Indianapolis Times, Indianapolis, Marion County, 5 January 1938 — Page 7

Text of Brosidontis Bud get

essage to Congress

WASHINGTON, Jan. 5 (U. P.) .—Following is the text of President Roosevelt's mes-| sage to Congress submitting

his budget estimates: To the Congress of the United ” States: _ Pursuant to provisions of law 1 transmit herewith the budget of the United States Government for the fiscal year ending June 3, 1939, together with this message, which is _& part thereof. ". The estimates have been devel- ‘ oped after analysis of the revenues, obligations and reasonable needs of -the Government and I. recommend

simple fairness to the Treasury “of the United States I am confident that the Congress and the publie will bear in mind certain fundaTentals relating to the making of

- ‘The first step calls for the presen- : tation, before the 15th of September, “ by every d ent and agency head, estimates of appropriations for .-the fiscal year beginning t! day of the Yellow Bing the other words, at least nine months before the spending of the money can begin. These estimates, carefully preby the budget officers, and . other officials of each department and agency, are intended to repre- . sent what they consider the mini-

. . mum needs of the work assigned to

. them by law.

OUTLINES PROCEDURE

- Thereupon the Director of the Budget presents these totals to the President who without taking up - She thousands of separate items asks the Secretary of the Treasury for ‘estimates of the total amount of tax receipts which the Government may obtain during the 12 months begin‘ning nine months later. This esti- ' mate by the Secretary of the Treasury is furnished him by civil-serv-. ice experts who have long-standing experience with the whole subject of forecasting economic conditions in what may well be called the remote future, ia These experts properly call at tion to the fact that they are as ed . to. guess what the economic status «.=-and therefore the tax receipts— . will be during the fiscal year beginning the first of the following July. If the forecast of tax. receipts . made by these experts, who are at least of equal competence with the experts of the largest banks and industrial corporations of the United States, show that the departmental estimates of expenditures will exceed the estimated tax receipts, the > President instructs the Director of _ the Budget to make every possible . effort as a result of his hearings to pare the departmental estimates in order to reduce the total.

OBTAINS CHECKUP

During the months of November and December and after the hearings have been held by the Director of the Budget, he presents to the President the total estimates with his recommendations. Again the President obtains from "the Treasury department a checkup .. on ‘estimated revenue during the _ year beginning the following first of July. If the new report shows a probable falling off of revenue, he makes. every effort with the assistance of the Director of the Budget to make further reductions _ before approving the final department and agency budgets. It should be remembered that the laws provide that the departments and agencies shall carry out certain duties. By these laws, the President and = Director of the Budget are, effect,” prohibited from i Government functions or them to the point of ineffectiveness. The result is that the President and the Director of the Budget arrive at a figure for each department and agency which they believe to be the proper amount under which the functions required by law can be carried out with reasonable efficiency,

BASED ON PROPHECY

-During the final two weeks of the ' calendar year, the President obtains once more from the Treasury * Department its final estimates of © tax revenues during the fiscal year _— begins more than six months

"Since the tax revenues from » practically every major source de-

" tions beginning * and ending 18 months later. Business concerns are more for- « funate. They also lay out programs months and even a year and a half in advance. But their pro- ~ grams They “re con- ‘ trolled currently by the condition of business, which permits the ugk of necessary changes month to month and even from

week to week. The affairs of the Government

| be

tributions to and to the old age reserve account, and many grants in aid to states. “Another class of expenditures which, though subject to some measure of administrative control, does not afford opportunity for large reductions, is made up of those which carry on the normal, everyday operations of the Government. For example, the major part of the appropriations for the State to- | ment is required to pay the reasonable salaries of consuls, diplomatic agents, secretarial staffs, and ministers who represent American interests in every part of the world,

RELIEF COST 18 HEAVY |

The third type of expenditure is represented by the major effort of the Government to help the economic security of large groups of citizens in every part of the Sountry who, for many reasons, definitely require some form of Government assistance. This includes various kinds of aid to save farms

e first | 2nd homes from foreclosure, to furnish work relief for needy able-| 000,000

bodied unemployed, and to provide old-age pensions, unemployment insurance and other assistance under the social-security program. Obligations such as these, though large in amount, can be reduced only by depriving a very large proportion of our population of benefits which modern civilization insists on.

The final category includes items of public expenditure for capital

ways, new river and harbor projects,

ings, new reclamation projects, and other new public works. All of these items can be contracted or ex: panded to conform with the contraction or ‘expansion of Government income.

This year I recommend that such items be curtailed. First, because Government income be less, and second, because it has been amply demonstrated that they do not provide as much work as do other methods of taking care of the unemployed.

ASKS ROAD AID CUT

For example, we have appropriated as Federal aid to new permanent state highways almost $1,500,000,000 during the past five years; and an equal sum has been spent during the same period for construction, repairing and improving roads and streets by Federal agencies administering unemployment relief. These vast expenditures have put our highway systems far in advance of what would have been normal expansion. I do not propose eliminating Federal aid to highways, but I do ask that such aid be restored to approximately the predepression figures. We have a great accumulation of unliquidated “matching” authorizations for aid to states running into the year 1940—but the states also should be encouraged to bring their highway budgets. back to a more

normal figure. Therefore, I lope

that the Congress will start at this session. to cut down ¢he actual appropriations used to match state funds.

For the 10 years up to June 30, 1933, the Federal Government spent an average of $40,000,000 a year for river and harbor improvements. During the have spent an average of over $100,000,000 a year. Meanwhile, a justified demand for greater protection against floods has developed.

in this budget I am curtailing the estimates for new river and harbor improvements in order to provide more money for flood emergencies.

CITES BUILDING COSTS

Reclamation projects have been

propriations of nearly $600,000,000. It seems obvious to me and I hope it will be to the Congress, that no further projects should be authorized until projects now under construction have reached a substantial stage of completion. During the past five years we have built more than 1100 new Federal buildings—almost double the number of such buildings throughout the country. It is true that this saves the renting of buildings, but to offset t saving we are paying in many nance of these new buildings than we formerly paid for leasing private quarters. Except for meeting the problem of adequate housing for Government departments and agencies in the District of Columbia, I am strongly of the opinion that the public-building program should be restricted to the comparatively small number of projects where the capital investment will be returned through savings in annual operating

EXPENDITURES—The most important fact of this budget is the reduction of $539,000,000 in the esfrom |iimated expenditures for the fiscal year 1930. They amount to $6,869,000,000, compared with estimated expenditures during the current fiscal year of 1938 of $7,408,000,000.

vo.

NEED GROWS.

It is hoped that this fact will not overlooked. It is fair to say that this estimated reduction may,

possibility that due to world condi‘tions over which this nation has no

| control, I may find. it necessary to tional _ appropriations

request addi jor national defense. Furthermore, 36 economies situation may not - prove--and it does not, I expec the approval Congress and

retirement ‘funds

improvements—such as new high-| new flood control, new public build-

the major classes of receipts and

past five years we]:

Flood protection is necessary and | TVA

started which will call for future ap-| -

far more for mainte-}

7 Hous fom the

for our expectation of a balanced budget for the fiscal year 1939.

REVISION NECESSARY

he recent recession in business has changed that outlook. Today it is necessary to revise the estimates of revenues. They will be less than we had anticipated. They will, as far as we can fell, remain below our estimated necessary expenditures. We hope that the calendar year 1938 will bring an improvement in’ business conditions and, therefore, in tax receipts. The Treasury, leaning to the conservative side, | - predicts .some improvement over the present level, but does not assume in its figures that business in the calendar year 1938 will reach as high a level as in the calendar year 1937. The present estimate of revenue for the fiscal year 1939 is $5,019, 000,000 compared with the present estimate of receipts for the fiscal year 1938 of $6,320,000,000—or, in other words, a falling off of $401,-

BALL ANCE—The net result of these estimates of expenditures and receipts shows for the fiscal year 1039 a net deficit of '$950,000,000, but it is fair to state at the same time that this deficit will be $138,000,000 less than the expected deficit in the current fiscal year. In other words, for the third year in succession we would continue to decrease the deficit.

% ‘ . RECEIPTS COMPARED

It will be of interest to compare

expenditures for the fiscal years 1931 to 1939 as set forth in the following table (abridged):

(In Millions

—Estimated— 1939 1938

2,692.9 «2,180.1 2,279.5 10.0 598.8

116.9

Unjust enrichment . A Social security taxes. Taxes on carriers ...

1-and guaran corporation with adequate capital

5.0 571.0

assels of the corporation, and, as a

means of providing funds to make tee its loans, provide the

and authorize the issuance by it of obligations - ‘guaranteed by United States. Congress Woulg be advised annually of corporation's net profit or loss he be in a position to make such appropriations as might he necessary to meet any annual impairment of the ital of the corporation that would eresult from losses sustained upon its loans.

FISCAL YEAR 1937

RECEIPTS—_To tal general and receipts for the fiscal year amounted to $5,203,840,237 which was $534,000,000 less than was estimated one year ago but a gain over 1936 of $1,178,000,000. The from income taxes were $215, less than the estimate contained in the 1938 budget, while miscellaneous internal-revenue taxes were $94,000,000 less. It was believed last January that taxes on carriers and theig ees would produce $134,552.90. But litigation delayed collection of these taxes and only

ment produced only $5,886,836 as ‘against budget estimates of $82,000,000 a year ago, while the receipts from social-security taxes were $72,-

000,000 less than was estimated at

that time. Customs and miscellane- | ous receipts, however, exceeded the amount anticipated a year ago by $40,000,000 and $18,000,000, respectively. As pointed out in my message of April 20 last, the March 1937 tax

returns brought to light certain. defects in the present revenue law,

As a result of these disclosures, committees of Congress have been considering corrective tax legisla-

Actual and estimated receipts and expenditures of the Govérnment

for the fiscal years 1934-39 (tiassifications include expenditures from both

general and emergency funds):

—RECEIPTS—

of Dollars)

1987

2,151.5 2,181.2 59 252.2

—Actual— 1936 1935 1,099.1

142658 2,0008 1,657.2

179.4

Total receipts ... 59194

lishments: —Estimated— 1939 1938 20.8 21.1 1249 150.0 4.5 41.2 95.2 122.6 40.7 39.8 17.5 245 182 29.6 16.3 17.6 157.1 178.0 48.2 471.5 50 50 171.6 150.4 760.0 821.3 991.3 957.0 538.6 573.7 976.0 927.0 508 - 419

Legislative sess00tone Agriculture ...c5000. Commerce .....ccc.. Interior .. Justice Labor Postoffice (deficiency) State

War (nonmilitary) . D.C. (U. S. share).. Ind. offices .... Sub-total secsseeeson Defense cscs cee0sOee Veterans -... Interest Other (refunds, etc.)

“sco srs ne

5,293.8 41159 3,800.5 - 3,115.6

—EXPENDITURES— _ Regular operating expenditures. Legislative, judicial and civil estab-

—Actual— 1936 1935 21.7 19.6 122.9 71.1 44.3 39.0 78.5 38.5 26.9 85.9 17.2 164.1 46.2 5%: (813 733.6 870.5 2,348.6 7494 41.1

1934 16.6 62.7 30.8

1937

814.7 888.6 1,128.2 866.4 48.1

3,316.7 3,332.9

—Estimated— 1939 1938 140.1 280.1 41.0 46.0 60.4 69.5 60.0 63.9 53.2 153.8 41.1 /

Reclamation ....cces Rivers-Harbors ..... Flood control :...... Public buildings .... Grants Serene av0 00 Other ...

71.2 744 189.5

81.2

66.2

3,746.0 4,746.2

—PUBLIC WORKS—

Actual ‘1936 1935 243.9 3174 485 36.2 49.9 40.9 137.8 132.9 52.3 38.7 71.9 58.1 233.9 48.9 74.0 89.6

1937 350.6 412 52.3 1424 54.6 76.3 272.9 89.1

838.1

—Estimated— 1939 1938 35.9 126.8 1,000.1 1,322.2 230.0

Direct relief ... Work relief CCC ...... Ee

escen

—UNEMPLOYMENT RELIEF—

310.0

1,079.4 912.5 n62.%

—Actual— 1936 1935 591.7 19141 1,264.4 11.3 486.3 4355 -

1934 715.8 805.1 3319

1937 1843 1,896.7 385.8

1,759.0 *47.9

Totals «0esessone 1,266.0

Loans (net) sees ee 68.0 5.0 586.1, 813.2 119.5

AAA Social security : Railroad retirement.. Supplemental Total expenditures exclusive of debt retire

6,869.0

45.6 42.5 658.7 - 139.7

1,408.6 8,001.2

2,342.4 2,360.9

*180.8 102.1 889 156.3 541.6 28.4 3

2.466.8

' #307.1 41.1 515.8 447 ol

1,852.8 819.5 820.9 290.2

9000s cesses @6scnes

ess ssne 00°0008 000000,

84765 68023 67452

Net deficit’ Gross public debt at the end of each " fiscal year “Excess of credits, deduct.

949.6 10881 270714

38,5282 37,603.68 36,4246

4,360.6 3,000.8 3,620.6

33.7785 28,7009 27,0531

(1939-1938 estimated—1937, 1936, 1935, 1934 Setual,)

RECOMMENDATIONS

APPROPRIATION ITEM VETO -—An important feature of the fiscal procedure in the majority of our states .is the authority given to the executive to withhold approval of in= dividual items in an appropriation bill, and, while approving the remainder of the bill, to return such rejected items for the further consideration of the legislature. This grant of power has been considered a consistent of the power of the legislature to withold approval of items in the budget of the

with general approval in the many states which have adopted it. A respectable difference of opinion exists as to whether a similar item veto power could be given to the President by legislation or whether a constitutional amend-

‘ment would be necessary. I strongly ‘recommend that the t cons

Corp. sce provided through

-penditures from postal

A po—

tion; and I hope that there may be

enacted at an early date such

amendments to the revenue law as will maintain the revenue producing power of the present tax structure while correcting at the same time existing proven inequities. EXPENDITURES—The total expenditures for the fiscal year ended June 30, 1937 (exclusive of exrevenues), amounted to $8,105,158,547 as compared with an estimate of $8,480,-

executive; and the system meets| iho

were $75,002,146 less than mate for that year con the 1938 budget. The total exp tures for recovery and oi nn as gait an

debt retirement, the net deficit was $2,707,347,111. The estimated net deficit, as contained in the budget submitted & year ago, was $2,248,128,774. ‘The increase in the net

dhe | deficit is more than accounted for

by the decline in receipts. The increase in the gross public debt during the year amounted to $2,646,070,239, bringing the total ‘gross debt on June 30, 1937, to $36,424 ,613,732. 2

employ-

$345,088 was received: in 1937. The tax on unjust enrich-

FISCAL YEAR 1938

RECEIPTS—The income of the | ane

| Federal Government during the fis-

cal year 1938 is expected to in-

1937 | crease $1,026,673,000 over that of

1937, the increase of $1,101,573,000 in internal-revenue collections being partially offset by a reduction of $74,900,000 in other classes of re-

ceipts. The total revenues from all sources (exclusive of postal revenues) wiil amount to $6,320,513,000. This figure, however, is less by $973,100,000 than the ‘estimate of revenues for. 1938 contained in the budget last year, Income taxes are expected to produce $2,692,000,000 as compared with 10837 receipts of $2.157.626.961. Miscellaneous in l-revenue taxes will amount $2,279,511,000 as compared with actual collections in 1937 of $2,181,217,856. The reenactment of legislation = levying

| taxes. upon carriers and their em-

ployees will produce $150,300,000 in 1938, whereas last year’s receipts amounted to only $345,088. - Taxes under the Social Security Act, levied on a 6-month basis in: 19317, produced $252,160,840, and in-1938, on a full-year basis, will produce $571,002,000. THe tax on unjust enrichment is estimated at $5, 000, or $886,836 less than the receipts from this,source in 1937. ° Custom duties are expected to yield $415,300,000 in 1938, whereas in 1937 they produced $486,356,599. Miscellaneous revenues are $2,411,030 less than last year, the estimate

{for the current year being $165,-

409,083; and from realization upon assets there will be derived a total of $41,000917, or $1,432,505 less than in 1937. t EXPENDITURES—The total expenditures - (exclusive of ‘expenditures from postal revenues) for the fiscal year 1938 are now estimated at $7,614,858,300. Included in this amount, however, are statutory debt retirements of $206,215,700. Eliminating debt retirement and the non-recurring item of adjusted compensation. payments, the 1938 expenditures are expected to be about $35,900,000 less than last year. There is a decrease of $1,185,600,000 in expenditures for recovery and relief, the -Agricultural Adjustment program, the Civilian Conservation Corps, and refunds of taxes, and an increase of $1,149,700,000 for the following purposes: $52,500,000 for the legislative, ex-

1 | ecutive, and judicial offices and the

civil departments and agencies; $167,800,000 for the .general public

.2 | works program; $89,700,000 for na-

tional defense; $2,300,000 for veterans’ pensions and benefits; $90,900,000, principally for grants to states, under the Social Security Act; $60,600,000 for -interest on the public debt; $280,100,000 for payments into the old age reserve account and the railroad and government employees’ retirement funds; $200,000,000 for supplemental items; and $205,800,000 representing a reduction in revolving fund credits. : DEFICIT AND PUBLIC DEBT— Excluding public-debt retirements, the net deficit for 1938 is now estimated at $1,088,129,600 as against and actual deficit in 1937 of $2.707,347,111. The gross public debt on June 30, 1938, is estimated at

. | $37,603,646,918. This, of course, does

not take into account any future changes in the debt which may occur as a result of the Treasury policy with respect to the sterilization of gold.

1939 FISCAL PROGRAM

RECEIPTS—The estimates of revenues for the fiscal year 1939, which are necessarily based on existing tax laws, amount to $5,919,437,000... This is $401,076,000 less than the anticipated receipts for 1938. With the exception of social

‘| security taxes and realization upon

assets, each major class of revenue shows a decline below the 1938 level. Income taxes are estimated at: $2,414,200,000, or $278,700,000 less L than for 1938. Total miscellaneous internal revenue will be $2,190, 000, which is $89,439 less than 1938. The taxes upon carriers and their employees are expected to total $116,900,000, a decline of $33,400,000 from 1938, which is due largely to the fact that the 1938 collections included 1937 accruals deferred by litigation. Social security taxes will be $598,865,000, an in of $27.£63,000 over 1938. The tax on un-

‘| just enrichment will produce $10,-

000,000, as compared with $5,000,000 for 1938. revenues

Miscellaneous show a total of $148,882,320, or less |.

than the current year by $16,526,763. Realization upon assets is Seimatad at $50,117,680, an increase iil an increase of $9,026, "60

EXPENDITURES—The -expenditures contemplated for the fiscal year 1839 (exclusive of those from postal revenues) total $7,070,558,000. This includes $201,515,000 for statutory debt retirement, leaving $6,869,043,000 for other purposes, which is $539,600,000 less than the amount estimated for 1038. There

{are net increases of $52,017,000 in

the regular activities of the civil departments and agencies which are more than accounted for by increases of $62,000,000 under the Rural Electrification Administration and the United States Maritime Commission. The general public works program will require $404,026,500 or $73,057,000 less than for 1938. Expenditures for national defense are expected to be $54,847,000 greater than for 1938, reaching a total of $988,623,400 in the fiscal year 1939. On the other hand, the expenditures for veterans’ and benefits will

RULING BY GECKLER [%0 E AROUSES FP PROTEST]

Holds ‘Furioughed’ Mental | trict

Patient Is Competent.

A sili by Juvenile Court Judge John F. Geckler that a person on “furlough” from an institution for the insane is competent to sign an affidavit charging a criminal offense had been protested today.

The ruling was made yesterday |:

after a woman who had been released from an insane institution and placed under surveillance for a year, brought charges of child neglect against her husband and a 22-year-old girl. 130th defendants received suspended sentences. Defense Counsel Lawrence Shaw asked the charges be quashed in the particular instance because he claimed the person still was insane until released &s sane by the institution or declared sane by a court. Judge Geckler said “anyone who is competent enough to be living to testify is competent enough to sign an affidavit.”

“Several Republican state commit teemen and other party as have ‘acknowledged invitations

imously to honor emeritus, effective April 1. No decision was reached on the selection of a new pastor.

WE BUY DIAMO

HIGHEST CASH PAID

| 118 W. Wash. St. Lincoln Hotel Bl

decline from $573,682,800 for 1038 | 4m NA

to $538,610,000 for 1939, because of |i

the completion of payments of in-

| surance claims on account of deaths |

occurring during the World War.

Expenditures under the agricultural . m will increase |i

adjustm | $143,573, in 1039, due principally to the legislation enacted during the last regular session of Congress providing for subsidy payments fo cotton producers.

COC COST TO BE CUT

DEPT. STOLE

918~926 So Meridian St.

The: Civilian Conservation Corps, because of a contemplated reduction in the number of camps and reduced expenditures for co-operat-

- | ing agencies, will require $230,000,000,

or $80,000,000 less than for 1938. Expenditures for administration and grants to states under the Social Security Act will reach a total

of $338,230,000, which represents an | increase of $66,525,000 in grants to |}

states and a decrease of $1,991,000 in administrative expenses. The interest payments. on the public debt will amount to $976,000,000, or $49,000,000 more than for 1938. Expenditures for recovery and relief are estimated at $1,138,304,000, or $841,356,600 less than for 1038. The operations of the Social Security Act and the unemploymentcompensation laws of the states have the effect of materially reducing our program for work relief. Moreover, operations under the new Housing Act will greatly assist in providing employment. We can also look to the regular public works program to provide a certain amount of employment. With these aids and the assistance confidentially expected from private industry, I hope that the foregoing amount for expenditures will be sufficient to meet the needs for 1939. An estimate of appropriation of $1,000,000,000 . for

‘this purpose . is contained in the

1939 budget. Expenditures from revolving funds are expected to amount to $141,961,000, which represents, because of an excess of receipts of $37,778,200 in 1938, an_jrcrease in total expenditures of $179,739,200. For the

old-age reserve account the estimate | & is $475,000,000, an increase of $90,- | ¥

000,000 over 1938. For the railroad

retirement account $117,250,000 will

be required. $20,286,000 less than for 1938. An accumulation of pay-

' ments due in 1937 had to be met in | 1938, whereas there will be no ac- | cumulation to be carried over into |#

1939. The amount for supplemental items is $75,000,000, which is $125,000,000 less than the amount now indicated for 1938.

DEFICIT AND PUBLIC DEBT— |Z ‘The net deficit for the fiscal year |: 1939 is $949,606,000, or $18,523,600 :

less than the deficit for the current year. The gross public debt on

sterilization of gold.

It should be pointed out, how- |:

ever, that the increase in the debt

by reason of the deficit does not |: mean that the Treasury will borrow | & that additional sum on the mar-|§ ket. There will be available Suring

the fiscal year for investment in

special issues of Government obli- |Z

gations, the net sum of approxi-

mately $1,163,000,000, which repre- |

sents investments of $600,000,000 from the old-age reserve account

and the railroad and, Government |

employees’ retirement funds and

$573,000,000 from the unemployment | i

trust fund, and a reduction of

$10,000,000 in investments held for |&

Tho following. {able shows hie grout: publie debt fiscal years 1036 and 1937 and the estimated gross de

the fiscal years 1938 and 1939: : ; UN MILLIONS Market Held by— Public ss ets ecv essence

eos 30240

OF DOLLARS) |

; June 30, 1989 June 30, 1938 June 30, % (Estimated) (Estimated)

1837 30,519 30,519

Trust Funds.... |

“IT'S SMART TO BE THRIFTY” |

LADIES’ COATS

Around 200—Hurry! Up to $8.88 Values.

coer. $3.88

Up to $12.50 Values. .....$5.00 Up to $19.76 Values......$9.88 Up to $35.00 Values. ....$16.88

$69.75 Fur Coats. .

coee. $534.88

Women’s and Misses’ Dresses

Around 300—Hurry!!

PRINTS—GREPES—WOOLENS

Up to $3.00 Values. . Up to $6.95 Values.......$2.88

.oo.. 91.00

500 Better Wash Dresses. _.____._88c |

Girls' Coats, $5.00 Values ......$2.50 § Girls’ Coats $7.95 Values ___..__$3.88

i weight.

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Every pair hand inspected by our experts. Second and third grading of luxurious $1.00 and $1.50 quality. are famous for these hose. All sizes and latest colors. Chiffon and service

39¢|

PAIR

100 Ladies’ Hats Up

“Clark's C. N. T. Thread. Large 10c Spoels coccvicaes. Tae

to $1.98 Values, 49¢

Hundreds of Other Big Bargains

Full Si omforts. Soft anil fluffy eeensiaieann $2.44

uits, Extra he se oe ae

Men's Union

Quality ....... 8%

Men's Silk Paris Garters. | 50c grade; all colors......25¢ |

Ladies’ Outing Pajamas. Extra Fine and warm. ....ee00.79%

Rubbing Alcohol. Full pints ste tus essences seC

Men's $3.95 Black Leatherette Zipper Jackets ........$2.88

Men's Endicott Johnson Shoes. | The kind that wear. Pair $1.88

Full Fashioned Hose. Excellent Thirds. Pair ..covveeeee..25¢

Men's sik and Wool Socks. Excellent Thirds. Pair......15¢

Muslin; leading brand. bolt:. Yard..........10¢c

& Ho Fu

Men's Overcoafs. Choice of

the house .............$9.99

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