Indianapolis Times, Indianapolis, Marion County, 6 August 1942 — Page 21
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Indiana's Income Soars Past ‘Boom Yeat’ Record of 1929
By ROGER BUDROW
“ THOUGH WE MAY NOT REALIZE IT the durrent war boom in this state puts the days of 1929 in the shade. Back in that hectic year when it seemed that everybody
from corporation executive to
the shoe-shine boy was gam-
bling on the stock market, this state had a total income of “one billion, 877 million dollars,
Last year Indiana's income shot right by that mark with a total of two billion, 367 million dollars. And the: commerce department says it is still going up this year, so another record is in the making. Evidence of the . fact that labor is getting a larger share of the income than it did back in 1029 is shown In the commerce departRed ® ment report. SalaRoger Budrow ries, wages and other labor income in Indiana last year were 31 (per cent larger than in 1929 while income from management, dividends, interest, etc., rose only 13 per cent above 1929. Other facts gleaned from the report: Whereas in 1929 Indiana obtained 2.27 pet cent of the national income, last year its share had gone up to 2.58 per cent. In" 1939 (last year in which such a comparison has been made) Indiana agriculture received 11.4 per cent of this state’s total income, other commodity-producing industries 38.8 per cent, distribution 23.1 per cent, service 17.9 per cent and { government 8.8 per cent,
» » 8 JOBLITT-SPARKS Industries of |
“Columbus shows a somewhat lower
profit for the second quarter this year. Net was $217,000 against
$283,000 last year.
” » ” DIFFERENT TUNE, Less than: . a month ago the Indiana AAA -was warning, pleading and begging farmers to build more wheat storage bins. Today they say there will be plenty of commercial storage space for this year’s crop, although nearby states are dumping wheat on the ground and filling old buildings. Biggest reason for this aboutface is that Indiana’s wheat crop has pretty much fizzled out this year. Last year the state production was 34% million bushels. This year it-will be around 19 million bushels. Chiefly to blame are wet weather and grain diseases. : ‘ 82 nn » 7 / STILL GOING UP. Summer, isn’t normally the time the Indianapolis Power & Light Co. sets new “records in electricity production bu the war has changed that this year. Two weeks ago an all-time weekly record was set and last week it had already "fallen when 16,502,000 kilowatt hours of electricity were turned out. A new record was set
Wednesday with 2,690,000 kilowatt-
t
y
elevators paid $1.13
hours, breaking the record set just the day before.
a s s
ODDS AND ENDS: Some corn is|
firing in southern Indiana because
of the dry weather there, according| ¥
to the Indianapolis weather bureau crop report. . . . About 10 million dollars worth of home mortgages in Indiana cities and town#§” were recérded in June, $1,500, under a year ago, according to the Federal Home Loan bank. , . . And ¥oreclosures dropped 49 per cent from last year. , . . institute says 49 per cent of the 3184 communities in Indiana have no train service and are served only by roads. ».. . Long Beach, Cal., lets them use parking meters as hitching posts for horses.
LOCAL, ISSUES
Nominal quotatio furnished by local unit of National ciation of Securities Dealers.
2Ya Home T&T Gt Wayne 1% pd 50 Ind Asso Tel 5% pf 95 d & Mich 79% nd Sydro Elec 79% pid Ind Gen Serv 6% p Indpls P&L 65%%
9
Van Camp Milk pf - Van Camp Milk com ........ Bonds : Algers Wins'w W RR hn ‘ American’ Loan 5s 51 pt American Loan 5s 45 . Cent Newspaper 4':s 42-51 Ch of Com Bldg Co 4%s 51 .. Citizens Ind Tel 4Y%s a Consol Pin 6s 50 Crabb-Reynolds-Taylor “48 . 82 Home T&T Ft Wayne 6%s 55 103 ome T&T Ft Wayne 6s 103 ASs0C ™ Co 3%s 70 .. ndpis. P&L 3%s 70 ... .. [ndpls Railway Co 5s a
> Indpls Water Co 3s
106% ] omo Water Works oe 3. . Kuhner Packing Cc 4%s 49 .. 97 Morris 5&10 Stores 6s 50 .... 99
85 Richmond Water Wks 5s 57. Trac Term Corp 5s 67 *Ex-Dividend
‘LOCAL PRODUCE | bi ‘Heavy breed hens. full-teathered. tte: . i or antl s Za
5 he ‘and up,
WAGON WHEAT
close of the Chicago market polis flour mills and grain 3 per bushel for No. 2 red wheat (other grades on their merits). No. 1 yellow shelled corn was 82c bushel and No. 2 white corn, No. te oats,
/ Up te today,
American Petroleum | ¢
ond ced! 02
LOCAL PORKER TRADE UNEVEN
Prices Are Steady to Five Cents Lower Than
Yesterday.
Most hogs at the Indianapolis stockyards today sold at yesterday’s prices or five cents lower, the agricultural marketing administration reported. The top was $15.10 for some good to choice 200 to 220-pounders. Vealers were steady with a $15.50 top. Receipts included 1175 cat-
tle, 675 calves, 6625 hogs and 1325 sheep.
HOGS (6625) oe 140 :[email protected]
rerirean ee 14.95 «e 15:05 [email protected]
ii 14.45@1455 enlilll 1445@1485
' 330- 3
Mediu \ 160- 200 pounds “x ends ve 14,00@14,90 Packing’ Sows Good aod, Cholte- 13 385@1400 00 13 a0a14.00 . [email protected] 450 d [email protected] - UNAS «eee 250, 500 Doungs run [email protected]
Medivm— 250- 550 pounds
Slaughter Pigs Medium and Good— 90- 120 pounds CATTLE (1175)
Slaughter Jari & Calves
su. Ze 35 25
1100-1300 1300-1500 Good700- 900 pounds sieecesvsasse 900-1100 pounds ana esse 1100-1300 pounds 1300-1500 pounds
14, 136 15.50
[email protected] [email protected] [email protected] . [email protected]
Medium— 700-1100 pounds ecece.ee 1100-1300 pounds .
Common — 700-1100 pounds
. 300213. 50 [email protected]
ssessssecese
Choice— 600- 800 pounds 800-1000 vounds
13.75@ 14.50 . [email protected]
Good600- 800 pounds . 800-1000 pounds - ...
Medium— 500- 900 pounds ...
Common —x. £00- 900 p pounds
Cows (all weights)
[email protected] [email protected]
. [email protected] [email protected]
Bulls (all weights) (Yearlings Excluded)
Good
CALVES (675)
Vealers (all weights) Good and choice [email protected] Combragn oN medium 10.50@ 14.00 Culi (75 1 ap) [email protected]
yo . Stocker Cattle & Calves Steers
Choice— 500- 800 pounds 800-1050 pounds Good 00- 800 pounds . 200-105 owns Medium 500-1000 pounds | eesesecnsecee [email protected]
[email protected] Good
\ es (Steers) and gptos . 500 pouni down. .e..v.iues [email protected]
Medium— 500 pounds down [email protected]
Calves (heifers)
Good and Choice— = pounds down_
seanevee 3308)3.28 25
ssesssesss 12:00
cetoacssnnee 31.30012.50 IEE REALE RL] 11 50@13
420! [email protected] 500 punds down [email protected]
SHEEP AND YAMBS (1325)
Ewes (shorn) Good and choice. , +8 5.00@ 5.50 4.00@ 6500
Common and Siisien. *. BE Spring Lambs Good and choice Medium and good Common
DIAMOND PROMOTED
+18 20 14. 30
| TO, & 0. POST HERE
Robert Clark Diamond, train master for the Baltimore & Ohio railroad here the past four years, has been appointed superintendent
of the Indianapolis division, succeeding the late Fred J. Kahle, it was announced today. Mr. Diamond started working for the B. & O. in 1916 as caller on the Toledo division at Cincinnati. By 1925 he was yard master there and six years later was transierred to Brighton, Ill, as yard master of the St. Louis division. In 1933 he became acting yard master at Cincinnati, then yard master and night assistant train master at Brighton. He was appointed assistant terminal train master at Brighton in 1935 and came here as train master *in au. ust, 1938.
U. S. STATEMENT:
' WASHINGTON, Aug. 6 (U. P..—Government expenses and receipts for the current fiscal year through Aug. 4 compared with a year ago: This Last Year War Spend. Receipts . Net Def.
5,028 i 028.24 1,161,767,857.25 821,741,653.89 502,213,709.54 : 4,909,901,579.30 1,348, 466,711.72 . 3,561,222,527.64 - 2,524,912,060.60 .. 2,798,775,662.66 1,774,280,975.20 ..82,352,051,248.78 56,548,685,955.28 Gold Res. 23, 744,665, 923.00 22,676,834,285.52
INDIANAPOLIS CLEARING HOUSE Clearings ... Debits
sees EE —
EVANS TO SPEAK
Albert 'O. Evans, WPB priorities manager for Indiana, will speak at the Exchange club luncheon tomorrow at the Claypool hotel. He will per [explain federal restrictions and reg-
Year . ‘Expenses $ 5,733,486,983.28 $1, oT 518,321.28
: $ 3,005,000 Hate aw ssna srecnseriaea. 10,219,000
“STATE C. OF C.
FOR SALES TAX
Says Business Unable to Pay More and Survive; Wants Retail Levy.
The Indiana State. Chamber of Commerce, along with other state
that a retail sales tax be adopted by congress in the next tax bill, Clarence A. Jackson, executive vice president of the Indiana Chamber, and Howard Friend, research director, attended a meeting of state ‘| chamber of ‘commerce representa= tives in Chicago yesterday, where the following . viewpoint was adopted: : “Recognizing the absolute necessity for meeting the finanoial requirements of the war and realizing American business ‘cannot possibly produce the additional revenue requested by the treasury and survive, we recommend the federal tax base
needed additional revenue, and, that a sales tax be included in the 1942
of sales taxes proposed, a preponderant majority favors a retail sales tax.” : Other Proposals - In addition to the sales tax proposal, specific recommendations developed for submission next Wednesday in Washington to the senate finance committee included: 1. Allowance to individuals in making up federal income tax re-
28 turns of deductions, within reason-
able limitations, for life insurance
0 premiums paid by such individuals.
2. Repeal of capital stock tax and declared value excess profits tax. 3. Fixing of 35 per cent as the maximum normal and surtax rates on income taxes exacted from corporations, as compared with the the maximum figure of 45 per cent contained in the 194Z revenue measure passed by the house of representatives and pending with the senate. 4. ProviSion of a plan under which individuals and corporations would be permitted to purchase special treasusy bonds (bearing no interest and being non-negotiable during the war) and deduct the amounts of interest in such bonds from taxable income up to the amount of 20 per cent of the taxable income. 5. Provision for refund after the war of any excess profits tax collected above an 80 per cent rate, through the issuance of post-war bonds. (The bill as passed by the house calls for a 90 per cent excess tax rate, with no refund provisions.) 6. Opposition to 5 per cent freight bills contained: in house bill. The 35 per cent aggregate corporation tax rate figure was agreed
which most business concerns could meet and § be able to continue in business and accomplish neces- | sary expansions for war production.
Followed Indiana Trend
Under the special post-war bond purchase proposal, individuals and corporations could pay up to 20 per cent of their federal income taxes through the purchase of bonds redeemable after the war, but in so doihg they would have to purchase $100 of bonds to receive credit for $35 to $45—depending on the applicable rates—of taxes. Thus the
more immediate money than under a straight taxing program. The excess-profits tax partial re35| fund proposals was advanced as a means of assuring a small post-war reserve for industrial retooling and other business adjustments. The action was in accordance with results of a recent poll of Indiana business sentiment in which 91 per cent of ‘Indiana State Chamber of Commerce 'members voting in the poll declared in favor of a federal sales tax. Of those favoring a sales tax, 75 per cent wanted the retail form in preference to a manufacturer's sales tax.
2 URGES BUILDERS TO
Those wanting to build defense housing or expand war plants should first determine whether they can get any expansion of utility service, Albert O. Evans, Indiana WPB priorities manager, told Indianapolis builders and manufacturers today. Mr. Evans said that even defense housing of war plant construction would be ruled out of utility serv-
missible limits and cited as an example a group of 25 defense houses in Incianapolis which had been refused an extension of utility service.
ities clinic at the World War Memorial was E. Harper Williams of the local WPB office: who forecast new privations of civilian goods because, he pointed out, on Aug. 3 productions stopped on more than 900 items manufactured from steel.
shall be broadened to produce such|f®
revenue measure, Of the two forms|—
upon as being the maximum rate fH
government would be assured of |4
CHECK ON UTILITIES
ice if they were not within the per- R
Also speaking 4t the WPB’s prior- 8
New One-Man Parachute
This is the new one-man pard-
~ chute boat developed by U. $.
chambers, will support the proposal{§
§ | The war production board last night ordered a shutdown of all typewriter manufacturing except in the plant of Co,; which will continue to mak: “a| relatively small number” of machines for the government.
TRADERS CONFUSED BY WHEAT SCHEDULE
CHICAGO, Aug. 6 (U. P.) ~—Grain and soybean futures moved fractionally lower in early dealings .on the board of trade today. At the end of the first hour, wheat was off % to % cent a Bushel, corn off % to up %, oats unchanged to
off %, rye off % to 14, and soybeans)
off % to %. Corn futures sagged, as traders were more or less confused over the feed wheat schedule released this morning. Chicago prices for feed wheat figure .8719 per bushel, or 85 per cent of $1.027, the computed parity price for corn in Chicago. Some grain men pointed to the fact that since the new feed wheat prices are higher than present corn prices at most stations, there would be little reason for corn prices to, decline further. Grain futures were steady to slightly weaker on other markets.
N. Y. Stocks
Complete New York stock quotations are carried daily in the final edition of The Times.
DOW-JONES STOCK AVERAGES
30 INDUSTRIALS Yesterday cessesacveese 104.85 Week AZO ..cocevscesse Month Ago .. Year Ago 1942, 114.22; Low, h,\ 1041, 133.59; Low, 106.34.
—0.70 —0.20 +0.81 —0.01
seevccense
Yesterday ... Week Month Ag Year Ago High, 1942, High, 1941,
29.01; Low, 23.51. 30.88; Low, 24.25. ‘15 UTILITIES Yesterday Week Ago Month Ago Year Ago High, 1942, High, 1941,
sees sscsvenes
14.94; Low, 20.65; Low, 13.51.
Net Low 5th Hr. Change 131 sve 23Yy — ‘nn 63% — % 1631; — 2% 434... LL
ne, 1 44Y +
High Allied Chem... Allis-Chal Am Can ......
23% 63 ‘
Am Roll Mill .. Am T & T.... Am Tob B .... Am Wat W.... Anaconda Armour Ill ..... Atchison Atl Refin ..... Bendix Avn..... 31% Borden « 30% Borg-Warner .. 23% Bdgpt Brass.. Ches & Oh ... ‘an Chrysler 60% Comwlth & ‘Sou 13 Cons Edison .
Curtiss-Wr ... Douglas Aire .. 58% Dow Chem . Du Pont Elec Auto-LI .. 26 Gen Electric... Gen Foods .... Gen Motors .. Goodrich Goodyear . Hecker Prod Hudson Motor. ndpls Pw&Lt.. nt Harvester... at Nickel -
Johns-Man aes Kennecott . Kroger G & B.. L~O-F Gla Link Belt ee Mont Ward ... Nash-Kelv . Nat Biscuity Nat Cash Reg...
3% 85%, 46%
Pan Am Airwys 17% Paramt Pict .. 16 Penney 697 Penn RR Phillips Pet ... Pullm 6
m Rand ..... Republic Stl ... Sears Roeb ... Servel Inc .....
35 + Y3 36% — 1% 356 .... a 64% — 109% 5;
Timken R B.... Un Gas Imp....
64%; US Steel pL. .109%s . Warner Bros ... 5% Westing El .. Woolworth ....
Yellow Tr .... Young Sheet ..
120 East Market Street
ions and answer questions at an|
Bransh, 1 1225 Rentucky 4 Ave. -
MANAGING YOUR
may have become a burden to ‘you. Let us relieve you of that burden by managing it for you as you may direct. *
RENTAL DEPARTMENT
The UNION TRUST COMPANY
REAL ESTATE
For further information call
Phone MA rket 4341
TYPEWRITER OUTPUT ILEFT TO WOODSTOCK
tive Oct. 31, was a step in the W.PB’s
“civilian ' industry concentration” program, designed to release more plants and skilled workers for war jobs.
ers was stopped July 31. order allows manufacturers to continue production at about 40 per cent of normal until-Oet. 31.
Rubber Co. Pilot of a single-
seater fighter plane straps it on as a seat pack.
If forced fo
bail out over water, he holds
the 12-pound pack tightly #o him during parachute descent. It inflates in from 5 to 10 ‘seconds by turning a small valve
releasing gas. If more infle-
tion is needed a bellows pump (shown: at the right) is provided. Note the paddles.
WASHINGTON, Aug. 6 (U. F.).—
2 ‘Woodstock. (IIL) Typewriter meal and negative,” it ‘was learned.
Main points criticized were 'S liberality. in granting appeals from manufacturers to continue civilian production, and its policy of following the recommendations of the armed services in continuing production of certain commodities. The report said that of some 3000 appeals made to WPB, about 2000
were granted to allow the manufacture of 900,000 radio sets, 43,000 domestis laundry machines, 1000,-
The order, which becomes eifec-
Production of portable typewritToday's
|
WPB Report Criticies Its ~ Slowness in Conversion
‘By HILLIER KRIEGHBAUM United Pross Staff ‘Correspondent WASHINGTON, Aug. 6.—A confidential report prepared by the war production board severely criti¢izes the WPB’s own effort to convert civilian industries to war production, branding them as “largely piece-
today.
The report covered operations up to June ‘15, and said that at that time plant conversion was “far from actually accomplished.”
000 vacuum cleaners and 40,000 sewing machines above the production criginally allowed. The officials who made the report pointed ‘out that these items took only a relatively small amount of critical materials, but complained of the principle involved in granting such a high rate of appeals. Abdut one-fourth of the appeals have been denied, they sald, while the remainder are “frozen.”
6. 1S ANNUAL REPORT PRAISED
| Expert Calls It the Best of
Any Issued During Past Year. NEW YORK, Aug. 6 (U. P)—
”
General Motors Corp.’s annual ree
port was given top position today in a study of 1941 reports made for
the United ‘Press by Louis Hancock
Renn, New York publie relations, counsellor. and economist. In making the study, which ne cluded all sizes and types of core
.|porations, Mr. Renn set up stands ‘|ards which he said should be meé {by any annual report that is dee
signed to inform its stockholders
‘Jand employees. Fifteen tests were . applied to each report.
In second place, Mr. Renn grouped four companies—U.. S. Steel, Petti~ bone Mulliken, Allied Stores and General Foods. Bunched in third place were Pittsburgh Plate Cilass, Mead Corp., Copperweld Steel, Cone tinental-Diamond Fibre, Westings=. house Electric, Eastman Kodak, Cherry-Burrell Corp, du Pont, American Telephone, Caterpillar Tractor, Sonotone and Cornell-Du-bilier Electric. Meriting honorable mention were Borden, Houston Lighting and Powe er, National Dairy Products, United Aircraft, Studebaker; Standard Oil of Indiana, American Rolling Mill,
Great Northern Railway snd Gene
eral Mills,
McKELVY FIRM TO MOVE
MINNEAPOLIS, Aug. 6 (U. P)m The office and manufacturing. fae cilities of the Alfred D., McKelvy Co., a subsidiary of Vick Chemical Co., will be moved to New York City on, Sept. 1.
Even though SUMMER HEAT
| | | | |
increases OR |
vd
« « « here’s what to do
o 1 about Ife The thermometer on the sight tells a story that is vital to every motorist who wants to conserve his tires. It
shows how much faster tires wear out in summer than during the rest of the year.
Note that the mileage at 40 degrees is 5
times greater than at 100 degrees. At 90 degrees, the wear is over 4 times greater, and
3 Ynduofintund 78
even at 60 degrees, it’s nearly twice as great.
ES
Rubber weakens under heat—wear8 away
faster when it’s hot. Your tires work up their "own heat...the faster you drive, the
8
higher the heat. Following are some ways to help your tires beat heat and survive summer temperatures...
8
1, Relieve your tires of many degrees of heat in this simple fashion + «+ Just cool them off by reducing your driving speed from 40 to 30 miles per hour. This helps your tires lose the heat they develop by faster driving. They can’t throw heat off in summer unless you help them. This reduction in speed cuts tire heat about 20°. That’s how to score a clirect hit on tire enemy No. 1
2. Keep your tires cooler in this easy way . . . Avoid the grinding, wearing friction between tire and road caused by speeding up around curves. This causes a “‘side thrust” that heats tires destructively. This friction becomes even more serious in summer heat. Cool tires call for cool driving. So, slow down on curves, and slow up on tire wear. Remember, tire saving is vital to victory.
Follow this animal . . .
rather than this ane.
3. Sliding, scuffing tire motions caused by sudden braking on hot, dry roads, or by sudden accelerations, cut badly into tire mileage. Tire heat becomes more intense. Tortoise-like starts and stops re- . tard heat ... . “jack-rabbit” driving increases heat and wastes rubber. So, 1vmember to tart and step modirately. Take the heat off your tires and put it on the Axis!
4. Check your "tire mileage™ ‘svery 2500-5000" miles . . . Your Standard Oil Dealer has a Tire Mileage Gauge with which he can give you an estimated average mileage remaining in your tires. Then you can rotate your tires properly—putting the weakest tire where it gets the least wear, the best tire at point of heaviest wear, ‘etc.
“igor 3 tires should be switched every 2500 00 mies to get maximum mileage from the set.
Buy United States War Savings Bonds and Stamps to help guarantee victory
And to make your car last long, run well, team up with these two great standbys . . .
STAN DARD'S
STANDARD RED CROWN
GASOLINE ees the choice of mid-
west motorists by a margin of 2 to 1* over any other brand.
Hin * RJ AJ
ol IS AMMUNITION . . . USE iw WISELY
i S oO -Vi & mover on
“o
« « « high in protective powers, low :
in carbon
formation, famous for 5
giving long engine life.
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