Talk of improved buying of equipment by utility companies stimuloted some buying of the coppers. Oils picked up. Building shares made small gains. Numerous sjecial issues were higher. Case gained more than 3 points in a steady to firm farm implement group. Oil drilling supply issues were better. American Hide and Leather issues were up fractions to 2 points. Monsanto Chemical gained more than 4 points in a higher chemical division Zenith made a new high in its seciton, where Radio Corp. made a small advance. ‘Railroad issues were dull but strong. New York Central at its top was up a point. Gains of fractions to more than a point were made by Pennsylvania, Missouri-Kansas-Texas preferred, Great Northern preferred, Illinois Central,

oudaille rray Body ... ew ken Roll

0 . Studebaker .. Yellow Truck Motor Access—

Eaton Mfg .... Elec Auto Lite. Elec Stor Bat Greyhound

53 24 151, « 18% 1 «i. 63% Timken Det Axle 161, Mining—

Alaska Jun 14%,

Ins Copper ..... 1 Int Nickel ...... Kennecott Cop.. McIntyre Mine .. ark Ut.

Amusements—

Crosley Radio. ... Fox Theat Loews Inc Radio Corp .... Paramount

Southern Pacific and Northern Pa- |RKO

cific.

Money and Exchange

INDIANAFOLIS STATEMENT

bits for week... Clearings for month Debits for month ...

TREASURY STATEMENT (By United Press) > WASHINGTON, May 29. —Government expenses and receipts for the current fiscal year to May 27, as compared with a year go:

This Year Last Year. Expenses $ 6.502,473.128.49 $ 6.431,435.738.24 3,571,212,555.0¢ 3,320,027,994.24 2,931,260,573.43 3,111,407,744.00 A 1,616,926,831.62 23 1

,533,259.52 311,761,251.64

Customs ..

S. Stroocke & Co. Has 30 Per Cent Gain Over Year Ago. Times Special NEW YORK. May 29.—The current volume of business of the S. Stroocke & Co. manufacturers of specialty woolen fabrics, is running about 30 per cent above the same period a year-ago, Sylvan 1. Stroock, president, announced today. New fall goods now being presented to the trade are meeting with favorable reception, Mr. Stroock said. “Orders shipped and billed in April were 100 per cent greater than in the same month a year ago,

per cent above the 1935 month,” he said.

Local Livestock - s

Receiots

1000 60%) 7500 5000 6000 4000

Bulk. [email protected] 10.30@ 10.40 [email protected] 10.00@ 10.10 10.004 10.10 [email protected] ht lights. 1140-160) $ 3.75@10. i ... 1010@ choice. . 10.

‘choice. .

and choice

‘and

582888

"choice . choice. .

10.00@ 10.

N N Y Ont & West 4% Nor Pacific .... 30 Penn R R

i Pac... West Maryland. Am Brake Shoe Am Car & 8 Er er m 0e! ly .. Bald Loco ... . 3% Gen Am Tk Car 49% Elec ‘as STV Gen R R Siz .. 38%

West Westingh Elec

Am & For Pwr Am Power & Lit 11%

AT& 3 Am Wat Wks .. while orders booked were about 250 | 82

or 63% «. 93% . 56%, 2% 83% Rails—

Atchison 713%

25%, 3 a 8% Can Pacific .... 1294 cm & Bw pia 22 i t SY; CM&stp Me 2 CM& St Ppfd 32s Chi NW .. wie 3

vale 20 d 40% Ill Central pi 21%, K C Sou ca 21% Lehigh Valley. Lou & Nash .. & T

16%: 127% 8% Equinments— 46% 35

2915

Iman Inc ... 47% Air Br .. 39%2 117% Utilities— 3%

a 22% 19% IVa

Gas & Elec & 2 3315 -

Gas Stone & United Co

T Western Union . Rubbers—

US u

Miscellaneous—

Good and chocie .. Good and choice. .

Pigs. Good and choice .

9.30@1 2.50@

5 28 8%

Contl Can

Alils Chalmers. . 45% Am Can 128

: A Tract 75 Ek... 33%

Caterpillar Cro Co! . . 18%

wn T] Curtis Pub

90.7

wu.

1949 1952

1949

55 re

ph =e

McKess Natl Dairy 5%s Natl Steel 4s °

Nor Amer

own

20 N Y Cent 4%s Co Ss

920.5

. 97. : 105.5

5 3% Yt 4 0

S. GOVERNMENT BONDS (By Abbott, Proct or & Paine)

Prev. 117.29 111.14 108.22

Home Owners Loam Cerp.

101.17 102.27

Federal Farm Mortgage Corp. 103.7

Hv Elec 6s 44. ..__. Tel & Tel 4%s 39 _. To STS isn I €. Sg * & Rob Sts 50 23.0. 109

ors fold)... 0! "61

Western Marv 5%s “77 Western Marv 4s Youngstown S & T 5s ~ Youngst S&TS5 "8 ....

B52 SN 0 ..-.106

FOREIGN

$17 1035 933 y Standard Statistics)

102.31

97.9 9% 23% 44%, mn

27%

23 44%,

cen a 2% 21%

(Br Atkins, Hamill & Gates)

New York Curb (By Atkins, Hamill & Gates)

P.M.

ATT ee Molybdenum Corp of Amer... 83% Natl Bellas Hess Inc 2% Niagara Hudson

20c; curren 18%ec: dirties, 17%e¢;

t > extra (92-score), 2ic; extra firsts, ¢

score @27c; firsts, 25% @26%c; cials, Saaae

15%e¢; ae. 15@15%e: —New

Early . Ohios Wisconsin round 89; on track. 221

BAG & PAPER CAPITAL

Cobblers. whites. $2.10. : shipments, 604

Chicago Stocks

standards. 27%c. Poultry car,

a , Rome 632s ’52 =. . Yokohama 6s "61 ..... . 83

STOCK TO BE OFFERED

Proceeds From Sale to Be Used fo Repay Bank Leans.

Times Special CHICAGO, May 29.—Following

There was fair scattered buying of September by commission houses in early trade whi December zadvanced under was some early buying of July against sales of - September and some selling of December was regarded as against purchases of December corn. Scattered demand from commission houses was responsible for a moderate short covering movement in late trade. Corn futures moved within a nar-

Traders were inclined to await the effects of the after planting run of corn to market. Oats showed firmness in early trade but finished about steady with

market. Rye firmed in dull trading.

(By United Press) i Low

Prev.

Close Close

34 84 86

84%, 84%, 86% 591, S915 S5T% 52%

255s" 26 272%

53% 54%

391

9.33 “9.90%

3 9.95% .05

LOCAL CASH MARKET

City grain elevators are paying 85 cen:s for 2 soft wheat. Other grades on their merits. Cash corn new No. 3 vellow 56 cenis and cats 18 cen:s

)d demand. There

Unlisted Stocks

tBr Blyth & Co.) NEW YORK BANK STOCKS

Bankers Trust Central Hanover .. se

Manufacturers ...... National City Con Chicage -....... Pirs ational Boston .. Nationgl Shawmut FIRE INSURANCE

is | yesterday's close in a featureless | -~N

USPire Cl... Westchester Fire

LL 34Y *Dividend. 3%

OTHER CASH GRAIN

(By United Press) CHICAGO, May 29.—Cash grain: Wheat —No. 4 hard, 89%e¢. Corn—No. 2 mixed, 6lc; No. 1 yellow, 62% @62%c; No. 2 yellow, €2@62%c: No. 3 yellow. 60@61%c: No. 4 yellow, 59%:@60c; No. 5 yellow, 58@ 58@c; No. 1 white, 67c; No. 2 white, 67c; No. 3 white, 66¢c; No. 4 white, 62% @63%c: No. 5 white, 60@6lc; sample grade, 36@ 55%2¢. Oats—No. 3 white, 243:@26%c: No. 4 white, 23%@24%c: sample grade, 21% @24%c. Rye—No sales. Barley—No. 3 Wisconsin, 90c; feed, quoted 30@48c; malt-

ing, 45@92c. Timothy seed—$2.50@ 3.315. Clover =ced. [email protected]. Soy beans—No. 2 yellow, 84%2¢; No. 3 yellow, 3k is Ci

provisions: .90; loose. 23; $9.12 nominal; bellies, $12.50 nominal; : at 0. 2 yellow, 30%-@31%e¢c. S ! : Wheat—No. lo@91%c; No. 3 red. 88% c@90%ec.

—No. 2 yellow, 61@61%¢; No. 3 ypllow, 59'>@61%c. Oats—No. 2 white, 27@29c:

from 160 to 225 pounds, cashed in at $10.20 to $1030. The top also held at $1030. Medium heavyweights, from 225 to 260 pounds, brought $10 to $1020. Light slaughter pigs. from 130 to 160 pounds, sold at $9.50 to $10. Packing sows brought $8.40 to $9. : Cleanup in Cattle Pens With a weak-end cleanup trade prevailing on most classes in the cattle market, early indications were weak to slightly lower especially for

7 steers and heifers. Cows and bulls

were mostly steady. Bulk of cows sold at $5.25 to $6. Receipts numbered 300. Vealers were scarce and stationary. Bulk of good and choice sold at $9 to $650. Receipts were 590. An uneven trend developed in the lamb market. Most classes of spring lambs remained steady, while clipped kinds were weak to lower, Bulk of gers sold from $11 to $12. Sia ter ewes sold at $3.50 down. Receipts were 300.

Oth¢r Livestock

(By" United Press) . CHICAGO. Mav 29. oops Receipts 8000. including 5000 direct; rairly active; i han ursday’s average, top. 160-250 Ibs. $9.90 10.10; 350 Ibs. [email protected]; ? $9.20. Cattle—Receipts. 1000. calves 500; general market slow; steady to weak: undertone dull’ largely [email protected]. market on steers with strictly good and choice offerings lacking; largely a clean-up trade on she stock: best fed steers held around $8.25; stockers and feeders firm; bulls and vealers about steady, $6.50 down and $9.39 wn respectively: light yearlings and steers selling about steady with week ago. Sheep—Receipts, 5000: spring lambs unweak to 25 cents lower; other class-

lambs, $10.25 to shipper: Southwesterns in medium condition, $9. clipped lambs yea: lings and 2-year old wethers mixed, $3.50; most shorn ewes [email protected]; few $4. :

OWNERS REPORT

No. 3 white, 23% @23¢.

Investment Trusts

(By Thomas D. Sheerin & Co.) Bid Asked

period since the third quarter of 1931, it was announced today. Following payment of dividends of 59 cents a share on 24.732 outstanding shares of Class A stock, the net income was equivalent to 34 cents a share on 145310 shares of no par common stock outstanding. excluding 662 shares of Class A and 14,690 shares of common stock held in the treasury on which dividends were not paid for the quarter.

On Commission Row

( u t to change are Quotations below subjec ge are

wholesale prices be offe Buyers by local Bg Th

PRUIT—Strawberries: Tennessee. 24-qt

Deere & Co RPastman Kodak 161!» Poster Weheler . 33a

“This invention showed me howl can save up to $50 in gas ‘expense this year,” says F. L Peterson, ometer,

—Receipts. 300— Waukegan, IIL “It’s the gasfon a car

(550-900) Choice Administered Pund 2d ....... Good Affiliated Fund. Inc . American General Eouiti xAmerican Busiress Shares. .. Pund Ltd 17.30

Bullock Broad Street Investing ..... 28. nt Shares “et

and it registers the miles per galwill go. My cld car was

Common SS 1900-1100) Choice .. Medium (1100 1300) Choice .

a ; Underwood E 84% Worthington Pm 27%: Foods—

Local Securities By a ianatolis Bond and Share Corp.)

Swing quotations do not sent actual bids i indica the

SS ODGE

: n » Chrysler Corporation

G 300Good

90 ~3 004 eriiteduintoi Jeghe ks es3sEsss8s

£ o

Cows

OR and medium... Low cutter and cutter

Bulls. good . . . Sie 6.290 Cutter, com. and med. bulk... . 5. ® VEALERS z —Receidts. 500— he Good and choice , L anh = : pls Water-Co 5s "70 ...105 Medium _.. : : 330 ianpls Water So 5s 53 ls Water Co 5%s "54. . nterstate T & T 5%s '53 Kokomo Water Works Ss "56 .. forris 5 & 10 Stores 3s '50..100 Muncie ater Wis 58.6 as Cc 3 Noblesv & P Gls 47.101 : ED Te ‘ n 3 © 538 | 291

;

220 a0 so088

fit i

esa (fancy Sunkist (300s). $8.50. Valley. $3.50 . crates, $3.30. G box. $3. Honey

97.00 278 282 4.10

'ABLES—Beans, - green, round (hampers), $2.40

; MisCarrots—California (6California

(250-500) Good and choice ... Common and medium

‘Feed and Stocker Cattle 1500-800) Good and choice 1.000 Common §.

Bhs 8;

AT INDIANAPOLIS nN

Thomson & McKinnon ||| 1

. MEMBERS

New York Stock Bachange. New York Curd Exchange New York Cotton Exchange ] New York Coffee and Sugar Exchange

SHEEP AND LAMBS —Receipts. 300— Lambs, 90 lbs. down: good choice .

rooms— Pound. halt crate, $1.40. 1b. bag

MONEY SALE

Ewes. N10 Goud and choice. .... hampers. a nm = buttons, des. oe {Sheep and lamb quotations

So-tb. a Ea hea Tomatoes- Other Livestock

4 buik a, bu, $125. Toma box, $1.35; Florida. orig. $8 1

Capitol Motors Company, Capitol Ave. and Michigan SL. ) lug. Lewis Motors Inec., 921 Virginia Ave.

FRUITS AND VEGETABLES

usSouceas

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