Indianapolis Times, Indianapolis, Marion County, 18 July 1945 — Page 10
BIL INTRODUCED 10 PLUG TAX GAP =: sem mass
Move by Rep. Geelan Aims at Capturing $200 Million in|
Taxes From $800 Million Profits Made by . Wealthy Refugees in U. S.
By HENRY
J. TAYLOR
Scripps-Howard Stay Writer
NEW YORK, July 18.—
tax laws by which some 250,
A bill to plug the ophole in
capital gains taxes in the U. S., has been introduced by Rep.
James P. Geelan (D. Conn.).
The bill aims at capturing some $200 million in taxes
from an estimated $800 mi which non-resident aliens and |
refugees, mostly here on extended visitors’ Ress, nd to have gleaned. Furth would make their tax ly , tive to 1940 and direct the treasury’ to collect. Non-resident aliens have Played] our rising market on a scale not ‘seen since 1920, By giving their official residence as any place from Panama City to Purfiab, they avoid * tax payments to the U. S. on profits that would cost an American citi-
Zen from 25 to 80 per cent’ in
taxes, nn»
FURTHER, THEY send their American-made money home and profit again on their own depreci-
ated currencies merely by telegraph- | ing foreign banks to transfer their funds a certain way. Under section 211 (B) of the internal revenue code a non-resident! alien may engage in stock market) stransactions and, provided he does] not maintain an office, be specifically exempt from our capital gains tax. If he buys and sells an automo-| bile, a building or a set of gems,| the treasury may catch up with] him and construe his profit as tax-| able. But if he makes his profit] on a securities exchange he has the loophole in his favor.
Investigation indicates that many |:
officials in the treasury, the foreign | funds control office, the bureau of} immigration and naturalization, the! New York Federal Reserve bank! the Securities & Exchange commis- | sion and internal revenue bureau. believe Congressman Gleenan is right, . ‘ » » r CONGRESSMAN GEELAN'S bil however, languishes in the house ways and means committee. Unless action is taken soon thousands of non-resident aliens may leave "the U. 8. before taxes on their market profits can be captured. Congressman Geelan said that it is only since he introduced his bill
on May 7 that the treasury has.
stirred at all; and then only among its internal revenue field agents and not in the difectioh of helping to plug the loophole. i “This tax avoidance by relugess has existed on an immense scale for over five years,” Mr, Geelan stated, “and nothing was done about it. Now the treasury says it can handle the situation under existing legislation although it does not claim it can reach non-resident aliens’ stock market profits because they were specifically exempted—no one seems to know why—in the 1936 act.” The 1836 non-resident aliens, presumably here on short visits, were . exempted as “not engaged in trade or business in the U. 8. and not having a place of business therein.”
y x = ! THE TREASURY does not oppose Congressman Geelan's bill
Commissioner of Internal Revenue whisky or other alcoholic beverages] of beauty supplies, etc.
Joseph D. Nunan appears determined to proceed as far as he can whether or not the bill is passed. | His bureau's official] position that many refugees may not qualify for exemption merely by operating from hotel suites and having no|offices. His field agents propose to| disallow many exemptions. They will levy taxes back to Jan. 1, 1940, against any non-resident alien whom they find “earned compensation for personal services, participating in commercial or industrial | activities or bought or sold property. In answering that Congressman Geelan says: “There is no major relief to American taxpayers in this. The | treasury itself admits it cannot be | sure to capture capital gains taxes! made on securities exchanges, Ref- | erences to property bought and sold | sound as though this would apply to stock market operations. - But as profits from such sources are spe- | cifically exempt, that 4s the loop- | hole.”.
MOST STAT STATE CROPS IN GOOD CONDITION
Well-timed showers stimulated | crops this week, the weather buregu’s weekly crop report stated. Despite these and low tempera- | tures, abundant sunshine allowed | hay- -making and grain harvesting, | it said. Wheat is in excellent condition and harvesting is in full swing, and | oats are good and c tting has be- | gun, Corn is now owing well. and is in good condition, and soy- | beans are also doing well. Early tomatoes are fair, but late ones are in good condition.
statement
| ! |
Early potatoes are being are |
vested and good crops reported.
‘ Good crops of clover and alfalfa | pos Gea) & Tool com. : are being Js: and pastures?
continue good.
+ INDIANAPOLIS CLEARING HOUSE $ 5,337, $1781.00 |
AA NERR a Ean aaa
are needed
STOCKS Bid Asked | Agents Min Corp com........ T% { Agents Pin Corp pid: .ioees . 19 20 L 8 Ayres 4'2% pid 2.00000 105 Ayrshire Col com sanssanens 18 18'2
illion in stock market profits |
C00L WEATHER ‘MAY RUIN GORN
And That t Mears Fewer Eggs and Pork Chops.
By EARL RICHERT Scripps-Howard Staff Writer WASHINGTON, July 18—Don't | be too jubilant about these summer- | resort temperatures that have made sleeping so pleasant in most places these last few weeks. | It may mean a poor cern crop— {and that would mean fewer eggs and pork chops next vear than would | have been the case had the weather { been much warmer. Agriculture department officials are worried about the corn crop. Secretary Anderson had ordered & plan of action drawn up by Aug. 15 on what to do if the crop fails for if an abnormal percentage of it lis soft corn because of excessive | moisture. “We'll know by the middle of | August just how good or bad the | corn situation is,” one official said. The July 1 estimate was that the | country’s corn fields this year would | yield only around 23% billion bushels; | approximately 20 per cent below last year’s crop. Since that time, the weather has been so unfavorable in the corn jeountry, averaging nearly six de{grees below normal, it seems doubtful that the July 1 estimate will { hold up. “We will need good weather the rest of the summer and fall.” Secretary Anderson said, “to reach the yield indicated on July 1. “And it will take miraculously good weather from here on to give us a big corn crop this season. . - . The size of this year’s crop will determine: to. a large extent the amount of meat, milk and eggs we can have next year.” ‘Feed Wheat’
The weather was bad from ‘the | start “of the “season: wey 4s His year'srcorn €rop is concerned. Excessive rains at planting time resulted in a 5 per cent reduction in total acreage planted as compared with last year. Because of the present poor corn outlook, Mr. Anderson says that| future plans for hog production must be based largely on feed grain already produced. He said he endorsed the recommendation of the feed industry council that a “feed wheat” program be reinstated to make up for prospective corn shortage.
000 non-resident aliens escape |
landing field at 12:15 p. m,
By JAMES K. CHANDLER NEA Staff Writer
CLEVELAND, July might as well know now that your
18.—~You
out-dated. ; After the war, thousands of air{minded Americans will fly to “aire trail inns” especially designed for | their convenience. Here is a pre=|. view of the new type of country inn, where you can get well-cooked meals away from the clangs, rattles and beeps of city traffic. i » ” » ONE OF THESE inns already is in operdtion, serving private flyers who put their planes down upon a new landing strip that Park and Iva Ernsberger built upon their 120acre farm, five miles south of Norwalk, O. “Let's go to a quiet, cool place] provided, (for lunch,” C. W. Grove, president| THE RIDE was cool and refreshlof a Cleveland savings and loan as- | ing. The Ernsberger's’ place was j sociation, suggested when I met him | cool and quiet. lon the street. | “There isn't any
cooked lunch on the farmhouse's|
countered, | flying to Mr. Ernsberger, a licensed | I know better, now. pilot. Other patrons taxied up to We left Cleveland airport in! the house as we ate, | Mr. Grove's dual-control Rearwin |
“We just opened up June 15.” |“Cloudster” at 11:50 a. m. and we| Mr. Ernsberger said, “and we served rolled smoothly down the north 115 meals the first two weeks. A | strip of the Ernsbergers’ T- -shaped | week ago last Sunday we had 11 planes in here at one time.
Willys Displays Post-War
Jeep, Now in Production
By JOHN W. LOVE Scripps-Howard Special Writer TOLEDO, O., July 18—~The post-war jeep for civilian use is being unveiled by Willys-Overland as a car of many specialties. Here and at New Hudson, Mich.,, news men are being shown its performance as light truck, light tractor, power unit and utility vehicle. The re-styled jeep looks almost exactly like the famous army scout car, except its color is beige. A number of mechanical changes have been made and accessories added. Willys-Overland is out months ahead of competitors with its post-war product. The company is turning out eight civilian cars a day in Toledo, along with several hundred military jobs. It expects to make 20,000 jeeps this year. Output will be stepped up next week. ” 5 ” = » Ld TECHNICALLY THE JEEP is known as a quarter-ton truck four by four, meaning four-wheel drive. built with power on all wheels. Close up, it looks like a junior station” wagon with tractor tires. Farm implements or a trailer may be attached or power taken off a shaft or pulley at the rear.. Seating is arranged as in the army car, but is softer. The three-speed gearshift lever has been moved up on the steering column, but levers in the floor apply the power to the front wheels in two speeds. Other changes from the military jeep include a larger clutch, a redesigned steering linkage, passenger car headlamps, a tail gate, windshield wiper and greater rigidity in the frame for heavier pulling. ” ” n » » » THE TOLEDO SHOW emphasizes the sales appeal of the car to the sportsman, builder and oil man as a traveler over rough _ terrain impassable to most automobiles. At New Hudson the jeep was shown as a tractor and power=: unit on Cesor farms of Charles E. Sorensen, the former Ford production genius, who became Willys-Overland president a year ago. There it has been handling farm tools in 27 ordinary operations, Including plowing, discing and cultivating. It's speed may be as little as three miles an hour continuously in the farmer's work or up to 60 when his boy goes to town.
It's the smallest car ever
This corn crop picture, of course.|
isn’t rosy for distillers either.
“I have already reached the conclusion,” Secretary Anderson said, | “that no corn can be spared for |
until we are sure that all our feed
needs can be fully met.”
And the weather will have to
is | {change its attitude considerably if = Penns Voronin st.
[ that is to be done.
estate rental. Meridian st.
Dithmer Jr., Pe Sathmer ave,
2775 Hogs and 625 Cattle
ge an Busineerie Mate Brig. Gen. Leonard P. Ayres, vice rial” wil iscussed by | president of the Cleveland Trust representative, at the noon meet- measured in yields were nearly as ing of the Scientech club in the {high as in 1929 when the greatest climax, NEW FIRMS AND Ayres, in the company’s business : PARTNERSHIPS the 12 months of 1929 showed prices {of- all dividend-paying common nois st. Owner and operator of automatic | controlled phonographs and equipment, Stock Exchange were 24 times their In June of this year, Bill's Beauty Supply & Repair Service he said, William L. Staples. | their dividends. 726 Sanders st. Prank P. Kloss, 3519 N.| The banker said that one reason Capitol ave. F W. Jungclaus, 4057 N. out Tred W. Junguiaus, 40; 91 N. rout a great flare-up of speculation manager or. agent, 2000 bond prices are extremely high and | bond yields correspondingly low. offered better returns than the bonds.
Scisntechais CLEVELAND, July 18 (U, P.).— Northam, E. W. Camp Plywood Co.|c, cajd today that stock prices Claypool hotel Monday. lof all bull. markets reached its bulletin, said that an average for Hoosier Simplex Music Co., 2062 N. Iill-| stoops “traded on ‘the New York etc. Henry J. Windt, 3301 N. New Jersey | dividends. th i y 20g uy Suply & Repair Service e prices were 23.5 times Belt Realty, 2000 Northwestern ave. Real WHY Stock prices were so high withMinor Realty Co. H. in the present bull market was that Even at present prices, the stocks Ayres said that it also was true
Received at Yards Today, uz me vides now veins pi
Hogs that totaled 2775 head coasted along about steady at the Indianapolis -stockyards today, the war food administration said. Cattle amounted to 625
rounded out about steady. Vealers closed strong to 50 cents higher .on the 500 received. The 525 sheep and lambs received remained steady.
LOCAL ISSUES
Nominal quotations furnished by Indi anapolis securities dealers:
and
Belt. R-8tk Yds com. oo ievens 31% 3 EY Belt BR Stk Yds ptd.. 83a .e Bobbs-Merrill com .. ....ecne 8a | Bobbs- Merrill 4%% bid. esa 65 {Central Soya com .... vies 38% 3TY% Circle Theater com ........ 57 Comwith Loan 6% pfd........ 108% 108 {Delta Elec com .. ......... 14 15 | Electronic Lab com .. 5% 5% Ft Wayne & Jackson RR pt.. l 95% 09 Hook Drug Co com , 1813
Home T1 Mt Wayne 9% ‘pt’ 51 *Ind Asso Tel 5% ptd ...
Ind & Mich E 4'; ptd ....... 10813 110%; Indpls (P- & L ofd fair 114 116 IIndpls.P & 1. com. . ...ouusiies 24, 25% Indpis Railways com ......... 8 19 Indpls Water pto sees 308 ve Indpls Water Class A com 19% left Nat cafe com 15 | *Kingan & Co pid... nn 75 | Kingan & Co com 4% |
Lincoln Lean Co. 5%% pid... 97 101 { Lincoln Nat Lifé com vo BH] P R Mallory pid .... {P R Mallory com ... Mastic Asphalt Ind Pub Serv 59% Pub Serv Ind 57% | Pub Serv of Ind com.......... gress Laundry com
580 Ind G&E 48 Stokely-Van Camp pr ‘pt | Terre Haute Malleable iU 8 Machine com.:.......¢ "ai {United Tel Co A% .......... {onion Title com .....,+ .iis54
BONDS
American Loan 4's bb Buhner Fertilizer bs v4 .. merican Loan 4'5 60
h of Com Bldg 4'28 61....... mn Citizens (no lel 1%: 61 Solumpia: < Clb 1 5s
Consol . Ind Asso o Tol a 3148 10 Indpls P | s 10 ve Indpls, Rati = Co 5 57 ,
| pared with the current earnings of the companies paying them. He said the corporations were prudently - building up their working capital torhave adequate funds for use in reconversion,
” x = GOOD TO CHOICE HOGS (2775) 130- 140 pounds [email protected] 140- 160 pounds [email protected] 160 pounds up 14.80 Medium— 160- 220 pounds : : Packing Sows Good to Cholce—
. 13.235@147
270- 400 POUNAS ..vucrissens 14.0% ] : Sh Hu MANY NATIONS F PLAN 400- S00 POUNAS ..éecenvsnne 4. Moditiptes © FOR SOUND MOVIES 350- 550 pounds .....c..ce0 [email protected] Slaughter Pigs CAMDEN, N. J., July 18 (U. P.) — Medium to Good— Many nations are planning an ex90- 120 pounds ++ [email protected] | tongive use of sound films as a CATHIE (628) modern source of information. D Stee : i : Cholce— ers W. Lansing, recording - sales man700- 900 pounds - [email protected] ager. of the R. C. A. international
ve [email protected] | 40 is . 18 g17 go division, stated today.
16 [email protected] | Stating that the war has shown
90051100 pounds 1100-1300 pounds ... 1300-1500 pounds Good
700- OU POURS ....eeiieis. 130gentn -. the value of sound. film for many 000-1100 POUNAS +2 rvsrnserns [email protected] | purposes, & 1100-1300 POUNAS ++ .vrvnsrsres [email protected] P Po Lansing said that minis-1500-1500 "DOUNAS +uvvussninn 15.25 16.00 | ters of various government agencies
Medium 700-1100 pounds 1100-1300 pounds
13.1518 25 | °T® NOW laying plans for the use [email protected] | Of sound motion pictures: for [email protected] cation and training, and to aid in
(oo. Jie paynds Heif programs of 1 hotce— eifers employment and inter-00-800 POUNAS ..........s.. [email protected] 300-1000 Donnas . Bain national trade, 000 . ————————————————— 600- 800 AS ssveecrtanece 14.50@ 15.4 800-1000 pounds ..1.eeeeire: 1478@1880| NAME SALARY STABILIZER Medium 300-90 900 pounds ...... ies [email protected] a SHINGTON, July 18 (U. P.).— rn de WUDAR vs: sserions 11.00013.00 evenue Commissioner
Cows (all weights) Joseph D. Nunan Jr., has appointed
THE INDIANAPOLIS TIMES Post- War Scene May Bring ‘Air-Trail Inns’ .
~Mectings - Shs. YIELDS |
For hungry skyfarers wha drop down from the heavens to dine at “air-trail inns,” parking areas like this one at Ernsberget’s are 20d ®#lthough an above-average
“They fly in from Oeveiany, Toledo, Columbus and Sandusky.
We ate a home-| expect they will come from
places after we have had a chance
such. place,” 1 wide, screened porch. and talked | to advertise a little.”
Mr. Grove and I lolled on the| porch for a while after lunch’ (we
| were lucky enough to get steak),
then went back to his plane, We were back in town in time to do a full afternoon's work midst the clangs, rattles and beeps of the
| city.
{PETITION I. C. C. IN
RAIL RATE FIGHT
BOSTON, July 17 (U. P.)—The six New England governors today had petitioned thé interstate commerce commission for- reconsideration of its North-South freight rate decision increasing northern class rates 10 per cent. The governors said in their petition that the recent decision was made “solely for the purpose of obtaining rate uniformity without regard for public interest in maxi-
mum transportation at minimum cost.” *i i.
Good 1 nei | Ww: A Galishar deputy commissionium - @ {er In Cutter and Common . «. [email protected] | Charge of salary stabilization. | Canner 6.18 7.75 Te Beef Bulls an weights) | Good (all weights) . 13.00@ 14.25 ? Sausage | W Good .. [email protected] | a er MOGIUM. reo iii sgenene [email protected] | 2 Gutter and common . |. ./.. [email protected] CALVES (500) Vealers (all weights) | Makes the Room «+. |Good and choice ... ......v.. 16.50@ 17.50 : . fCommon = and medium. 100001650 3 ’ «| Cull 5.00@ 9.50 | Feeder and Stocker Cattle and Calves | oom 0 S Clo ’ Steers = 800 pounds *.....\. L000 [email protected] | p— we 2201080 pounds '....iivieies [email protected] | Attractively Low Priced soon | GOOd~ { 3%0- S00. pounds - .......ov.s [email protected] 500- 800 POUNDS +.vevsren.ss 12,[email protected] Also a fine selection of Meditm V 1. BETTER ‘WALL 500-1050 POUNGS «yasivsssnss 10.2513.00 | PAPER moderately nmmon —— 00-1000 ea 25] ’ POURS 75a1035 18 priced.. Come’ in-and see VED eers) | ood and chotee— | our hundreds of pat: ~500- 900 pounds ............. 14.50%. 18. 500.900 p %aiso0 | terns. ; 50C pounds down .. cove 12,506 14.50 | ; | 13008 una cits (Heifers) D : p + i + nd chojce— : " Rod pounds GOWN .a..iiiane 1400a1050 u on ra n : edium = / |. 500 pounds OWN. 3 o.isies " 1 8814.00 i SERVICE STORE ” | SHEEP (528) Ewes (shorn)
LABOR I$ BIG. “FARM WORRY
But Fields Will Be Cleared, ~ Says Kohimeyer,
The main harvest problem facing Hoosler farmers today remained that of farm labor. The problem, however, was not as dificult as most people have been led to believe, according to J. B. Kohlmeyer, Indiana emergency farm labor superysor,
sity that the labor situation in In- | diana could not be termed “critical”
| Vield of corn and small grains was | predicted for the season, no field would go unharvested due to the shortage of help.
Pool Facilities { The number of year-round vol|unteer workers recruited by county | agricultural agents up to July 1 to | work on Indiana farms was smaller { this year than last, Kohlmeyer ex- | plained. Most of the farm work thus far has been accomplished by farmers pooling their facilities and manpower in their individual communities, he said. Kohlmeyer also gave credit to a large number of teen-age boys and girls who have volunteered their services to help reap the Hoosier harvest. * Tomato Trouble
The only serious labor shortage trouble Kohlmeyer could foresee was in the approaching tomato harvest. Mare than 6000 men, women, boys and girls will be needed in the tomato fields, he said, and a large percentage of these workers still were to be found. The war department -has allotted 2750 prisoners of war for Indiana to be used .in crop harvesting. The prisoners wil be used in areas in which there are permanent military installations, and new establishments also are being set up for them in the larger agricultural distriets,
Kohlmeyer said at Purdue univer- |.
Spe California As Detroit Rival
SAN FRANCISCO, July 18 (U. P). — Joseph W. Frazer, board’ chairman of Graham-Pdige Motors Corp. predicted today that an expected expansion of the auto industry .in the San Francisco bay area after Japan's, defeat may see California rival Detroit within a decade as an automobile manufacturing ‘center, Frazer said. that the bay district offers exceptional opportunity to auto makers because .of its adequate skilled labor and the far-sightedness of engineers and designers, Convenient shipping facilities, Frazier added, would permit autos to be shipped. by water at low cost to the East coast, to the midwest via the Mississippi and Missouri rivers, and to new mar= kets abroad.
STATES WIN TAX FIGHT WITH ODT
WASHINGTON, July 17 (U. P.) = Indiana is among the Middlewestern states today that had won a victory over the office of defense transportation in a fight to collect taxes on government-seized and operated truck lines. In finally approving funds for 17 war -agencies—including ODT-for another year, congress gave ODT $7,350,000, but with a provision that in operating any commercial railroad or truck line the agency must pay whatever licenses, fees and taxes the line would have paid under private operation. The complaining states besides Indiaha, were North and South Dakota, Minnesota, Iowa, Missouri, Kansas, Nebraska and Illinois,
REPORTS MAY INCOME NEW YORK, July 18 (U. P.).— The Western Union Telegraph Co.
of $16,311,622 against $16,007,392.
There's been a great upsurge in Long Distance telephone calls since V-E Day. _ Often there are delays even on calls Is to near- by points. Thousands of calls for veterans returning from long service overseas and the faster tempo of the Pacific War are adding to the rush at the Long Distance switchboards.
_ WEDNESDAY, JULY 18, 1945
today reported May net income of | $1,066,022 compared with $551366| opposed solidly by organized labor in the corresponding month last | year and gross operating revenues!
WLB STRUGGLES [WITH NEW EDICT
Law Exes .f Processors :
From “Jurisdiction.
WASHINGTON, July 18 (U. P), —Economic Stabilizer William H, Davis and war labor board members today sought a method of handling wage dispute cases ir the Tood proce essing industry without violating the latest congressional edict. In passing the $769,364,85N war agencies appropriation bill which President Truman signed yesterday, thé house and senate approved a rider which exempts food process-
ing workers from WLB jurisdiction, The amendment provided that WLB, in determining what constitutes agricultural workers, shall be guided by the social security act's
definition, which exempts most can- *
nery and other food processing em=« ployees from WLB jurisdiction. It further stipulates that WLB shall use noné of its funds to “investie gate” food processing disputes.
May Affect 15,000,000
WLB sources said the limitation on funds apparently leaves it up
to Comptroller General Lindsay C, Warren to decide whether WLB can enter a case in this field. Board representatives, they said, will cone fer with Warren to obtain his ine terpretations of the proviso, Meanwhile, regional boards have been asked to report on the nume ber of food processing cases that would be affected by the order, The Congress of Industrial Organizations estimates that more than 1,500,000 workers represented by the C.I1. 0, A. F. of L. and independent unions alone are affected. The rider was sponsored by Rep, Clarence FP. Lea (D. Cal). It was
but supported chiefly by processors from Texas, California and the Northwest,
We ask your help in avoiding Long Distance calls that-aren’t really urgent, and we ask
Jour Jasin if your wll is delayed. ho
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dainfully say provincial in Mr. Schen to our farm betterment of position is a Raising the much of th will help ther nomically, at American fe belief. “Take the for example, being held,” t! pointed out. There is no only the wes The poor ane
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