Indianapolis Times, Indianapolis, Marion County, 28 May 1943 — Page 21
FRIDAY, MAY 28, 1043
BUSINESS
‘Canada’s Pay-as-You-Go Plan Deducts 95% of Tax From Pay
By ROGER BUDROW
A FRIEND IN THE ROYAL CANADIAN air force wrote the other day and mentioned in passing that he was paying $87 a month taxes out of his salary which isn’t so
much to begin with.
After paying expenses which officers are required to pay, he had little spending money left. “pay-as-you-go” ever since going up there. be all right with him except his payments are plenty stiff.
Canada has been on pay-as-you-go since September last year. At first 90 per cent of the tax was deducted from pay envelopes but the bill has since been revised to bring it closer to 95 per cent. Assessments ranged upward from 30 per cent on the first $500 of taxable income to 85 per cent on all over $100,000. Each taxpayer gets $660 deducMr. Budrow ion which is fairly close to the allowance agreed upon by the senate-house compro-
4 mise committee this week.
Canada provides a post-war refund of 50 per cent of all taxes paid within certain limits. » » ”
GENERAL MOTORS annual stockholders meeting went smoothly except for one heckler who didn’t own any stock himself but claimed to represent others owning more than 300 shares. He kept up a running criticism of the corporation through the four and three-quarters hours meeting, switching now and then to praise the corporation. s 2 ”
SERVEL made 38 cents a share profit in the past six months against 5 cents in the first six months last year. The reason for this big difference is that the Evansville refrigerator manufacturing concern had to stop selling refrigerators to civilians in February last year, due to a WPB order, That cut income dras-’ tically and quickly. Since then, however, the company has ‘switched to war work and income has rebounded. ” 8 ” CONTINENTAL STEEL CORP. of Kokomo hash developed a new method to coat steel sheets with a protective lead covering which will “take” and “hold” paint. The company began experiments with lead coatings 18 years ago, developed part of the process 12 years ago bit didn’t market it be- © cause it believed materials then being used wefe as good as its own development, Since then, however, improveemnts have been made, 8 # =n
ODDS AND ENDS: Some stockholders of Standard Oil of New Jersey are trying to get the com‘pany to promise not to resume relations with I. G. Farbenindustrie of Germany after the war. . .. Living costs went up 1.8% in South Bend from Oct. 15 last year to Jan. 15 this year, labor department reports. . . Rye trading has moved to the large corn pit on Chicago's board of trade and corn trading has gone to the former soybeans pit; shifts are due to great increase in rye trading, decrease in corn business. . -. Shortage of experienced restaurant help is boosting sales of the paper souflle cup.
LOCAL PRODUCE
Heavy breed hens. 24'2c¢; Leghora hens, 3
c. Broilers, 1bs., 27Yac. Old roosters, 16c. a Eggs—Current receipts,
Graded Eggs—Grade A large, 37¢; grade A medium, 35c; grade A small, 26c; no
Butterfat—No. 1,
fryers and roasters, under §
54 Ibs. and up.
1, 50c. 49c; No. 2. 46c.
LOCAL ISSUES
Nomina! quotations furnished by Indi. dnapolis securities dealers. Agents Fin Corp ¢
Belt R Stk Yds 6% pfd bs-Merrill com .. bs-Merrill 4% 9% pfd Circle Theater com .. Comwith Loan on pid Hook ug Co 1 ¢T Ft Wayne 1% ‘pid’ S0% o Tel 57% pfd
0
Ind Gen Serv 67% Indpls P & L 5% Indpls P & L com’ civere es ov Indpls Rlwys Inc com Indpls Water pf . i Water Class A com .. Lincoln Loan Co 5'2 pid Lincolp Nat Life Ins com.... N Ind Pub Ser 5'27 pfd .... N Ind Pub Serv 6 ¢; 04 N Ind Pub Sérv Tee pe “P R Mallory com ............ 1 Progress Laundry com “Pub Serv Ind 5% ‘Pub Serv of Ind com . S80 Ind G & E 4.8 pfd Stokely Bros pr pfcUnited Tel Co Co 5% Unhjon Title com Van Camp Milk ptd Van Camp Milk com .......
Bonds
Algers Wins'w W RR 4%%... American Loan 5s 5 9 American Loan 5s . Cent Newspaper 41a8 42-81 ... Ch of Com Bide Co 4%s 61.. Citizens ng Tel 4%s 61 ‘Consol 58 60° Ind Asso Tel Co 3%s 70 Ia Rls Py x out % ndpls Railways Co 5s 67 agpls Water Co. 3'as a Kon omo Water Works - Kuhner Packing Co 4Y: Morris 5&10 Stores 5s ie Muncie Water Works 5s 66....
N-Ind Tel 4Yas 5b Pub Serv of. Ind 4s 69 Pub Tel 46s 55 Richmond Water ‘Wks 58 57.. Trac Term Corp 5s 57 Machine Corp. 58 53 . dividend
Cutter and common ...
Good to choice. ... Comuion and medium
2 | program, it was announced today.
|near the Ford Willow Run plan 2 | special committee’s determinations.
1, | No conclusions in Ferguson's report z| were made public, but it is believed!
, | Gold reserve
He has been on It seems to
PORKER PRICES RISE 15 CENTS
Top Is $14.35 for 200-225 Pound Hogs; Lighter Weights Steady.
Prices for hogs weighing more than 160 pounds jumped 15 cents at the Indianapolis stockyards today, the food distribution administration reported.’ Lighter weights remained steady. The top for 200-225-pound porkers rose to $14.35. Receipts included 9500 hogs 425 cattle, 450 calves and 1375 sheep.
HOGS (9500)
160 pounds 180 pounds 200 pounds ... 220 pounds ... 240 pounds ... 270 pounds 300 pounds 300- 300 pounds 330- 360 pounds Medium— 160- 220 pounds Packing Sows Good to choice— 270- 300 pounds 300- 330 pounds 330- 360 pounds 300- 440 pounds Good— 400- 450 pounds 450- 550 pounds Medium— 230- 550 pounds ............: [email protected] Staughter Pigs
[email protected] [email protected] . [email protected]
14.35 [email protected] [email protected] [email protected] [email protected] [email protected]
[email protected] [email protected] [email protected] cieetreseans [email protected]
13.70@ 13.80 [email protected]
Medium ‘and Gi 90- 120 pounds
CATTLE (435) ' Steers
Choice— 700- 800 pounds 900-1100 pounds 1100-1300 pounds 1300-1500 pounds 00d ° 700- 900 pounds 900-1100 pounds 1100-1300 pounds 1300- 1500 pounds Medium 700-1100 pounds 1100-1300 pounds common— 700-1100
[email protected] [email protected] [email protected] resins asian [email protected]
[email protected] theeee vesess 14,[email protected]
‘pounds [email protected] Heifers
Choice— 15.009 15.50 . 15. Soa. 25
[email protected] cosas veeeess [email protected]
[email protected] [email protected]
pounds pounds ....
pounds pounds
§00- 900 pounds Cows (all weights) 2 00 a13. 00
Bulls (all weights) (Yearlings Excluded) [email protected] [email protected]
[email protected] [email protected]
Beef— Good
€— Goed (all weights) Medium Cutter and common CALVES (450) Vealers (all weights) [email protected] , 15.50 Cull (75 Ibs. up) 12 00 Feeder and Stocker Cattle and Calves
Steers
veseessenss . 14.50015.50 cecsssssesss [email protected]
vececscscone 13.50% 14.50 vesasssseces [email protected]
recsscsssces [email protected] Common—
500- 800 pounds .......... .. [email protected] Calves (steérs) Good and .Choice— 500 pounds down Medium— 7 500 pounds cown Calves (heifers) Good and Choice— 500 pounds down Medium— 500 pounds down ... 12.60914.00 SHEEP AND LAMBS (1375) Ewes (shorn)
Good and choice
Choice--§00- 800 pounds 800-1050 pounds Good— 600- 800 pounds 800-1050 pounds Medium— 500-1000 pounds
ASK LOANS FOR CORN FARMERS
Vogler Makes Request to Aid Land Owpers Affected By Floods.
The federal agriculture war board for Indiana today forwarded to the food production administration at Washington a recommendation that loans for corn farmers affected by floods be made available. L. M. Vogler, chairman of the war board, said he had suggested that limited liability loans be made available from funds of the Regional Agricultural Credit corporation. Vogler’'s recommendation asked that corn. be added to the list of war crops if such a step was neces-
sary to make the F-2 limited liabil-4
ity loans available. Crop Is Security
Such loans have only the crop for security, and if the return from the crop does not equal the amount of the loan and the county war board dete: es that the entire amount of the loan was spent in producing the crop, then the farmer need not repay %the difference. The state war board also made public detailed estimates of flood damage, and said that approximately 50,000 crop acres will not dry fast enough to permit planting.
‘Loss Is Estimated
The board’s estimate of the number of acres of crops lost was: Corn—Knox, 10,000; Gibson, 3000; Greene, 4000; Posey, 2000, and Sullivan and Vigo, 1000 each. Oats and Barley — Knox, 3000; Daviess, 1000; Greene, 8000; Morgan, 1000; Marion, 2000; Hamilton, 1000; Vermillion, 1000; Warren, 1000; - Tippecanoe, 3000; Carroll, 1000; Cass, 1000; Miami, 1000; Wabash, 2000, and Allen, 2000. Wheat — Posey, 6000; Gibson, 3000; Knox, 12,000; Daviess, 2080; Sullivan, 2000; Vigo, 1000; Vermillion, 1000; Fountain, 1000; Greene, 2000; Morgan, 1000; Marion, 1000; Tippecanoe, 2000; Miami, 1000; Wabash, 2000; Allen, 3000; Starke, 2000, and Jackson, 3000.
5 LOUDON LIQUIDATING DIVIDEND DECLARED
CHICAGO, May 28 (U. P).—An initial liquidating dividend of $6 a share has been declared on the stock of the Loudon Packing Co. of Terre Haute, and will be payable to holders of record June 1. The stock will be ex-dividend on the Chicago stock exchange today. All assets of the company, except cash on hand and in. banks and claims for tax refunds, have been
sold to the Standard Brands, Inc,
for $3,000,000 cash. Upon consum-
3 SImation of the transaction Loudon Packing will be - dissolved.
On May 21 it was announced fol-
lowing payment of the initial liquidating dividend, liquidating dividends may be paid
that additional
but that the time and amount depended upon settlement of taxes and other contingencies.
JOBLESS PAYMENTS FALL OFF IN APRIL
Eligible claimants living in Marion county received $24,627 in unemployment insurance during April, compared with $44,481 in March, and $127,484 in April, 1942, William C. Kelley, Indianapolis area claims manager of the Indiana employment security division, said today. Col. Everett L. Gardner, division director, said that for the state as a whole, ‘payment of benefits in April dropped sharply 35 per cent
Common and choice ......... 5.00@ 6.50
Lambs as semen ess 1475@15. 7s] [email protected] 13.50@13.%0
Good to choice Medium and good Common Lambs (Shorn) Good and choice Medium and good Common
PLAN INVESTIGATION OF HOUSING PROGRAM!
WASHINGTON, May 28 (U. P.). —The senate special Truman committee will’ begin an investigation soon of the entire national housing
14. Ly 00
13.00 14.00 11.50 13: 00
The announcement followed a! statement from the office of Senator Homer Ferguson (R. Mich.) that! his report on housing conditions t! would not be released pending the
that housing and transportation were found to be two of the largest factors in causing reported delays in production at the plant.
U. S. STATEMENT
WASHINGTON, May 28 (U. P.).—Governmerit expenses and receipts for the current fiscal year through May 26, compared with a year ee Last Year
This Expenses ... $68,386 ai: dot $27, 4%, 024,077 War spending. 63,243, '861 21,667,532,498 Receipts .... 17,532,243, ‘8% 10, 20! 636, "781 Net deficit ... 50,850,909,961 ne 082, 13 996 Cash balance. 13,196, 12,685 Working bal.. 12,433,362,834 Public debt ..139,528,684,132
. 22,425,200,821 22,712,165,298
INDIANAPOLIS CLEARING HOUSE
Clearings 14,019,000
We Buy and Sell:
Indianapolis Power & Light Co. 5Y4% Preferred Stock
Price on Request
43
CI Sees Coram,
417 CIRCLE TOWER Investment Bankers || NGOLN 8538
{30 net profit $656,596 or 38 cents a
under the March level to $231,641, which was only a fraction of the;
$1,093,564.50 paid out in job insur- |
ance benefits in April, 1942. The: ‘average check in April, this year, ! was $13.33. One-third of the April payments went to individuals in the Terre, Haute office area, which includes Vigo, Sullivan, Clay, Greene, Vermillion, Parke and Putnam counties, and another 10 per cent went to residents of Marion county. Two counties, Benton and Warren, had no payments.
BUSINESS AT A GLANCE
By UNITED PRESS Reo Motors, Inc., quarter ended {March 31 net profit $353,641 or 76. cents a share vs. $282,032 or 60 cents| a year ago. Servel Inc. six months ended “April
share vs. £94,709 or 5 cents year ago. Southeastern Greyhound Lines quarter ended March 31 net profit $419,452 or $1.58 a common share vs. revised $155,816 or 54 cents a common share year ago. Evans Products Co. quarter ended March 31 net profit $111,227 or bd cents a common share vs. $66,475 or 27 cents year ago. Hook Drugs, Inc. 1942 net income $200,320 or $1.57 a share vs. $198,621 or $1.56 in 1941. McIntyre Porcupine Mines, Ltd.
WASHINGTON, May 28 (U. P.).— Here is a step-by-step outline of the procedure that John Smith, American taxpayer, is expected to follow under the rev. tax bill. It is based on best available information, subject to specific regulations that the treasury will issue if the bill is enacted. Smith is married; has one dependent child. He made $3000 in 1942. This year he expects to make $3900, His tax adventure proceeds like this: Jan. 1, 1943—His employer began deducting ‘$3.10 from his $75 pay check each week. This is for the victory tax. The deductions continue at this rate until July 1. March 15--Smith filed his regular income tax return on his 1942 income of $3000, showing a total 1942 income tax of $224. He paid onequarter of this, or $56. June 15—He pays a second installment of $56 on his 1942 tax. July 1—Instead of the $3.10 victory tax deduction, his employer now begins to take $9 out of his $75 check every week. This is the new witholding tax. It is equal to approximately 20 per cent of net income after exemptions and is designed to take care of most of Smith’s income tax as well as the victory tax. : 75% Wiped Out The treasury on its books wipes out 75 per cent of the $224 tax on his 1942 income. Everything that
» - »
Here are some questions and answers on the new tax bill approved
by senate and house conferees and expected to be approved by both chambers: Q—When must I make my next tax payment? A—By June 15, 1943, if you have been paying your taxes in quarterly installments.
Q—How much will it be? A—The same amount that was due March 15, 1943, the pending bill does not change the amount due June 15,
Q—Do I have to keep on making quarterly payments the same as before? A—That depends on how much you make a year and how you make it. You do not have to if your net income (after deducting personal exemption and all other deductions such as contributions) is $2000 a year or less and is derived from wages or salaries. Otherwise you do,
Q—Does that mean that the two quarterly payments are enough to pay the entire year’s tax for a person under $2000 net income? A—No. The two quarterly payments equal about one-half of the year’s tax bill. The other one-half will be collected at the source, through deductions from your paycheck beginning July 1.
Q—How will those deductions be made? A—If youre single and have no dependents your employers will take out 20 per cent of all over $12 a week. If you're married and have no other dependents, your employer will. take out 20 per cent of all over $24 a week. For each dependent there is gn additional $6-a-week exemption, regardless .of whether you are married or single. Q—Does that make me all square with the government, then, at the end of the year? A—Not necessarily. You have to
. | file a final return by March 15, 1944,
showing how much tax you paid during 1943 through both quarterly payments and six months of withholding taxes and the amount actually due. If would be computed
year ended March 31 net income in Canadian currency $3,012,201 or; $3.77 a share vs. $3,432,105 or $4.30 previous year.
"come $482,231 vs. $550,827 in 1941 Graybar Electric Co., Inc. 1942:
net profit $2,336,008 or $9.02 a com-
mon share vs, $2,515,688 or $9.08 a share in 1941. Maytag Co. quarter ended March
'31 net profit $401,981 vs. $50,527 year: Lee Rubber & Tire Corp. and sub-|
sidiary, 6 months ended April 30, net profit $602,585 or $2.50 a share vs. $508,364 or $2.48 year ago. Fruehauf Trailer Co, quarter ended March 31, net profit $445,137 or $1.01 a common share vs. $400,519 or % cents year ago.
WAGON WHEAT on to the close of the Chicago market Indianapolis flour mills and TOT paid $1.55 per susnet Jo o. 1
red Wheat tother on merits). 2 oats, red ©
| Wouldn’t that put me on a current Waltham Watch Co. 1942 net in- basis and eliminate any carry-over | {to March 15 next year?
just as under present law.
Q—Do I still get credit for church and charity contributions, interest on loans and that sort of thing?
A—Yes, you take credit for those iin the return you file next March 15, the same as heretofore. If your total payments this year exceed what you actually owed after computing that return, you have a refund or credit coming. If payments this year were less than what you owed according to that return, you have to pay the difference on March 15. You'll probably owe something
ithen if your 1943 income is higher
than 1942 income.
Q—Then where does the “forgiveness” come in?
A—That’s a bookkeeping matter | only, so that taxes paid this year
are credited against 1943 income instead of 1942.
Q—In other words, regardless of whether my 1942 tax wis $50 or $500 I've got to keep right on paying this year? A—That’s right. The only difference is that if the tax you owed on 1942 income was more than $50 you'll still be paying something on it March 15, 1944, and March 15, 1945. If your 1942 tax was less than $50, you won't have to pay anything on it. Q—What if my 1942 tax was fig-
THE INDIANAPOLIS TIMES _ Here's Step-by-Step Process You'll Follow In Switching to Pay-as-Go Tax Plan
Questions and
WASHINGTON, May 28 (U. P.) ~~]
he paid on March 15 and June 15 is now credited to the tax liability on his 1943 income. This is the “forgiveness” that puts Smith. on a pay-as-you-go basis. But note that it does not mean he will pay any less money into the treasury this year. And there is still 25 per cent, or $56, of the 1942 ‘tax that is not forgiven. This can be paid in equal installments on March 15, 1944, and March 15, 1945, but will be in addition to all the other taxes due in those years. If Smith's 1942 tax had been $50 or less, the whole thing would have -been wiped out instead of - just 75 per cent of it.
return for the entire present year. He puts down his estimate of $3900 income. He figures his exemption and probable ‘deductions for such things as charities, and works out his estimated total tax for the year. The situation might be like this: ESTIMATED 1943 TAX LIABILITY
Income tax Victory tax for .entire immediate advantage against it)
Total liability for 1943s PAYMENTS PROVIDED FOR March 15 and June 15 installments y
already paid Victor tax dsdugied checks, Jan. 1 to Jun withholding tax ehmed, July 1 to 2
year (taking of credits
Total payments provided for....$426 This despite the heavy new withholding tax plan, Smith is still going to be $62 short of ending the
»
cost more to collect than it would bring into the treasury. And there is a desire to get the small taxpayers on a totally current basis. A special provision will eliminate taxpayers slightly over $50 for the same reason.
Q—What about the 5 per cent victory tax I've been paying since Jan. 1, 1943?
A—It won't show up on your paycheck as a separate deduction any more, It will be included in the 20 per cent. being deducted. :
Q—What about the part already paid which was Suppussd to be refundable?
A—You still get that refund—next year, if you've been buying bonds, paying insurance, etc., under the original rules, after the war, otherwise. The amount deducted for victory tax will be reduced to 3 per cent in the new withholding tax, however, and none of it will be subject to refund.
Q—When do I have to file my next income tax return?
A—If you are single and make more than $2700 a year or if you are married and make more than $3500° a year, you have to file by Sept. 15 of this year an estimate of your total earnings for the year and the total amount of tax you think will be due. This return will also show the amounts paid March 15 and June 15 and the amount you figure will be withheld from your paycheck from July 1 to Dec. 31. If, these are not enough to meet this\ypedr's estimated total tax, you will be expected to pay the rest in installments on an estimated basis on Sept. 15 and Dec. 15 this year.
Q—When is the next return due after that?
A—March 15, 1944. If you are above the $2700 or $3500 category, depending on marital status, you’ll have to file two returns at that time. One of them will be the final statement cleaning up.on the 1943 tax liability showing any balance due to or from the government. The' other will be your estimate for total 1944 earnings,
GRAIN FUTURES DROP ON BOARD OF TRADE
CHICAGO, May 28 (U., P.).— Grain futures turned easier on the Board of Trade today. At the end of the first hour wheat was off 3: to 3. cent a bushel, corn unchanged at OPA levels; oats off 3s and rye off 12 to % In the July options Whaat was off 12 to 3 cent a bushel from $1.44%4-35, corn unchanged from $1.05, oats off 3; from .63'2, and rye off 3:-7s from 8333-13. The recession in rye unsettled grain futures generally.
INDIANA LEADS IN SCRAP SHIPMENTS
Indiana led all states in WPB region VI in the amount of shipments of iron and steel scrap to consumers during January, February and March, P. D. Dimmitt, chief of the industrial salvage sec-
nounced today. During.the three months Indiana shipped 52 per cent of its quota of 542,000 tons, leaving 48 per cent of the quota . to be shipped during April, May and June.
‘ured at $200 and I paid one-fourth of it ($50) on March 15, 1943?
A—No, that $50 and another $50 due June 15 are both credited! .against the tax on your 1943 earnings, so that the treasury can figu ;you on a current basis when the withholding tax starts July 1.
Q—It’s true though, isn’t it, that 75 per cent forgiveness of my 1942 tax cutis my $200 liability for 1942 down to $50? A—Yes, and you've got two years to pay 'it—$25 on March 15, 1944, and $25 on March 15, 1945. These two $25 installments would be in addition to all current taxes fue | in those years.
Q—Why doesn’t
~~
taxpayts who
ame ior 121 ION2 Have fo
(CLAIMS SUREST AID TO CHINA IS VIA INDIA 2ecasd
WASHINGTON, May 27 (U. P.).— A specific British promise to give {India her freedom after the war is 1 | the surest way of getting aid quickly € to China, Sirdar J. J. Singh, president of the Indian League of America and former member of the India party congress, said today. Such a promise—“even if made by Winston Churchill, whom we know to be opposed to Indian freedom”—
opposition movement against the Japanese in all the Far Eastern con-
view. into China,” he said, “is through
Burma. You can’t fly tanks and heavy weapons in. To get. aid in,
Sept. 15—Smith files an estimated
g| all taxpayers. ——| filed by single wage earners whose
year with all his 1943 taxes paid. He makes up this difference in two installmerits—$31 on Sept. 15 and $31 on Dec. 15. Dec. 15—Smith pays the last installment for the year. + March 15, 1944—He has three things to do: 1. File a final, exact return for 1943. If this shows he still had not paid quite enough in 1943, he pays the difference. at this time. If -he paid too much, the treasury gives him a credit on 1944 taxes or a refund. 2. File an estimate for 1944 and perhaps a small installment, if the withholding tax does not appear likely to cover the estimated liability for 1944. 3. Pay $28 for half of the unforgiven part of the 1942 tax. March 15, 1945—Pay $28 for the last part of the 1942 tax. The estimated returns—to be filed
390, Sept. 15 this year and March '15
next year—will not be required from They need not be
income is less than $2700 a year or by married wage earners whose income is less than $3500. Farmers
of Will file their estimates on Dec. 15
annually. Where estimates are not required because of smaller incomes, quarterly payment will not be necessary from wage earners after June 15,
tion, Indianapolis WPB district, an- Bh
would cause the creation of a stron]
quered areas, he said in an inter-|J “The only way of getting real aid |
1943.
Answers About New Tax Bill
A—Because a 25 per cent carry- | Q-—What are the income tax rates | over on a liability that low would
under this plan?
A—The same as before, 6 per cent normal, 13 per cent for the frst surtax. bracket, etc.
Q—How much of that will be collected through the 20 per cent withholding tax? A—Approximately everything through the first surtax bracket, which covers a net income of $2000 after deduction of personal exemptions.
Q-—How does a person figure the tax on income above the first surtax bracket?
A—The same as always before,
applying the same rates.
Q—When will that difference be paid? “Ny A—In quarterly installments throughout the year.
Q—What if I get my income in fees, like a doctor or lawyer, or from investments?
A—You'll estimate your year’s earnings, regardless of the total amount, and pay the tax in quarterly installments the same as those paying more than the first surtax bracket.
Q—Is anybody else exempt from the withholding. tax?
A—Yes, clergymen, domestic servants, farm labor and men in the armed services. All except those in the armed services also will have to make quarterly payments.
Q—What happens in the case of the service men?
A—They get an additional exemption of $1500, above their regular exemptions. They may get relief from paying the tax while the war is on but theyll owe it upon dischagge from the armed services unless the law is further revised by that time,
Q—What about the man who on March 15 paid in full all of the taxes he owed on 1942 income? A—He may get a cash refund of half what he paid, or he may,get it as a credit when>he files his return next March 15, Treasury officials say this detail has not yet been worked out. In any event, he still will be subject to the 20 per cent withholding tax starting July 1,
N. Y. Stocks
High 23, ..182
Net Last Change 25% 162 362 823% 17% 10's
Low Allegh Corp ... 25; Allied Chem" Allis-Chal Am Am t Am Rad & S S 10! Am Roll Mill. 141; Am T & T ...1541, Am Tob B ... 58% Am Water W .. 71; Anaconda
Armour II .... 5% Atchison ...... 571, Atl Refining .. 28 Balt & Ohio ..
by
FILLHL IHD: 4 ++
til
Cons Vult Airc 18%, {Corn. Prod .... Surtise Ws A. Dome Mines .. Douglas Aire .. Dow Chem ... East Kodak Elec Auto-L ... Gen Jecinie . Gen Foods
b+:
Johns-Man . Kennecott Kresge § L-O-F Glass Minn Hny ...., Monsanto 88 Nash-JKelv .... 8 Nat ‘Biscuit - © 21%, Nat Cash Reg. 27% Nat Dairy ... 202 N Y Central .. 19
PEE HLH bt + 4
[+1]:
Phelps Dodge ” Proctor & G . 55%
Sears Roebuck. a Servel Inc . 15% Shell Un Oil . 25% Std Brands ... 17 Std G & E .. Std 0. . std (Ind) . 301% Std on (N., J.) 56%
I+] Led +
Pilg rll
West Union ... Westing HE ... Wool Sort “ens
Yellow Tr
SIVear BED «nro irere rea 280
411943 Low (Jan. 2)
LABELING ORDER REVISION ASKED
Dry Goods Representatives Urge Galbraith OQuster From Agency.
WASHINGTON, Miay-28 (U. P.). —National Retail Dry Goods represefitatives said yesterday that the ouster of Deputy Price Administrator J. K. Galbraith and the “rest of his office of price administration hierarchy” is necessary to equitable revision of present pirce and grade labe regulations. The assertion was made by William H. Hager Jr., vice president of the 122-year-old Hager and Co., department store of Lancaster, Pa., and by Irving C. Fox, general counsel of the National ail Dry Goods association, at a hearing before ‘the house committee on grade labeling. Referring specifically to maximum price regulation 339 under which minimum rayon hosiery standards are set as a base for ceiling prices, Hager said “the purposes of price control could best be served by the complete elimination of this order.”
“Order Produced Confusion”
“It should be rewritten,” he added, “in consultation with representative retailers and manufacturers who know the practical problems involved, but only after the services of Dr. Galbraith and his assistants have been dispensed with.” Hager said the order had produced unined confusion in both the’ manufacturing and tetail sides of the hosiery. business. Because of arbitrary standards, he added, hosiery now selling at 69 cents a pair would sell at 96 cents, while p grades now selling at $1.15 and .35 will be reduced to 97 cents and $1.10 when the ruling becomes effective July 15. A department store handling all types of rayon hose will have 2464 different price classes on standard constructions alone, he said.
“Need Practical Men”
Fox called for an infusion of “practical businessmen who have met payrolls” in the top ranks of OPA. Existing orders, he said, “have brought a revolt of industry against the agency.” “Businessmen get neither satisfaction nor understanding from men like Dr. Galbraith, Dr. (Bernard F.). Haley, and the rest of the men we have dealt with,” Fox asserted. Fox said of the hosiery regulation . that it was “almost a fraud perpetrated on the people by the government to brand any rayon hose grade-A.” “Would it be fair to say that rayon hose couldn't be *guaranteed by anyone for more than three or four weeks,” Chairman Lyle Borden (D. Okla.) inquired. “Three or four minutes would be more like it,” Fox replied.
VAST POST-WAR AIR SYSTEM PREDICTED
A vast peacetime system of domestic and commercial air routes that will encircle the globe and open up lands as yet undeveloped was predicted yesterday by E. C. Cocke of Kansas City, Mo., general traffic manager of Transcontinental & Western Air, Inc, in a speech before the foreign trade division of the Indianapolis Chamber of Commerce at the Indianapolis Athletic club. Harry A. Reisser, chairman of the foreign trade commiitee, presided.
primary post-war problems will be the transporting of goods by available routes immediately. “That these routes will be needed in abundance by‘ peoples everywhere, there can be no doubt. And they will be needed in a hurry.”
DAILY PRICE INDEX
NEW YORK, May 28 (U. P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday ........... e000 sees TITY Week ago (adjusted) =....... 171.36 Month ago 171.64
1943 High (April 2) . . 172.40
Mr. Cocke said that one of the |#)
Army to Get Ifs Socks After A
WASHINGTON, May 28 (U. P), —The army and the stocking ine dustry have reached. an agrees ment and soldiers are going to get} their socks. But it wasn’t such & simple matter to work out. , ~ ©
/
The war production board re-
- ported that the army orde
27,000,000 pairs *, ia lightweight, part-wool socks. Th ine dustry replied yesterday that Ww could supply 1,000,000 ‘pairs that would meet aimy Specifications, and no more. : Sp, the WPB got army and ine dustry representatives together to talk the matter over. Yesterda it was dMnounced that the army has altered its specifications, the yarn situation consequently has been relieved, and soldiers will get their socks — all 27,000,000 pairs.
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'MIDWEST'S OIL
Oil Company’s President Predicts Floods Will Not . Reduce Supply.
CHICAGO, May 28 (U, P).— Edward G. Seubert, president of Standard Oil Co. of Indiana, said yesidrday floods had disrupted operations in Illinois oil fields tems porarily but oil supplies would” nof fall off in the Middle West. hii} go farther. afield for our: supplies.’ he said. “When the 18 inch pipeline from west Texas opens, the increased supplies more than make up for flood 1o in oil.” Seubert said he was sure U. y fuel supplies ‘were more than ades quate for military use. He said gasoline rations and petroleum products for civilian Use probab would increase.
Officers Elected
The annual meeting of Standard Oil of Indiana was held at Whiting Ind., today and the present of directors was re-elected. lowing the stockholders. mee officials of the company inspec the Whiting refinery’s operations i war production of fuels. The re-elected officers were: ward G. Seubert, president; Char: J. Berkdull, executive vice presis dent; Amos Ball, vice president in charge of sales; A. W. Peeke, president in charge of production Max G. Paulus, vice president charge of manufacturing; Harry Glair, general manager of mani facturing; Judson F. Stone and F. McConnell; general. managers sales, and Buell F. Jones, genen counsel. ©
LIVING COSTS RISENEW YORK, May 28 (U.P) Living costs of lower-salaried cl cal workers and wage earners ons tinued to rise in April, the div of industrial economics of the Nae.‘ tional Industrial Conference board reported Jody.
investment Study Pays
Some of the more important facts covering the Farm Machinery Industry are discussed in a cure rent memorandum which is avails able on r:quest at this offi
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