Indianapolis Times, Indianapolis, Marion County, 8 April 1943 — Page 12
y 5
U.S-BRITISH MON BY AIMS ARE SIMILAR -
Both Post-War Plans Regarded in- London as Having Same Objective—Stabilization of the World Monetary System.
By HELEN KIRKPATRICK Copyright, 1943, by The Indianapolis Times and The Chicago Dally News, Ine. . A
LONDON, April 8.—~The Keynes plan for an interna« tional clearing union and Britain's contribution to the forth« coming monetary conference was presented to parliament yesterday. It has been received with enthusiasm by the majority of the British press today. Lord Keynes, a well-known economist, has drawn up & British counter-part to the United States treasury’s White plan for the regulation of currency questions after the war,
MORGAN STOCK SOLD PUBLICLY
Late Financier’s Holdings In Bank Valued at $3,750,000.
NEW YORK, April 8 (U. P).— The stock holdings of the late John | % 5 a : " Pierpont Morgan in J. P. Morgan| ; : kid ’ & Co., Inc. were offered for pub-| # ; 2 ; lic subscription today by a syndicate which purchased the securities, valued around $3,750,000, from the estate of the late financier. The offering today marks the second public distribution in stock of the company, an original offering having been made previously after the bank's incorporation as a public organization. Morgan Stanley & Co. and Smith Barney & Co. in behalf of them-
BUSINESS
Income Tax Collections in Indiana Exceed Estimates
By ROGER BUDROW
THE DESERTED HALLWAYS IN THE PART of the postoffice building here where the income tax division is located are somewhat misleading. True, you don’t see hundreds of persons milling around filling out their tax returns and paying up as was the case in the last few days before the March 15 deadline. The shoe is on the other foot, so to speak. About 200 field men from tax collector Will Smith’s office are making the rounds checking up on those who didn’t file a return. But even this is nothing new. It is the third year that Mr. Smith has used the “block system” for catching those who neglected or who are deliberately trying to get out of paying federal taxes.
The “block system,” if you don’t know, is unique to this state. It’s Mr. Smith’s own idea and he says it “turns up a lot of things.” .The business district of Indianapolis,
PRICES ON HOGS
selves and associates, including First Boston Corp. Harriman Ripley & Co. and Kidder Peabody & Co. yesterday concluded arrangements to purchase the stock, comprising 18,-
Both plans are regarded here as having the same objectives—stabilization of the world monetary system and
SILVER LINING IN
750 shares. Public offering was made today at $200 a share—which would give the block a valuation of $3,750,000.
for example, is blocked off and men assigned to canvass each office in the block.
avoidance of currency crises and sudden deflations of any national currency.
REMAIN STEADY
of
STEEL SCANDAL
Workers with their lunchpails, spic and span kitchen testers, husbands, wives and children of Stoke-ly-Van Camp employees filled a large circus tent on the grounds of the company’s Indianapolis plant to watch the presentation of the army-navy “E” yesterday. The award was the first made to any canning ”
Porkers Bring Top
They ask for a copy of the tax return as proof
the tax has been|
paid. They check purchases of concerns and then Mr. Budrow match those up. against the sales reported by the company that did the selling. It’s easy to understand what is meant by this double-checking “turning up ~~. a lot of things.” 3 As for the war workers, many of + whom paid federal income taxes for . the first time this year, Mr. Smith doesn’t share the observation of an % income tax collector in Ohio who . said the war workers weren't paying up (that was before March-15) and , that apparently they were assuming a-“let ’em come and get it idea.” On the contrary, the Indiana tax collections exceeded estimates. It was originally believed that 30% more returns would be filed this year
6800
140- 160 pounds
$15.80 at Stockyards;
Received.
Hog prices - were steady at the Indianapolis stockyards today, the food distribution administration reported. The top of $15.80 was the same that porkers brought on yesterday’s market. Receipts included 6800 hogs, 875 cattle, 350 calves and 50 sheep.
HOGS (6800)
120- 140 pounds .... veseceens [email protected] . [email protected]
Medium—
Good to choice—
[email protected] [email protected] [email protected]
160- 180 pounds ..csssesscecs 180- 200 pounds scecesascsccs 200~ 220 pounds ... 220- 240 pounds 240- 270 pounds 270- 300 pounds . 300- 330 pounds .. 330- 360 pounds ..
secs ssce eeqsssvssses
[email protected] 15.55@ 15.60 [email protected]
seston sree vseces
160- 220 pounds [email protected] |
Packing Sows
GRAINS UNCHANGED ON BOARD OF TRADE
CHICAGO, April 8 (U. P.).—Grain|{
Traders turned cautious pending
All subscriptions will be subject
company.
to allotment to dealers who are members of the National Association of Securities Dealers at $200 less a dealers’ concession of $3 a share. . In the latest report covering operations of the bank—the organization was incorporated in mid-1941 after operating as a private bank for several generations—1942 net earnings were stated at $3,251,131, equal to $16.25 a share. Dividends last year on the stock amounted to $6 a share.
uturés moved within narrow limits on the Board of Trade today.
r
Agriculture.
FOOD'S ROLE IN WAR STRESSED
Schricker Pays Tribute to Industry, Labor and
The first army-navy “E’ awarded in the nation to a food canning
The underlying criticism of both, by British financial experts and the press, is that the success of either depends on a broad, overall economic organization capable of regulating trade commodities and loans for economic development, The Beveridge plan for British social security was equally seen to be dependent on the entire British economic setup after the war and the regulation of foreign trade. Although the details of the United States plan have not yet been studied thoroughly here, those experts who have examined both tend to prefer the Keynes plan but point out that the differences are not
12002 S. East. st.
company was flying today at the Indianapolis plant of Stokely Bros.,
It was presented in colorful ceremonies in a large tent on the plant grounds yesterday. After the presentation of the pennant by Col Paul P. Logan of the army quarter-
great between the two.
Importance of Gold The main fundamental differ-
ences are: The effect on sovereignty, the position of big versus small powers, and the relative importance of gold.
International control under the
United States plan is laid down for
Standard Inspection Plan May Result From
Irvin Episode.
By DALE McFEATTERS Times Special Writer WASHINGTON, April 8. —A stane dard, foolproof, industry-wide syse tem of steel inspection may result from an inquiry into faked steel plate tests at. the giant Irvin works of the Carnegie-Illinois Steel Sorp, Such a plan is expected to be discussed by WPB's iron and steel industry advisory committee when it meets here today to consider the Irvin episode. The advisory committee, repre= senting the nation’s steel producers, is scheduled to hear a report by Benjamin PF, Fairless, president of U. S. Steel, of which Carnegie-Illie nois is a subsidiary.
A
{
ast. Actually 38% more were| 270- 300 pounds 15.40015.50| final actio ice legislation, than last. Actually 38% final action on price legis master office in Washington, “E” | capital movements while Lord Key-
' filed. The percentage of delinquents . is expected to be either the same or
smaller—but not larger than last |Good—
300- 330 pounds ... 330- 360 pounds ... 360- 400 pounds ..
... [email protected] . [email protected] [email protected]
400- 450 gounds
es0saceenc es
was unchanged to off % bushel;
At the end of the first hour wheat cent a corn unchanged, oats un-
9th naval district.
lapel pins were awarded to employees by Capt. O. F. Heslar of the
nes suggests it for exchange as well, believing it would be difficult to make it work if restricted to the
Mr, Fairless has assured the sene ate’s Truman committee, which turned up evidence of falsified analyses of steel plates for ships
18390188 changed to off %c, and rye unchanged to up %ec. In the May options wheat was off ec from the previous $1441, corn unchanged from $1.01, oats off 3c BA0014.40| prom g2%c, and rye up %e.
N. Y. Stocks
Complete New York stock quotations are carried daily in the final edition of The Times.
movement of capital only. . Under the Keynes clearing union, creditor countries would maintain interest-bearing balances while debtor countries would be enabled to draw up to the limit imposed by a board of governors who would be empowered to order currency devaluation, control of capital exports, or surrender of gold. This implies far greater modification of sovereignty than the U. 8. plan. The White plan provides for a set contribution to the international bank thereby differentiating between big, rich nations and small, poorer ones. Lord Keynes proposed a credit system based on the volume of the country’s pre-war trade. Gold as the world standard is discretionary in the Keynes plan and
i. year, - One reason may be that wide pub- indi pounds |{ licity is given here to tax deadlines. sso. 550 pounds ............. ' As a matter of fact, even before Slaughter Pigs . Treasury Secretary Henry Morgen- | Medium and Good— thau Jr. spoke up about it, Mr. 90 120° pounds .. Smith was reminding the public CATTLE (875) that pite all the furor over the Steers . Rum] pay-as-you-go plan, income : tax returns would be due March 15 along with a first-quarter payment. | 1300-1500
A few figures are enlightening. In| Good— 700 1900
at the Irvin plant near Pittsburgh, that those respgnsible would “walk the plank.” Thus far at least three employees have been .suspended bus no firings have been announced. At the same time Under Secree tary of the Navy James V. Forrestal will outline to the steel men results of an inquiry at Irvin to determine whether the navy’'s civilian inspece tors were responsible for passing any of the questionable steel.
One Plan Sumbitted
Recognizing that the scandal has dealt the entire steel industry = black eye, some steel officials ade vocate a uniform inspection system to be installed :by all prodiicers and to be supervised by an industry
“Food Important to Soldiers”
Accepting the pennant in behalf of the company, President William B. Stokely Jr. said “This pennant is merely a milestone on our'road to bigger and better accomplishments in the task that lies ahead of us. The Stokely-Van Camp organization has been assigned one of tne most vital in all of America’s wartime programs, Ours is the quiet, everyday, unheroic job of helping to feed our fighting forces. “Bullets, bombers, tanks and. battleships—these are important—but in the final analysis food is the weapon that will win the war because from food comes the strength, the endurance, the steel nerve and the courage needed to fight through to
Choice— . is [email protected]
.. [email protected] 14 March alone $95 million in just in- <: come taxes were collected. Total i * first quarter payments were $114 (1300-1500 million against $73 million last year, Medium an increase of almost 39 per cent|;100-1300 bounas Lllllilill: in income tax alone. Adding cor-|common— : . poration, excise, etc., taxes, Indiana| 700-1100 pounds ‘paid $156 million against $119 mil- j . lion last year.
cesessessces [email protected] .. [email protected] x . [email protected] ; 15:[email protected] In recognition of its work in furnishing army field rations, special food for the Russian army and large quantities of other canned foods for military use, the Indianapolis plant of Stokely Bros, now flies the
coveted “E.”
esse scsetens
14.00 14.25
15.50 15.50 J
secscsns
tte sscetone
Heifers
Net High Last Change Allegh Corp .. 1% «vo. Allied Chem ... Allis-Chal 6%
Cholce—
600- 800 pounds [email protected]
Although most delinquents will i feel the “heat” from the tax colJiectars, it is probable that those in {the armed services and unable to + look after such civilian chores won't i be pestered by those “delinquent” © notices. Nor, because of the law,
| will they have to pay their delin-
2 quent taxes. all in a lump sum, plus
up to 25 per cent, plus 6 per cent . interest on all of it—including penalty as civilian delinquents must do. : ; 8 # 8 BAKERS COMPLAIN that while some government officials . urge them to increase their pro- ‘ duction, others (in this case, OPA) stymie such increases by cutting their ‘supply of fais 30 «per cent. : Wailed the American Bakers | association to Food Adminis | trator Chester C. Davis, “Why can’t the planners get together? + Can't you bring some consistency ' into these orders and policies?” » » ” © ANOTHER MONTH will tell That is what personnel officials of ‘the larger Indianapolis war plants _ say about the amount of manpower iithey will lose to the farms. So far at is only a trickle, half a dozen od iis0 out of several thousand em- : ployees, who have left to take more ‘. draft-proof farm work. But as the draft gets closer for many single men thus far deferred ‘ because of their war jobs, the trickle may turn into sizable proporti ‘ officials have their fingers c |i wonder if they will’ have to work { out those replacement schedules all over again. §F » ” ” !. oDDS AND ENDS: PullmanStandard has more than 1000 subUnited Mine Workers
floc manu, Lowi Sim) Seis +, Street Journal to advertise their : {side of the $2-ate more request.
dais Now you can _ protect your possessions
against the. hazards of wt holdup
in one policy. . . . The old bundleof policies plan, with its
and omissions, is no longer necesThe All
Good—
Medium—
800-1000 pounds ..sesvveccss
600- 800 pounds ...... . [email protected]
800-1100 pounds ..
500- 900 pounds ..... .. [email protected]
pf 167 [email protected] Am Roll Mill..
Am Tob B Am Water W .. Anaconda 3
T&T ....143%
Common-—
Medium
Cutter and 5 per cent penalty for each month Sui er 1 common:
Beef—
Sausage—
Good to choice Common and medium Cull (75 Ibs. up)
Feeder and Stocker Cattle and Calves | 1nt Nickel Steers Int T&T Choice— Johns-Man .... 83 Kennecott
ssssnsesseee [email protected] Kr
Medium—
Common—
Good and Choice—
Medium—
‘Coffee Co.
. | Harrison, Ltd, of Montreal.
500- 900 pounds Cows (all weights) -
Bulls (all weights) (Yearlings Excluded)
GOOd si ciiivennans vecessses [email protected]
+ BRIN [email protected] [email protected]
CALVES (3590)
Vealers (all weights)
[email protected] [email protected] [email protected]
Sood di weights) ceeevess Med: .
500- 800 pounds 800-1050 pounds Good— 500- 800 pounds 800-1050 pounds
sevessenseye [email protected]
sevessevsees 13.50
sesessssses 3 Bors. 2 500-1000 pounds
‘500- 900 pounds [email protected]
Calves (steers)
esevssesnee
500 pounds
500 pounds down Calves (heifers)
Good and Choice—
500 pounds down ..... [email protected]
Medium— : 500 pounds down . : 12.50214.00 SHEEP: AND LAMBS (50)
Ewes (shorn)
Good and choice Common and choice
1.50@ 9.00 6.00@ 7.50
*| Good to choice Medium and good Common
[email protected] [email protected]
Lambs (Shorn)
Good and choice Medium and good Common
6. WASHINGTON TO SELL COFFEE FIRM
* NEW YORK, April 8 (U. P). — Chairman Alvin G. Brush of the American Home Products Corp. today disclosed the firm’s plans for acquisition of the G. Washington
[email protected] [email protected] [email protected]
In an’application filed with the securities & exchange commission it was stated that 29,860 shares of American Home Products stock will be issued for the G. Washington company, leading domestic producer of instant coffee. Earlier in 1943 the American Home Products Corp., producer of drugs, foods, household products, dentrifiices and cosmetics, completed a merger with Ayerst, McKenna &
Upon acquisition of the G. Washington Coffee Refining Co. by Home Products, founder G. Washington of the coffee companys plans to retire. Now 72 years of age, he founded the coffee concern 33 years ago. ”
To Keep Valuables Safe Rent a Safe Deposit Box at
v THE
A [email protected] | Atchison pf .. Atl Refining .. Bali, & Ohio ..
Brgpt Brass .. Chrysler T5Y, Comwlth & So 11- 16 Cons Edison .. Sons Oil
Gurtiss. Wr A .. Dome Mines .... Douglas Aire .. a East Kodak .. +15 Ya Elec Auto-L .. Gen Electric . Gen Foods Goodrich Goodyear Hud Bay M&S .. 2 Int Harvester ..
s0| Monsanto pf ‘A’ 1 Nash-Kely ....
Na esses. [email protected]
Pan A Airways Penn 31 down ..... siti [email protected] Ehoenix Hos” se
[email protected] | Pure: Oil
Real Silk Reo Mot vic . Sears Roebuck. Servel Inc .... So For R Sug
Studebaker bo Sun Oi
Sunshine Min.. Swit
: Ul [email protected] West Air Bie Westing
STATE EMPLOYERS 10 SAVE 8 MILLION
diana employment security law will save employers at least $8,236,000] during 1943 in contributions to the state. unemployment compensation fund, the Indiana employment se-|. curity division reported today.
ployers subject: to the act already have qualified for reduced contribution’ rates for 1943 and will share in the multi-million dollar savings, qualifying by making voluntary payments to reserve accounts, according to Col: Everett L. Gardner, division director.
John Runk, 70, retired farmer, died today of injuries sustained when the car in which he was riding was struck by a Big Four train at a crossing here last night. The driver
rmour Ill ....
. 20%
. 36834
#
Nat Biscuit ...
Pullman
Reading 2 pf .
[14+] HHH 44 Hb: ++
uth Ry pf . . erl Drug
t Intl
prt iphe)
22%
El . 9413
Merit rate provisions of the In-
More than 5600 of the 11,250 em-
while many more are
FARMER DIES IN CRASH ANDERSON, April 8 (U. P.).—
of the car, Elmer Stinson, 61, suffered minor injuries.
A SAFE DEPOSIT
Boy, 11, and
We've been averaging 18 hours a day for the last two weeks.” The hours apply to. Powers, his wife, and two full-time employees. Two other workers are a high school boy, who comes in after classes at 4 p. m. and works until 10, and a milkman who works the same shift as the boy after his milk route has been covered. Mrs. Powers handles
Zs |“the traffic,” answering telephones,
diverting callers who might inter-
«lrupt work, and taking messages
while her husband is away delivering machine tool parts to the
.| Vought-Sikorsky division of United
Aircraft Corp., Brewster Aeronautic
»|Corp., ‘and Eastern Aircraft.
The shop turns out parts for the machine tools used to fashion airplanes, particularly wings, such as tweezer yokes, bucking bars, riveting anvils, pneumatic hammer jaws, reamers and hinge pins for wing
, |locations. Yesterday Powers got an
order which will keep him busy fer the next two months. He has started letting out work for resi-
2l dents of Cos Cob to do in their
homes. One of these workers came in and Powers loaded him down with
+ | materials.
“They're in a jam for these,” he told the worker. “They've got to have them right away. I told them we'd break our legs, so break one leg anyway.”
— a privilege right to assembie
! TS
public people. Of lesser enjoy your glas of tl
be fl
Havor in
BOX ISiow, cost $83 to > $100. a Year Deposit
-% INDIANA NATIONAL BANK
a
indeed
tFour-Man Shop Wins 'E';
Milkman Work
COS COB, Conn., April 8 (U. P.).—Harold C. Powers, who converted 2|a two-car garage into a machine shop of such production efficiency as to win an army-navy “E”, sipped a glass of his wife’s prune juice today and explained the workings of his four-man plant. %| . “We operate on a one-shift basis,” he said. «|in the morning and we stay on the job until we can’t stand up any % | longer.
‘We get to work at 7:30
He turned to the interviewer and 5
said: - : “I've got everybody around here crazy, including myself. Even my oldest boy, Richard, who is 11, works. He sweeps out the shop and keeps the machines clean.” . A sandy-haired Connecticut Yankee of 47, Powers started build-
ing parts for coast guard boats in|Lin
1941, then shifted to warplane work directly after Pearl Harbor. He not only directs operations of the shop but runs a lathe and a power-cut-off saw. “They call this a four-man shop,” he complained. “They don’t count me or Mrs. Powers. We work here, too.” :
U. S. STATEMENT
WASHINGTON, April 8 (U. P.).—Government expenses and receipts for the current fiscal year through April 6 compared with a year Aso:
“This Expenses ....$56,4 02, Sori 318 $20.91 eae ion War spending. 51,913, 021, 194 15,97 ,043 Reteipt ceipt 18.081, 9,252,807,248 e in hi 3,215,996,949 2,419, 177 624 ,455,033,502 8 68,394,012,011
Cash ete - Working bal... £2,673,062,916
Public debt . 120,002 924,89 Gold reserve.. 22,540,753,710
INDIANAPOLIS CLEARING HOUSE Clearings
but one r
ang hea
i sPeqgxKe
victory.” Governor Schricker paid tribute to industry, labor and agriculture for their efforts in the food program. He added that “too often we have crowded food into the back-
but particularly the Keynes, pends on willingness of nations,
obligatory in the White plan.
Question of Sovereignty The acceptance of either plan, de-
ground of our war thinking.”
anapolis securities dealers.
Agents Fin Corp Sn eeens one
. 3 Bobbs-Merrill $0 pid ...... 40 Circle Theater com Comwlth Loan 3% pid Hook Drug Co ¢ 1 Home T&T Ft Wayne 7% pid. 50% Ind Asso. Tel 5% pfd 28 Ind & Mich 7% pfd Ind Hydro Elec % ‘en Ind Gen Serv 6%
Nigap Indpls RIwyS Ine, com Indpls W f Indpls Weiter Sass A com. coln Loan Co 5% pfd
Stokely Bros pr pfc .. United Tel Co CO 6% eevee. Union Title com ....ce00000.. 34 Van Camp Milk pfd ..... esses 66% Van Camp Milk com ........ Bonds Algers Wins'w W RR 4%%... 99 American Loan 5s a 96 American Loan 5s 99 Cent Newspaper ihe 42-51. eee 99 Ch of Com oT Co 4's 51.. Citizens Ind Tel 4%s 61 Consol Fin 5s 60 Jnd Asso Tel “co 314s ‘70°. Indpls P & L 3%s 70 Indpls Railways Co 5s 67 .... Indpls Water Co 3%s 68 ... Water Works 5s 68.. loth.
el 4%s Pub Serv of Ind 4s 69..... seus Pub Tel 46s 55 Richmond Water Wie 5s 57..
Trac Term Corp 58 § T. 8. Machine F orp. Bs ‘52 *Ex-dividend.
LOCAL ISSUES
Nominal quotations furnished by Indi. Bid Asked
notably the United States, Russia and Britain, to accept modification of national sovereignty and to proceed to a further and larger plan for the regulation of international trade. Some doubt is expressed in British circles whether the American congress would admit the right of any international body to interfere in internal American economy. Failure to accept some form of control. would subject the world again to drastic fluctuations in trade currency with the dangers of dumping and deflation, according to the British view. Further, it is believed that some such machinery
ove away from y, with its inls on internal
totalitarian econ evitably rigid con economy. “The British hope that both the Keynes and White plans will form the basis for discussions at monetary and commodity conferences but are anxious that they should not be regarded as conflicting proposals over which a fight might develop.
DAILY PRICE INDEX
Dun & Bradstreft’s daily weighted |, price index of 30 basic commodities, compiled for: United Press (1930-32 average equals 100): Yesterday . cravanersnes 13.00 Week Ago SNR RNANPR RIND 172.32
Year Ago assseaess 19181 1943 High (April 2) ......... 172.40| N:
1943 Low (Jan. 2) .......... 16661
“|1s necessary if foreign trade is to get a new start after the war and 71, | the world is to
NEW YORK, April 8 (U. P.).— asec.
committee. At least one general ine spection plan has been sketched within the ranks of WPB's steel division. Methods of analyzing and testing steel already are fairly well stane dardized, comprising chemical analysis and physical tests of ten sile strength, bending properties and brittleness, but the thorough ness and accuracy of the tests vary among companies. Top Carnegie-Illinois officials have asserted that unauthorized fake analyses were made by over-zealous minor employees and resulted in part from wartime production prese sure. A grand jury hearing sched uled in Pittsburgh Monday will likely determine whether knowledge of the faking extended into the corporation's higher ranks, The meeting of WPB's steel ine dustry advisory committee will mark the steel industry's first official rece ognition of the plight of a member company. The committee is come posed of the cream of the industry,
. LOCAL PRODUCE
Heavy breed hens 3% 1bs. and oves, 28 uct In Ibs. and under, 23%ec leghorng.}. 3
23%c. Broilers under 3 1bs., coloted and Barr and White Rock, 27%ec. Fryers 3 1bs, and over, colored and Barred hd’ White Rock, Stags—Leghorns, 2c; heavy breed, 2320p cocks, 16¢c. Eggs—Current receipts, 54 lbs. and up,
Grade A large, 36c; grade Ce 4c; grade A small, age ne
Butterfat-No,
Graded medium 2 ape 30. Butter—No. 1, 80e, 4c; No. 2, 46¢c. :
WAGON WHEAT Up to the close of the Chicago.
Month Ago siesessnerrsennne 171.53 today,
Indianapolis flour evators paid Ri. oy per “pine or
Jed 3 wheat (other Fie, tnd id y red
white otas, 5c; oy 3 yellow and No. 3 white oy 10
{
4 p