Indianapolis Times, Indianapolis, Marion County, 20 October 1944 — Page 18

posals that the government

ported recently to President Roosevelt, would provide a steady and substantial domestic market for machine

war employment in that field. But, beyond desire to see their own industry lifted out. of the feast - or - famine status which it has to often occupied, the ma-chine-tool makers see even greater advantages, some of which Mr, Byrnes also men-

_ logical progress, they assert, can American indusfry in general maintain high employment at high wages, at the same time selling its products at ‘ prices which will attract an everIncreasing number of customers in domestic and world markets. And © technological progress demands | constant replacement of old machines with new and better ones.

. ss =» ONLY THROUGH establishment

[© of new manufacturing enterprises ‘and expansion of existing enterprises, they continue, can a produc“tive economy have healthy growth. And manufacturing enterprises can . neither start nor grow without buying machines. “But present federal tax laws, as administered, actually work against

- Tell Berna of Cleveland, general manager of the National Machine - Tool : “actually ‘work in favor of keeping old and inefficient machines on the Job ”

$ “For example, the treasury has a schedule to guide tax collectors

various types of machinery shall be - depreciated for tax purposes, and this schedule puts the lifetime of a

may be depreciated at the rate of 4 per cent a year, the owner being

fifth of its cost, each yedr for 25 years, from the profit figure on which taxes must be paid.

» Ld x

“BUT A LATHE cannet be used on extremely exacting work, as on a part for an aircraft engine, for _ anything like 25 years. It won't be . ‘accurate enough aftér 10 years, and

better, more efficient lathe is cer‘tain to be “So good business judgment tells the buyer of a lathe that it would be wise to take the tax depreciation on it in 10 years, or seven years, or ~ less, thus recovering part of its cost through tax savings in a comparatively short time, and thus , being better able to replace it when"it begins to lose efficiency or when 8 * better lathe is available. That's the

. costs.

» s #

setting the life expectancy of machinery on a basis of sheer endurance is to ‘collect just as much money as it can quickly—to spread the tax savings that it allows manufacturers over many years.

“It is a short-sighted motive, for it tends to keep American industry below its maximum possible efficiency and to defeat the maximum production, the creation of more Jobs and of new wealth, which would mean greater sources of gov~ ernment revenue each year. “With proper care and lubrication, you can keep a machine tool running after a fashion for many years beyond the life expectancy set up in the treasury’s schedule. But clinging to old equipment just as long as it can be kept running is no way to build a dynamic, expending industrial economy.” Mobilization Director Byrnes’ suggestion to President Roosevelt was that “we should consider the advisability of ailowing manufacturers to depreciate new machinery substantially- in the years in which

Investor Opportunity—

27 Stocks

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Sourae, instead of discouraging, the buying of new and ficient industrial machinery. : Such action, as War Mobilization Director Byrnes re-

the Indianapolis stockyards have

“the buying of new machines,” says|©

Builders’ association. They |Good—

" In seven years, on the average, a|Com

way to keep lowering production |cuns

“THE TREASURY'S motive in| oo. so

{cent a bushel;

_. U.S. Tax Laws Encourage] halle of Obsolete Machings| By ROGER BUDROW

WASHINGTON, Oct. 20.—~American manufacturers of machine tools are, naturally, keenly enthusiastic about pro-

alter its tax policies to en-

such machinery is purchased.” The committee . for economic develop ment has urged that, “within the limits of broad reason, business managements should be permitted to use their own judgment in establishing depreciation rates.” lei let i

HOG RECEIPTS HERE TOP U. 3.

7825 Porkers Brought in Today; Prices Remain Steady.

For the sixth consecutive week,

topped all other U. 8S. markets in the receipt of saleable hogs, the war food administration reported. The hog market remained steady

to 240-pounders. Receipts included 7825 hogs, 675 cattle, 425 calves and 950 sheep. GOOD TO CHOICE HOGS (7825)

120- 140 POURAS ..cvecunsrae 140- 180 pounds .. . 160- 180 i Pounds .

Common to medium .

Feeder and Stocker Catile and Calves Steers

cesssnee esse 11.50012.75 cesvescens [email protected]

cesanns RESAS

cosssaeseses 10

800- 800 pounds 800-1050 pounds

500- 900 pounds Calves (steers) ce—

Good and Chol 500 pounds dOWD .....ev.ee. [email protected] Medium 500 pounds down ........... 9.00011.35 Calves (heifers) Good and Choice— 5.0 pounds dovm ...eeeee «ees 10.50Q12.78 ediu! 500 Pounds OWE iii uiiven [email protected]

SHEEP AND LAMBS (950)

Ewes (shorn) Good to cholee .....iouevsven Common to medium

Good and choice Medium and 490d Common

GRAINS TURN FIRM ON CHICAGO MARKET

CHICAGO, Oct. 20 (U.P.).—Grain futures turned firm after a slightly mixed opening on the board of trade today. Wheat held independently easier, At 11 a. m. wheat was off % to % corn up % to %; oats up % W 4%: Ive Up % WX, and barley up %.

U. S. STATEMENT

WASHINGTON, Oct. 20 (U. P.). ernment expenses and FecaipLy for current fiscal year through 18 pared with a year ago:

Crvann

~—Govthe com-

today with the top at $14.80 on 120]

with your - his Year Last Year Adress and $1 and a Ad. |Expenses ... $28,795,005,300 $26,634,283,251 5 send you this important | WAT Spending 26,079,080, 147 24,704,535,600 analysis. FREE: In addi- |Receipts . 755,816,878 11,487,582,974 tion, we will send you with. | Net. Deficit. ty 039,278,421 15,146,700,276 out cost the next 3 issues |C2Sh Bal ... 11,970,779,385 21,422,813313 of THE OUTLOOK. Forking Pal 11.207 901,157 20,660, 106,932 Offer open to new readers onl Public Debt. 211.314.744.285 168,627,040.636 ¥. only Gold Reserve 20,728,033.992 22,135,417,501

Standard & Poor's Corporation

845 Hudson Street New York 14, N.v.| INDIANAPOLIS CLEARING HOUSE (446-70) |Clearings .......c.covensienssans $ 5,650,000 Debits .. 16,825,

OUT-QF-PAWN

Men's SUITS &- TOPCOATS SAVE—BUY BONDS

Hundreds to Choose ¥ them om

post, oe br su.

Clothing,

The cHicaco

EL. WASHINGTON ST.

on Everything! % Diamonds, Watches’ Musical Instruments, Cameras

The pinwheel fixture pictured above is

idea of the cabin’s great size.

being used to speed pro-

duction on three of the huge fuselage sections (two of them are pressurized) and the outer wings for the powerful new Boeing B-29 Superfortress, being made at one of the Hudson Motor Co. plants in Detroit. Bulkheads for the pressurized cabins shown being made give some

Air Priorities Will Remain WASHINGTON, O¢t, 20 (U. P.). Government officials said today there is no hope for early relaxation of the airline priority sys-

tem and that civilians traveling

on non-essential business will |homes

port command said there was no basis for rumors that priorities would be lifted because an increasing number of planes were being returned to the airlines,

DELAY VETS HOME LOAN APPLICATIONS

WASHINGTON, Oct. 20 (U. P.).— It will be two or three weeks at least before veterans can apply for government- guaranteed loans for

because the application

Issuance yesterday of regulations concerning the loans, authorized by the rights,” should not mislead veterans into believing that the loans are immediately available.

which were “G. I. bill of

WAR REPORTED]

: Survey Shows Earnings for|

August Dropped 0.2% - From July.

earners in manufacturing Industries

| for August Seclined slightly from

July for month-to-month

{drop since y uary, 1940, the na- | tional industries. conference board

The board, in a survey of 25 manufacturing industries, disclosed that average hourly earnings in August amounted to $1.07, a decline of 0.2

- {per cent from the previous month.

The $1.07, total stood 4.9 per cent above August, 1943, and 41 per cent above January, 1941, month of the Little Steel formula. The depression low was 45 cents in June, 1933, However, weekly earnings in August were higher, amounting to $48.80, af increase of 0.1 per cent from July and a gain of 5.7 per cent from August last year. “Real” weekly earnings, which measure the quantities of goods and services that can be purchased with dollar week~ ly income, rose 0.1 above July and 3.2 per cent above a year earlier,

Jobs, Payrolls Decline Man hours, employment and pay-

the first time since last March, living costs of wage earners and lower salaried clerical workers declined in September in a majority of the 63 industrial cities surveyed.

; NEW YORK, Oct, 20 (U, P).— | Average hourly earnings of wage

rolls declined from July, but hours:

There were declines from August,

: |Blough Predicts Tax Cut as Needs Decrease

. By ELMER C. WALZER' g United Press Financial Editor NEW YORK, Oct. 20.—Wall Street, period, anticipates a bullish factor in tax reductions. - One commentator notes that “once the prospect that some tax re{visions will be carefully considered after the European phase of the war is ‘successfully concluded, pivotal and other seasoned industrials seem to us likely to enjoy a greater measure of bullish attention over the inter-| mediate term.” The financial district. was interested in the address of Roy Blough, director - of the treasury department’s division of tax research. . Speaking before the American In- Philadelphia stitute of Accountants meeting at St. Louis, Blough predicted that it will “be possible to make some tax

CITY DEPARTMENT STORE SALES RISE

Indianapolis department store sales for the week ended Oct. M rose 23 per cent over the same week

cent over the same period in 1943 and a gain of 13 per cent was shown for the four weeks ended Oct. 14 over the corresponding weeks last year. In the district as a whole, department store sales for last week were up 20 per cent over the 1043 figure. For the two week, ended last Saturday, district sales increased 20 per cent over 1943 and rose 15 per cent from last year for the four weeks ended Oct. 14.

FLOWER GROWERS

A meeting of the commercial flower growers of Marion county, to study plant diseases, will be held at 1:30 p'm. Tuesday at the Smith ‘and Young Co. Dr. Charles T.

to come,

out promise of further reductions a favorable factor for the stock market which likes always to

that also is seen as a highly favorable factor marketwise if it is accomplished after the war. * Businessmen hope that in addition to tax reductions there will be a cut in the number of reports they

Post-War

Joking shed to the prt-ver

NEW YORK, Oct. 20

have been $47,000,000

corporate managements

drive, Nov. 20.

Corporations Push Public Sferings Before 6th * War Loan Drive.

@. P)—A

aggregated $348,774,280 and in 1943, due to heavy gift buying|recede in the post-war era. included $15,000,000 in bonds of ihe for service men, according to the| Ie said tax simplification will be! Commonwealth Edison Co. of Chieasier after the war “when reduc-|cago, the second largest fiotation in weekly report of the seventh fed-|yiong are being made than during|the history of the SEC. The Chie eral reserve district. the war when revenue requirements|cago utility bond issue was topped 4, For the two weeks ended last|are so high.” only by the $233,000,000 blocks of @ _ base Incidentally, the committee tered Saturday, city department store » th onibonds registered with the commissales showed an increase of 31 per|federal taxation of the institute of|sion in 1941 by the American Teleaccountants ‘warned against exces-|phone & Telegraph Co. sive initial federal tax reductions| Last week's financing totaled “made on the basis of over-opti-|$26,144,375 and a year ago amounted

Total offerings this week would

larger, had

not Wabash railroad directors re-

its block of

continue to get “bumped Off” |planks have not. yet been printed, Worked ingrensen. look to the future, Jestes a single bid Rr lanes for an indefinite period. « istrati Under the committee plan, the bon that amoun A spokesman for the air trans- a administration oMelals) uu. 'poard alse reported that for MEETING SCHEDULED budget would be kept in balance and| The week's unprecedented volume

of new financing followed a rush by

to complete

new financing programs in advance of the start of the sixth war loan

Since Alig. 1 this year new secur-

LOCAL ISSUES

Nominal quotations furnished by anapolis securities dealers.

Agents Fin Corp com ..eecusess Agents Fin Corp pfd Belt R Stk Yds com Belt R Stk Yds . Pid sesensnnns Bobbs-Merrill ¢ . Bobbs-Merrill oh pfd . Central Soya com Circle Theater co

Hook Drug Co. com ... ome T Pt Wayne 7% *Ind Asso Tel 5% pid

casera erans veessanssnna

Progress Laundry com .. Rose Gear & Tool com

*So Ind CG & E 48% o.oo. . Stokely Bros br pf . rave 18% United Tel Co 5% e 3 Union Title com NDS . 28 Algers Wins'w RR 3% . ases:100 cabs American Loan 5851 ........, 98 101 American Loan 5 46 .... 101 Ch of Com Bldg 4'2s 61 , 90 Citizens zoe Xe 4%s 61 . 106 Consol Fin 68 50 ........ 101 Ind’ Asso Tel *co 3s 20 .cesesid08 Loins Indpls P&L 3%s 70 ..... 109 Indpls Railways oy 5s 67. 83 Indpls Water Co 3%s 68 10! 109% Kokomo Water Wks 5s 58 ....106% ..... Kuhner Packing Co 4s 54 .... 89 102 Muncie Water Works 5s 66 ..108 ..... Ind Pub Serv 3%s 13 ...... 104 105% N Ind Tel 4%8 85 ... ........ 88 91 Pub Serv of Ind 3%s 13 ...... 105 106% Pub Tel 4%s 55 .............. 100 103 Richmond Water Jit 5s 57. 103 wesw Trac Term Corp 58 57 ....... 94 U 8 Machine Corp g B33 seer pH Joa *Ex-dividend. Leghorn hens,

Heavy breed hens, 22e. 18¢c.

Broilers, fryers and roaster, under § lbs, white and barred rocks, 25¢; colored springers, 23c; leghorn springers, 3lc. Old roosters, 14c, Eggs—Current Taceipts, 33c; Grade A large, 44c; grade A medium, 40c; grade A small, 26c. No grade, 33c. Butter—No. 1, 50c Butterfat—No. 1, 40c; No. 2, 36¢.

MINES 85 PER CENT IRON | WASHINGTON. — The Lake Su-| perior iron ore region normally pro=| .

duces 85 per cent of the ore mined in the United States.

Shotguns, Ete.

JEWELRY [YS

GET CASH IMMEDIATELY

= IL

ovat es

In your community, too, trucking " regularly boosting business _ raising living standards for everybody

URING the depth of the depression, fishermen of Gloucester, Mass., discovered that a fish, called the redfish, was not only edible . . . its fillets were delicious! But because redfish had always been thrown back into the sea, New England would have none of it. A distant market was needed —where redfish fillets could be judged on taste and healthfulness alone. That meant fast, economical transporta-

tion. . SH $4,500,000 CATCH Trucking got the job. For here was an indepen: dent freight-cartying system capable of direct, door-fp-door deliveries a Runised, of a thousand miles from home. : Result—in 1943 the value of dish to the boat owners of Gloucester totalled $3,620,000, and to

wharf ont $880,000—2a total of Sesion Truly a “gold mine” that did not exist before. | Today, with redfish king, Gloucester is zhriv-

ing. Redfish—plus trucking—created thousands

of pew jobs—built an entirely pew industey, INDEPENDENCE DID IT What happened in Gloucester is happening in cities all over America . . . and will continue to happen, as long as srucking remains ig the hands

Cebiboeh bases see sda dln id

pendent effort. Watch the names on trucks. You know: ‘em all

- - men you meet at Junch or lodge —companies

that grew up in your own home town,

Truck lines are run by men who are con-

tinually expending every last ounce of personal

hor: asd Taira 1 900 up sew Beige 05 ;

ity flotations have aggregated $827, J. 100 Boum N. Y Sto cks Brig. Gen. Frank T. Hines,|in 37 of the cities against increases GTe80FY, Purdue university plant have to fill out for the government. 041.048 and before Nov. 20 the total 220- 240 pounds o . veterans administrator, explained|in only 22, while 4 held unchanged. | pathologist, will be in charge. WAGON. WREAT is expected by Wall Street quarters a a Bounds wet |that the regulations were made pub-| The largest decline was 1.1 per| An open forum will discuss insect to top $1,000,000000, inasmuch as 300- 330 pounds Alls-chal ev pt. High Low [Last Changellic prior to issuance of the applica-|cent in Newark, N. J, and the larg-|and disease: control due to short. ary. na close a tour Chicago $0 market! forthcoming financing includes a a0) pounds Am Loco 22% 21% 31% + Y|tion blanks so that both veterans|est advance, 2.2 per cent in Cleve<{ages of certain fungicides afid in-|elevators peid $1.62 per bushel for No. 1|$100,000,000 issue of debentures of 160 300 pounds ........... i. 13.50014.90| A Rad &8s 8 3 je 13% .-yland the lending agencies might|land. Compared with September, |secticides and the handling of soil|T%e, “nest, Ofer &¢ Ho. 1 rel merle li| American Tobacco Co. as well as : Packing Sows Am T & 163% 162% 162% -- 1 [study them before any applications|1943, costs were higher in 60 of 63|problems caused by fertilizer short-|lbs. or better, rn No. 2 yellow the postponed $47,000,000 Wabash Good to Chotce— Am Tob Bw: Sh Sh Sh + Nloere filed, Acittes. age. rl hg 804 issue. 270- 300 pounds . [email protected] ator 3% 3h 3 — 4 ; : 330. 300 5o 142081498 | Anaconda... TY M% MH... #0 Bounds I ji%egides | Armeur & Co. jh 8 8 CC : oir) pounds HIPS lA Toe. i ie Ri tN * 0 ¢ a hh +N 400- 450 POUNAS ..eveeeseness 14.00014.08 x £0. 350 DORBGS srrsrrrreree: TSoEIROD Ben Ind Loan.. 20 WW ~ Wi Medium— i Borden ........ 34s 33% 3H + WU 250- 550 1350013.7 | Borg-Warner .. 39% 39% 30% — % Caterpillar T . 49 48% 49 + BB Ches & Ohio .. 47 4gh 41 ..._ + 11,[email protected] | Curtiss-Wr ... 5 8% 6 x : Douglas Alre M% Tk MN% — % Du Ea i181 186% 186% — 1% n ectric Ys Ys ean “er a 1150 rl 52% 52% BY .... ++ [email protected] En Hh RIL 3% x % oun: / 7 1300-1500 pounds .......1ss.er 16.75G1835 Ind Raven 0 said swe = 0 700- 300 POUNAS ..vu.eirssess 12.76016.50 arvester.. 19% ; ho 900-1100 pounds ... a 13s@leso|Jonns-Man ... 99% 99); 90% — % 1100-1300 pounds .... [email protected] | Fennecott ec am * " 1300-1500 pounds . MBqlemBl er 2 EB. 20h Jo oe Medium : a sd — 5 700-1100 pounds [email protected] | pockheed Arer. Ng Uh un + 1 rekanarsss iY) ! aoed Murer, z ax 1100-1300 POUNAS ,.susvnssssse 11,[email protected] Martin (Glenn) 2 0 0 + ’ =. Wares a Ve L “sus 700-1100 pounds ........ sens 835@1LO0| wat Biscuit .. 24% 24 245 Tu Heifers Nat Distillers... 36% 36's 36% + % oidenl pounds BBAILI| Der re hes Mn eT seNAa ea vy see 15. Z ver Co ses Z 800-1000 POUNAS +.svruesese.. 15.50016.76 Packard oe 3 3 5 + b - an Pas 31% % 600- 800 pounds .....esceees 1.18132 Penney ........ 108% 108% 108% — 9% Js. 1000 POUNdS .ieaveescens. [email protected] Penn BR conv 30% 8 0% + » od . =." - 900 Pounds ..uueresessn. 10000178 Procter a sm om Fr — IAN sags :ia 6 46 46 -— 800- 900 POUNAS + .1ueirannnss [email protected] | pure Ol |. ... 16% 16% 10% —iv Cows (all weights) Repub Stl 19 19 + Y GOOE ouiis oe asivnsicianayes 102801235 (Reyn Tob B... 32% 1% 3% + % Medium .. i Servel Inc .... 21% 21% 2% — % Cutter md ‘common .... Soc-Vacuum ,.. 12% 12% 123% .... Conner Sid Brands... 200 0m 0% + 1 rands ... go ol dies Be ui oy Nh hk n Ig — 5.3004, (all weights) ......... [email protected](5'9 il o De bw Be Tom Good rar isideresnrn sesescrs [email protected] | TeOR Hy BoB aan reiieees. 180@ 8.50 (2000 gent” Fox! B% Au Bh ry J er... Cuter and common 11...12 4008 130 U 8 Steel ..... 58% 58% 88% — Yi CALVES (425) Warner Bros .. 12 12% 1% — % esting A aa Vealers (all weights) York Corp .... 14Ve 14Vs 14% .... Good to choice .......oeasususe % Zenith Rad ... 42V. 42 43 -—

portunities for you . . . new industries for your

community.

leis up 10 el of us fo fight present monopolistic trends . . . aimed at placing all of America’s transportation facilities under the direction of giant, smpersonal corporations. American Trucking Industry. AMERICAN TRUCKING ASSOCIATIONS

WASHINGTON, D. C.

HOW'S YOUR TOWN DOING?

portation? Talk to your local truck operators and see!

ew Jobe, new wealth. Truckig will concious

and transportation sysiem.

Are you getting the most out of truck trans

od leone ms 21 1 charter a ¢ ros * independent

seri LIVINC

Gen cofl