Indianapolis Times, Indianapolis, Marion County, 13 November 1946 — Page 8
REVEALS DROP
Ideal Fall Weather Aids Quantity, Quality of Most Crops.
WASHINGTON, Nov. 13 (U, P). ~-America’s biggest farm harvest in history virtually was in the bins today. In Indigha, however, the 1946 corn erop shows an estimated decrease of 4,675,000 bushels, The agriculture department said {deal harvest weather in October improved both the quantity and “quality of most crops and boosted the production index three points above the former 1 high. Cotton and ‘cottonseed were the only notable exceptions. The department said that a prospective crop of 3,380,672,000 bushels of corn—the largest on the books— means an all-time yield of more than 165 million tons of food and feed grains, Horn of Plenty Coupled with history's largest deeciduous fruit crop and record or near-record crops of many other farm products, this assures Americans their most plentiful food supplies on record. It also may spur the end of the government's remaining restrictions on grain. These curtail distillers’ grain and limit the production of flour for domestic uses to 85 per cent of last year. The prospective national corn yield tops the former record of 3,208,000,000 bushels in 1942 by about 177 million bushels. The estimate for the United Btates is 3,380,672,000 bushels. The estimate for Indiana 1s 238,425,000 bushels, as compared ‘with the prediction of 243,100,000 bushels on Oct. 1. The new national forecast for most other field crops, including Wheat, is unchanged. “Crops have reached harvest under mostly favorable, almost ideal conditions,” it said. “In fact, killing frosts had not occurred by Nov. 1 in most important production areas—even in the north.” New All-Time High . With small grain crops already harvested, production of the eight small grains 1s expected to top 165,000,000 tons for an all-time record
Oil crops as a group still are hgeing behind last year. The department said estimated overall 1946 production, based, on crop conditions Nov. 1, is three points above the previous record of 1042, and 27 points above the 192382 level, Important factors in this year’s total production are record crops of corn, wheat, potatoes, tobacco, peaches, pears, plums and truck erops and near record yields of
x
THE INDIANAPOLIS TIMES
‘WEDNESDAY, NOV. 13, 1946
d Harvest Gives U.S. Bost Food Supply In Tistery.
of official ceremonies. The jet-propelled P-80, listed as No. 249, was christened at the airport by Butler university's homecoming queen, Marcia Ann Tudor, as Governor Gates, Mayor Tyndzll and a large crowd looked on. An inkling of the speeds to come during the race in conjunction with Cleveland's National Aircraft show came from Lt. Murray's pace in flying here from Dayton, O. He made the trip in 20 minutes. Wasn't Going All-out “But I really wasn't going fast,” Lt. Murray apologized. “I wasn’t near full throttle.” Following . a luncheon at the Columbia club and tour of downtown Indianapolis, - Lt. Murray climbed into the sleek, streamlined plane with this parting shot: “I'll probably be at Wright fleld before you get back down town.” A telephone call to Wright field when the writer arrived at The Times office verified the pilot's prediction. “Oh yes, Lt. Murray's been back here a little while,” the public relations department advised. To Start at Cleveland The “Shooting Star” planes representing five cities will race against time on successive days. First to go will be “Miss Cleveland” on Friday. “Miss Indianapolis” will attempt to better the Cleveland entry's time Saturday and on following days
oats, rice, soybeans, peanuts, grapes cherries and sugar cane. Hay, flaxseed, sorghum grain, buckwheat, dry peas, sweet potatoes, apples, prunes, apricots, hops and sugarbeets are better than average. The department said most fall grains already have been planted and are making good progress which may set the stage for another big grain yield next year.
"| equipped for riding comfort,
Times Entry in Jet Race To Make Flight Saturday
By ART WRIGHT Lt. Arthur Murray will attempt to set a speed of better than 515 miles per hour for 820 miles Saturday when he pilots The Times entry— “Miss Indianapolis"—in a flve-city jet-plane race. The veteran combat pilot from Harrisburg, Pa., said so yesterday a moment before he zoomed away from Weir-Cook airport after a day
will .be Evansville, Cincinnati and Columbus, The planes will start from Cleveland and return to the scene of the National Aircraft show. The takeoff is tentatively set for 11 a. m, Indianapolis time, The running time to fly over the five cities is estimated at one and onehalf hours. Following his run, Lt. Murray will refuel at Cleveland and return to Indianapolis. The plane will be on display at Weir-Cook airport. It is expected that some of the planes will beat the recent National Air races Thompson trophy jet race time of 515.853 miles per hour established by Maj. Gus Lundquist of Chicago. Show Opens Friday In space equal to that of 11 football fields, the National Aircraft show will be staged in the former huge Fisher bomber plant at Cleveland airport. The show opens Friday and closes Nov. 24. The aircraft industry is going “all out” to show the public the latest developments in every type of airplane, instrument engine and part, in a futurama predicting what life in the air will be like. The army air forces will be there with their huge bombers, fast fighters and the death-dealing instruments of war. The navy demonstrate how its men are trained and will display an array of its latest type air-fighting machines. More than a score of late-model personal planes, luxuriously also will be on display.
TRUCK WHEAT
Indisnapolis flour mills and grain elevators are paying $2.03 per bushel for No. 1 red wheat (other Sade on their merit); sorn, new, No. 2 4 oy $1.13 per bushel, No. i white, per bushel; oats, fasting 34 pounds o- Yate 13¢ per bushel; 2 yellow soybeans, 14 per cent mols:
No
: of tunsrals (all ; play room).
Pilot of ‘Miss Indianapolis’ to Aim at 515 M. P. H.
Meet “Miss Indianapolis” . . . The Indianapolis Times P-80"entry in the five-city jet-plane race which will zoom through local skies at better than 500 miles per hour about noon on-Saturday.
REALTORS MAP HOUSING FIGHT
Plan to Go All Out Against Wagner Proposal.
By NED BROOKS Scripps-Howard Staff Writer ATLANTIC CITY, Nov. 13.— Home builders and realty men took aim today at the Wagner-Ellender-Taft general housing bill, prepsring to pull their triggers when congress convenes in January. Sensing victory in their fight to end government controls over building, delegates to the convention of the National Association of Real Estate boards*promised an intensified campaign against the measure they ‘have dubbed the “wet” bill, President Boyd T. Barnard of Philadelphia said the organization would continue its fight on the measure even if its sponsors eliminated the most controversial provision—government rent subsidies for 500,000 homes to be built over a four-year period for low-income families. U. 8. Would Spend $88 Million The bill provides for construction of the units by local public housing authorities, with the government contributing $88 million a year. The measure also provides for a permanent national housing agency, federal funds for research and planning, liberalized federal hous< ing administration insurance for middle-income homes, government loans for urban redevelopment, assistance to rural housing and a system of “yield” insurance designed to attract large investors into the housing field. Mr. Barnard said his entire organization, numbering more than 34,000, would be mobilized to fight the bill. Some 5000 members are attending the convention here. The public-versus-private housing debate was touched off by Herbert B. Scudder, real estate commissioner of California, who told the National Association of License Law Officials private ownership has produced better living conditions for American families.
80P WON'T CUT CORPORATE TAX
Knutson Says Personal Levy To Be Sliced Quickly.
By LYLE C. WILSON United Press Staff Correspondent WASHINGTON, Nov. 13. — The Republican leadership today revealed more of its 1047 tax reduction schedule but ‘still excluded corporations from relief next year, Rep. Harold Knutson (R. Minn,), who will be chairman of the house ways and means committee in the new congress, said there would be two tax bills in 1947: ONE: A bill he described as a “quickie” to effect an immediate 20
come taxes. TWO: A long range tax bill to reduce or eliminate some excise taxes and to deal with administrative sections of the present act.
Talk of One-Day Debate
Rep. Knutson said the 20 per cent bill would be ready for consideration by the house ways and means committee in January. It will be short and comparatively simple. Mr. Knutson and Rep. Joseph W. Martin Jr. (R. Mass.), are confident the house can dispose of it quickly | 1 —perhaps in one day of floor discussion. Martin's opinion is important because he will be the new speaker.
Corporation Taxes Won't Change
Mr. Knutson said no reduction in corporation taxes was cortemplated for next year. He and other Republican leaders have promised a duction. That will require the partments and agencies. The 20 per cent reduction would trim more than $3,500,000,000 from treasury revenue. In making such a reduction it seems likely that economy will bear heavily on the war and navy departments as well as upon others creating a bitter dispute over national defense. Senator Robert A, Taft (R. 0), slated to head the senate finance committee, has joined Mr. Martin
per cent tax reduction on personal incomes. That makes it just about unanimous among the Republicans who will be responsible for drafting 1047 tax legislation.
Democrats Oppose Tax Cut
National defense apparently will have to make the largest single contribution to economy in so large a tax reduction. On that issue President Truman may fire his first veta at the new Republican congress. Mr. Truman and the Democratic party are on record against tax cuts on grounds they would be inflationary and, further, would not be warranted without compensating reduction in expenditures. The administration holds that national defense was held to tHe lowest safe. limit in the present budget. There is no reason to expect the President to recothmend any tremendous further cuts there. In his revised budget of last August, Mr. Truman figured on spending $13,210,000,000 on national defense in the current fiscal year. He estimated personal income tax revenue at $18,367,000,000. A 20 per cent tax reduction based on that figure would amount to $3,673,000,000.
Other Appropriations Listed
National defense would not have to contribute all of the economy. But it is the largest single expenditure and evidently would have to contribute the largest share. The other big appropriation items are: Interest on the public debt.. $5,000,000,000 Veterans’ pensions & benefits 8.208,000,000 International finance . 93,000,000] , Alds to agriculture, subsidies 3 es 000 oo Civil departments & agencies 1,683,000,000 The budget is expected to be “inbalance” by next June 30. That means treasury revenue equaling expenditures, But that expectation is based on maintenance of We present level of taxation,
LOCAL ISSUES
Nominal quotations furnished by Indianapolis securities dealers:
STOCKS
Agents Fin Corp com Agents Fin Corp ptd American States pfd .. American States cl A. L 8 Ayres at on . Ayrshire Col col . Belt R Stk Yds om. Belt R Stk Yds p! . Bobbs-Merrill tn bid Bobbs-Merrill com. Central Boya com ... Circle Theater c ; Comwith Loan 49 fd “se Consolidated Industries com .. ‘1% Consolidated Industries pfd ¥ Cons Fin Corp pid ."M Delta Electric com Electronic Lab com a Fit Wayne & Jackson RR’ ptd " ih
Bid Asked
Herfl-Jones ci
Indianapolis Water pid..... Indpls Water cl A com Indpls Railways com.... Jeff Nat Life com.... Kinganh & Co com .. Kingan & Co pid Lincoln Loan Co §%s ‘ Lincolin Nat Life 8'3 p He ets Marmon- Serithiton com , Mastic Asphalt “es Natl Homes com ..... N Ind Pub Serv 5% N Ind Pub Serv com
om “a Pub Serv of Ind 300% td . Ross Gear & Tool com ...... So Ind G & E 43% Stokely-Van Camp pid . Stokely-Van Camp com . Terre Haute. Malleable .. U 8 Machine com United Tel Co §% Union Title com
American Loan 4's 60 American Loan 4's 58
Citizens Ind Columbia Club i bs .. Consol
per cent reduction in personal in-
balanced budget along with tax re- Good
shrinkage of most government de- c
and Mr. Knutson in indorsing a 20|<
LOCAL LIVESTOCK
Vealer prices neared the 1019 high of $30 today as prices for cattle moved up 25 to 50 cents and vealers gained 50 cents to sell at a top price of $28.50. Hogs rose«$1 to sell at a peak price of $2450 while sheep and lamb prices held fully steady..
GOOD TO CHOICE HOGS (6375) Butchers
+. 23.00(233.50 + [email protected]
pounds .. pounds .
pounds
250. 350 pounds 3 Slaughter Pigs Medium to Good— 90- 120 pounds
CATTLE (1400)
Chole - 900 po 900. 1100 pounds 1100-1300 pounds
i 1006 1500 0-1500 pounds 4.00
30.00 30.00
13.000 122.50
14.004218.00 [email protected]
2p. 3500 pounds -
Noo: 1100 pounds 1100-1300 pounds Common 700-1100 pounds
[email protected] [email protected]
oes [email protected] [email protected]
runny vases [email protected]
[email protected] Cows (all weights)
[email protected] [email protected] [email protected]
800-1000 pounds .. Good—
- 800 800-1100 Pounds Madiuit
Bulls (all weights) Beef— Good (all weights)
[email protected] Bausage— Good
[email protected] A A eA 12,[email protected] Cutter and common [email protected]
CALVES (425) Good and choice . Common and mediu Culls (76 pounds oe 12.00@ 16.00
Feeder and Stocker Cattle and Calves
Steers Choice— 500- 800 pounds
: [email protected] 800-1050 pounds x
16.50@17. @17.50 500-300. Bounds [email protected] pounds [email protected] edinm— 500- 1000 pounds ....e0vi0ie [email protected]
Commo! 500< [email protected] SHEEP (1700) Lambs Choice (closely sorted) Good and choice
Medium and good Common
Good and hop
6.000 7.5¢ Common and medium 5.00@ 6.00
HARVESTER RAISES PRICES ON TRACTORS
CHICAGO, Nov. 13 (U. P.).—The
International Harvester Co. an-!
nounced today a 9 per cent general increase on farm implements and tractors. The announcement said the company had only one 10 per cent! price increase on its products since| 1941 with the result that it “has| been . manufacturing and selling many of its farm machines at a| loss” for a “very considerable period.” :
INCORPORATIONS
The Pligrim Holiness 226 E., Ohio st., stock; Rev, L. W. Sturk, Rev. . H, Neff and others, Realty Development Co. Indianapolis; dissolution, Marion Development Co., Indianapolis; dissolution.
NEW FIRMS AND
R. G. Fieson,
[email protected] | Defic ts . [email protected] | 5
3% [email protected] |
Church Corp, | Indianapolis; no capitai |
BUSINESS COUNCIL i SEES ‘BRIEF ‘BUST
WASHINGTON, Nov. 13 (U. PJ).
Business, Inc, today forecast a “brief but violent bust” next year)
but it said the economy would zoom | back to prosperity levels quickly thereafter.
of business.
resistance to high prices, and diminishing construction.
ness will make a comeback and quickly reach prosperity levels, it said
U. S. STATEMENT
WASHINGTON, Nov. 13 (U. P.).—Government expenses and receipts for the current fiscal year through ov. 8 compared with a oar RO guia a 87 t Yi
r 413.0 ' 6, on 297 "416 81
ear Expenses
2 pis, 47,718
Id reserve 20,409 09,722,343 INDIANAPOLIS CLEA CLEARING HOUSE
2,816,786, , 750, 03
~The new Council of American || I
The council said the recession] would ‘be sharp enough to driye|: thousands of independent firms out ;: It based the predic- || tion on such danger signs as grow- |}. ing inventories, increasing consumer |
After the recession, however, busi- |:
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