Indianapolis Times, Indianapolis, Marion County, 31 March 1944 — Page 13
Co
oo
i»
CEP ERASE SARE RR NT
”
4 A WR RB
-
Bl 2A
American Loan 5s 46 9 + ent Newspapers 4%:s 44-51... 99
| Tomorrow's Job—
Campaign to Force Co-ops to Pay Federal “Taxes Stirs Widespread Interest in State
TOOK 7 MONTHS
‘THE FAST GROWTH OF CO-OPS, due in considerable| Stove Firm Encountered . measure to their immunity from federal taxes, has caused| Many Headaches, : much anxiety among their competitors in private business : who must pay high wartime taxes. ; Bottlenecks. : This was shown in the large state-wide attendance at a By EDWARD A. EVANS : meeting here yesterday sponsored by the National Tax Seripps-Howard Staff Writer ¢ Equality association, a group that is only nine months old, : which aims at making such groups as farm bureau co-ops,
RECONVERSION |
: mutual loan companies, mutual insurance companies, govern- * ment corporations and others pay federal taxes as their
; competitors do. - |. f Loring A. Schuler of Chicago, the
Co.,, has returned to production of
<6, MS PROFIT OFF SLIGHTLY
gas ranges for the civilian market. Its reconversion problems appeared fairly easy last June, when
cad- Delivered $312 Billion - of War Materials in
Past Year.
NEW YORK, March 31 (U. P.)~— General Motors Corp., the nation’s largest maker of war products, last year delivered more than $3,500,000,~ 000 in fighting materials—f{rom ball to 30-ton tanks—and at the end of 1943 was producing weapons in excess of $12,000,000 daily, Chairman Alfred P. Sloan Jr., told stockholders in his annual report today. Simultaneously, Sloan that consolidated ne? income of the $2,000,000,000 automobile company slumped in 1943 to the lowest level since 1938, because of an almost two-fold rise in income taxes, and sharply higher provisions for postwar contingencies and renegotiation of government contracts. Shipments of war materials by General Motors last year amounted A [to $3546,684598; compared with $1,808,195,445 in 1942, an increase of 87 per cent. Net sales of all G. M. i products aggregated $3,796,115,800 against $2,250,548,859.
40% Aviation
Sloan said that aviation items now account for more than 40 per cent of the company’s dollar volume. “The rise in the physical volume of war material production,” he explained, “is even greater than is indicated by the dollar figures, since unit prices were reduced during the
REFINE EEE CERRY
ee
ou
we had before the war,” said President James Mitchell
chines and tools, used fer sharpening and assembling stove parts, were
heavier government-owned machines, none of which could be used in making gas ranges, Getting this government equipment out of the plant proved the most “serious reconversion obstacle, The altered plant layout called for certain new stove machinery, much of which still hasn't been delivered. Other delays resulted from lack of even such small items as bolts of proper sizes, needed for replacing the company’s own equipment. New Agreements Required Labor operations in making stoves differ so widely from those required in processing armor plate, -aceording to Mr. Mitchell and Vice President D. L. Edelmuth, that new labor year. From the beginning it has| agreements and revised wage scales been General Motors’ policy to re-' will be necessary if the company is duce prices on war materials asito meet the tough post-war comsoon as it became possible through petition it expects, Negotiations cost savings realized, as experience with the union are still moving was acquired and volume expanded.” | slowly. Consolidated net income for 1943! Obtaining WPB approval of the . Peacetime sales of the Allison en-iotaled $149,780,088 or $3.23 & com- type of range to be manufactured gine at ceremonies marking produc- | mon share compared with $163,651,- ‘also took time. The model being
put In a few post-war plugs for
L. V. James, General Electric Co. engineer, will speak on “Fundamental Conceptions in Illumination Design” at the Indiana Lighting association meeting at 8 p. m. Monday, April 10, at. hall,
HOG RECEIPTS SOAR TO 13,000
- {and yesterday's 25-cent advance was
“| ceipts also included 625 cattle, 500
Yesterday's 25-Cent Gain - Wiped Out; Top Is $14 Here.
Hog receipts soared to 13,000 at the Indianapolis stockyards today
wiped out, the office of distribution reported. The quarter decline today pulled the top down to $14 for good to choice 200 to 210-pounders,
calves atid 175 sheep.
GOOD TO CHOICE HOGS (13,000)
120- 140 pounds [email protected] 140- 160 pounds ... 12.00913.85 160~ 180 pounds .eo 13.856213.90 1 «vs [email protected] + [email protected] «oe [email protected] «es [email protected] . [email protected] 13.80
ee 1378 11.25013.50
CITES BOND AID
Space Valued at $21 Million Used in Four Drives, Survey Shows.
Allied Newspaper council foday released cumulative treasury figures showing the dominant role of newspaper advertising in the sale of $67,175,000,000 in war bonds. The figures showed that the second, third and fourth war loans were backed by an aggregate of 386,609 sponsored or donated newspaper advertisements, occupying 138322 pages of newspaper space with a total space value of $21,053,052. k Tripp explained that the figures were compiled from measurements
division by the Advertising Checking Bureau, Inc, but they covered neither the millions spent for war bond promotion between the major drives nor in the first war loan drive of late 1942, on which no advertising measurements were made. Likewise to be added to these figures, Tripp said, in any overall estimate of newspapers’ share in war bond selling, is the enormous total of news and editorial support which newspapers themselves have contributed to the cause. The figures do not. include the invaluable news and editorial support given by newspapers everywhere,
tion of the. 50,000th engine this 588 or $355 a share in 1942, {oui conforms to government reeek. | T High strictions on total weight of steel is axe id and other metal used, It contains Comparing the Allison to “Buro-| General Motors retained net in-' ng substitute materials, meets all . pean” liquid-cooled engines, mean- come of $53,485,110, after payment rade specifications and includes British Rolls-Royce being ©f $96.284978 in common and pre- some advances over pre-war prod- : Ing he U. 8. by Packard and the ferred dividends, against $67,481,073, | ucts, but in size and other features German Daimler-Bens or Mercedes. | after $96,170,515 in dividends, in the is necessarily far from what the Benz, Newill said the Allison “leads! Previous year, {company has planned to make its the world” in weight-to-horsepower| Sloan explained, however, - that| chief post-war lines. And marketratio, total engine horsepower and | 1943 net income actually would have ing is difficult because would-be * ‘frontal area. {exceeded 1942, except for special stove buyers have to obtain ration
He stressed the fact that the Al-|income items totaling $31,129,475 certificates before they can place)
n be placed in the nose, be- | that were added to 1942 earnings. orders. or be buried in a a) These items comprised $28906475, At present, only a few dozen propellers by extended [88 reduction in U. S. income and workers are employed in the stove Another feature is its coun- | €Xcess profits taxes charged to in- plant. The company has had many tion, as in the Lockheed Come in 1941 resulting from write- applications from men and women , with which one propeller off in 1942 of Investments in enemy seeking jobs with a peace-time futo the right and the other and enemy-controlled territories, ture, but has been careful not to the left. and -$2223,000, representing recov-ihire those needed in Cleveland's “This will be invaluable in the/ery In settlement of stockholders’ |war industries. . multi-engine installations in the action. - | “Judging by our experience,” says ! larger commercial planes of the tu- | Provision for federal and foreign Mr. Mitchell, “a lot of companies : ture,” he sald. income taxes last year totaled $248.- are going to have more reconversion 2 sw 920,694 against $124,500,520, . . {| - The company set aside a reserve Products Corn, of Korome 8300 of 384,600,000 for possible refund on \ ’ og | BOVErnment contracts, although it 34 cea 3 share In 3, aghinst 32) fe nol yet started Gisoussion wilh
cents in "42. , , . A match that will light in a rain (has a water-repel-| he government on the sum to be
s8EEE it
course, later in the war, and after the fighting stops, some of the handicaps we've had to contend with may disappear. “But any manufacturers whose
{ messages, in the fourth war loan,
trouble than they may expect. Of)
lent coat on tip) has been developed. . . . Lurhber is so scarce -that several local contractors have refused to go to the trouble of compiling bids unless the owner has assurance of lumber. . . . Josef Hofmann, Polish pianist, has developed
refunded on 1943 war work.
plant is filled with government ma-
Newspaper promotion of war
{bonds reached its high point, re-|Med:
{ gardless of paper shortage, in point of number of war bond advertising
which was backed by 159,878 indi-
vidual ads—89,048 in’ daily news- | Common
papers and 70,830 in weekly newspapers—as compared with a total of 152,793 ads supporting the third {loan and 73.850 in support of the second, ‘
U. S. STATEMENT
WASHINGTON, March 31 (U. P). — Government expenses and receipts for the current fiscal year through March 29 compared with a year ago: This Year Expenses .. $68.396,132,892 War Spend.. 63,719,447,976
Last Year
22,595,195,942
OF NEWSPAPERS ==
7 WASHINGTON, March 31 (U. . P.) ~Chairman Frank Tripp of the 1300
made for the treasury’s war finance | Medium
Slaughter Pigs Medium and Good— 90-1
20 pounds ............. [email protected]
[email protected] ... [email protected] oe .. 16.00016.75 tees seesess. [email protected]
13.00Q14.75 [email protected]
1100-1300 pounds Common— 700-1000 pounds
Choice— [email protected] seses [email protected]
csssses [email protected] 15.00
sresessseces [email protected]
[email protected] Bulls (all weights)
Beef Good (all weights) Sausage—
Vealers (all weights) Good to choice Common to m Cull (70 lbs. up)
Feeder and Stocker Caitle and Calves Steers Cholce— $500- 800 pounds ...... serosa. [email protected] 800-1080 pounds ..,..ees 11.50913.00
500- 800 pounds ....cseeee..s 10. 11.50 800-1050 pounds ....sec.ee... 10.50911.50 edium-——
[email protected] 8.00@ 9.25
tessasstenase
[email protected] LAMBS (1735)
8.50
LOCAL PRODUCE
Heavy breed bens, 3c; Leghorn hens,
Brrilers, fryers and roosters, under § bs, 360. Leghorn springers, 23c. Old roosters, 16c. Eggs—Current receipts, 54 ids. and up.
Graded Eggs—Grade A large, 23c; grade A medium, 2lc; grade A small, 18c; no grade, 18c. Butter—No. 1, §0s. Butterfat—No. 1, 49c. No. 4, 46c. ——————————————————
WAGON WHEAT Up to the ciose of the Chicago market today, Indianapolis flour mills and elevators paid $1.63 per bushel for No, 1 red wheat (other grades on their merits). No. 3 white oats, 79¢c, and No. 3 red oats, 79¢; No. 3 yellow shelled corn, $1.08 per bushel, and No. 3 white shelled corn,
INDIANAPOLIS CLEARING HOUSE
...$ 4,145,000 . 13,540,000 { lea $139,856,000 | Debl 437,393,000 |
soon as their war work is come
In 1942, General Motors refunded $48,661,545 on its war deliveries for that year, a sum “substantially the same as the amount which would have been refunded under the corporaticn’s profit limitation policy,”
chines and materials, as ours was, has something real to worry about. The government should lose no time in completing plans to clear all plants for civilian production as
pleted. If many companies have to wait seven months to get assembly lines started, there'll be bad business and serious unemployment in this country.”
the automobile executive said.
N. Y. Stocks
Net Last Change | 36% + a! —- 8% .... | WB — hy
i)
.
plans for a house that will revolve on a turntable to get full advantage of the sun. . . By letting fellow employees review cases of workers absent without reasonable excuses, ‘ Belmont Radio Corp. at Chicago
LOCAL ISSUES
Nominal tations furnished by Indian. apolis cr ouritios dealers. A
RB BBE SRE rE SR
Vr FELT TI "I AES NW RLET
+. .
1] «od Te yw! ly! ls Ye! %!
I+] ++:
1a
I++] +414: FREE
Pp 2 | Gen Electric . *Indpls P & L com... 18 {Gen ve Indnis Rail
Gen Motors ... +.{ Goodrich Goodyear Greyhound Cp. Ind Rayon ....
1b:
* *N Ind Pub Serv 1% * Pub Serv of Ind §%....
Pub Serv of Ind
P ss Laundry com .,. So na G &E 43 pld.... *Stokely Bros pr pf... United Tel Co . Union Title con Van Camp Milk pid .. BONDS
Aigers Wins'w W RR 44% ... "American Loan 3s 51 9
Dh
Nat Biscuit ... * | Nat Distillers .
FEEEREE SEER | FEEFEE FEE
[= he >
h on’ Com BI tisens Ind 4
Fin © Shs 10 Co Bs
d ‘ : Thaphs Pal
»
PEF
4%s 61... a n
CHIE HEEL]
re wy A + | Republic” Stl .. 17 Reyn Tob B .
Tod ~
FPS FEFFFe FE
* xd reprise #
oo WY tbher ,.. 45% .. 52% + 12% Vo 16%
528 szugguues 5
258 FEFEFEFEE SRF CESRENLLSEES 2
El ems
15%
SHOE REPAIRING OT ESA SEAViRG
Th 0 GRR Br ee
> ¥F
ww ikichis a $ NO DOWN PAYMENT REQU EN. Be
OR
ON ITEMS PRICED
| ==
EY)
ha ot ad “al
IRED q 3
BUSINESS AT A GLANCE!
By UNITED PRESS Monarch Tool Co. 1943 net income $804,648 or $3.83 a share vs. $1,106,030 or $527 a share in 1942. Canadian Industrial Alcohol 6 month ended Feb. 29 net income (in Canadian currency) $273,769 or 25 cents a share vs. $247,892 or 22 cents in 1942.
In Plastics Field
aie a
General American
CHICAGO, March 31 (U, P.).— Officials of the ‘General American Transportation Co. announced today that as the first step in entering the plastic industry, the corporation had purchased the McCoy, Jones & Co., Inc, jobbers of articles made from plastic. . General American spokesmen said the purchase was “in line with the recently formed process equipment division to serve the chemical industry.” Detalls of the purchase were not divulged, but it was assumed production of plastic articles will not be expanded greatly until after the war. ;
CURB TRUCK TRIS
FROM CITY TO PERU
A Joint action program adopted
by three Indiana common carriers operating between Indianapolis and Peru has been approved in Washington, George F. Burnett, district manager of the division of motor transport of office of defense transportation announced today.
Mr. Burnett sald the plan, de-
signed by ODT to conserve manpower, miles and gasoline, will result in an annual saving of 38496 truck miles.
replacement parts, truck
Under the plan, one carrier,
RYE FUTURES SELL LOWER AT CHICAGO
CHICAGO, March 31 (U. P)— Rye futures .turned independently
easier in mid-session on the Board of Trade today. The. persistent demand for feed grains and the lag in the grain movement to market continued to be bullish factors in other pits. At 11 a. m. wheat was off % to up i cent a bushel; oats unchanged to up %; rye unchanged to off %, and barley up % .to %.
—————————————— General Precision Equipment Corp. 1943 consolidated net profit $1,255,907 or $2.14 a share vs. $1.265,519 or $2.16 a share in 1942.
x DEE
Inter-State Motor Freight System, Inc, of Indianapolis, will suspend operations between the two points enabling the carrier to release one piece of equipment for daily use elsewhere, Inter-State will preserve its identity over this route by having the two other carriers pick up freight at its terminals in Peru and Kokomo. All shipments will move and be delivered on origin carrier's billing. All delivery receipts and shippers orders, bills of lading and other
records needed for proof of delivery
will be given to and kepf by the
origin carrier who also will make his own collections.
Other participants are Clemans Truck Line, Inc. South Bend and Becraft Motor Express of Kokomo. They are protected from prosecution under the anti-trust laws through clearance of this program by. the
department of justice.
Presents Special EASTER Values
Hog Reduction CHICAGO, March 31 (U. Plo The Federal Reserve bank of Chie cago said today that if farmers plant according te government agency suggestions and yields are - normal, livestock men will face the necessity of reducing their animal population to about 20 per cent bee low the Jan. 1, 1944, level, A report by the hank said the livestock feed situation is “develop= ing into something of a crisis,” and added that the reduction in feed supplies will force several over-all farm adjustments. A reduction in lower type hogs, beef animals and low-producing hens was ~ recommended. 3 The rapid disappearance of wheat stocks carries with it a threat that flour and bread rationing may become necessary, the survey said. It estimated that by the end of June approximately 500,000,000 bushels of wheat, of which 100,000,~ 000 to 150,000,000 bushels will be im ported, will have been used. The 1943 carryover of 618,000,000 bushels will have been reduced to 300,000,000, “an uncomfortably low level.” As a remedy the bank recome mended that #on hogs the best ade vice appears to be to maintain nume bers at the level of early 1942 “For beef cattle the situation seems to indicate a program of ree ducing numbers by 3,000,000 te 5,000,000 head at the end of the coming pasture season in order to bring the total down to about the
January, 1942, level.”
! %
ENE BRIDES WILL FALL
IN LOVE WITH THESE GORGEOUS
DIAMOND + 2) 720