Indianapolis Times, Indianapolis, Marion County, 5 May 1944 — Page 24

ers lose money, etc.

embargo

until they can be handled—but it |

doesn’t seem to have worked out very well. As soon as the embargo {s lifted, the yards are swamped and glutted again and the embargo has to be repeated. Sioux City has

used the permit system—hogs can| be brought to market only with a

specific permit. The Indianapolis stockyards has tried to avoid both, relying on getting word to farmers as to what the situation is and thus trying to regulate the flow of hogs that way. It has worked fairly well but livestock interests expect the next six to eight weeks to be very difficult. They want the farmers to understand the situation here. After all, the local yards are an important

factor in the industry as well as] this region's economy. Driving post- | war business away by using high-| handed methods during the war is| the very thing they want to avoid. | Therefore, they are seeking the utmost co-operation of all interests to “get over the hump”. in the best

way possible.

» o J

THE ROCKEFELLERS, who created consternation among owners of New York office buildings when they built Rockefeller Center, are planning to add new skyscrapers to that sleek office, radio and theater center after the war, It is understood that most of the building sites in adJoining blocks have been acquired.

large crop of] hogs ready for! market at this

time of year, that 8000 or so have| had to be carried over daily. This] makes for a diffi-1

Another Run of Heavy Marketing Of Hogs Taxes Local Stockyards

JUST WHEN LIVESTOCK MEN THOUGHT they were %out of the woods,” along came another deluge of hogs. The normal period of heavy marketing comes In the winter months and it did this year, swamping the stockyards and packing houses and cold storage facilities. Then the situation eased up a bit, only to turn on full force again. In the past week.so many hogs| have been shipped-to the Indianapolis stockyards, due to the corn feed situation and government price

policies, as well as to the unusually

ONE REASON the army soon will release” 24 requisitioned airplanes to the airlines (they were taken early in the war) is because Postmaster General Frank Walker found there was public muttering about the slow delivery of air mail (some has gone by train) and feared it might blow out in congress, Business Week

finds.

= #” n

SMELT, those silvery (and proficult condition. igple) fish that died by the milThe stockyards is jjons in Lake Michigan and Lake unable to furnish gyron a year ago last winter from enough ¢ © I BD, some still unknown cause, have refarmers must bring their own, the gnneared again but only in small pens are crowded, the hogs lose! quantities. Catches (they're hauled weight and consequently the farm- py dipnets at night) haven't been {big enough to mean anything comSome stockyards have tried the mercially but still big enough to system—taking no hogsicheer up Great Lakes fishermen who feared they were gone forever.

ODDS AND ENDS: Iowa State college has finally published that butter vs. margarine pamphlet it suppressed a year ago after dairy groups turned-on the heat; the new version is considerably toned down. ... A Chicagoan has patented a way to whiten the shells of brown eggs. . . . When one experienced farm worker showed up at a Wisconsin employment - office, agents drew straws to see who would get first chance to hire him. . . . Musk, used in perfume, came from musk deer of China and Tibet before the war; since then synthetic substititutes have been tried but didn’t work too well; now Louisiana State university announces musk from muskrat is better. . . « The treasury is thinking of giving the new simplified tax returns a “trial run” before the final o. k. That way, the public aiding in the test, would help find any baffling bugs in the forms before it was too late.

LOCAL PRODUCE Heavy breed hens, 230; Leghorn hens,

Broilers, fryers and roosters, under § Ibs, 26c. Leghorn springers, 33¢. Old roost,

ers, 16c.

seven county

Butter—No. 1, 60c. Butter:a$ — No LI, : No, 2, 48c.

Eliminate Returns for 30 Million.

The house was expected today to pass and send to the senate by nightfall a sweeping new tax simplification bill designed to eliminaté tax returns for about 30,000,000 individuals and make the job of figuring them out easier for others. Little opposition was voiced to the measure during two days of debate and it was expected to receive overwhelming approval in the final vote. It was approved unanimously by the house ways and means committee on March 17. The bill was drafted in response to charges in and out of congress that the individual income tax structure—what with normal and surtaxes, victory taxes and withholding schedules—was so complex that it was becoming too much for the average citizen and ofttimes too much for the expert.

Few Critics Appear

Among the few critics was Rep. Donald H. McLean (R. N. J) who took exception with the committee estimate that the bill would reduce the total burden on taxpayers by $60,000,000. He said that it was actually a new revenue measure that would bring the treasury from $200,000,000 to $400,000,000 in new funds. Another critic, Rep. Bertrand W. Gearhart (R. Cal) said that the proposed automatic deduction of 10 per cent, with a maximum of $500 for contributions, taxes, interest, medical expenses and losses, would benefit 15,000,000 taxpayers who never had such expenses. The committee contended that the automatic deductions were based on averages determined after a study of many representative returns. Highlights of Bill

Here are highlights of the bill: ONE—The 3 per cent victory tax would be repealed and replaced by a new 3 per cent normal tax on all income over $500. The 6 per. cent normal tax and graduated surtaxes would be merged into a single surtax - which starts at 20 per cent and reaches 91 per cent on all surtax net income over $200,000. TWO: For the surtax, the taxpayer would be allowed a uniform exemption of $500 for himself, plus

1943 net! $500 for a wife and $500 for each

American Factors, Ltd.

income $1104465 or $221 a share| child or other lawful dependent. vs. $1,016,755 or $2.03 in 1942,

THREE: About 30,000,000 per-

| Sale of | Full-Fashioned

l | HOSIERY i H

for Everyday Wear

i Lot No. 1— 4700 PAIRS

24.

EXCELLENT THIRDS Lot No. 2— 3900 PAIRS PAIR

EXCELLENT SECONDS

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Wear ’Em for ® Shopping Trip ® Gardening . @ Around the House

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[“A Mile From Higher Prices Iii

918+926 So

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Clearance of

SPRING DRESSES

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sons earning under $5000, with outside income of not more than $100

= | not subject to withholding, would

simply file their withholding receipts as their tax reports. The internal revenue collector would determine whether the full tax had = | been paid and whether the persons should be billed for additional amounts due or be given a refund for overpayment. FOUR: Persons not eligible for the simple procedure would be provided two types of simple reports upon which to figure their tax obligation, FIVE: A new table of withhold{ing would become effective Jan. 1. { This has been so drafted as to take from the pay envelope an amount about equal to the taxpayers’ full The present tables have resulted in underpayments or overpayments in virtually all cases.

| N.Y. Stocks

rent fiscal year through 0:

Simplification Measure to

WASHINGTON, May 5 (U. P)—

ay 3 compared

has joined the applied research department of Standard Brands, Inc., as technical consultant for pharmaceuticals. -

DEAL PROPOSED

Merger With Pet Milk Co., By Exchange of Stock, To Be Voted.

Merger of the Van Camp Milk Co.,, which has condensed milk

the Pet Milk Co. was proposed to stockholders today.

The plans provide for the authorization of $3,000,000 of 4% per cent cumulative second preferred stock of Pet Milk Co., $2,900,000 of which will be exchanged with Van Camp stockholders for their present stock. The effect of the merger will be to vest all of the Van Camp assets, subject to liabilities, in Pet Milk in exchange for the stock and payment of certain expense of merger incurred by the Van Camp Milk Co., not to exceed $100,000. The Van Camp Milk Co, has offices in Ft. Wayne and plants in Michigan, Wisconsin, Indiana and Ohio. Pet Milk Co. officials said the present corporate organization of Pet Milk Co. woul not be changed, except by the issuance of the second preferred stock.

IN BRIEF—

day announced the completion of the 300th F4U-1 Corsair fighter plane by its Chance Vought aircraft divisoin.

announced today that its Danville, Pa., plant has received a $16,000,000 contract from the army ordnance department for the manufacture of

shells.

SHIPMENTS of the Gar Wood Industries’ winch and crane division to the army and navy are now running at a monthly rate of $2,500,000 compared with total sales of $479, 000 for this division in the full year of 1939, Glen A. Bassett, president, said.

DESPITE RECORD-BREAKING productoin, 1943 net earnings of the steel industry dropped more than $20,000,000 from 1942 to a new war-

High Last Change | time low, largely reflecting a 20 per Alls-Chal ee e. 4% 3 + 2 cent rise in payrolls to an all-time Am Loco " 17h 1 174 + % io the American Iron & Steel | . a Y + E (Am oi i 13 3 sr stitute said today. m Ya 157% 157% ... -_— Am Tob B v 62a 62'3 62% A GROUP of security dealers m Water 7 7 7 ces 3 Wale 28% 33% 2% 4% and brokers today petitioned the rmour & Co.. 5% 8% 3% + 1] securities and exchange commission Aspison mg oa i 5 : 4 for public hearings and revocation ald Loco ct .. 1 13% 19 .... |of the “5 per cent spread rule” re- | Renan Amn 32% . 3% Fas, — %|cently passed by the board of gov1S d sean . 3 5 4 CERRY N | Boden eens 1 2%, 39% .... |ernors of the National Association = | - roner ,. 34 23 + 3% i 8 | Celanese... 314 33° 33% © lof Security Dealers, i | Ches & Oh ... #7 44% 44%, + 1 — 8 | are, N° un + ou IOWA BROADCASTING CO. ; | Dougles Are a 4% So en disclosed today that it has sold | nt 14274 3 + radi Gen Electric. 35% 33% Gh + % radio Sion KSO for $275,000 © Gen Foods Sl% 41% 41% + 1p gsley H. Murphy, an owner 0 | Gen, Motors $0 38% Sate + X|radio station WICH in Minneapo- | Goodyear ‘on si ¢4% 447% 3,|ls, who will continue to operate it reyhoun PD. 203 20% + nd Rayon ©. 37% 1% aa © ii|as.a Des Moines station. Int Raivesiar. 2% 1 Te + 1% ohns-Man .... 80 90 enn bi ita n% 3% + % LOCAL ISSUES r ve 4... . L--F Glass ... 48 48% 1, | Nominal quotations furnished by Indian. Loew's ......... i ©" nv 3 1h apolls securities d Bid Asked = | Marshall Field. 13% 13% 13% — 1, Agents Fin Cop com T% Cu = Mont Ward ... 43% 43% 43% + Ju Agents Pin Corp pid neerieees 20 eer: Nath Kelv .... 13% 12% 12% + 3 | Beit R Stk Yds com .eeeeons: 36% 40% Nat Disuilers 2 30% + Yl Belt BR Stk Yds DIA .oeeereses oe at Distillers . 323 4" 3 | Bobbs-Merriil 3 hi an en » + Bobbs-Merrill 415% DIA esses en IRN 1% cree Oitels, Theater 2m Re "8 i eee omw an sesenss ur 20% + %/ Delta Elec com Ln oo 11% 13% tr 20h i"'y, | Hook Drug Co com .......... +18 17 21% Home T&T Ft Wayne 7% pfd. 51% ..... 53 4 110d & Mich Elec 7% pfd ....113 118% ie 41% 1 1i,|Ind Asso Tel 5% pfd ........103 08 oon 16% vw Ind Hydro Elec 7% 1614 + i Ind Gen Serv ....... 297% + "iIndpls P & L pfd ... a 53° 1 |Indpls P & L com...ceens..ee 15% 17 90% + 10 | Indpls RallWAYS COM .evoseess 13 14% 12% re India Wate: pid PN e108 “WW: pls Water Class com ee 3844 +) Jeft Nat Life com .....c... 17 36% + ¥|Lincoln Loan Co §%% pfd.... 83 331g 1 | Lincoln Nat Life Ins com 55% «+ 3|P R Mallory 42% pfd veers 49 + 13|/ PR Mallory com oo 22% 24 233% 4 13|*N Ind Pub Serv 5%% pfd....102% 463% +4 133| *N Ind Pub Serv 6% pfd ...,108% 108% crew 523% 4 13] °N Ind Pub Serv 7% .....s...113% 116% v 12% ‘<4 ig | Pub Serv of Ind 5% ... 103 08 Westing El cern 98% — ¥|Pub serv of Ind com .. 16 11% oung wo. 16% + 1% Plogress dtmdry vs 3 hu n , ee Stokely Bros pr pf... oes 18% 17% U. S. STATEMENT United 4 ] co 5% . Nn ak WASHINGTON, May 8 (U. P.).—Govern- | Van anata coe ment expenses and receipts for the cur- Yau Sump Mik DE hres 90] n ‘iw

DOMES seerverbunirarsianeedd 4

i

By UNITED PRESS

year before.

bee 13 daseen BUSINESS AT A GLANCE|N id ™s

el 4128 55 . : Granite City Steel Co. March|Tras Term Cor so oy." oie El quarter net profit. $102,115 or 27|UY 5 Machine « cents a share vs, $121,560 or 32 cents

Co. 1943 net income cents a common or 93 cents in

with a year ag ra BONDS s Year st Year |Algers Wins'w W RR «0100 siaee 2 n ii 7 517,136 $63,356,191,308 | American Loan bs 51 2s 97 100 War spending 72,490.80¢ 348 88.43 oT L371 American Loan Bs 46 ..... een oH S| Net deflest”* 2. 42,400,007,308 46.881 182,064 Conn To Cn 0 es 203 © 108 =| Cash balance. 11,738,302,871 = 12,808,161,126| Consol Pin 5s 50 ee 100 [=| Work. balance 10,975403,139 13,042,527,185| Ind Asso Tel Co 3%is 70 eers 208. | Public debt ..187,128,971,276 135,170,363,179 | Indpls PB & IL 3Vss res 106% 108% [=| Gold reserve. 21374,811,691 23,472,488,001 Indpls Railway Co 55 67 Lore: 1 80 ! M———— Indpls Water Co 3%s 68 .....107% 109 INDIANAPOLIS CLEARING HOUSE | Kokomo Water Works 56 88...108 s::v:

VAN CAMP MILK =

Medium —

Medium and Good

Cholce— {

1100-1300 pounds ... 1300-1500 pounds ..

Good—

1100-1300 pounds 1300-1500 Pounds ..cccovceccne

plants throughout this area; into|, .. .—~—

1100-1300 pounds .cccoaeeeeces 12.75@ 14.75 Conmmon—

Cholce—

Medium—

Common—

Cutter and common.. Canner

Good to choice Common to medium ....ovvu.e Common

Cholce~

UNITED AIRCRAFT CORP. to-|Med!

RHEEM MANUFACTURING CO.|5 4 sna crony®

Medium—

Good

more than 1,000,000 heavy artillery! saint es yod’s . 43 9.00 Common and medium ........ 0.5090 7.75

Medium and choice Cull (70 IDS. UP)..c.vrerareanne

LOCAL CREDIT MEN 930 N. Meridian St.—Open fo 6 P. M.—Sat.,

mE CLOSED ALL DAY SUNDAY,

2 RYE FUTURES DROP

Kubner Packing Co 48 54 ..... 87 oe Rabe Begs 4 ater orks sen ansis Berv 38 13 .o.oes0.101% 03% 8 08 ..... sesnense : Pub Serv of Ind 3%s T3.....0+ 1 Pub T 3318 Bune 103

3100 More Arrive Today at Prices Steady.

; stockyards reduced to 7000 and fresh. arrivals amounted to

market. Receipts also included 400 cattle, 450 calves and 75 sheep.

— GOOD TO CHOICE HOGS (3100)

120- 140 pounds ............. [email protected] 140- 160 pounds ... vv [email protected] 160- 180 ase [email protected] 180+ Te 123013.00

270- 300 pounds 511.25 300- 330 po . [email protected] 330- 360 pounds . . [email protected] 360- 400 pounds ...sceeeesei. [email protected] Good—

400- 450 pounds .....eceseees [email protected] x 450- 500 pounds ..c.eecerceee Lege 250- 450 pounds .......co0ee. [email protected] Slaughter Pigs

90- 120 pounds

cresassnsane

700- 800 pOUNdS ...coevcvevee 900-1100 pounds ..

sretenctane

sessestesenaes

ns 16.00 [email protected]

700-1100 pounds .....e00p0s.. 13.75

14.78

700-1000 pounds ....... seseee [email protected]

800-1000 pounds .....ceeveees [email protected] 600- 800 pounds ¢...ceeveeese [email protected]

600- 800 pounds 800-1000 pounds

sesesscssaess 13.78 Severin 13.7%

14.75 14.78 500- 600 pOUDAS ...eoveceece. 1LT5@1T6

500- 900 pounds .....ceevenne [email protected]

. Bulls (all weights) Beef— 3 Good (all weights) ......... 12.00913.00 Sausage GOOd ...coveervrenpene eoiine [email protected] Medium ....oceevsranes eense [email protected]

Cutter and common........ [email protected]

cetevrinuneet [email protected] [email protected] ee 8.759 8 CALVES (450)

Vealers (all weights)

16.00 10.00915.00 9.00011.25

Feeder and Stocker Cattle and Calves Steers

500- 800 pounds [email protected] 800-1050 pounds ...cessess... 12.50014.00

500-. 800 POUNAS ..cecssessss. 11.00812.50 |S 800-1050 pounds [email protected]

cesessannennne

iissssrseanreanteaen

esse tests

um-—-— 500-1000 pounds e.eceevecese. 10.00011.00 Common 500- 900 pounds ............ + [email protected]

Good and Choice~

500 pounds dOWD ..eceseeecee [email protected] Medium— 500 pounds down ............ 11.00913.00

500 pounds dOWRD ....ee0... . 12.00Q14.50

500 pounds down 10.509 12.00 SHEEP AND LAMBS (75) Ewes (shorn) and choice

LAMBS

bene «se [email protected] Medium and good ..ucv.vveene [email protected] 6.00@ 9.50 [=

L. C. Sparks, credit manager of Standard Oil Co. of Indiana, has been elected president on the Indianapolis Association of Credit Men. He succeeds R. O., Bonner, credit manager of L. 8. Ayres & Co. C. D. Alexander of Bemis Bros. Bag Co. was named post-war business committee chairman. Other officers are J. G. Martin, E. C. Atkins Co, first vice president; L. M. Burnette, Pitman-Moore Co., second vice president, and Roy Sahm, Bessire & Co., treasurer. Directors are Mr, Alexander, Mr. Bonner, L, B. Davis of the Perfect Circle Co., Maurice D. Fields of Central Rubber & Supply Co., William C. Grauel of Merchants National bank, F. J. Hamerin of Lilly Varnish Co, Mr. Martin, Mr. Sparks and J. E. Stilz of Kiefer-Stewart Co. Holdover directors are William P. Flynn of Indiana National bank, Walter J. Hubbard Jr. of American National bank, J. C. Moore Sr. of

‘| Stokely Bros, & Co. G. C, Klippel

of Van Camp Hardware & Iron Co.,

:*|L. M. Huesmann of Central Supply

Co, A. W. Macy of Indianapolis Glove Co., R. B. Stokes of Banner-

ges of Fletcher Trust Co., Mr, Burnette and Mr. Sahm, 2 Approximately 40 members of the Credit association will attend the

16 to 18.

ON LIQUOR DECISION

CHICAGO, May 5 (U. P.).—Grain futures reflected a somewhat easier tone by midsession on the Board of Trade today. At 11 a. m. wheat was unchanged to off %; oats unchanged to off %, and rye off % to 3%. Interest in rye continued to center in May delivery which reached the highest level in three months

..| yesterday, Good buying developed

in July, and some selling took place in May against buying of deferred

son, war that alcoholic beverage production

'| would not be likely for at least three

or four months contributed a bear-|= ish factor, # |=

a dio Corp. of America before a Local Stockyards; Society of American powerful than an 3

The holdover hog supply at the| ordinary microscope, is greatly today was| simpiified in design and plugs into

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