Indianapolis Times, Indianapolis, Marion County, 8 March 1944 — Page 7
Mixed tioned
ry C5 rr
from stores to clothe Europe's ragged
Post-War Tax Refunds Will Help Tide Over Many War Manufacturers
By ROGER BUDROW—
CORPORATION EXECUTIVES OFTEN COMPLAIN that “the government gets 80 cents out of every dollar we
make.” That is true for a number of concerns, because of
What is called the excess profits tax law. Many are beginRing to urge its repeal after the war.
But there is a very definite silver lining to the excess
I rofits tax law which many never mention, either because hey are not aware of it or because they believe it ‘might give the public the wrong impression.
| The law provides a post-war ushion in the form of refunds on
war level or if the
company operates at a loss, this relief clause in many cases will turn a sizable loss into comfortable profit large enough to meet the
OmMpans
$4,000,000 left after paying taxes ! be able to show a $2,000,000 Profit, because of this carryback of excess profits tax credit, even though it might do no more than break even. If it had a loss of $1,000,000, these tax relief provisions would restore that and snough more to more than cover flividend requirements. . The New York Stock Exchange bulletin also takes up the case of VU. 8B. Steel. Assuming the worst, t Big Steel's business would be o small after war orders stop that 3 Youd lise TON ert year of 1932, the tax a a ot Luana x
300refund to cover all its pre~| Good—
stock dividends, or $25,000,~
, and 60 per cent of its present oo #4 dividend on’ the common stock,| 2%0-
or $34,000,000. Thus, the future for many con-
.... The seven-pocket “austerity suit” the British government tried Bo popularize with a fairly. low price snd guaranteed quality was such a flop that it is buying the suits back
payroll and|’
PORKER PRICES
Top Remains at $14.20 as 10,000 Hogs Arrive at
Stockyards.
Hog prices were unchanged in an active market at the Indianapolis stockyards today, the office of distribution reported. The top was $1420 for good to choice 200 to 210-pounders. Receipts included 10,000 hogs, 1700 cattle, 600 calves and 300 sheep.
GOOD TO CHOICE HOGS (10,000)
120- 140 ds esnsnennases 140- 160 os aes
220- 240 pounds ,. .. 14.05@14. 15 240- 270 pounds .. oo 14.00014 270- 388 ds .,. . 14.0062 14 «+ “14.00@ 14.00 «+ [email protected] [email protected]
«ee [email protected] -+. 13.2563 13.40 <2. [email protected] ern. [email protected]
. [email protected] [email protected]
. [email protected] +» [email protected]
fesasssnenes sesasssnttes
ARE UNGHANGED |
oT Slavia eration fs many rears
ie us
[6118 fue
88) IPE 8 IW [ar IIs [883 118 84) Im 891 L088 (TTT 11 jt LIE
I. 81 138M [61 (808
- LSHES PRIVATE || SECURITY SALES]
Head of Investment Bankers :
Also Hit Competitive PHILADELPHIA, March 8 (U. P.).~Competitive bidding and private placement of new security issues are twin restraints on the ready flow of venture capital, J. Clifford Folger, president of the Investment ‘Bankers Association of America, declared here today.
“Private placement is an accident which has become a vested inter-
est,” Folger told the annual meeting!
of the eastern Pennsylvania group
{of the I, B. A., adding that “com-
petitive bidding is a noble experi-
opening channels of
$13 MILLION SALES
Operative business last year totaled more than $13,000,000 and approximately $1,000,000 in savings was returned to. Hoosier farm members,
He said at the annual stockhold-
over-all business, the co-operative acquired a Hammond feed mill, part interest. in: Harlan county, Kentucky, coal mining preperty, a Waukesha, Mich. milking machine plant, a British Colombia shingle mill, and a Belle View, O, farm © implement plant. George Radin, Yugoslavia lendlease representative, told the stockholders last night that co-opera-tive groups should work together scribed movement in Yugohe said had been in
edium. 700-1100 POUNAS +veevsssesis 1100-1300 pounds Teaver
anamey ssvenss
600+ 800 pounds 800-1000 POUDAS +saveseessss
Medium —
$00 900 POUNAS siuwevesce.s
1 Common
sreeresesanss [email protected] rrirereess [email protected]
censrensraes [email protected] ireerenes [email protected]
ssssnessense
cessserecns [email protected] [email protected]
esepecenen
SHEEP AND LAMBS Ewes (shorn) Good and choice Common and medium ........ 3
(300)
8.50 1.50 |
00016.35
aillions as the allies take over.
——
«IB ai 50 [email protected]
5 WORKERS STAL OUT 55 = : Xx BLOOMINGTON £55:
BSoumerTon, Ind., Mareh 2 Repn 1 PJ)~—~Union employees of
Brothers Furniture Se
iabor board before taking any steps to end their three-day walkout. The 900 employees struck Tuesday protesting: failure of the WLB to take action on a petition for wage increases filed in September. Worth Wellman, United Furniture Workers local president, sald the workers would not return to work until they had an opportunity to study . the
The union petitioned for an overall five-cent an hour wage increase and other bracket increases. Guy L. Burnett Sr. company president, said the company was not involved in the dispute.
GRAIN PRICES IDLE
{grain futures reflected a slightly | easier trend on the Board of Trade | today. Rye opened firm but eased
10.50911.50 | oorv gains in sympathy with other 593,000,000, an increase of 11 per
grains, At 11 a. m. wheat was unchanged {to off % cent a bushel; oats off % to 3% and rye off % to %.
A dull tone prevailed in all pits
and price changes were narrow.
INDIANA CO-OP HAS
Am The Indiana Farm Bureau Co-
I. H. Hull, general manager, re- 4 1450! ported today.
h ers’ meeting that an addition to the | Borden
on an international scale. He de- Loew
WLB's telegram. He did not reveal 13.50 its contents,
IN DULL TRADING:
CHICAGO, March 8 (U. P)—|}
FREESE EF FREE
Fae
FEEEFF
4 =
AT seve ood year Cp. Ind Rayon .... Int Harvester . Johns-Man .... 92
SEER
Cab HERE E RRR ECR EE ‘gE peed ¥
Shel
VEE Fess deed” rsreesw
. 54% . 48% 22% .. 45% 53% Warner Bros .. 13% Westing El ... 95 Young S&W .. 17% Zenith Rad ... 36%
DAILY PRICE INDEX
NEW YORK, March 8 (U. P,).— ‘Dun &Bradstreet's daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): YeSterday .....eessseeesees. 17249 Week B80 eeeeesassnssrssnas. 172.20 Month 880 «scesesssscesssss 170.93 Sera Ane 171.93 1944 High (Feb. 24) ........ 17249 1944 Low (Jan. 15) ....e.... 170.69
a
FE FERRE) -
WAGON WiEAZ
Up to the close of Chicago market today, Indianapolis hoor mills and grain
elevators $1.63 per bushel for No.
2 white shelled ¢ corn, $12¢
RETAIL SALES UP—January retail sales by all stores totaled $4,.-
{cent over the corresponding 1943 month, the department of commerce reported today. Durable | goods sales were up 11 per cent over the 1943 month while non-durable | goods sales gained 13 per cent. ,
and of good living.
s
: 3 : ® 0 eh ¢ vo OF welcoming a bome-coming sailor Home again! In those two words is everything our fighting men dream about «i: and fight for. They look forward to the little things that mark a way of living : ; ; friendliness and ‘hospitality so quickly summed up in the familiar phrase Have ¢ “Coke” With Coca-Cola in your family refrigerator, you're always ready to offer welcome: From Atlanta to the Seven Seas, Coca-Cola sss foe He bluse toss vin is You x lol gyal of good wid 2
BOTTLED UNDER AUTHORITY or THE COCA. "COLA, CORPANY ”w
COCA-COLA BOTTLING co. INDIANAPOLIS, i
group commission of country dealers to a quarter of a point, of % of 1 per cent and has hurt countrywide distribution and merchandising methods.” Both methods, he declared, “are distribution only to the large and sophisticated
‘| buyer, and tend to deprive the rank
and file investors of the best investment opportunities.”
Wants Changes Made
Folger suggested that after 10 years of regulation by the securities and exchange commission, it may
Snow be time for a general over
hauling of the rules “our ball games” are played under “to make sure everyone is playing the same game in the same ball park, under rules which are best for all, including the big investor, the little investor, the big dealer and the little dealer.” As things now stand, the big sellers and big buyers of securities have gotten together “in the private placement park” and the little fellows “seem to be left out.” . Folger recommended as an aid to post-war reconversion compilation by the government of a “catalogue” of all the business firms which have obtained government loans or advances in order to determine “who needs what” in the way of financing
AMERICAN
ment which has reduced the selling},
The co-operatives are mainly
sion lately has been rural. It is in the rural areas also, or rather it is in the county seats and wholesale centers of the Middle Wast, that old-line business houses have been taking alarm. Competitors are organizing now. The rate of growth of the farm co-ops provides one of the reasons why labor unions have to report their es for 1944,. to internal revenue | collectors next year. The co-ops didn’t plot against .— Both were caught, but the unions might not have had to report this time if it had not been for the way business rivals have been gunning for the co-ops. Now both unions and co-ops, together with chambers of commerce, civic organizations and trade assoclations, are included in the provision in the revenue bill which requires reports from them for the first time in tax history. They don’t have to pay a tax—not -yet. Persistent needling of congressmen by competitors of the co-ops had a share in the movement to find out how much business they were really doing, and what they did with the money. Congressmen have also been wanting the facts on the sources of union income, especially that from sources other than dues.
Business Increases
The real ruckus will start when somebody moves to tax these incomes. (Co-ops organized by .city consumers have always reported net incomes and often paid income taxes as have the farmer-owned co-ops in this country organized under the Capper-Volstead Act). In the words of rivals and some friends, the co-ops have them-
selves become “big business.” Farm credit administration re-
| cently announced that 10,400 farm-
ers’ marketing and purchasing associations had done a total business of around $3,780,000,000 in the 194243 marketing season. About $750,000,000 of this was buying supplies, the rest selling farm produce. How much buying the non-farm consumer co-ops do is not known, but John Carson of the Co-operative league here says 1944 will put the whole consumer end of the move-
-/ment over the billion mark.
The increase in farm co-ops’ business over the preceding year was nearly one-third, and the in-
944 | crease the year before was a quar-
ter. A good deal of the gain was
5 30s | the rise in prices. Part is to be credited to growing membership,
to growing interest of members d their own larger production.
FLETCHER TRUST CO. «
Every other American farmer
Opponents Charge Farmer Co-Ops Are 'Big Business’ (First of Three Articles) By JOHN W. WASHINGTON, March 8 This bi Bh he co-ops celebrate thelr
‘centenary, the year they are scheduled to hit their first billion in buying | volume, ‘but it may also be the year their biggest fight starts.
commodity selling and consumer buying ends, and though city consumers have been showing interest—including labor unions—the great expan-
W. LOVE - :
farmers’ organizations, for both
now belongs to one or more associatjons, e largest end of the marketing business, closé to a billion, is in dairy products. Next come grain, livestock, fruits and vegetables, Producers’ co-operation is an old story in this country, with Sunkist, Land O’ Lakes and other brands known to all shoppers. ‘Competitive opposition always stirs, however, when the co-ops move into newterritory, as-they-did a year ago when the 5-year-old Farmers’ Union Grain Terminal association of St. Paul bought the big St. Anthony & Dakota Elevator Co, and became the country’s largest grain
handling agency, With a net worth of $13,000,000 it handles almost half the spring wheat crop of the U. 8. It is not by mere coincidence, then, that Ben C. McCabe, a Minneapolis operator of grain elevators, started the National Tax Equality association last September to appeal to business men with a grievance against the co-operatives. 1t was organized in Chicago and now has members in Iowa, Minnesota, Illinois, Indiana, Ohio, Virginia and elsewhere,
Buy Oil Properties
Co-operative enterprise is decentralized, most of it 1s in the hands of pretty independent local
‘managers, but it heads up in Wash-
ington in the National Council of Farmer Co-operatives. President is Charles C. Teague, president of the California Fruit Growers Exchange, Most spectacular of the recent ventures of the co-operatives have been purchases of oil refineries, pipe lines and wells. Of the $15,000,000 worth of properties bought last year
by co-ops, the greater part rep-|20c
resented oil properties, Howard A. Cowden, president of the Consumers’ Co-operative association of North Kansas City, Mo., is the outstanding figure in this field. Enterprises he directs did a $15,000,000 gross in 1942.
National Petroleum News has been |
takihg after the co-ops lately because of their exemptions from income taxes. They are now supposed to be doing a fifth of the rural oil business, and are reaching out for more. Own 100 Plants
Co-operatives in this country and Canada own. about 100 industrial properties. Most of them are feed mills, elevators and the like, but they have a couple of good-sized farm machinery plants, including the $1,000,000 Ohio Cultivator of Bellevue, O.
The Southern States Co-operative
ad Bank is more than just a place to "put your money"
Are you profiting by the use of the many specialized depart-
ments of service your bank maintains for your benefit? When
you need a personal loan, do you wo first to your bank? Are
you making yourself, your business known to your bank's offi cials
so that they can advise you more readily on your post-war plans
end credit? Are they helping you with your personal or busi-
ness investments, with the best
methods of establishing reserve
funds for meeting recurring expenses such as taxes, insurance
premiums, loan payments, efc.?
many departments are there to
Use your bank... FIRST! Js
serve you . . . and it's wise and
economical to transact your fi nancial affairs with ONE institution
ss. Which knows you.
(oR
APOLIS
CLEARING HOUSE ASSOCIATION
NATIONAL BANK «
SECURITY TRUST CO.
BANKERS TRUST CO. INDIANA NATIONAL BANK MERCHANTS NATIONAL BANK
FIDELITY
» UNION TRUST 0
ove STOCK EXCHANGE BANK
Iron Age Says C. I. 0. Head Wants Commission to “Run Small Firms.
NEW YORK, March 8 (U. P) The magazine Iron Age today ree ported a “spectacular” proposal by Philip Murray, president of the ©. I. O, to. put the government into the steel business through operation of five blast furnaces which the Defense Plant Corp. plang to shui down. s According to the periodical, Murray also has urged subsidization of 20 small steel companies by means of below-ceiling prices of pig iron and scrap. Asserting that the proposals had been presented last week to Chairs man Dorald M. Nelson of the war production. board, Iron Age said Murray’s plan calls for ‘establishment "of a three-man commission
Fepresenting the C. I. 'O3-the gov-
ernment and the industry, to “direct small steel operations.” “Companies participating would agree to regulation of executive salaries and dividend payments, among other things,” Iron Age continued. “Pig igon produced by the five furnaces would be sold to the small producers.” The magazine declared Murray's proposal to be one of “two unusual developments” in the industry, the other being the establishment of a new and uniform ‘steel contract escalator clause approved by the WPB and effective March 1 on long-term and open-end contracts with procurement agencies.” It was explained that the clause would permit increases in contract prices whenever OPA ceilings are raised but makes renegotiation within 60 days mandatory.
LOCAL PRODUCE Heavy breed hens, 23¢: Leghorn hens,
Brollera, fryers and roosters, under § Ibs.. 260. Leghorn springers, 23. ola roosters, 16c. gs—Current receipts, 54 ba and up,
he. Graded Eggs—Grade A large, llc: grade A medium, 30c: grade A small, 26c; no grade. 26¢c. a NY L 80s. Butterfat-No. 1, 49¢c: No. 2. 46¢
of Richmond, Va. does $40,000,000 of annual business, owns a feed mill in Cincinnati, sells 2,000,000 dozen eggs yearly in the District of CoIumbia. One of the largest and oldest is the Co-operative Grange League Federation Exchange, the “G. L. P.,” headquartered in Ithaca, N. Y. which had a $140,000,000 yearly volume recently, a doubling in three years. Mr. Cowden’s association owns canning factories, operates a 10,000,000-galion alcohol plant: for the government, and bottles “Co-op Cola.” He and others in the miovement have elaborate post-war plans.
TRUST €0;
INDIANA TRUST CO: PEOPLES sTafe BANK