davidaulloa/AmericanStories huggingface dataset:
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Amends
Revdmping Plan

PHILADELPHIA. Oct. 1.-THE
Puget Sound Power and Light
Company has filed an amended
plan of voluntary reorganization
with the SEC, which principally
affects distribution of new common
stock as between holders OF present
IS6 preferred and the Engineers
Public Service Company, which
owns all the common stock oil
Puget Sound.
Under the amended plan, the
percentage OF new common stock
of Puget Sound to be received by
Engineers is reduced from 12.4 pei
cent to 3.3 per cent, reducing the
number Of shares to be issued from
So, 926 to 1873.
One further important change
from the old plan, which was filed
May IA. is that arrears on the
prior preference stock will be cut
lby S275, 900, namely from 49,.
I025, 900 to S2.750.000 by payment
of an additional dividend OF S2.5C
per share, before consummator
of the plan.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
0denweIIer New SEC
REGIONAL Director

The appointment of c. J. Oden-
weller Jr. as regional administra.
tor of the securities and exchange
commissions Cleveland regional
office was announced today by
William Green, who has been act
ing regional administrator. Oden-
weller succeeds Dan T. Moore
who was regional administrator
until he recently transferred "a
the Office of Civilian Defence "a
become its regional director.
Odenweller will be in charge OF
all OF the work Of the commission
in the Cleveland regional area
which comprises the state Of Ohio
Michigan, Indiana and Kentucky.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
.GE Net Dips;
Orders at Peak

NEW YORK. Oct. 17.-General
Electric Company-for- ths- nine
months ended September 30 re.
ports a net profit of 0,710. 499,
after provision of Sl39, 100000 for
federal taxes, or S1.06 share. The
report stated that provision for
federal income and excess profits
taxes including S114.000,000 based
on the Revenue Act in effect Sep
TENDER 80 and SIS, 10000 for esti-
mated additional federal taxes on
income, which will be applicable to
this period when the tax bill for
1912 is enacted.
In the 1871 period net profit was
S37.471 .6S1. or S1.30 a share after
So, 100000 provision for fedeIcS
taxes.
A new record was set for work
completed and billed in the third
quarter, but profits after taxes
continued at the level of the two
preceding quarters. September
quarter sales billed reached a new
high of S242.498,782, compared
with 1921 ,522,717 in the second
quarter and S190,861, 108 in the
March quarter. Indicated net profit
for the third quarter. however,
was only SCOOPS, 066, the smallest
shown in any quarter this year.
against S10,351,659 in the June
quarter and S10,329,774 in tho
March quarter. 4 L
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
.Pennsy S-Month
Profit As Millions

w HING TON, Oct. IL
Pennsylvania Railroad reports for
the eight months ended August 81
"a net income of S45, 005, Isl, after
taxes and charges. equal to S3.41
a share on 1857, 754 shares OF
capital stock.
This compares with a revised net
income of So, 965, 716. or $3.50 a
share in the first eight months OF
1871.
August net income was Sll ,209,
SIS against S6.599, 953 in August
1871.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Asks Farmers
Boost Hog Crop

WASHINGTON. Oct. 17.-Sec-
rotary of Agriculture Wickard
today asked the nations hog farm.
ers to boost their spring hog crop
of 1913 by at least 10 per cent
A narrowing of 100000 head
during the spring months Of 1912
which was approximately Is per
cent over the production goals for
the same period of last year, will
be raised to about 6S,0O0.000 head
IL Secretary Wickard's appeal for
increased hog goals is needed.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Dividends

Belding- Heminway Company has
declared a dividend of 20 cents,
payable November Is to holders Of
record November 2. The same
amount was paid August Is.
Chicago Yellow Cab Company
has declared dividend OF Is cents,
payable December / to holders Of
record November 29.-The same
amount was paid September 1.
Crown Drug Company has de-
clared a dividend of 5 cents on the
common, payable December IS to
holder Of record December S. Pre-
vious payment was the same
amount April n.
Fairbanks Company has de-
clared a dividend of 10 cents on
the common. payable November 2
to holders of record October 20.
Previous payment was 10 cents
August i.
Great Lakes Drcdge and Dock
Company has declared an extra
dividend of Is cents in addition to
the regular quarterly dividend OF
Is cents, both payable November
ia to holders Of record October 80.
Kroger Grocery and Baking
Company has declared the regular
Quarterly dividend Of so cents on
the common, payable December !
to holders of record November 10
New Process Company has de-
clared a dividend Of so cents on
the common. payable November 7
10 holders of record October n
The same amount was paid Au'
gust /.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Bankers, Business Men Face Many Problems

Another discerning bank president revealed
BANKERS and business facing Problems For
the include O prorits their ma nifoid
adequate supply Of labor 0 taxes
and together with the
nature OF future ekMauve sho
restrictions business operations FOR .ne
adequate supply Of help ana
higher taxes and
other operations smaller loan totals AND
yields from bonds"
Turning TO imitation control this fnancier added:
seeking to combat the rise IN
include effective controls Tor All OF ne
believe Important
control tho large
which In the hands OF the aoores
principle with proposals to tax large incomes
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Income From investments Would Increase

Oered as the banks OF the prediction by me
that their holdings OF dera OOH
cations by June 80 next this banker ventureo
Of banking system would increase oy IKE
time income from investments IN .ns
do not believe
IN holdings provided
the banks consideration to the SELECTION OF proper
requirements OF each ndvidu
institution. .....,.. 81.
the general pattern for the
namely, conhne tne
hsnknr system TO the serng the long
TURTLES for nonbank purchasers
"For the duration should not expect to any
with the exception perhaps Of
some in Is Dased
the department will continue TO hana
orderly fashion and not make any MAJOR
buudr
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
M. S. Ruksyse,
M. S. RukeYse,
CalifOrnia'S Trade
Spotty Despite Boom

Despite proportions operations In Call
he s somewhat spoy.
example whose total sales are up
speacuary wide divergence among different Depart
growth other smaller peacetme industries threatened WIN
Extinction The Angeles bank chatting win
revealed:
activity deposits cleangs contracts
products percentage employed In
splendid hand. large numbers OF
another having to quit
with other proposed regu
vi doubtless affect great many more
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Detroit Produce

APPLES Michigan bu. crates U. s. No
T. az inch minimum unless otherwis,
stated Mcintosh $3.50 cold s,orag,
thans 1880 les. q. inch minimum
$115. Shows, 1925 Northern spies. al
inch minimum and 81 inch minimum
81 so IS. bu. baskets 81 IS p 40, Wage
ners. 81; Wolf Rivers 81, Rhode Island
screenings, Si.25. Schiawassee 81 Bald
wins. 81, Kings. Sl-25.
AvocADos-- Florida mats io-i6s. Sl.7;
a so, ripe lower.
BEANs--Bu. hampers: Virginia Blael
Valentines, 81 scat beyt S3-T5 "a 4, ordi
nary 10 fair quality s2n2.25: Bountifuls
81 1873; Slack pack 50 25H so, Norti
Carolina Bountifuls, few So.
CARRoTs-Los Angeles crates 6-doz
punches. Arizona S.: Idaho. 81 65g475
Utah. 81 IS. poor tops, according 10 con
dition. Sl.25I3 so.
CELERY-california Pascal wirebounc
crates, BAR -doz., si.35
CRANBERRIEs - Massachusetts, Earll
Black quarter-barrcl boxes, So so, one
eighth barrel boxes $50 2 l.s5.
GRAPES California display Tugs To
kays, So a2. IS. fair n generally good sl-Zs
Emperors, s2.25 Ribiers. $3.50 fair 81
Red Malagss 81 50: White MaiagAs 81. *
n IS. mostly 81 60 u i.65. Thompson seed
less, 50. 40d2 s5 fair s225. Concotds
Canada. 1i-qt. baskets No 2 So SOC
r
80 3s-45s. S3.65n3,75.
LETTUcE-Los Angelo. crates Iceberg
California Salinas District, h-do7. IS. 50 y
SIS. few best ss.25; 4-doz, $500, few
LEAF LETTUcE-Hothouse lob. has
kets Ohio. 81. few $40.
MUsHRooMs-ohio pint cartons, 151
No / Yeliows mostly 10. few 81 IS
generally good. 81 10Th sacks. asa 2so
Sweet snanish L. s. No. /. 3-in. snc
larger. Michigan, Si.50; Utah. si.40I J as
Idaho 81 so; Colorado. si.4oa $50; New
Mexico 81 so; Idaho, Colorado, Rounc
Whites T. 8. No. l medium to large. Si.s'
PEARS California Bsr,le,,s. on. wa,
Tugs. ioo-f35s $3.50 washington. box, US
gon. box Bartletts. fancy. all sizes, 81. Y;
63s5, oregon, box. Bose. fancy, So; New
York Bartietts. sbushel baskets, u. S. No
1. Ain. minimum. S2.75.
PRUNES- FRESH Idaho. T. s. No. i,
Italians X -bushel baskets, s275
PoTsToEs-1op sacks. Idaho Russo
mostly 81 754 30; 10Th. cotton sacks
chippewas and Katahdins q s No. l.
81 f0q235, mostly $2.25; 5O-lb paper
sacks, 81 1871 / 20; 15-lb. paper sacks, 3sc
New YORK Katahdlns U. s. No. l, ,s2m
d225 mostly 81 10; Russo, RuraIs " s
No /. S190n2 mostly So Katahdin,
U. s. No. /. brushed. s2.25.
SWEET PoTAToEs-Porto Ricsn Ysms
Louisiana bushel crates u. s. No. 1, 81 90
T215 mostly 81: Texas bushel crates
u q No. I, few sales, 81 IS: Tennessee
hushel crates. si75 lIss- bu-i1ci hampers,
very few sales. 81. 30: New Jersey bushe
hampers u. &. No. l. Jerseys, sandy soil
stock. 81: red soil stock. 50 20; Maryland
Goldens bushel baskets u s. No. I,
81 ,40mi So fair condition. 81 y las, Viz
ginia barrels Coldens. y. 8. No. 1. few
sales. s325
TONATOES-Originai lugsA California
u & No ] 6ke and larger, 50 1914; lob.
repacks. Si.65; hothoise. s-fb. baskets
Ohio medium. 81 20. few higher.
RuTABAGAS - Canada 50-lh sacks,
waxed, s5c.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Formers Markets

FRUITs-Apples, Baldwins, No. 1, Sl.2:
No. 2, $50; Mcintosh. fancy. 81 bu.
No. i. s1.5oqI.75; No. 2. Sia1.25: Green
inss. No. /, Sia1.75 bu. Shows, fancy
$50 eu;; No. !; nsi "a, No Mo- 2; $50 s .Ss
IFS bu.; No. 2. 81; Wolf River. fancy
$50 bu.; No. /. S1@l.2o; No. 2. Use
Grapes, No. /. so bu-: No. 2, 81. 5og2
Pears 1se k'. Ss1no. No No ei iass sG S SS
watermelons. No. 1. s3.oo0t doz.; No. 2
LETTUCE AND SALAD oREENs-Leai
Lettuce, No. !. eoe qsl.2o bu. Head Let
Romsine. No. !. 75cgsl eu.; No. 2. soc
Endive. No. 1, S19l.2e bu: No. 2: 7oe
VEGETABLE GREENs-Colisrds, No I
spinach spinach No 1. soe a ,i25 su. No. 2. Use
Turnip No. l. s5 n e0c bu. Mustard, No
1. e5d e0c bu. Cabbage Greens, No. J.
4oA suv--- sy-Ney--t,--se%rs5e- es
'v v.o fn.sa Is. hrscse.t S fancy .o
don punches; No. I, asa 45c; No 2. 23e
Beets. topped, fancy, si.75 bu, No. 1, IS
6u: No. 2. soc. Broccoli No; ! n.2e ~
s cas ss sS sse 'S Ss Curly S c sss
50 3 SOC don. punches; No. 2. 4oc; Carrots
topped, fancy, 81 rs bu. No. ], e0c o IL. 10
No. 2, csc. Cauiinower. fancy, 81; No. l.
81. 501l.7o bu.: No. q, sini.25. Celery
fancy s5c n 81 don punches; No. /, son
SOc; No 2, asa 35c. Celery Cabbage, No
4. eoc q 81 Blu. No. 2. 75c.
Dill, No. 1. 35645c dor. bchs. Fennel,
No. I, so "a CSC don. bchs Horseradish, No.
81. TSc6 Si.25 peck basket. Kohlrabi, No.
4. 50d75c doz. bchs. Leexs, No. /, so q
coo doz bchs. Onions, dry. fancy, N.eo
Sob. sack; No. 1. s1.15d1.25 No. 2
soc q 81; green, fancy, s5c don. bchs; No
4, 500 75c; picking onions, fancy, 81 50-lb
sack; No. l,S5; No. q, 50. Parsnips- fancy,
81. rs bu; No. 1. 81 d1.5o. Curly parsley,
No, 4, 3oT5 don. bchs. Parsley root
NO /. 3om soc doz. bchs. Peppers. hot
No. 1, 75c ds1 bu; sweet, No. 7, s1.25m
/. 50 bu; No. 2, Use; peppers, red. sweet
No. 1, s1I1.25 bu; No. 2. 75c, Pimento
No. 1, sin1.25 bu; No. 2. 75c. Potatoes
No. 1. S7.25a7.5o 10o.ib. sacky No. a
81 500 $50. Pumpkins. No. !, 50Hs5c bu
Radishes, red, fancy, 81; No. Z. $50 75c
doz. bchs: No. z. 40c: long white, No. I
eo b 1sc don. bchs; black radishes, No. 4
Isl bu. Rutabsgss, No. j, T5cNu bu
squash, Delicious, No. 1, esq eoc bu; Tabl,
Queen, No. 1. 5o67 bu: Hubbard, No. 4
50 n 75c bu. Tomatoes, fancy, sl.I5 peei
basket: NO. 4, siai..o: No. 2. 5se
topped. No. I, 7ee6r bu. No. 2. so
vegetable oysters, No. J, e0n eoc don bohs
toos,Lsrss ii.,so0is ao-dor. case
PovLTRYILiys: hsn. heavy breed.
Us 8Sie ID; ieshorn 7oo7es.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Business
Tax Set by
Congress

WASHINGTON, Oct. II CUP).
House and Senate conferees
today neared complete agreement
on the biggest tax bill in history
after deciding individual and most
corporation rates for 1912.
They scheduled what they hoped
would be a final meeting to take
up Senate amendments giving cor
.porations a 10 per cent postwar
credit on excess profit taxes.
But most features of the bill
have been decided and American
taxpayers can now see just how
the government will take an esti-
mated $9,600,000,000 more from
their pocketbooks next year.
Nearly S8.000,000,000 of tn a
amount will be in direct new
taxes. The remainder represents
money which will be credited 10
taxpayers or repaid later.
8 PER CENT HIKE
--latest dCllOii was dpDi Val VI @
40 per cent combined normal and
surtax rate on corporations earn
ing more than $50, 900 year. This
was the rate fixed in the Senate
bill. The House had voted 45 pei
cent. Present law is 81 per cent.
But, in return for this victory
the Senate agreed 10 restore the
capital stock and declared value
excess profits taxes il had struck
from the House bilL-Ihe- ratc-o
this tax is Sl25 per 81 900 Of de
clared valuation, and restoring il
meant $4,000 900 more revenue
ANNUALLY.
Both this levy and the new az
per cent corporation rate apply tC
corporation income received since
Jan. ], 1912. as do most OF the
taxes in the bill.
The House refused 10 accept 9
s enat e amendment exemptinl
publicly-owned- utilities from
taxes. 1t was adopted in an at
tempt to help the Securities anC
Exchange Commission in its order:
10 public utility holding companie!
TO divest themselves of some o.
their properties, by m a k ng i
easier for municipalities 10 bu,
them.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
GIN Announces
BiIIiOn-DO1dr
Y Loan Near
Credit viii Finance
Volume Over Double
Record Peseetime Rate

NEW YORK, Oct. 17.-General
Motors Corporation is completing
arrangements for a $1,000 0oo, 600
Y loan 10 finance a war program
which will eventually result IN a
S.. 200. 900 900 annual volume,
more than double the record
peacetime volume. Chairman Al
fred =. Sloan Jr. announced today.
ApproXim 400 banks
throughout the country VIII par
ticipate in the loan. largest ever
made by a private firm. which
will run until Feb. IS. 1916.
The fact that the amount
stated is 81, zoo, OO0. 900 does not
necessarily mean that the cor
poration will borrow the maxi
mum amount" Sloan explained.
THAT is unlikely, but IL does
mean that the corporation has
available 90 IL at any time, re-
sources with which to finance
its war effort.
Sloan said that General Motors
output of war materials TINS year
would reach about $2,40O.0O0O 600
or nearly the equal of last year 5
record peacetime production.
BILLIONS IN '4s
ct Is reasonable 10 expect
that capacity will be available
by the end of this year equiva-
lent on an annual basis to n
sales volume OF close TO "a
O0O, OOO, OOO," Sloan said.
General Motors investigated
other potential sources OF credit
and found government advances
on contracts too inf1cxible and
ordinary bank loans inadequate
Sloan said. in explaining why the
company turned 10 the V loan Tor
financing.
A committee OF five banks In
the New York Federal Reserve
District participated in the prepa-
ration Of the credit and guarantee
agreements. This committee IN
Guided the Bankers Trust Com
pany. the Chase National Bank,
the FIRST National Bank OF the
CITY of New York. Guaranty
Trust Company. and j. p. Morgan
A. Co c,------.---s.-aaa
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Economic Activity Boosted by War Work

In summing frenzied his territory the cne
of n San Francisco bank said;
economic activity In this territory WI"
by of war work OF various
The problems with which
graphing first the ability to mass
inyen tories and to labor services
Cuisines profts the be approx
maey good but after taxes the net VIII De very
the OF department.
the difficulty getting goods ma
acta a bar o profits"
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
CHICAGO

Bayuk Cigars, Inc, and wholly owned
subsidiaries report for the nine months
ended Sept. 80. io47, q net profit OF $Io1,.
ls52 after charges and several taxes equal
Ito sl.ei a share on 3s3, $50 shares of the
common stock This compares with net
profit OF sl.13s.075 or S2.s7 common
share in the FIRST nine months OF 1871. after
allowing for dividends on the preferred
stock then outstanding.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Detroit Poultry

Market steady. Hens, average run, zne
ieghorn hens. lbs up. i6c; cocks. II n
nc; rock springers. 24e: rock brothers,
7shc. all sizes: hen turkeys. II lbs. up,
3Oe tom turkeys. Is lbs. up. Csc; ducks
white. S lbs. up, i9c; geese, young, lie
SAVE; undergrsdes. 3ik.a37Ne.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Earnings

Continental baking Company and sub
salaries report for the IL weeks ended
Sept. 20, 1912. a net profst -0f $3.50 II 8
after federal income taxes etc Net Ia
equal after deducting dividends paid on 9
per cent preferred stock 10 81 cents q
share on 1 .076. 429 shares OF the common
stock outstanding. This compares with q
net profit OF Sfe5, 694, equal 10 81 80 a
share on 304.113 shares OF the s per cent
preferred stock for the IL weeks ended
Sept. 81. 1871.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Facts 6 Figures
On War Finance
InstoIment No. S

EDITORS NOTE-This section of Facts and Figures
War Finance, pamphlet prepared copyrighted and
distributed By The Tar Foundation so Rockefeller Plaza
New York City, uhich the Times publishing in fuL
Charts and questions and designed to help
the reader to better understanding of present
proposals and probable endctments.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Detroit Stocks

Sales High Low Ch'ge
Shelter Mfg .o5 100 IA "a 2A...A
Dividends ~ me foreso fng liable are the
amounts declared or paid 50 far this year,
unless otherwise noted. calculating divt
denl. bon accommodations. ex-Ex-divtdend.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17

Gulf, Mobile and Oh,o Railroad for ths
eigh, months ended August 81. report
net income Of sam. 0ie. equal TO SIS
share on the common. against 81. .6It
Tor 50 cents on the common IN the 1871
period August net income was s+ls,7l
asainsi x2ah. 2a3 In AuEust LAST year.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17

Purity Baking Corporation and subsIdi-
aries for the IL weeks ended October ,
reports a net profit OF 1870, ia equal 10
4s cents a share on the common against
S241.s36. OF 81 cents a share in the IL
weeks ended october 4, last year. For 40
weeks ended October 3, 1912, net profit was
ii, 21e ,025, or S1.5s a share, against xp2s,
40e, or VI. 20 share In the 1871 period.
General Cigar Company. Inc, and wholly
owned subsidiary. General Cigar Company
lof Cuba. Ltd. report for the nine months
ended Sept. 30, 1892, a net profit Of Soi5, /,
I9s2- sftcr charrex ana -federaf income tsSTS
computed at rate OF As per cent. Net Is
equal after dividend requirements on per
cent preferred to 81 IS a share on 472. 9s2
shares of common stock. This compares
with 1,0is.s36 or Si.6o a common share
for the nine months ended Sept. 80, 1871
Kansas City Southern Railway for the
eight months ended August 81 report a net
Income of S2.s35,572 equal 10 SAC a
share on the common, against 81. 1ss, SOS
Tor 1.23 on the common In the 1871 period.
August net income Of S306. 431. against
size, 354 In August. le41.
Magma Copper Company for the nine
months ended September 80 report net
profit OF S454. 45i. before mine depletion
Tor Sill share, against Sl,i17. $50. or
81. 70 q share In the 1871 period.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17

Parker Pen Company has de-
clared an extra dividend Of 3
cents in addition 10 the regular
quarterly dividend Of Is cents on
the common. both payable on or
before December 2 TO holders OF
record November IS.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
Railroad Chief
Reveals Need Of
New Equipment
Wartime Load Breaks
Record but Peak Not
Reached, Eastman Says

CHICAGO, Oct. IT UNS).
The railroads are close TO the
bottom of the barrel in their
efforts to increase utilization Of
their present equipment. particu-
larly their motive power. John j..
Policy. president OF the Association
Iof American Railroads, warned
today.
Pelley addressed the National
Association of Shippers Advisory
Boards as did Joseph B. Eastman.
director OF the Office of Defense
Transportation, who said that
with wartime traffic imposing
Tremendous burdens upon the rail-
roads of the nation, there IS a
definite need for new locomotives
and new freight cars"
Eastman warned that, although
traffic is at a record-breaking
volume, the peak has not yet
been reached. He conceded the
widespread dependence of the
American people upon the auto
lT1OD1Ie, Out Sdlu. UtNCi tfCfCcS,
THAT further curtaiiment was In
prospect.
CONTINUE BUSES
He expressed the desire for the
Operation of motor trucks and
buses to continue Ito the utmost
extent possible a
Pelley, asserting that there Is
no further margin in reserves
represented in unserviceable and
surplus equipment, added that
leach locomotive in active service
lis handling Is per cent more
lgross tons this month than in
October, 1899, and October, 1889
was not itself an ordinary month.
Pelley disclosed that the rail
roads have asked the proper gov
eminent agencies for authority to
obtain $4,000 new freight cars
approximately 900 new locemo.
ltives, 100000 tons of new raj
and adequate maintenance ma
terials for the year ending Oct
IL, 1943.
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
], HoD much haUe indiUl
yielded in recent years?

In the fiscal year which ended
June, 1910, total individual in
come tax collections were a
little less than 81 billion. In the
fiscal year 1871 they were $1.4
(Continup
Detroit evening times. (Detroit, Mich) 1921-1958, 1942-10-17
INTEREST .H PCT.

Interest will be at pa per cen,
per annum on amounts borrowed
which will be in the form Of notes
issued under the credit agree
ment. having a maturity Of moi
more than 90 days. In addition
General Motors will pay 10 the
lending banks a commitment fee
of one-eighth OF ! per cent pei
annum on the unused portion OF
the maximum credit. The amount
OF the credit is subject 10 reduc-
ton at any time on the part OF
the corporation. on 90 days notice,
in multiples of S100,000.000
The percentage of the loans
guaranteed by the war depart
ment TO the lending banks will
increase when the total OF the
borrowings by the corporation
passes certain amounts. Specifi-
cally. on total borrowings up 10
$3.50, 900. 900 the guarantee will be
so per cent. When total borrow
ings increase beyond that figure
the guarantee will be Is per cent
up TO $500. O00. 900. IS per cent up
20 $3.50, OO0, 900 and 80 per cent up
10 the maximum $1,000, 000, 900.
OFFERS PROTECTION
The credit agreement assures
that funds necessary to carry the
investment required for inven-
tories and receivables under war
production contracts WILDE
available.
in addition. protection Is Sc
cured with respect to the payment
of that portion OF the loan that
may become applicable to war
production contracts that may be
terminated In the event that
war contracts are Cancelled. the
corporation will be protected b,
a provision that this portion Of
the loan will not become due anc
payable until final settlement o.
the contracts has been reached.