Indianapolis Times, Indianapolis, Marion County, 25 August 1941 — Page 4
MONDAY, AUG. 25, 194%] Postcard From London +
TAXES GUTTING PROFITS DOWN
Wage Increases Haven't Hit Corporations as Hard As New Tax Bill.
By JOHN W. LOVE
Times Special Writer
WASHINGTON, Aug. 25.—This
Right: High in derrick rig, oil field worker is shown about to link a new length of casing pipe to line. It is this type of equipment, or rather lack of it, which threatens to curtail the activities of the colorful "wildcatter" who has been responsible for opening up of many new fields. Below: Gang is shown "spinning in" casing pipe, which houses drill tubing, prior to task of cementing in the well.
BUSINESS
Why Can't Just One Government Agency Collect Up-to-the-Minute Trade Data?
"Ry ROGER BUDROW
THERE HAVE BEEN RUMORS AND CHARGES that some concerns are hoarding vitai defense materials and possibly “bootlegging” some to other concerns. There has been no investigation of this and so nothing is known for sure. But it is definitely known that some firms, particularly
the small ones, can’t get supplies they need. It has been! |
B. J. BALL, LTD
Dashed if they haven't got us again! Burnt out of 97, Queen Victoria Street, busted windows-at 91, and now blasted out of Balmoral Buildings, with “everything gone but our bodies and souls! With these—and a couple of typewriters, in we go at i 1S, NEW BRIDGE STREET, LONDON, E.C. 3
‘with a firm determination to stick to the old city to the end —and Victory!
Telephone Number will be advised—When we get one t
pos!
Roger Budrow
18
6 14% Wayne 7% od. 50
. 1059 +109
—Saturday. Aug. 23—
HOGS
“ow”
Pt fh al Fh Boh fh fk fd fk Yt = OOOH ee DD
0 pounds pounds pounds ... pounds .. pounds pounds pounds \ pounds .. pounds . pounds
Int Hydro Elec T% Indpls P&L 54% ‘ptd Indpls P&L com Indpls Water 5% bf cones *Indpls Water Class A com ... Lincoln Loan Co §Y%% od Linc Nat Life Ins com ir N Ind Pub Serv 527% pfd .... N
DPD DPD ONADNDOD OUND
WAGON
Up the close or the Chicago marked todey SR ass flour mills and Yai , | elevators paid 96c per bushel for xo. > |red wheat (other grades on their Wy and paid 68c per bushel for shelled new No. 2 vellow corn: No. 2 white shelled corn, iin No. 2 white oats, 35c; No. 2 red oats, 2C.
WHEAT
“100 = 108 IO BI DNDN NO NOD U IIDIDIND
> = ~1 oN
[= > oo
pounds oY Packing Sows Good and Choice— 270- 300 pounds ..... hash 300- 3I30 Pounds .....ssiiens 330- 360 pounds Good— 360- 400 pounds . 400- 430 pounds 450- 500 pounds Medium 250- 500 pounds hh . i Stanghter Pigs Medn and Good— 120 pounds
CATTLE
| Slaughter Cattle & Vealers (Receipts, | Steers
summer's second wave of strikes differs from the earlier one in a significant respect: Demands for higher wages are being based more often on the increased cost of living than on the assertion that emar >1 . y . . . Sas poe nS ey money This is another of the now numerous indications of how Britishers ig; SY Jormeny ai, are standing up under the blitzkrieg. It is a postcard just received e weakening of the argument by the firm's customers in Canada. that the employer can afford higher wages because his profits are higher is due chiefly to the provision which NEW ZINC SMELTER 0. S, CREDIT CURB corporations are making in advance for paying higher income taxes. It READY IN A YEAR| is due much less to any shrinkage in| NEw YORK, Aug. 25 (U, P| MAY BEGIN SEPT, iN operating earnings, so far as these|The new $5,000,000 zinc smelter 7 have been reported, or to their de-|the American Zinc Smelting & Re-| WASHINGTON, Aug. 25 (U. P, cline because wages were raised fining Co. at Corpus Christi, Tex, earlier in the year. twill be completed and placec in| —New Government restrictions on If it were nov for the certainty of operation by July 1, 1942, it was installment credit probably will not higher taxes on this year’s i eatpad here today. | be put into effect by the Federal comes, many a large and small cor-! The plant will be used for smelt-| Reserve Board until Sept. 1 or later, poration would be making bigger|ing zinc ore and for the manufac- informed sources said todhy. profits today than at almost any ture. of sulphuric acid from smelter] But the Board is expected to maka time in its career. This year's wage | | fumes. public some time this week, pos= increases, while one item in the sibly today, formal regulations to increased costs of industry, have LOCAL ISSUES contro) such buying. 3 not been so important as the need —Saturday, Aug. 23— The regulations are expected ta for laying aside money to pay taxes| Nominal quotations furnished by local follow closely the tentative outlins . GAG fh : unit of National Association of Securities| made public last week by ths on this year’s profits. Dealers. md Stouks Bid. Ask | Board, providing for credit Jimita« Decline Is Small Agents Finance Co Ind com... T% tions on purchases of durable goods ' o an . Agents Finance Co Inc pid... 20 such as automobiles, washing mae dos Saeling i Soya due to chines, radios and furnaces, with : p es Set ing aside more money Cent ral required down payments ranging or taxes is still Very small, taking Gifcle Theater com from 15 per cent to 33 1/3 per cent corporations as a group. The Na- | Hook Drug Co com of the total purchase price, and tional City Bank of New York re- Te oy ane periods of repayment limited to 18 cently reported that 290 represent- Elec 7% ota.. months. ative companies which had made a og Some industrial groups hava combined profit of $328,000,000 in asked that the effective date be the first three months of the year delayed until at least Sept. 15, reported a combined profit of $326,- ~~ TTT 000,000 for the second three months. Standard & Poor’s Corp.. big New| . (York statistical organization, re- Ind Pub Serv a7, vfd. ports that 117 typical industrial{} Ind Fub Serv 17% pid jcompanies which earned $305,300,000 So Ind G&L 48% lin the first quarter of this year are | pub a ind
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{estimated to have earned an even|So Ind G&L 13% ti "3 1$300,000,000 in the second. je A 0% Pit... 13 The statistical departments of the Van Camp Milk pra. ty AP ofan the C. 1 O here’ “om Mt Ss are making a good deal of the in-|aigers. Wins'w W RR 4%8 .. -100 crease in industrial earnings this American Loan bs bl | American Loan 5s 46.. year as compared with last, but | Cent Newspapers 414s 42-51. they give little attention to
the |Ch of Com Bldg = 41,8 61. oS: ) : | Citizens Ind Tel 4Vss 61... slight decline in earnings in second quarter as compared
% Need a LOAN On Your Home?
Consult Us! ! !
URNE
BLDG. & SAV. ASSAM
116 N. Dclaware St.
150) |
the {Consol Fin 5s . with | Las. Revnolds- Taylor 5s 42 . € the first Twentv-eight steel companies
ome T & T Ft Wavne 5's. . | Home T&T Ft Wavne 6s 43 .. 18 earned $71,767,000 in the first quarter and $52,029,000
Ind Assoc Tel Co 4 28 an J{33pis P&L 34%s Indpls Railwav ing, 5s after taxes, a drop of more than|morris 8 & 10 Stores 8s 50 ...100 20 pe e S Muncie Aig Works 5s 65.... per cent. teel manufacturers, N Ind Pub Sery 3%s 6 soi 108 55 Ya Richmond Water Works Bs 3 193 rate a little under that. j VEC Term Coro 8s $h.-
Trane
88 NNO D
i 200- 1100 pounds 1100-1300 pounds 1300-1500 pounds
Guaranteed
MTN LLL AEC OO H. H. Mayer, Inc.
JEWELERS 42 W-
Pk fot pot ADD
RN AVD ODOD wD on S
700! 750- 900 pounds
ON NOOD
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200010 67. , i Indpls Water Co 3s 66. ..108% in the second, | Kokomo Water Works 5 058 104% | Kuhner Packing Co 4'%s 49....100 unlike some others, make less money |N Ind Tel 4158 55 . at 100 per cent of capacity than they Pub Serv of Ind ds 80.000 . ile He Co 4's are likely to Vhen running at aj
Oil ‘Wildcatters Threatened ] Defense By Shortage of Steel Supply | Quiz
By FRANK J. WILLIAMS totaled 799, an increase of 129 over] (From the Treasury Department | —
Times Special Writer May. | Q—Are all types of Defense Sav-|
NE W YORK, Aug. The pic Othe 1 reasons for the merease |
turesque “wildcatter” Re has been |in drilling are advanced. One is ings Bonds on sale at postoffices? —USE DECEPTIVE "CREDIT CHECK" SALES SCHEME
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[email protected] [email protected]
Coe 750 pounds
| Cholce— 750- 900 pounds
00 — 750- 900 pounds Medium — 500- 900 pounds
the pioneer in many new oil fields | that Britain may change its oil-| ’ 3 may pass out of the picture in the buying policy and purchase the A—No. Only the Series E Bonds not-so-far-distant future unless oil- | bulk of its oil in the United States “re sold at postoffices. Series F| well equipment manufacturers are|instead of South America. jand G Bonds may be ordered
[email protected] [email protected] [email protected]
sessesan sacssonsnnens
Another is that when the new
Common— 500- 900 pounds
Medium . Cutter and common ........
Good and choice
7.00@ 8.75
Vealers
| for him to get equipment even if
able to obtain more steel and other material now being routed into de- | fense industries. The wildcatter has furnished the | life blood of the oil industry, pushing into new territory either to! come back with a fortune or empty pockets and a need for more money. It is getting more and more difficult
he has the money. The steel he needed for his rig and pipe is going into gun barrels, and it is impos-
pipe line is built from east Texas| | to the Atlantic seaboard oil con-| servation laws may be revised to permit greater production.
M'CABE APPOINTED AID TO STETTINIUS
WASHINGTON, Aug. 25 (U.P.) — Edward R. Stettinius Jr., director of priorities in the Office of Production | Management, announced today the!
through most banks, from any Fed {eral Reserve Bank, or direct by mail| from the Treasurer of the United]
| States, Washington, D. C { Q—How do I get the highest re-| ‘furn on my investment in Defense! Savings Bonds? i A—By holding each bond for its full term of years you will secure] the full maturity value. A Defense! 1Savings Bond of Series E increases lin value 3314 per cent if held for|
The Better Business Bureau of Indianapolis has answered more than 600 inquiries on Reel's Furs, Inc, a fur store doing business on the second floor of 41 E. Washington Street.
On the basis of information of their experience given us by
this large number of inquiries; the complaints we have received from the public; reports of our shoppers who have been sznt to this store where merchandise found has been compared with merchandise in other stores; and upon information obtained through the purchase of coats by shoppers which have been examined by expert furriers, the Better Business Bureau concludes that the sales methods employed by Reel’s Furs, Inc., are deceptive, unfair to the public, and unfair to legitimate
advertising.
I and medium .. Cull sible to get Diesel engines without appointment of Thomas B. McCabe, | president of the Scott Paper Co.,|
priority. ____ | Chester, Pa. uty dire | The oil-well supply RR o1 | priorities as deputy director ol] Note—To buy Defense Bonds and| are beginning to run out of steel, |™ \, hn | Stamps, go to the nearest postoffice,| . r. McCabe succeeds James g p and some of the comapnies are O'Neill, who is returning Wy Te bank, or savings and loan associa- | wondering where they are going to ties as operating vice president of tion; or write to the Treasurer of] get a new supply. the Guaranty Trust Co. of New| the United States. Washington. | This may acconut for an increase York . P id 'D. C., for a mail-order form. |
m drilling in the last few weeks. i - { In the first five months of this year J.-M. TO BUY UP STOCK DISCOUNTS REFUSED 7903 oil wells were completed in alli NEW YORK. Aug. 25 (U. P).—| WASHINGTON, Aug. 25 (U. P.). fields in this country __ | Dwrectors of Johns-Manville Corp.! —The Bituminous Coal Division has That compared with 2030 wells have voted to redeem 25.000 of the refused to establish uniform seacompleted in the same period of| 50000 shares of its 7 per cent cumu- | sonal discounts, from April through 1940. Since June, however, there lative preferred stock now outstand-| August, on coal sales from mines| has been considerably more ac-|ing at $120 each, plus accrued divi-|in three districts to retail dealers] tivity in drilling. dends, Lewis H. Brown, president [in eastern Georgia, including the Wells drilling at the end of announced today. ‘City of Atlanta.
‘Feeder and Stocker ‘Cattle 10 years. (Receipts, 23) Steers
Jan “ee [email protected]
sever ens
[email protected] [email protected]
9.00@ 9.50
This company obtains names on “registration” blanks at large public gatherings such as State Fair, Home Show, and others, wherein apparently a free coat is offered to the holder of a lucky ticket. Those who give their names and addresses on these tickets receive a form letter together with a “trade check” made out in the sum of “$40.00.” The letter states that, the trade check may be applied on the purchase price of any fur coat or fur garment priced from $59 and up. The unusually large number of inquiries received by the Bureau indicates that this concern has mailed these so-called credit checks by the thousands throughout the State of Indiana.
= = 5 ODDS AND ENDS: One Indian-| apolis contractor, who was going to] ° build a new house, found he had to have a priority rating to buy a keg of nails . O. L. Hayes who teaches accounting at Indiana University’s Extension Center here, says women are getting jobs now as accountants because the demand is greater than the supply of male accountants . Results of the 1380 census weren't published until 1888 and rio one seemed to mind but things are changing so fast in this country now that the 1940 census, only haif-tabulated so far, is al-|, ready out of date in parts. There is a bill before Congress by which the Census Bureau would take a 5% “sample census” every year.
. [email protected] [email protected]
suggested in Washington, therefore, that a system of in-| ventory control be set up to see that no company has more supplies on hand than it needs for a month or so. Which brings to mind a sugges-| tion made by an Indianapolis man, | George Agnew, about five years ago.| It was one of those good i a BIDS FOR HOGS 1S even now) Wg lost in the shuf-| HOLD STEADY fle of ideas in| New Deal turmoil. If there is} \ : anything busi. oUt Sellers Want a Dime ness men seem | : to yesent. 1 3] More Than Was Paid the dozens of Trpores har Here Saturday. Washington) i \ agencies ask, Bids for hogs were generally them to make, steady at the Indianapolis stockendless ques-| ‘yards today or up to $11.90 for good tionnaires and surveys. They are to choice 200 to 210-pounders, the fed up on them, They take time Agricultural Marketing Service reand money. And what worse, | ported. some of them duplicate each nther.| Sellers sought 10 cents more than Mr, Agnew, who is with the State was paid Saturday or up to $12. An Gross Income Tax Department here,jestimated 2100 salable cattle were suggested that only one report te i received, 600 calves, 7300 hogs and collected and that it be done 2000 sheep. monthly. He suggested that indus- | tries report on their number of employees, man-hours, payrolls, pro-} duction by major lines, sales, Inventory, unfilled orders and potential rating of production. Distribution industries vould re-| 2 port on their number of employees,} 3 pavrolls, sales and inventory Some of his idea was adopted by| 339- 30 the Commerce Department in its | Mediumemonthly retail sales report But | that was as far as the idea went Mr. Agnew is submitting the plan to Rep. Charles A. Halleck, who 1s to make a survey here this week of the effect of defense on small business. A number of statistical experts have indorsed the plan, would like to see it put through. It would certainly be a big relief to harassed executives. But, and I think this is even more important at the moment, it would provide a constant check on where the needed supplies are being held. And all the information would be available at one place instead of at a dozen different agencies, none of whom has the complete pic- 300: ji%0 pn raeaes . ture the way it is now. 1300-1500 DOUNAS ceeseseesness 10 There are many complications, 0 os pounds . granted. But what if the Agricul- 1100-130 Bounds ture Department levied a tax On|common-— 1 evervone for its share of the na- 750-1100 pounds , tional budget and the State Depart- Cath Steers. Heifers ment did the same ag Be a 0 ce Department did likewise, and Good—, PAS or Federal taX situation] 500- 750 pounds ui would be a hopeless muddle. Well, | eifers that is exactly the way the Government is collecting information about business right now. ® = # AN INDIANAPOLIS ENGINEER. who wanted to see Minnesota's great Mesabi iron range at close hand.|¢ was barred by guards. When they were asked why, they replied “National Defense.” Which was a big laugh to the engineer because hundreds of pictures and some movies have been taken of the big open pit mines and practically every school child has seen those pictures in geography becoks. The engineer also said the natives over in Canada, across north-|cnotce— - i .{ 500east from International Falls, say oe Ps the Canadian Government has|Gooa— ’ taken over a large area of land 200.1059 Poe there because there is a vast but] Mediu as yet unexploited deposit of iron S00-1800 noun 1ds ore, maybe as rich as the famed; 500- 800 pounds Mesabi Calves (steers) Good and cholce— 300 pounds down Medi um-— 300 pounds down ...... Calves (heifers) Good and choice— 500 pounds down Medium— 500 pounds down SHEEP, LAMBS (Receipts, Lambs (spring) Good znd choice Medium and good Common
[email protected] [email protected] 25)
June
2 33% ts © ~18983 reno
0 9D
The appearance of this Information Message in these columns 18 -evidence that this publication subscribes to the principles of the Better Business Bureau, and co-operates with the Burea itn protecting the public even to the extent of refusing to accept the advertising of firms whose advertising and sales policies are proved by the Bureau to be contrary to the public interest.
A variety of experiences have been reported to the Bureau. Many tell us that upon going to the store, they were first asked whether or not they had one of the credit checks before any merchandise would be shown or priced. Others later reported they were not required to give this information. Many have reported that they have been told the store did not carry merchandise as low as $39 in spite of the fact the credit check itself and the letters make such a statement. Credit checks state on their face that they must be presented within six days. In spite of this so-called limitation, however, this concern has continued to send out such checks in large quantities for more than one year in this community.
Ewes (shorn) Good and choice ... ‘hsue® Common and medium
Incorporations
The Co-operative Commonwealth Corb. 2356 Monroe St. Gary; agent, Jewell Bui. : Kin, 2541 Jefferson St.. Gary: 3000 shares! of $25 par value; to organize, conduct and | promate co-operative selling, buying, manu-| facturing and distribution; Leslie Joseph, | Jewell Bufkin, Robert J. Dorsey Hoosier Bar Association, Inc., Muncie; no capital stock: Charles B. Salver, Robert I. Marsh, Ralph V. Cecil. Indianapolis Chevrolet Dealers’ Association, Indianapolis: dissolution. Krogman Distilling Co., Inc., Tell City amendment changing name to Tell Cit Distilling Co., Inc. Maumee Baking Corp.. Fort Wayne; solution Nappanee Nappanee
ANOTHER State Highway
2 33 »on [=3=4 oOo
!
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS
+0.07 ~0.57 +1.36 <0.23
Saturday Week Ago Month Ago Year Ago High, 1941, High, 1940,
A few $59 coats have been purchased by surrendering one of these credit checks plus $19.00 in cash. The most recent one purchased has been submitted to a number of furriers and fur stores without any identification marks, and all have agreed that the coat is worth little, if any, more than the $19 paid. Some have given the opinion that there are certain indications the coat may have been a used coat. In any event, it is definitely out of style, unsalable and worth approximately the §19 which it cost, but not the $59 which it was priced.
dis138.39: Yow, 115 30. 152.80; low, 111.84. 20 RAILROADS
Masonic Temple Association, 200 shares of $50 par value; to provide a Masonic Temple in Nappanee, 2013! Ind. Melvin E. Culp, Walter R. Miller, | ‘ov | Burton A. Uline. +0.31] Motor Freight Corp.. Terre Haute change ~0.48| of agent to Harry Adams, 2505 Deming St., 0.01] TeLre Haute. Seo Henri KH. Kaufman, New York, N ; registration of trade-mark, ‘Kaufman,’ class 38: clothing Old Lewis Hunter Distilling Co., Inc. Cynthiana, Ky.; registration of label. “Old Lewis Hunter Brand,” class 48: whiskey. Chas. F. Myers, Indianapolis; registration of trade-mark, “Bear Mountain Stoker.” class 1: coal. Also trade-mark, ‘Silver .} Moon Sond class 1: coal. Superior Tea & Coffee Co, Chicago, Il. registration of trade-mark, ‘‘Superior,’ class 45: foods and ingredients of foods.
GLASSES on CREDIT
Saturday Week Ago Month Age Year Ago .. High, 1911, High, 1940,
30.8%; tow, 32.6%; Yow, 22. 153 UTILITY
It is the opinion of the manager of the Better Business Bureau, based upon long experience, that it is impossible for any concern to continually issue promiscuously to the public, checks by the thousands good for $40 in trade without marking up the merchandise in order to absorb this amount.
Saturday Week Age Month 380 v..veviisiiiiins Year Ago High, 1941, High, 1920,
low, 16.82, low, 18.03.
20.65; 26.15;
Shoppers who have checked merchandise in the store of Reel's Furs with merchandise of comparable quality and value in other stores have repeatedly reported that the prices quoted by Reel’'s Furs is very much in excess of that quoted in other local stores.
WHITELAND, INDIANA, Looking North
They are today enjoying a Modem Highway of Kentucky Rock Asphalt as Indiana again steps forth to prove that we have the finest Highway system in the country—U. S. Highway No. 31 is the latest addition. By using dual-lane principle and adding width to and resurfacing the old road bed with Kentucky Rock Asphalt the State Highway Commission is keeping ahead of the ever-increasing traffic problem.
SBUTHOORY The Better Business Bureau wishes to take this means of suggesting to the public that these facts be taken into consideration and carefully checked before being deceived by the
so-called “credit checks” of Reel's Furs, Inc.
ED tt 4 oe
\2 GREENWOOD \]
|
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PRICES LOWEST
The BETTER BUSINESS BUREAU, Inc.
T. M. Overley, Manager 930 Lemcke Bldg.
MA rket 6446
Indianapolis
This Bureau is ‘an incorporated association, not operated for pecuniary profit, supported by more than 600 Indianapolis Business concerns and has for its purpose the promotion of fair play in advertising and selling, especially
124 W. Washington St. where there is a public or competitive interest involved. laze)
Open Tues, Thur. & Sat. Eves to 9 P. M. Stores in Principal Cities
FOUNDED 1897 enmmmsmesssmmm—
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