Indianapolis Times, Indianapolis, Marion County, 22 December 1943 — Page 27
Indiana Business Men Exchange] \ gre Sy Ideas pn Post-War Possibilities George Attacks Morgenthau
By ROGER BUDROW
WHAT WILL THE POST-WAR BE LIKE? This question, in various forms, was given a panel of business and professional men last night at a sort of “Information, Please” meeting sponsored hy the Comittee for Economic Development,
The idea wasn't ol much to get information as to stimulate thinking and planning for expanding business and employment after the war. / Joseph E.-Cain, executive vice R. Mallory & Co. and C. E. C. chairman for ‘Indianapolis, reported that 185 local firms already have bamed some exeeitive inicharge of post-war planning, a very
z= RECONVERSJON
president of P,
fore. prefabrication boom. i Why is it that 40 per cent of our corporation presidents came ap through the production side of the ‘ plant while only 17 per cent came up through the sales end of the business? = David. O. Osborne of Btudebaker Corp. attributed that to the fact that production men are constantly trained and supervised while salesmen are left too much
‘on their own, seldom realize their:
_ full potentialities,
Prof. Albert J, Harding of ‘Indiana university added a bit on this
‘As Other Senators Charge Measure Poor.
WASHINGTON, Dec. 32 (U. P). +The controversy between the administration and congress over tax legislation was further enlivened today when Chairman Walter PF. George (D. Ga.) struck back at Secretary of Treasury Henry Morgenthau Jr. for criticizing tax bill ac-
tions of the senate finance committee. Three other prominent Democratic senators, however, joined Morgenthau in attacking the commit-
Morgenthau for charging that contract renegotiation law amendments in the bill would open the way ‘o “truly extortionate profits.” The changes would exempt from the law 1 various contracts now covered,
‘Knows Nothing’
“Morgenthau knows nothing about the contract renegotiation act and less about how it is admunistered,” George said at a press conference, adding that the Sccretary of Treasury's criticism “comes with poor grace.” Morgenthau Monday had also described the $2,275,000,000 tax bill " entirely inadequate in vitw of he treasury’s request for $10,500,000,000, Answering Morgenthau on this issue, George said: “The treasury proposed to raise a large part of the revenue by relieving from taxation 11,000,000 taxpayers and reducing the tax burden some million or two others by fting the load to individuals witn earnings of some $3500 up. The only other treasury estion was a
PLANS HINTED
Byrnes and Baruch Talk With George, Agree on Two Points.
. WASHINGTON, Dec. 22 (U. P). —Legislation to strengthen the power of War Mobilizer James FP. Byrnes and’ Bernard M. Baruch in the task of terminating war contracts may be the first tangible re-|t sult of a special senate study of post-war economic problems. Byrnes and Baruch, his special assistant on dismantling the gove ernment’s $90,000,000,000-a-year war production machine, discussed the problems of contract termination and surplus goods disposal with the senate’s postwar economic commit= tee for two hours late yesterday. Chairman Walter F. George (D.. Ga.) said afterward they were in general agreement on: 1. The need for legislation setting up a uniform policy and procedure to be followed by executive agencies.
to already heavy excise taxes and the high taxes on individual incomes.” Wagner Dissents
The $2,275,000,000 tax bill, de.
spending tax which could be added
\ J hy
SOURCE: ¥. §. SUREAV OF LABOR STATTICS
—_—
ET _—
how much better prices are being of war than in world war I. Act
before May; 1942, when control
contre in the battle of inflation.
ie vowi FSrvay i boita ry
The graph from the Life Insurance Companies of America shows . 330
price control program on the purchasing power of the dollar is greater than that shown by the chart. For example, the entire rise in rents occurred before April, 1942, when controls went into effect, while more than four-fifths of the decline in the "clothing. dollar” took place
individual foods have been controlled at different dates, and some. are still pncoptrplied, the greater purchasing power of the “food dollar” today as compared with 1918 testifies to the influence of price
11,000 HOB [N-¥. Fire Insuranc
CARRIED OVER Shows Big Firm WASHINGTON, Dec. 22 (U. P.).~Senator Joseph a { Wyo.) declared yesterday that congress is being asked 2500 More Arrive Today; regulation of the five insurance business at a time : : making some startling disclosures on the “combination” and Prices Generally ture of these companies. O'Mahoney appeared before the senate judiciary committee 1 Steady, i tion to a bill that would exclude : insurance companies from anti-trust |feetied » 60 per cet About 11,000 hogs were held over | laws, other company buying from yesterday at the Indianapolis | He dwelt at length on a two- year | 000 Rh Juicy, a 30 per ¢ stockyards today and 2500 more Investigation of the insurance de-| “There may be arrived this morning, the food dis. partment of New York state into! for these discounts, tribution administration reported. [the fire insurance situation. * {alt the Big iv rir ty Prices generally were unchanged | “The report shows that the insur-| pe revised,” he told th ) 3 but sows sold a dime lower than ance business has grown so great after Senator Homer Ferguson (RK yesterday.. Receipts also included | the states cannot handle it," he sald. Mich.) had observed ib costs insure i 875 cattle, 350 calves and 2775 sheep. | It also shows insurance companies ance companies less to oe I | GOOD TO CHOICE HOGS (2500) {under ‘investigation show state au-| large policy than a number of o , a i 14 Founda Hail i thorities only the records on the ones. m——— TY VT TH 160 180 Pounds ©. 13.00%13.20 | business they do in the state and no| 3. 200 pounds ' 1! 13.% pounds .... 380413 80
Charges Discrimination’ “The earned premium of. Cltes ‘Master’ Policies companies is not based on & . He declared that fire insurance smount but on the average value companies are operating “to the dis- their property during the life of the [email protected] advantage of small business by in- contract, ' he declared, creasing their premiums” under the| “In other words, the premium for iL 7aii0 present rate structures, {the big fellow is fixed on a changs He sald master policies are being Ing base that allows him & rebate,”
: other records” ™ 240 pounds . 13804813 80 240+ 170 pounds wo 13 806¢ 13.80 | 270+ 30 pounds veer 13.886G213 63 300- 330 pounds ........00.., 12.66012.65 330- 360 pounds . 12.604412.685 Medium--160- 320 pounds Packing om ood to Chaoles— n 200 pounds 00+ 330 pounds .... 00000 300. 360 pounds 360» 400 pounds ..... 000000
held down today after four years ually, the sustaining effect of the
was imposed. And even though
11.784: 11 80 | HASWILS [issued to the insured which are nat he said, reading a number of res 1163611.75 the same policies which go to the bates fram the New York report. 1L88UIL0 grates for examination, according to] “Yet under the proposed bill we're + 1000G11.235 the New York report prepared by not going to have insurance come
ong 400- 450 pounds 450+ B50 pounds Medium — : -— n—— | 250 550 pounds
Armour & Co. today announced the purchase of 10 plants owned by the De Soto Creamery and Produce | Co., located in Minnesota and the Dakotas,
ve ® 8 Commerce Secretary Jesse Jones announced that the Defense Plant Corp. has increased its contract with Beech Aircraft Corp, Wichita, Kas., to provide additional facilities in Sedgwick county, Kas, at a cost | of approximately $3,000,000.
ea Officials of the National City Bank ! of Cleveland today sought additional capital through the sale of stock | after a proposed merger with the Union Bank of Commerce ended in defeat at the hands of a deter-|
N BRIE F— SUBSIDY FIGHT
{8ldeny H. Moss. panies-bothered by the charge that [email protected] | “The underlying policies go to lo- they are conspiring against the leal rate bureaus operated by the public Interest,” O'Mahoney eon= 3 0a 141 companies, but not to the insured. tinued. “Let us ponder what New wv. 10.35m 16.60 The second policy is considered the York state has discovered before the + 10301650 aetual policy by the bureaus,” he committee goes overboard on this 11004018 00 | added. bill* 13.004¢15.00| Harlan Justice, of the West Vip. 11.860 15.25 13.984 18.28 ginla Insurance commission, ops posed the bill on the grounds that states soon will have little contral fof insurance companies “because there is an increasing volume of ine surance being written on interstate
Nia ber Pigs Meum, and Mang
pounds CATTLE (878) Choles- biovts 700- 900 pounds $00-1100 pounds ,. 1100-1300 pounds 1300-1500 pounds | +hooa 700- 900 pounds S50. 100 pounds .,..ooiiagiy | 1500 pounds Hoo 1500 pounds .....s aanes Medinm
GOES TO FARMS :
Four Groups to Continue
Battle With ‘Grass
Roots’ Meetings.
WASHINGTON, Dec. 22 (U. P). ~The fight over food susidies| 800- 800 showed no sign of abating today | 200-1000 although the principal battleground] 500. 900 —congress—was quiet as the legis- | (O00 lators headed home for the Christmas Tecess. Go | Price Administrator Chester Cutter and common Bowles said in a radio address last Cannes night that prices of food during the| peet— next year depended entirely on Good (all weights) ...
Sausage (whether congress voted continua- |
Slates Lose Revenue Again quoting from the report, he 700-1100 pounds 10.25¢13.00 said states are losing revenue be- | 1100-1300 MRAS + eesiirrrare 10.806013.25 a ve ertassey jeause the interstate underwriters’ 700 "Ti00 cvvenes [email protected] board operated by large companies Qelfere is giving big companies lower rates
pounds .....ueaiieg MBean than small concerns, “Tax reve- . “ 5 siness," 8 - pounds .., 0@ 18 Inues are measured by a certain per- [business,"” He sald {t also discrimi
1.0g 4 centage of premium collections, [Aled unfairly against local business 12.700 Premium collections are reduced | favor Of Interstate companies.
. nara the methods used by the un- ET ~ 1.75@ 0.18 | derwriters’ board, PATTERSON HEADS 100 1000611.50) Small business is being forced to] WASHINGTON, Dec. 21 (U, P), 3304 HH pay disproportionately high rates Announcement was made today . 5.504 6.75 because large companies receive lot the election of W. J. Patterson Bulla (all weights) [siaable discounts on fire insurance as chairman of the Interstate com- , 9 75@ 11.00 | policies, he said, According to the [merce commision to succeed J, .. osomi0as| New York report, a company buying Haden Alldredge whose term ex8.25% 950. a $31, 000,000 fire insurance policy’ pires at the close of this year,
pounds Chelee600- 800 pounds pounds pounds
pounds Cows (all weights)
Goo
Medium
Score, saying that university seniors Want Single Agency TOysced by the administration and | mined group of stockholders of the (ton of food subsidies. | Mec RTA Mo Tn hg athadailt a pparently satisfying few others, is latter bank " Cutter and commer @ are reluctant to take sales jobs, pre- | 2. Centralization of authority in high on the list of legislation awali- A , It congress decides against CALVES (30) - fering a job with more security, a single executive agency with the | ine the return of congress on nh S95" them,” he declared, “prices Bre §0-| Good to chara" '* WOME 0016.50 CROSSWORD PURZLS / that is, steady income. Later, when | actual negotiations for contract set-| 10" A record number of 2,607,124 ap- ing yp. Moreover, if food prices | Gomi and medium 00 500) HORIZONTAL Answer to Previous Pusgle 11 Pay back they realize their capabilities, they | tlements being’ done by the con-| we arene committee formally | POintments to federal positions was) go up, wagps will go up; ond we are| “Feeder and Stucker Catlle and Calves 1.6 Pictured y take sales jobs, tracting agency, such as the war reported the bill yesterday, just be- made in the fiscal year ended June going to be faced with a substan- Chol ‘film ne of iE [MAF I" Every =f Tumer Harry Marsh of the Perfect Cir-|4ePartment, navy department, fore congress recessed, after trim- 30, the civil service commission dis- | | tially higher level of prices on prac- 800-800 pounds . 10s0@ » silent days R V 18 Orbs i apa RT ele Co. said post-war auto produc-| Maritime commission and war pro- | mine off some $17,100,000 in higher [€105ed today. This total compared |tjcally everything we buy." 309.1040 puunide v WH — Ruth Ad 23 Beverages OF ESCAPE FROM / tio could go as high as 8 million [duction beard. cosmetics taxes and reinstating re- with a pre-war annual average of | The anti-subsidy forces also were a Juss een dud i —~—— 28 Sea
2
cars’ annually but instead of saturating the market so quickly, it would be better to make only 6% million & year. How soon and how many cars ¢an be made right after
the war depends on the tire sup-|that the entire peacetime economy
by, he added. Stephess ©. Noland, editor of the Indianapolis News, said governmental eontrols over business cannot be taken off immediately after ‘the war but should be removed as
quickly possible. 4 orgie the independent tool and oe. shops can survive, Mr, Cain said he though they would face rough goin g from the company-owned shops but could improve their Sompetitive jpasition an by Jetting bet“ter trained sing costs
pang hrovidins Haring - it ue. mistaken to ask if U. S. can sell its products abroad when our labor costs are so
#
The first legislative recommendations may be expected shortly after congress begins its second session Jan, 10. Congress is expected to
pricing provisions of the war contract renegotiation act. Prominent Democratic . senators,
{the billions of dollars worth ef war
representing virtually all shades of party sentiment, joined in deseribing the bill as inadequate. Senator Robert FP; Wagner (D. N, Y){ a stanch administration supporter, said he “just couldn't understand” why the finance committee approved the bill in. the face of treasury demar®s for $10,500,000, 000,
move cautiously in view of the fact is involved in orderly disposal of
plants and materials and prompt cash settlements sé that private industry ean convert. to other tasks without undue lags.
Money Most Important
Many observers believed-the committee would recommend that Byrnes’ office of war mobiligation, now operating under a wartime executive order, be given long-term legislative status as the agency to handle the whole conversion problem, George indicated the committee felt that the men who put the
Cites Huge Debt
complishes practically nothing,” Wagner said. “It is tragic that congress has appropriated so much for the war and has not tried to
the war years,” Senator Joseph C. O'Mahoney (D. Wyo.), a middle-of-the-road Demo-
“The' tax -bill-is ‘so small it ac-} +
el pay & larger part of the bill during 4™
between 60,000 and 80,000. ” . »® Electricity . production
for the
record high of 4,612,994,000 kilowatt | hours, an increase of 16.0 per cent from year ago, the Edison Electric | Institute reported today.. In the previous week, production totaled 4.566,905,000 kilowatt hours also an |
ago.
N.Y. Stocks
N Close Change ' + 1%
" "
iw
Allegh Aled chem.
mn 15%
HET
h
week ended Dec. 18 reached a new!
increase of 16.0 per cent from a year |
| busy. Four major farm organizations sent out telegrams urging | {meetings during the holidays to whip up farmer support to kill subsidies when the congress re{convenes Jan, 10,
27 By 29 Part of circle 32 Arizona river 35 She was well known to ween {ANS 37 Premiere 39 Black bird 40 Decorate 41 Insect that bores 43 Two 45 Tie 46 Grain ; 47 Plentiful—"48 Similar 3 frenen preicle
Mediu 500- 1000 pounds Comman - 500- 900 Pounds “ Calves (steers)
and Choice 1000 pounds , 1.3 @I12 TS 200911.
12 Choice part 13 Song bird 14 Age pl |
15 Livonian C KES
83 She was a wings famous star of 3 Palm lily films 4 Condition 33 Bodily 512 months structure 6 yle 57 Inclinations 7 Flower - Jegiin 58 Come in 8 Records ! 4 80 10.35 n Biblical VERTICAL 9 Behold! ni pronoun 1 Danger 10 Enthusiastic 27 Jumbled type 2 Pertaining to ardor 28 Calcium (symbol) 30 Half an em nn 31 Erbium ~ (symbol) 33 Musical note
RIC
0.250 2» 00 Dace an 600- 900 pounds ‘ ' Uslives (heifers)
(looa ana Choice 500 pounds down CH00gLI 5911.00
river _ 18 God of lower world 17 Mimic 19 Atmosphere 20 Most honest II'Negative vote
Unite on Program
| Leaders of the National Grange, | American Farm Bureau federation, [National Council of Farmer Cooperatives ‘and the National Cooperative Milk Producers federation said they had united in a program to “prevent inflation without the use of subsidies.” They urged widespread “grass roots" gatherings “to protest to congress against having food subsidies forced _ upon the | nation.” | Bowles, championing the admin. tstration's battle to continue preslent subsidies declared that if they | were banned, “this , . . is going 10
Medium 500 pounds down SHEEP AND LAMRBS nh Yearling Weathers : 300d and choice 12.00912.7% . 106011 60
Medium Ewes (shorn) 12 Chlorine Good and choice oo 8.70@ 875 (symbol) Common and medium . 435 550 FR Us LAMBS A Good and cholce [email protected]! 24 Therefore Medium and good . Sammon
A ————— ————
GRAIN FUTURES TURN IRREGULAR
NEW YORK, Dec. 22 (U. P).—
crat, said the measure did not meet the tax problem. “We are not beginning to meet our huge debt to ke our which cash settlements for industry |oqpitalistic system secur” he said. Co's AlN ere considered, George quoted Ba-|«just look at the enonal debt— [Cons Vul Alr ot » rueh as saying the attitude of most g170000,000000. Our tax revenues Sort Prods.
Major commodity prices moved ire (regularly today. Wool top futures dropped as much
Jmuch higher than those of other rations, such as the Chinese coolie. After the war, our present green
4 Alternating current (abbr.)
" 2 | cost you folks a- great deal of extra * money .., and it's also going to add
i % | to our national debt and further in-| % eréase our tax problem—in fact all|®* 2 cents a pound following is-| 36 Provided
i Qur economic problems—in the “Uance of eight additional December | 38 Senior (abbr.) % | years following the war.” [notices this morning, 40 Any
: Cotton futures steadied in quiet! 41 Twice war contractors is: are only $41,000,000,000. % ‘| In a year-end review i Iioni ng trading. Covering orders were evi-| (prefix) we| Show me how I can get my| “yet we are bringing out on the ae t+ jjtince last Ohristmas, Bowles said) ,.".; 40" ening together with outh part money and most of the other trou-|genate fidor newt month a tax bill Sen Elgetrie .. i - “
that living costs today were approx- | nation’s " {price fixing in the nearby months.!| 44 On board vestm bles will solve themselves.” cove Foods .... du 4 “ee imately at the level of eight months by ioe a BS ar Jovi as al 16, Sven vir 8 il ye I a, 880 and would stay there if sub- (Scattered Bauidation and edge 3 Du lion U. 8. STATEMENT [ing out pay to servicemen. The
lling came into the market later. + % | sidies were continued. | Bote ourly WHE, 47S lower than total cost of that bill will be Fes AH Bet MeCLy of ‘cained On Hi Chicago Jour ut Trude on My hag _ Stanley W. Shipnes, Indianapolis « | $3,000,000,000.” Kennecott ig » goods should “hold roughly” at cur-| FLAS hv a In Byrd Dissatisfied L-OF Olass | wou 82 Provide with
tures were off 4 to up % cent a i levels during the coming year, Angie for Sears, Roebuck 4 ren bushel; oats held unchanged to off a dicted that large gis-|"*" © This Year or % + %ibut that the present plentiful sup- weapons
: rye off % to %, and barley, unors. woulla continue the pre- Senator Harry F. Byrd (D. Va), ag ; —Y {plies of meat would decline in thel Ji 13 A 5 5 5 barley, un of merchandising the Reece an anti-administration Democrat| Nat Cash Reg . 20%; , oo: (SPring. - and ‘member of the finance com-(¥ ¥ Central . - 3 Siasoline Juppiies, he sag, will t h mittee, said the taz bill “doesn’ : = ‘' “very likely” continue to be tight, z he other side of the satisfy anyone.” ho Pa while the passenger tire supplies for AMERICAN | “If the administration had not|n ig {next year will be relieved if planned NATIONAL AT INDIANAPOLIS
gigantic ‘war machine together should supervise its dismantling, Reflecting the urgency with
ih
Tapreen
Int Harvester . Johns-Man v
"On Every Diamonds, Watches
Musical Instruments Cameras Clothing, Shotgiins, Ete.
es “The CHIC AC JEWELRY -
CO. Ine. 146 E. « WASHINGTON 4 87. :
been opposed to a sales-‘tax, we Ru production of 30,000,000 tires is a 10 per cent sales tax,” he said. [St 9 “on a graduated scale of a family with an Income of $3000 a year would * pay an “annual sales tax amounting to $150. This would not be a burdensome tax, and it ‘would bring in the revenue we need to 5% finance our huge war expenditures.”
DAILY PRICE INDEX , NEW YORK, Dec. 22 (U. P).— Young" 134 Dun & Bradstreet's daily weighted ZePith Red ... 34%
price index of 30 basié commodities LOCAL PRODUCE
compiled for United Press (1930-32 Hehvy breed hens, 22¢; Leghorn hens, Sc.
i 5 100); Broilers, fryers and roosters, Tr Yesterday .......c.oeieniee. 17038) 10s; 36c, Leghorn springers sus, hoe : LA
+ |achieved. Truck tire shortages will Js| continue “for some time,” with no immediate relief in sight.
CHRISTMAS SPECIAL I
- But Don’t Let “That Stop You
et Mail. or r Bring That COAT, SUIT or DRESS te - THE GENERAL DYEING CO. 818 DORMAN ST. Irs THRIFTY—THEY ARE PRE-WAR QUALITY, TOO
TIER ERITH: EEE
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Tram en me”
Week Ago........... 170.75 | 7d roosters. ge. GIVE GLASSES FOR CF . covenses L Current receipts, HRISTM Mant ABO, coonrnsrnensaness 16968 Be rd gy a a. and up. | A really g usetul guts fo for ourself ta glasses ear Ago cisnngss 165.39 36¢; grade | with “Engrav “rimless Modern perfect A red. lc; grade isi TORIC eo for FAR RAR. vio 1043 High (Oct. 15)........ 173.30 |r ade, oc. rates Ak 36; nol] Yision TORIC lentes on at our r—No. y 1943 Low (Jan, D... sesnun 16681 49c; No. 2, 46¢. . tterfat—No, 3 15-Day Triall Largest Opticians Convince yatreet by 15-day | A i test, that this the pe n America est bargain Ay ever hd Fruciuals o of this not perfectly satisfied large i pen and Te 15-day test money re- the a nT, chain of direct. funded. All glasses ground to-consumer retail optical on prescription. a branches in America. 3000000 § STOMERS ly Mu Washington on., s Ponss IN PRINCI Legals | Legals NOTICE TO BIDDERS ON FEMPORARY “lars for the use © LOANS, CITY. OF INDIANAPOLIS, ch Notice is hbreby Fogg that pursuant to General Ordinal No. 1043, 80-1943, No. 81- 1040, No. 82, 1943 and No. 83-1943, all of which ‘ordinances were passed by the Council on the 6th day of December, 1943, md 5 Toroved by the Mayor on the 7th Decem 3, Controier % the City of Indianapolis receive semled bids at the oftice of the CRY Controller at 11 o'clock a. m., Central War Time, on the 10th day of ‘January, for the following IEALY loans:
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