Indianapolis Times, Indianapolis, Marion County, 13 August 1943 — Page 15
lere’s N ax Ret COMPUTATION oF ESTIMATED INCOME AND VICTORY TAX for ON INCOMES NOT OVER $10,000
1. Total estimated income from w: Salaries, dividends, interest, rents, and all other sources incluc net: tot Dlofits 4 from jarming 2 and oth other busin i oe pol Cs hod Br i FEL : poi ro mam nalty 38 Jesibie becais 20 WAdsrerumMls of tax :
uct: $560 if er is single; $1,340 if married or head of a family; and $300 for each dependent. | : De abana pion ke ingle declarations may divide the $1,840 & in any proportion.
8. Amount to be used in estimating Income Tax (line 1 minus line 2) 4. Estimated Income Tax for 1943 from table below. 5. Amount shown on line 1aninus $624 (in case of joint declaration, see instruction below) 6. Estimated net Victory Tax (3 percent of amount on line 5, above) 7. Total estimated Income and Victory Tax (line 4 plus line 6) Vi Ezemption on Joint Declaration. ~A husband
ictory Taz exemption o $1,248 on Jie! 5 sbove unless the income (included in line exemption of both spouses is imited to.$624 plus the income (included
If the amount to be used in Income Tax (line above) is
1 : Ha) NT BA LAE BAY Supply Assured | HIT BY HARNESS CHICAGO, Aug. 13 (U. P).— : - Soap for civilians is plentiful, but no one need get in a lather about it, G. A. Wrisley, soap manufacturer and war food administration consultant, said today. The government has set aside a sufficient quantity of fats to insure a good supply of soap throughout the year, he said. Manufacturers were guaranteed even greater supplies last week by an industry shift from unavailable non-edible oils to lard supplies totaling 26,000,000 pounds. Hoarding of soap supplies and buying by cases would be the only way to cause a shortage, Wrisley said, “As long as the manufacture of the by-product glycerin, essential in the production of ammunition, continues, soap supplies
Are Stockholders Responsible For War Crimes of Management? Oregon ‘City,’ Concely By Kaiser, Will Shelter
40,000 Persons.
Indiana Congressman Notes More Army Airports
Use Device.
By THOMAS L. STOKES Times Special Writer WASHINGTON, Aug. 13 (U. P). —Investigation by the house military affairs committee into the hydraulic or water-flotation system for pumping gasoline into planes at army airports, and the circumstances surrounding the monopoly held by Aqua Systems, Inc., of New York, was preceded by a speech in the house by Rep. Harness (R.Ind.), a committee member.
~By ROGER BUDROW
. 4 THE ANACONDA SCANDAL AT MARION undoubt"edly had a great deal to do with Rep. Hobbs’ latest proposal that persons wilfully manufacturing war materials below specifications and thus endangering the safety of our armed forces receive the death penalty, $1,000,000 fine or prison terms up to life. One of the most wrathful denunciations of the way that, case turned out was made by Senator Bone who flayed Judge]. “Slick’s decision unmercifully. But Rep. Hobbs’ bill, reported to have the indorsement of the war and justice depart- ~ ments, is aimed at cracking down not only on management of firms guilty of cheating the government on war contracts
—Construction of the nation’s larg est war housing project was coms,
plete today. : The project, known as Vanport City, will shelter 40,000 persons in the greatest mass housing experi ment in history. It will rank fifth in population among communities of the northwest. The giant project was conceived by Henry J. Kaiser's engineering firm and the federal public housing
SS iscreesoiioerve
deduct a Victory Tax iol Sh. Jo in which case the total
cocses
and wife filing a joint Jot ont spouse in line 2 Shouse} loud than
104d Amotit ia be
Lt above) ud
L §
i
¥
But not
i
but also the stockholders. Now, the management of the
company and the stockholders (or
owners) are oftentimes one and the - game Wing. More often, however, the management controls just enough stock to keep itself in office and “outside” stockholders seldom can get together enough to force changes in company polfey. - It is no secret that many large companies hold . their annval meetings of stockhold- . ers in one-horse towns that couldn't “begin to hold all the stockholders, ven if they succeeded in finding e town. And until the SEC came
. along, stockholders had no idea of any of the questions to be taken up . at the meeting, In such cases, how could a court hold the stockholders
: responsible for the dirty work of a , few? I am not sure there is any Just
‘ solution to such a situation. But as for the main intent of the bill ; itself—scaring the wits out of : would-be war grafters—businessmen
i
generally are expected to be in
favor of it. For every cheater there + are scores of honest, hard-working “x” ‘concerns doing a good job as they 7% don’t like to be smeared on the front . pages any more than the rank and
: file of honest workers like to be
‘ blackened with the publicity on
F
KS . Standard .quite a few phone calls yesterday|gooa—
labor racketeers. ® » » THE REDUCTION International Harvester made in the price of the Oerlikon anti-aircraft _gun mount manufactured at its plant here was the third. The : price charged. the. government now is “about” one-half what it was originally, according to J. S McCaffrey, vice president. o » .
Margarine Co. had
from people who wanted to know
. What kind of a flag they were 11y- |
employees’ war bond purchases and Meta
g on a new mast.
On a T-mast, the company has o
e Stars and Stripes, the treasury epartment’s Minute Man flag for
the newly-won army-navy “E” pennant,
PORKER PRIGES REMAIN STEADY
Top for 200-210 Pounders Holds at $15 Here; 7400 Received.
The hog market was steady at the Indianapolis stockyards today, the food distribution administration reported. The top for 200-210-pound porkers held at $15. Receipts included 7400 hogs, 300 cattle, 375 calves and 1075 sheep.
HOGS (7400)
120- 140 pounds .c.cccveeee . + 91% [email protected] 140- 160 pounds . . [email protected] 160- 180 pounds 200- 240 pounds 200- 220 pounds ..... 220- 240 pounds .. 240- 270 pounds ... 270- 300 pounds .. 300- 330 pounds ..: 330- 360 pounds ..
Medium— 160- 220 pounds Packing Sows Good to choice— 270- 300 pounds .. 300- 330 pounds . 330- 360 pounds 360- 400 pounds ..
400- 550 pounds cevs0ce0ssens 450- 550 pounds ...
Medium— 250- 550 pounds ...c..ceo000 . Slaughter Pigs Medium and Good— 225- 550 pounds CATTLE
vl 1410@14:30 [email protected]
. 13.10@13. 50 . [email protected]
[email protected] [email protected]
[email protected] (300)
Choice— 700- 900 pounds 900-1100. pounds 1100-1300 pounds 150-2500 pounds
Coo 900 pound 800-1100 pound 1170-1300 p 1300-1500 pounds Medium— 700-1100 pounds ... 1100-1300 pounds ...
Common— 700-1100 pounds ....cceosc00e Heifers
eevee ssensvrcis
ececeecoetene
[email protected] [email protected]
®00cssevce Secscce
Choice—
600- 800 pounds 14.50 800-1000 pounds ...
14.50
[email protected] veveeenceness [email protected]
eessevsnsees [email protected]
. [email protected] (all weights) hens saree aude iis sti 11. G13. 5
15.75 15.78
secebocee
eecccssenvee
600- 800 pounds 800-1000 pounds
Good
Bulls (all weights) (Yearlings excluded)
. The other, that caused all the|=2%¢
questions, was a 6-by-9-foot flag, ‘with a white background and four red horizontal bars. It is the united pations flag which quite a few
yy plants in the east are flying now. / 'sCompany officials believe it is the
first one around here. #“ s »
“ ODDS AND ENDS: T. W. Tink-
‘Ham, formerly head of the Bendix |Good—
«Aviation plants at South Bend, has .been named head of the Philadelphia division. . . . Northeast Airlines gives passengers a small newspaper, believed first aerial daily in the country, on the Boston to Canada flights. . . . More soft drinks are in prospect because manufacturers have been alloted more sugar. s « + Indiana Bell Telephone Co. is switching from six billing dates a
‘S~month to 10. . , . Kingsbury ord-
nance plant near La Portedis again being plagued with rumors it will close; Managemen of the plant Js [Meat trying to halt mass exodus of workers. + + + The South Bend Bendix plant has more than 1,000,000 micro-
"films of drawings of aircraft parts
stored in a fireproof vault,
CATTLE ON FEED
DOWN 11 PER CENT:
¥- WASHINGTON, Aug. 13 (U.P).
~The agriculture department reported yesterday that there were 11 per cent fewer cattle on feed for market; in the 11 corn-belt states on Aug. 1 than there Were 3 year 4 earlier, : Compared with Aug. 1, 1942, the ‘number was down in all the states except Wisconsin and South Da-
ota, both of which reported a 5 per
Medium Cutter and Comm ALVES (375)
Vo (all weights) Good to choice [email protected] Common and Shedim oes . [email protected] Cull (75 lbs. [email protected] Feeder and “Stocker Cattle and Calves
Choice— 500- 800 pounds 800-1050 pounds
sevssssenses [email protected] ee0000cepene [email protected]
eeessesssrss [email protected] IEEE ERE A ENN 11.7% 13.00
sees [email protected] [email protected]
500- 800 pounds 300.1080 pounds
300-1000 pounds. 500- 900 pounds Calves (steers) Good and Chofce— 500 Jounds down ..... ereive [email protected]
500 Toands down . Calves (heifers)
Good and Choice— 500 pounds down ....ecee.. «so [email protected] Medium-— 500 pounds down [email protected] SHEEP AND LAMBS (1075) Good and ob Ewes (shorn). 0.00@ 100 and choice Ml ¥ Common and choice 4.500 6.00 Spring [email protected]
Good and choice Medium and good. rr etaray ene 3k: 50 12.75 Commo! 11,00
U. S. STATEMENT
WASHINGTON, Aug. 13 (U. P.).—Government expenses and receipts for the current year through Aug. 11, compared with 8 year ago:
EY Last Yea Expens ..$ 9,887, she $ 80a. 947, 994 Er 3 eH 138,023, e
d reserve. 23,305,671,489 22,741, 149,009
INDIANAPOLIS CLEARING HOUSE vast -$ 4,501,000
DAILY PRICE INDEX NEW YORK, Aug. 13 (U. P.)— Dun & Bradstreet’s daily weighted
compiled for United. Press (1930-32 average eequals 100): ; Yesterday cassesisecnanes 170.45 i Week Ago Sess senses 171.00 4 Month Ago as savenvessnnsTNO2] Year Ago Caseniussiinees ssl] 28 2
1043 High (April 3):xsese 11240
over 825 78 100 125 150 178 225 250 278 325
.400 425
450 475 500
8% ESET 333% 588% 339us suman spel
The tax in Sf the diuouni Shown sn line Sabats, axemption and eredi
in the above table makes allowance Moreover,
for earned ingrder 10 give afivel 4 Such for dependents has been n increased, as ald se oe pp o
+/IND. STANDARD
Reports 1943 Half-Year Net of $22,079,417, Equal To $1.44 a Share.
CHICAGO, Aug. 13 (U. P.)—
nounced today that its consolidated
The figure was equivalent to $1.44 per share on 15,234,889 shares out-
dent Edward G. Seubert believed the earnings would not be affected materially by renogiation proceedings under the national defense appropriation act. The. net earnings were for the parent company and all subsidiaries after depreciation and depletion, and after providing $15,084,761 for federal income tax. Consolidated net earnings for the
CHICAGO, Aug. 13 regular opening on the Board of Trade today.
was up % to % cent a bushel; oats up % to %, and rye up % to 3%. In the September options wheat was up % cent a bushel from the previous $1.43; oats up % from 68%, and rye up % from 96%.
and light commission house buying |T
47|was confined to small mill orders |w 0s lifting prices slightly.
LOCAL ISSUES
Nominal quotations furnished p: A Indian. polis securities dealers, . Asked Agents Corp co sents Fin Corp pid doit Be Stk Yds com ...ccec0es 3elt R Stk Yds 8% pid’ ssnsess 8
ee
price index of 30 basic commodities, |Deits
ot E et
;
= i
LL &e
: i
NZZ2
EEE 5g
¥
rans seen 12% svsece 03 15%. ... season 99 i . deressenue 35% 18
:
i
i
BE
come above $100 (ie., rent, investments, etc., oi ration and pay half of the amount due to make them current,
EARNINGS RISE
Standard Oil Co. of Indiana an-|An
net earnings for the first six months |geth Steel 23 of 1943 totaled $22,079,417.
first half of 1942 totaled $19,3 390,526. Minh
GRAIN FUTURES FIRM: ON BOARD OF TRADE|:E::
: (U. P)—| oa Grain futures firmed after an ir- 8
8 At the end of the first hour wheat
Early trading in the wheat pit 3
N. Y. Stocks
Complete New York stock quotations are carried daily in the final edition of The Times.
Allegh Corp ... Allis-Chal
Am Am T&T
Armour Ill ... 5% Atchison
14111440:
Hil
standing as of June 30, 1943. Presi- Co:
Douglas Airc... Kodak ...161
East Elec Auto-L .. Gen Electric .. Gen Foods . Gen Motors ... Goodrich 3 Goodyear Int Harvester Int Nickel Int T&T Johns-Man. .. Kennecott L-O+F Glas Liboy MN. Rr i We Hn! Sn la
Std O (NJ) .. Studebaker” ....
sR EEL LAE EL) ER
5% 11% 262 a
Zenith Rad -... 3
URGES DISMISSAL OF CHILDS ACTION
NEW YORK, Aug. 13 (U. P)—
0" workers: at a low cost.
This is the font. about one-third of the nation’s taxpyaers will fill out by Sept. 15 along with payments to. put them “square” with the government by the end of 1943. Current weekly withholdings do not represent “paid in full” receipts for many tax payers. less than $2700, or married and his income is less than $3500, he probably is all square through the withholding tax. But some 15,000,000 taxpayers who earn above these figures, or who have additional inon which there is no withholding tax), must file this declaThe other half will be due Dec. 15.
If the taxpayer is single and his income is
CUBA CAN NOW EXPORT MEAT
Country’s Prime Purpose
Formerly Was to Feed
Own Workers.
WASHINGTON, Aug. 13 (U. P)). —Cuba is now in a position to be a
s| substantial exporter of beef and ig | cattle instead of a large importer
as it was before the war, the department of commerce said today. In an article in “Foreign Commerce Weekly,” the department explained, however, that there has been an embargo on exportation of beef for the past year to insure an adequate supply for the home market. To allay dissatisfaction among growers the Cuban government has from time to time established official ceilings with the present figure
1, |at $4 per hundredweight for cattle
on the hoof, F. O. B. Camaguey, their principal production center. In February and March of this year, the government issued 12 regulations to inforce orderly marketing and insure a sufficient flow of beef to retail markets. The Cuban government also Soniple retail prices. The department sald that the
13| Cuban government is trying to en-
courage the cattle industry, but that its paramount consideration is to provide meat for the country’s Prices in Cuba are considered low compared with those in United States.
BUSINESS AT A GLANCE
American Encaustic Tiling Co. Inc. quarter ended June 30 loss $28,942 vs. net profit $10,519 or 3 cents a share, . _ .. Federal Water & Gas Corp. 12
imonths ‘ended June 30 net income
$1,802,440 vs. $1,137,738 previous 12 months. United-Carr Fasency Corp. and consolidated subsidiaries 6 months ended June 30 net profit $459,660 or $151 a share vs. $360,817 or $1.18 year ago. ;
“I am reliably informed,” Mr. Har-
"| ness said, “that army and navy en-
gineers in the field have recommended against the use of the wa-ter-displacement system, and have urged the installation of the more simple, reliable pumping operations which have been proved in thousands of commercial operations. “Still, high procurement officials apparently persist in contracting for flotation systems. In fact, I am informed that«in recent weeks orders have been placed for the installation of flotation systems in Colorado, Wyoming, Nebraska and Alaska.” That speech was delivered, last Oct. 12.
Complaints Still Heard
The situation is still about the same, Complaints are still heard at military airports in this country about the danger of getting water mixed with gasoline from this particular system. Procurement officials still stick by the system. In Alaska it is necessary to heat the water used for pumping out re gasoline, to.keep it from freezg. A few weeks before Rep. Harness made his speech the bureau of standards began tests of various separators designed to prevent water in the system from getting into the gasoline as it is pumped out. It found separators devised by other companies to be more effective than the so-called Aqua trap. In November, a few weeks after the Indiana congressman’s speech, a report of these tests was submitted to army air forces officials. That was nine months ago.
Signed Consent Decree
On March 17, 1942, several months before the Harness speech, the Aqua company and a subsidiary, Flotation Systems, Inc., were indicted by a New York grand jury for violation of the anti-trust act. They, were charged with monopolizing the business, with suppressing competition, with charging the government high and artificial prices. A few weeks after the speech, in December, the two companies pleaded nolo contendere, declining ‘to contest the case. They were fined a total of $42,000, and signed a consent decree to stop the monopolistic prices. Mr. Harness. referred to this indictment. : “The very fact that a federal grand jury has found sufficient evidence of illegal business methods to warrant this indictment must throw any transactions between the government ‘and the companies under a cloud of suspicion,” he said.
Probe Kept Secret
The investigation that ensued has been completed. It was made in secret. Public hearings were prohibited on orders of the White House and the secretary and under-secre-tary of war. The committee had access to the justice department’s reports on its exhaustive investigation, which revealed among other things, entertainment and favors to army air forces officers, including the distribution of $3000 worth of liquor at Christmas, 1941, In his speech Mr. Harness challenged the efficacy of hydraulic or water-flotation systems. “The common and accepted method of dispensing gasoline, of course, is to draw the fuel from underground storage tanks by means of electric motor-driven pumps,” he said. “The flotation system, however, uses no pumps. Instead, water, on the pressure from a central supply system, is forced into the bottom of the storage tank, thus floating or forcing the gasoline out of the top of the tank.” He cited the possible danger of explosion or fire, and difficulties from freezing in cold climates. “But probably most serious,” he said, “it would seem that there is always the dangerous possibility of mixing water with the gasoline dispensed by this flotation system.
Don’t Let Bad Teeth Spoil Your Looks!
Wear New hoya
YEARS TO PAY
even may outpace normal demand,” he sald.
IN BRIEF—
The eighth annual Ton Litter Hog show will be held Aug. 26 at the Indianapolis Union Stockyards by Purdue university agricultural extension officials and co-operating market agencies. o » ”
The Chicago Journal of Commerce reported today that military authorities and western railroad officials met in closed session yesterday to plan the westward movement of military supplies when a fullscale offensive is launched against Japan. J
The southern railroads, in a brief filed with the ICC in the latter’s class rate investigation, have requested approval of current rates on the ground that “they meet the needs of those who use them and do not retard the Sevelopmen of the SoutM.” » ” FJ George N. Beamer, chairman of the commission to recodify Indiana’s transportation laws, proposed today to study post-war airplane traffic development and expansion for the purpose of drawing up legislation affecting the airways. 2 "8 » Civilians may expect an increased supply of woolen clothing and blankets for the coming fall and winter, according to Kenneth W. Marriner, WPB wool branch chief. . ” ” ”
Paul A Porter has resigned as associate administrator and chief executive officer of the war food administration, it was learned today. : #8 8 Slaughter of federally-inspected cattle increased in July but volume was below 1942 levels, while for the first seven months of 1943 the total kill was 14.4 per cent under a year ago, according to the Tanners Council of America. tJ ” os Rubert J. Lindquist, former vice president and director of Reynolds Metal, has been elected vice president in charge of finances of the Curtiss-Wright Corp. 8.8 a W. J. Gorse, president of the National Beet Growers association, believes the sugar beet crop lost so far this year because of government restrictions would have provided rations for 25,000,000 consumers.
' WAGON WHEAT p to the close of the Chicago market oi, Indianapolis flour mills and grain
authority. It was turned over to the Portland housing authority for operation last ‘night. Construction started Sept. 14, 1942, on a plan for 6022 housing units, which later was expanded to 9942 units. The first 400 families | to occupy the dwellings moved in before Christmas.
Employed Nearly 7000
Vanport City covers 650 acres. It consists of 703 apartment buildings and 17 mudtiple-dwelling structures. The civic, social and service needs of the. community are pro= vided for by an administration center, a U. S. postoffice, five grade schools, six nursery schools, three fire stations, a motion picture thea ter, five social’ buildings, a library, an infirmary with 130 beds, a police station, 10 ice houses, six mains tenance buildings and two commer cial centers. : During its construction, the project employed nearly 7000 workers. Construction:.was expedited by: pre= fabrication and a production line technique.
INDIANA UNTILITY BONDS ARE OFFERED
NEW YORK, Aug. 13 (U. P).— Halsey, Stuart & Co., Inc, and 92 ' other investment banking firms yes terday offered $45,000,000 of North ern Indiana Public Service Co. first mortgage bonds, series C, 3% per cent, due Aug 1, 1973, at 102% and interest. Proceeds will be used, with other
series A 3% per cent bonds. Upon completion of the financing the funded debt of the company will total $53,300,000, comprising the new. series C bonds and $8,300,000 of 2% per cent and 2% per cent serial notes. LA Redemption price of the new series C bonds will be 105% until July 31, 1944. The entire series may be redeemed in whole or in part at any time prior to maturity.
bankers at a public sale on Monday, at 101.719, and was approved by the securities and exchange commission yesterday. The refunding operation, it was said, ‘will result in an annual ne interest saving of $281,260 to the utility operating company which serves an estimated population of 800,000 in 28 counties in the northern part of Indiana.
LOCAL PRODUCE Heavy breed hens, 24%c; Leghorn hens, I Brofrs; ryers and rosters, ‘under §
Old roost rs, “18c. Eggs—Current receipts, 54 lbs. and up,
elevators paid $1.61 per bushel for No. 1] 34c.
red wheat (other grades on their merits), No. 2 he oats, 60c, and No. 2 red oats,
Graded Eggs—Grade A lar e, 4 es al A irated Bags grade A nail, » a "Bo 44
60c; No. 3 yellow shelled corn, 97c pe: bushel, and No. 2 white shelled corn, $1.16.
grade, 32c. Butter—No. ik 80c. Buttertat—No,
been supplied
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