Indianapolis Times, Indianapolis, Marion County, 1 October 1947 — Page 12

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In Receivership

Tax Readjustment May Dissolve Ruling

income taxes may result in early dissolution of a receivership granted Sutho Suds, Inc, in superior court late yesterday, company officials sald today, On a petition filed by company | officials, Judge Walter Pritchard! appointed Willlam H. Kreig of the, {Packard Manufacturing Co. as re-| |cetver for the firm, I The petition listed cash assets at [$500 and debts totaling $250,000, {most of which is owed the federal government in taxes, { | Formed Firm in 1945 i | The company, which manufac-| tures a cleansing powder deturgent| las a substitute for soap, was formed Nov. 21, 1045, and flourished in the big Business levels for several months during the soap shortage. Profits up to the end of 19468 were more than $556,000. Company officials sald the pressure of high taxes for thie year [1946 and a sharp drop in sales due {to a big increase In soap output of competing firms caused temporary financial difficulties. i | The company was founded by| {| Mrs, Frances Towsley as president) {and her husband, Paul G. Towsley, | | 3818 N. Gladstone ave, as vice | president. | | le Used Own Funds | | They listed the value of the firm's | | new, streamlined plant at 2201 E.| {46th st, at $150,000 with large in-| | ventories and goods on hand. | Company officials sald under the | {income tax law they will have an opportunity to get a readjustment on 1946 taxes through application |of subsequent losses to the tax re- | port, thus reducing most of the in- | debtedness. Mr. and Mrs. Towsley said they | had advanced about $60,000 of their own personal funds to cover some {of the losses. | They said the tax readjustment {and increased sales may make it | possible to dissolve the receivership | and return to business,

In the Service—

9 From State End Training Cruise .

Five Indiana men have completed récruit training at the Naval Training center, Great Lakes, Ill, {and have been advanced to the {rate of seamen second class. The men are James P. Bush, son {of Alex Bush, 703 Park ave. Co{lumbus; James R. Ephlin, son of

Readjustment of $224,000 federal]

Max Ephlin, 200° N. Brewer st. | |Greenwood; Ralph L. Luellen Jr. | {son of Ralph Luellen, 93 8. 5th st.,| | Beech Grove; Frank Eugene McKay, {son of Hazel McKay, 380 W, Broadway st, Greenwood, and Charles |E. Stinson, son of Chester Stinson, {R. R. 3, Pendleton, Seaman first class Sherman G. |Hacker, son of Willam E. Hacker,

502 Polk st. Greenwood, has com-

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A The school board has approved

William H. Stoneman

pleted a two-week training cruise (to Hamilton, Bermuda, aboard the| | heavy cruiser, U, 8, 8. Albany,

0. K Addon To School No. 1

{plans for the construction of a fourroom addition to School 1, at 3614 |E. 36th st. { Ir other action of the hoard last| {night, Will H. Brown, military prop- | lerty custodian, was placed on re-| {tirement and C. A. Pruett was ap-| pointed to succeed him. Helen Norris was appointed personnel supervisor of the public library and Lilian M.. Miller was [named substitute junior children’s |ibrarian. Carson Bennett was ad{vanced from junior librarian in the reference department to senior librarian in the extension department,

Honored by British Times Special FLUSHING, N. Y, Oct. 1.-—The rder of the British Empire has just been conferred upon William H. Stoneman, special assistant to| I'rygve Lie, secretary general of the United Nations, i Mr. Stoneman, who is serving in his present tapacity while on leave from The Times and Chicage Daily! News foreign service, received word of his signal honor, seldom awarded to a non-Briton, late yesterday, in a telegram from Lord Inverchapel, British ambassador to Washington. The honorary O. B. E. comes to! Mr. Stoneman for distinguished | services as war correspondent at-| tached to the British army prior] ito Pearl Harbor and for wartime! [coverage of the British home front during blitz days. l

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Eyes Examined _-_

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