Indianapolis Times, Indianapolis, Marion County, 8 February 1937 — Page 12

Trends

Pittman Neutrality Bill Explained By Flynn.

ee _BY JOHN T. FLYNN

EW YORK, Feb. 8.—The Senate new faces a fight on the bateh of neutrality resolutions before it. As a matter of fact, faces a fight on whether it will stick to a policy of neutrality or abandon it. It would be well if the full force of the plan of Senator Pittman— which is backed by the President— were understood. It puts enibargo, like the existing law, on munitions and implementsof war. Thus far it is on: the sound side. But in addition to that it puts in the hands of the President certain vast powers to be exercis sed at his discretion in the event of a foreign wa Besides endless warring existing planes,

Mr. Flynn

is an goods which nations want. Under the law we can't ship them but we can sell the materials of which planes are made, including machines to make the planes. We can't sell them explosives but we can sell the materials of which explosives are made.

mun \itions, there

variety of

n u

HY DO we prohibit sales of munitions? To prevent American manufacturers from trying to make money out of a forign war, build up a false prosperity on the sale of war weapons and thus slide us imperceptibly on one side or the other. But what is the use of pronibiting the sale of munitions while we permit the sale of all the necessary materials which will produce the same evil fruit? The Pittman bill does not prohibit the sale of these essential raw materials of munitions. Instead it surrenders to the President, in t event of a foreign war, vast discretionary powers over all our foreign trade with the warring nations. He can issue at any time a proclamation prohibiting the shipment of any article of commerce. And he can do this for any reason— because he deems it necessary to protect our security; or to protect lives;s or to preserve our neutrality. But he may also do it to protect the commerce of nationals. He may issue a proclamation prohibiting all such shipments from the United States. And, of course, it is made unlawful for American vessels to such articles.

he ac

carry

= » =

breaks out, may use his power for any purpose He will be the judge of the use And we do not know who will be President when this crisis comes. He may use it to “protect our commerce.” Protect it against whom? Perhaps against one of the belligerents. He may object to the manner in which one belligerent blockades the ports of another to the detriment of our commerce. He may then use this embargo power to punish that belligerent, to force compliance with his ideas of the blockade. Perhaps the President ought to have this power. But certainly this is not neutrality. The whole *danger lies in leaving the adopting of a policy until the war breaks out. Then any policy the President adopts is sure to help one belligerent and hurt the other. If the policy were In cffect before the war begins we could not be accused of taking sides. If we do not make ur choice until the shooting starts, then we will surely find that we have promoted, not neutrality, but partisanship. Far better to have no neutrality policy.

svright pyright,

the mhe

OW when war President 1 bargo chooses.

LOCAL CASH MARKET City grain elevators are paying 81.33 for No. 1 red wheat. Other grades on their merits. Cash corn now No. 3 yellow, $1.01. Oats, 44c. Hay—No. 1 timothy, $13.50@14; No. 1 ciover, [email protected]; No. 1 aifalfa, first cutting,

ting, $17.50@

18.50.

F ruits and V egetables

cet to change being offered sion ealern egon D’'An C aliforniz a

bel low sut are

jou

Ay Scados,

= | breed stags,

inches. “up, up, $2; inches up 8 ;

ber ene s, Californi 186 Pineal ppl es raw berries oa lorida pt, Sa ia S

vy |

I WRI ACHE Sa Seong

¢ *

Abreast of The Times on Finance

¢ ¢

year ended Jan. 29,

PAGE 12

MONDAY, FEBRUARY 8, 1937

the first time in the compa the previous year by 26.2 pe

Sears Makes Record

Gross sales of Sears, Roebuck & Co., for the fiscal crossed the half-billion mark

for ny's history. Sales r cent.

topped

BUILDING, LOAN TOTAL IN 1936

1S OVER BILLION

More Than 500,000 Families Furnished With Money For Mortgages.

Times Special

CHICAGO, Feb.

| and building and loan associations

| furnished more than 500,000 fam- |

ilies with $1,200,211,000 in mortgage money during 1936, the U. S. Build-

ing and Loan League reported to- |

day. There was a steady gain in residential property credit expansion that even the usually dull winter months failed to check, the report said. December loan values, the league pointed out, were 5 per cent ahead of November and 32 per cent | | above December a year ago. According to the report one dollar out of every $3.77 loaned was to finance the building of homes. This percenetage increased during the year with December having the largest amount or 30.4 | per cent going into construction.

Built 98,500 Homes

Morton Bodfish, league executive vice president, has estimated that one half of the new one-family | homes contracted for during the year were financed by these financing institutions. | The report stated that $318,197.000 of the total loaned went for new | construction and estimated that it! built 98,500 homes. This was con-! siderably higher than during 1935. Repairs and modernization dur-! ing the year took $83,587,000, the | league reported. The average loan was for $900, an amount which calls for substantial use of materials and labor.

Mortgages Transferred

The largest sum loaned by the | associations went for the purchase of homes already built. This took approximately 29 per cent of the total and aided in the transferring | 141,000 homes to new owners. Refinancing figures also show | that the savings and building and loan association were continuing to take over many loans formerly carried with other mortgages. This type lending was not as prominent | uring 1936 as during the four pre- | | ceding years. Mr. Bodfish said that the December increase in loans was entirely unexpected by the leaders in the business as the seasonal decline was | expected during the month, How- | ever, December was the ninth con- | secutive month in which the as-| sociations had disbursed more than

| 100,000,000.

Unlisted Stocks

(By Blythe & Co.)

. Gen Baking

: { Hecker

ity pais i : Cleveland ional Shawmut . First National Boston

FIRE INSURANCE

Aetna Fire Insurance

can Ins of Newark

Fi re Insurance American “Insurance. Fire .

Gr National

eat

| Hartford

Hanover

| National Li er!

$1616.50; second cut- |

to |

extra

North Riw } oenix S Fire Ww estchester

Fire ...

Chicago Grain Futures (By James E. Bennett & Co.)

Wheatae Low 10 A.M. 1.34 1.1633 1.12%

Prev. Close 1.34% 1.16% 1.12%

High

1.075% 0 013% 085%

Produce Markets

| (The prices quotea are pald tor stock gathered in the country. while for deliveries in Indianapolis the prices are 1 cent | higher. Each sol case of eggs must weigh 55_ pounds gro Lo. 1 Strictly fresh, loss off, 17c OE teavy breed hens, 5 lbs. and over, 13c: | Lephorn breed hens, heavy, 9¢. Heavy | breed springers, 1'2 lbs. over, soft meated. 13c. Leghorn breed springers. 8c. Heavy 9c: Leghorn breed stags, 6c: | heavy breed cocks, 7¢. Ducks, full-feath- | ered and fat, 8 lbs. d up, Tc. Geese, full-feathered and fat 5c, Turkeys, young s. 12¢: voung hens, ’ old toms, 8c:

(By United Press) CHICAGO. Feb. 8 —FEzgs—Market, firmi, receipts, 6226 cases: fresh graded ts, 213 extra firsts. 22c: dirties,

current receipts, 20'2¢: checks,

Brussel |

Cabbage, |

‘ - c abbage, . hothouse, 90c : ale, Virgina, o, Iceberg California best, $5.7 leaf, hothouse, 10-lb Califo a Crate

3 Endive Nes, a. homegrown, 50-1b, bag, : Northern 1tgrown, doz. . Parsnips, ¢ Mexican, Maine : 2, $3.25; Idaho RusMichigan Rurals, $2.75; , $3.75. Rutabagas, Canadian, Sweet Potatoes, Indiana bu, $1.99; Louisiana Radishes, butwhite, 40c. Rhu-5-1b. carton, 0c. Texas, bu.

ms. ! vellow

homegr own 1 bl hamver, [email protected] Mountains, sets, 83.85: rado Meolure 50-1b, bag, Jersey Puerto Ri ( ans , tons, hot hous e, barb,

bu. ,

H5¢ Spinach doz., 30c. Squash, Hubbard, ps, bu., $1; new Texas, bu., § ier acked. 10-1b. basket, repacked, "best, 10:1H. box, $1.40.

$1. bu., 50

(By nited Press pSEICac0 3h 8 . £1.25 2 potatoes— $2 Carrots— Spinach-—-Texas, 7 Roni 0es Florida, It Caulifiower—California, Peas--Mexican, hampers, Michigan, square crates, ai 25. Onions (50-1b. sacks)— Iinois, diana and Michigan yellows, 40@7

crates. $4 5c po!

In-

MEN’S SUITS

Refitted, relined, remodeled. Real Talloring with Satisfaction.

LEON TAILORING CO.

233-239 Mass. Ave.

Ezg |

Green |

Colo- |

Apples—Michigan |

unsettled; receipts, 5137 90-912 score). 33c: speextra (92 score), 33'ic: standards, 33'2c steady; receipts, | trucks: geese. i4c: ducks, 104 18c: spring chickens, 187 20¢ broilers, 21@23c: hens, | 13@17'2c: leghorn hens, 9@12c; old roos- | ters, 12@13c: turkeys. 13@18¢c 171%

Cheese—Twins, 17@ 17Vc: @17%%c: longhorns, 17%2@ 173 Potatoes—Old stock: Supplies moderate; demand good for Western stock: market, eady: for Northern stock, demand steady: market, firm; Idaho Russet Burbanks, $3.23 @3.60: U. S. No. Washington Russet Burbanks, $325 Colorado Red Mc- | Clures, [email protected]'2; Colorado Russet Burbanks, £3.30; Colorado Bliss Triumphs, 3a Co mconsn Rola, Whites, $2. 20% 2.8 ommercials, ¢ 0 | Michigan Russett Rurals, $2.50 1, 8,36; New Stock—Supplies, liberal; demand. good; track sales, less than carlots; Florida, Bliss Triumphs, bushel crates, $2.05@

267: Sund

Market re

Py Market.

daisies,

Arrivals, 150; on tracks,

sh 743 Saturday Saturday; 51 Hitibments.

HAVE YOUR WATCH REPAIRED RIGHT AT RITE’S!

GUARANTEED

WATCH REPAIRING

VDD Ha ho Jopiiad, 10 RITE’'S JEWELRY SHOY

CRYSTALS IHLINOIS

8.—Setting a | pace not seen since 1930, savings |

new |

| Schenley i Tex

{ Allegheny { Am

| Beatrice

=1, | Burroughs | J ¥

PORKER PRICES ARE STEADY ON LOCAL MARKET

‘Top of $10.60 Paid for Choice Weights of 200 to

210 Pounds. | Prices were steady today in the | hog market at th= Indianapolis | | Union Stockyards.

WEEKLY INDEX OF BUSINESS TREND

PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 = 100

Laasssel®

Top price of | $10.60 was paid for choice 200 to 210 | pounders. Receipts totaled 6000. At the close 160 to 180 pounders | sold for $10.50; 180 to 200-pounc

The Administrative and Research Corp. weekly index of business | Weights were $10.55; 200 to 210° activity receded to 90.5 (estimated) as compared with 929 a week ago | pounds, $10.60; 210 to 225 povinds, and 77.2 last year. | $10.55; 225 to 235 pounds, $10.50, = |and the 235 to 250-pound class was|

Ne w Yo rk Sto cks | oe SOWS were steady

| to $9.60, top $9.75. Weights jw 275 pounds brought $10.40; 10:00 Prev. | 210 pounders were $10.35; 275 to 285 Low. A.M. Close. | pounds, $10.30; 285 to 300 pounds, '2 | $10.25; 300 to 325 pounds, $10.20; 325 | to 350 pounds, $10.10, and the 350 to 400-pound class was $10.

Steers at $8 to $9.50

In the lighter divisions, 155 to 160pounders were $10.35; 150 to 155 pounds, $10.10; 140 to 150 pounds, | $9.85; 130 to 140 pounds, $9.60; 120 | to 130 pounds, $9.35; 110 to 120] pounds, $9.10, and 100 to 110-pound- | ers brought $8.85. [ Steers and heifers were steady to weak with extreme instances 25 cents lower. Cows were 15 to 25] cents lower. Bulls were steady. | Most steer sales ranged from $8 to $9.50, with odd head up to $10. Heifers sold for $7 to $8.75 and a (few at $10. Common and medium beef cows | were $4.75 to $5.50, the cutter grades, $3.75 to $4.50. Two loads of choice | light cows brought $7.25. Top price | for sausage bulls was $6.50. Re-| ceipts were 2000 cattle and 500 calves.

Slaughter Lambs Sicady

Vealers were steady with Friday's | prices and the good and choice | Kinds brought $10.50 to $11. Slaughter lambs were steady with | quality and weights considered. Top price for fed Western lambs scaling | 101 pounds was $10.75; other, large- | ly low choice at $10.50. Most natives sold for $10.50; top, $10.75. Common and medium qualities were guotable at $8 to $9.50. Two loads of strictly choice fed yearlings sold for $9.50. The bulk of | slaughter ewes brought $3.50 to $4.50, top $5. Receipts totaled 4000.

haniauiutatieauinthiu hada —_ haba aay

FEB. MAR. APR. MAY JUNE JULY AUG. ep. OCT. NOV. DEC.

JAN,

at $9.15 of 250 260 to

(By Thomson & McIRInnsny

High A.M. Amusements— Crosiey Radio. . Loews Inc Paramount Radio Cor RKO .... Warner Aviation— 1 Corp Ajrcrit .. Wright . wrt “Av Sue as Air Nor Am Av Sperry Corp _.... United Air Lines Un Aircerft new Tr Contl & West Building— Am Radiator Barber Co “as Holland Furnace Lone Star 6834 Johns Manville 146% 4 Libby Owens Gls 76% Otis Elev U S Gypsum Warren Bros Chemicals—

Air Reduction .. Am Com Alcohol 2% Com _ Solvents .. u Pont . Freeport Tex Math Alkali g Natl Dis (new). 28 Dist y Gulf Sulph 35 Union Carbide 1061s U S Ind Alcohol 417% Drugs— Lambert Walgreen bkvh Un Drug (new) Vick Chem . Equipments— Am Car & Fdy.. 69! A Loco Bald Loco Gen am {Gen Ele Foor Diliman ING «v.. Vest Air Br Wes tingh Elec

Financial— Adams EXp .e i corp... 2 21 U 8 Rubb £ . Int Corp ...18 $ 137, | S Rubber p d. Comm Credit ! 12 5 L; | Chesa Corp . Con Inv irust Lehman Corp Lransamerica

Low

Tidewater ssn Un Oil of Cal ..

RA} Ste Atchiso

“ _ De UY

Gd EE DOr adn 0 <1 ps ow. of DDI UDI DIES wT a) UY re IY

IES »

Sa 3 y »n

IOS Dror Wot

2214 3034 207s

ESERIES CODEINE DD r= Ia — em ERE oD 5 wp EE EE EEE

pid Northerh pfd 8s} Rt Seatral 26

So Fehaah Valley , Lou & Nash.... § R&T wl M E & T ptd. Mo Pac Mo_ Pac pfd N Y Cent : N Y New Haven

« 20% 37} 4 32

°2

— Bede LILI

BO OVO ad ps wf a

— w -T

“

A a Wakao

u RR. .. 34, West Maryland. Retail Stores— Allied Stores ... 193% Assd Dry Goods. 2234 Best & Co + 5% First Natl Stores 5033 Gimbel Bros 1 3d Un Tea Jewel Tea | Kresge S 8 Kroger Groe {Macy R H | McCrory St .... | McLellan St .... _ | Marshall Field | Mont W | Natl Tea | Penney | Safewav | Sears Roebuck - Woolworth

Rubbers— Firestone

We ROL RD wl r= EST NOOB Daw w br

— OE ha £3 LORD 1 = BIT

OO 10 DLO -1n

. 23% 39 147%

3 SLO-10

GS-1 Nos © Ui rs pa 0D ye

—

Steels—

3 | Acme Steel Am Roll Milis { Beth Steel | Byers AM | Cruc Steel .. Inland Steel Ludlum Steel Natl Steel | Otis Steel

Foods— HOGS

Am Sugar Armour Armour

Bulk $10.20@ 10.45

Receipts doh | pace |

1000 6000 |

@® N

LM | creamy Prod

be Dt VOC BID -

HPF

Borden Cal Pack Can z 25s Cont Bak Corn Prod Crm of Wheat Cuban Am Sug

TC 1 1 1 1 1 1

—-_

BRAELI : 5

10. 25a 10.60 Light Lights—

(140-160) Good and Medium . Lightweights (160-180) Good and

Medium (180-200) Good M

ne co

437% 2014

408

Ale.

US Steel pfd 2 | Youngstown S-T 83 BR

Textiles—

| Amer Woolen | Belding Hem | Celanese Corp .. 293% | Collins Aikman . 61 Gotham ose .. 12% Indus Rayon . 37

wns

00 x 00 a =] OT, +t bet BI

Drs FT aw) pa

$ 9.504 10.50 8.904 10 20 |

10.2047 10.55 9.30 10.30 10.202 10.60 |

NEB ed as TOBIAS WB BONS Dn

3654 choice: ils . .

« 13

‘1 choice,

Gen Foods G W Sugar .. Frod Holly Sugar Natl Biscuit su Natl D_ Prod .. Purity Bak .. Std Brands Swift & Co Switf Int] Un Biscuit United Fruit Household—

Col Pal Peet Be 2 Congoleum... Mohawk Carpet. 3515 Proc & Gamble. 6234 Servel Inc “S33 Simmons Bed . 55!j Miscellaneous—

Allis Cheilners . 763% Am is Am Mach & Pdy 2474 Anchor Cap .» 2273 Brklyn Man Tr.. 477; Add.. 34%;

and choice.. edium Medium Weights 1200-220) Good and 1220-250) Good and Heavyweights— (250-290) Good 1290-350) Good Packing Sows— (275-350) Good

3 - 5 N ® a

ort a 1 Oa =] 300 UD Ut = m3

hoice.. Tobaccos— choice. . Am Tob (B).... | Gen Cigars Lorillard ... Reynolds T

Utilities— Am & For Pw any, Power & Lid A S&T.

2 Wat Wks .. Col Gas & Elec.. Comm & Sou.... Consol Gas i Lit.

99% 48 28%

choice . choice. .

2 bt my OY

B) and

C300 bt =] Ut MDa D ae aE0 D0 BS LO BD bet 1S BS LL bt Lin © CE FEE RE

CIOL EIT BOLO LS

111% 3312 8 26 175% 33s 4534

Fa —0 nr] >» a CRE

1275-500) Medium .... Slaughter Pigs—

(100-140) Good and choice. . Medium ...

w 0

> 51 COO La a 0D

ed " DIES ES De D Par

Elec Pwr & Interboro R T int T& T...... 13 Lou G & E th Nat Pwr & Lit. North Amer .. Pac G & E Peoples Gas .... Pub Serv N gus | So Cal Edison. | Std Gas

Stone & Webster 8114 Corp . 1510 37% Ta

—Receipts, (550-900)

11. 513. 00

(900-1100) 9.25@ 11.75

Good Medium Common Choice Good Medium Chbdice Good

Case . Contl Can Crown Cork Curtis Pub Deere &:.Co...... Foster Wheeler Gillette . Glidden Inter Harv Natl Cash Reg. . Owens Bottle Rem Rand ses 2 Underwood E 7 Mining— Alaska Jun Am Metals Am Smelt Snaconda

(1100-1300)

(1300-1500)

Pw Western ® rion .

"HARDWARE DEALERS REPORT SALES GAIN

Hardware retailers have recovered | a larger proportion of sales lost during the depression than have other lines of distribution, Hard- | ware Retailer announeed today. In 1936, according to the report, sales were 62 per cent larger than in 1932 and within 8 per cent of the 1929 level. During December the average hardware dealer sold approximately twice as much as he did during the same month in 1932.

Other Livestock

(By United Press)

CHICAGO, Feb. 8.—Hogs—Receipts, 21,000, including B000 directs; market around 5@10c higher early, mostly to shippers! now slow on local buyer accounts kin around 10c jower than ans: Sy and Shoes, 1 Ss 140-170 1lbs., [email protected]; sSOWSs, a $9.75 downward on tel Cattle—Receipts, 12,000; calves, 1500; fe steers and voarlings, steady; market, rather slow, especially to big packers buying on eastern shipper accounts; several loads good choice and prime steers sold on op at $14.50 paid for 1191-1b. as well as 1275-1b. averages: sprinkling, $12.50 @ 14; common and medium grades, $8.50@9; long string 10-00-1b. short-feds, $8.50; stockers very scarce; rainy weather against replaceemnt cattle market; common and medium grade heifers firm at $8 down; good and choice kinds steady; cows, steady; bulls and vealers, fully steady, mostly $10.50 down; selects, oh Sheep—Receipts, 13,000, including 5 directs. fat Ae in fairly broad demand; indications around setady. top, S11 for outstanding deck 92-lb, lambs to small killers; buyers talking [email protected] on others with handyweights s' frequently held at $10.85 upward: sheep, firm; scattered native ewes, $5@86.

BUS SERVICE RESTORED!

Full Schedule Now in Effect to CINCINNATI—LAWRENCEBURG—AURORA Lv. 7:45 A. M,, 1:30 P. M,, 5:45 P. M. Batesville—Sunman—Lv. 7:45 A. M., 5:45 P. M.—Milan—Moore's Hill, 1:30 P. M.

—p- MILITARY PASSES NO LONGER NECESSARY «fmmmm— No interruption in service to Madison, Osgood, Versailles—Lv, 7:45 A. M,, 4:45 P.M.

Heifers

Choice Good . Common, medium. Good and choice. . Common, medium.

(500-750)

(750-900)

Sen and medium Low cutter and cutter Bulls. good Cutter, com.

oe De Pasco Dome Mines Gt Nor Ore Howe Sound Ins Good and choice

Medium Cull and medium

..81000@ 11.00 . 8.50610.00 Shaina 5.50@ 8.350 Calves 50-500) Good and choice. .$ 6.00@ 8.00 50:3 & ommon, medium 5.00@ 6.00 Feeder and Stocker Cattle (500-800) Sood and choice. .$ 6.50@ mmon, medium. 5.50% (800-1050) Good and choice... 6 504 Common, medium. 5.50'@

St Joe Iw»ad.... U S Smelters.. Vanadium Motors— Auburn Chrysler sah Gen * Motors Graham Mot Hudson Mack Truck Nash

8.25 6.50 8.25 6.50 Heifers— Good and choice Common and medium : SHEEP AND LAMBS —Receipts, 4000—

$10.50 10.85 10.25@ 10.50 8.75@ 10.25

7.50@ 8.75

15 9

— RON ED NIL a Gr ADB AD DDN

~J 00 LI LI BS a] 0 en

Studebaker White Mtrs .... Yellow Truck Motor Access— Bendix

wes oO — No»

@ 5.00 0-175) Good and cholce.. 4.00@ 5 o Common, medium 3 00a 4.00 |

(Sheep and lamb quotations on clipped | basis.)

Money and Exchange

INDIANAPOLIS STATEMENT $2,742,000 6,953,000

Budd Wheel Eaton Mfg . 3 Elec Auio Lite Grevhound New. Houdaille Motor Wheel Stew Warner 19 Timken Det Axle e 18% Timken Roll .. TT Oils—

Amerada Atl Rfg

—

TREASURY STATEMENT (By United Press) WASHINGTON, Feb. 8.—Government exprs and receipts for the current fiscal year through Feb. 5. as compared wit

ar ago: ye ® This Year

Ay 0 we oa

mew) Pet

w -—

Md Cont

OEIC UTD on bn rs

Last Year

SIRI s DO DOI DM LI wen res BD bet C3 bt Dn bt 0) Ld bet

Expenses .. $4, Receipts .. Defteit ... Cash Bal

Gold Res.. Customs

Seaboard Oi] | Shell Un ! Soc Vac S O of Cal

DEPOT—Traction Terminal Bus Station, Illinois and Market. Ph. RIley 4501 or LIncoln 3750.

Indianapolis-Southeastern Lines

| indicate

| Indpls { Inters | Kokomo Water Works 55 '5 | Moras

Your Federal Income Tax

(13th of a Series)

DEDUCTIONS FOR BUSINESS EXPENSES

EDUCTIONS for business expenses form a large item in the return of many taxpayers and must have certain qualities to be allowed. Such deductions must be for an expenditure in connection with the maintenance and operation of the taxpayer's business or business properties; it must be an ordinary expense and it must be a necessary expense. In insisting upon the latter qualifications, the Bureau of Internal Revenue is upheld by the Board of Tax Appeals and the courts. Ordinary and necessary expenses are only those which are usual and essential in the case of similar taxpayers, “and do not include extraordinary and nonessential expenses.”

o un s

YPICAL business expenses of a mercantile establish= ment are amounts paid for advertising, hire of clerks and other employees, rent, light, heat, water, stationery, stamps, telephone, property insurance, and delivery expenses. The expenses of a manufacturing business include labor supplies, repairs, light and heat, power, selling cost, administration, and other similar charges. The farmer may deduct all amounts paid in the produc= tion, harvesting, and marketing of crops, including labor, cost, of minor repairs to farm buildings (other than his dwelling), and small tools used up in the course of a year or two. A taxpayer may conduct more than one business and claim the business deductions of each.

TRADE DIVISIONS NEAR NORMAL IN MOST DISTRICTS

Retail Distribution Resumed As Flood Threats Are Diminished.

Times Special NEW YORK, Feb. 8.—Lessening of the more serious flood threats enabled most divisions of trade to get back to a normal basis during the past week, Dun & Bradstreet said today. Retail distribution resumed its advance with a strong rebound evident in the district where the water had receded, the report stated. Wholesale orders were expanded with requests for rush shipments. Rebuilding and replacement programs in the flooded sections spread benefits to a number of industries | until they now have heavier backlozs | than at the start of the year, according to the report. Retail Trade Gains The retail gain was featured in nearly all departments, the report | said. Furniture and home furr.ishing were moving best, dealers reported, with clothing close second, Clear weather and a drop in temperature were responsible for a 3 to 8 per cent sales gain in key cities, the report said. Excluding the territory still flooded, sales in Midwestern cities were 10 to 20 per cent higher than a year ago. SimiJar gains were reported in all other sections. Restoration of train schedules enabled wholesalers to fill accumulated orders. The wholesale volume | was, the report said, 18 to 22 per cent above the 1936 comparative.

Reach High Schedules

Emergency needs of merchants in and near the flooded areas accel-

Local Securities

(Bv Indianapolis Bond & Share Corp.) The fol lowing quotations do not represent actual bids or offerings, but merely the approximate market level on buving and selling inquiries or transactions, BONDS

based recent Bid Asked .103'% 103 104'3 105

Citz H H Ind Assoc Tel 4! Indiana Tel Co 5s Indpls Railway Inc Water Co 312s tate Tel & Tel

Ind Tel (TH) 4!:s '6]. Tel & Tel Ft W 31.8 58 Tel & Tel Ft W 6s ' ‘65 60. . 5s '61 ‘66. . Blas *

10 Stores 3s '50 ... Works 5s °

& imcie Water

Richmond W Ww 55 57 Seymour Water Co 5s’ | TH Trac & L, 58 . H Water Works n Water Wa Term Co 5s’ . STOCKS Belt Railroad & St Yds com.. 5! Belt Railroad & St wd a8 pid... 5 Cent Ind Pwr ‘er Home Tel & Tel Ft Wavne. ‘eo § Hook Drug Inc

T 'T Tr

| Ind & Mich Elec Co pfd

{ Ind Gen Serv Co 6s Ind Gen Serv Co 6s Ind Hydro Elec Co 7s.. . Indpls Pwr & Lit Co pfd 6s Indpls Pwr & Lit Co nfd 6'2s Indpls Water Co pfd 5s .... | N Ind Pub Serv pfd 5'zs | N Ind Pub Serv pfd 6s N Ind Pub Serv pfd 7s.. Progress Laundry Co . Pub Serv Co Ind pfd 6§...... . Pub Serv Co of Ind 7

| Terre Haute Elec Co 6s..

Union Title Co com

Investment Trusts

(By Thomas D. Sheerin & Co.) oid Asked

21.25 11.67

Administered Funds 2d Affiliated Fund, Inc (new) American Business Shares Broad Street Investing . Bullock Fund, Ltd Century Shares Trust Corp AA’ or “Acc” Corp "AA" or “Acc” Corp Trust Shs (orgi). , Diversified Trustee Shs “gh Diversified Trustee Shs nen, Diversified Trustee Shs “D”.. Dividend Ehares, Inc. ‘as Fundamental . General Investors Tru Incorporated Investors ....., Market St Investment Co n. . Maryland Fund Massachusetts Investors Mutual Investment Fund Nation- Wide Voting N American Tr Shs 1955. . N American Tr Shs 1946...... N American Tr Shs (orig)... Quarterly Income Shs (new). Selected Amer Shs, Inc (pew) Selected Amer Shs (orig). Selected Cumulative Shs . Selected Income Shs State St Investment Supervised Shs, Inc. Trustee Am BK . Trustee Stand Oilshares “A. Trustee Stand Oilshares “RB.

Other Li vontock

(By United Press) LAFAYETTE. Ind., Feb. 8.Ket, steady; 200-25 1bs., 250 Ibs, $10.15 10.20: 10.10: 275-325 Ibs

0 Ld BIB DOWN D033 rin ed | CWRADTN ADEN INW DD BT DN adr rs 100 NN DBR DD

CD LIDS NOI A RDI TID DI I III EWI 8 3 Loe

— a I

Car.

OBI Dt DOP it 2d +t DIED = 30 4 3 DN DD LIED

-Hogs—MarS10. 25@ 10 35 2254 230.25 bs. $10 $9.80m 0-20 $1. 107 10.25; 150-170 1bs., $9. Soins. 200 10: 150 Ibs., $919 25; 100-130 Ibs., $848.75. Roughs, ae 23 down, Calves, $10 down stern lambs, $10.25 y Snes k 5 down; native lambs, FT. WAYNE, Ind.. Feb. 8.— ke, 10c higher: 200-225 Ibs., Ibs., $10.30; 180-200 1bs., Ibs.,, $10.15; 160-180 lbs. Ibs,, $1; 300-350 Ibs, $9,85: 140-150 lbs, § $9.25; 120-130 lbs., $9: stags, $7.50.

Roughs, $9; Lambs, $10.50. (By Times Special) LOUISVILLE, Feb. 8.—Cattle— receipts, 800. Catch-as-catch- a nated on slaughter classes of cattle; local demand limited account lack of power for killing operations; few sales plain and medium light butcher steer and yearlings downward from $8. and part load good light steers, $9; low cutter cows, $3.25 to $3.75: weak to 25 cents lower, and steers slightly under last sales reported at this market, Calves—Estimated receipts, 600. Vealer market fpening slow: no early sales: bidding $10.50 down or 50c lower than Jan. 22. Hogs-—-Estimated receipts, 1000, including around 250 through: good and choice, 180- 250 Ibs., 810.3047 10.45; top, market, 10@15c lower than last or 57 @10c Por few sales late last S8heep—Estimated Nothing done on fat la good and wethers quotable, choice eligible higher.

' iu $9.75@ 10. 25

erated the movements of drugs, vaccines and chemicals, the report

{ pointed out, and also increased the | | volume of food, clothing and build- |

| ing materials. In spite of strikes and floods many industries were on their highest { schedules for the comparative week |in seven years, according to the re- { port. Manufacturers of electric re-

1, | frigerators and allied products were » | planning on a year that would ex- =. | ceed 1935, the largest in the history

2 |

4 the industry.

‘ASKS BOND AUTHORITY

{ By United Press WASHINGTON, Feb, 8-—The Chicago, Milwaukee & St. | Railroad Co. has asked authority | from the Interstate Commerce Com=- | mission to issue $2,655,000 of equip-

| ment trust certificates bearing 3' |

| per cent interest. The revenue from | | the issue will be used toward the | purchase of $3,558,000 of equipment.

Chicago Stocks

(By Atkins, Hamill & Gates) Prev. Close Advance Alum Allied Product Asbestos Manufacturing Associate Investors Athey Truss Wheel Pastian- Blessing . Butler Brother ‘e Central Tiinois *publ Service. . Cities Service Commonwealth Edison . Cord Corp . Cunninghe m ‘Drug’ .“ Dixie Vo Electric Fey Ghoid’ ’e Field Marshal General Household . .. Godchaux Sugar ''B Great Lakes Dredge. ares W B atz Drug Libby McNeil and Libby Lincoln Prinling Lion Oil Mid-W est W Noblitt Spar . rthwest Band Corp . 1 Bablic Service North ni’ NP... Sundstrand Machine 2 Utah fade Prod Wwalgreer Woodall "Industries Zenith

New York Curb

(By Atkins, Hamill & Gales)

American Airline American Cynamid 'B’ Am Gas and Electric Arkansas Natural Gas * Barium Steel ; Carrier Corp Columbia Oil Consolidated Copper sess ." Cooper Bessmer Dejay Stores Detroit Grey Iron Eagle Picher Lead . Electric Bond and Share Ford Motors Canada ‘A’ General Tire Gulf Oil Penn Humble Oil and ‘Refining Co.. Hygrade Food International Vitamin National Rubber . Niagara Hugsoh Power Root Petroleu Rustless Tron Md ‘Steel . Segal Loc Standard oil ‘of Ohio

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STOCK MARKET WEEK IN REVIEW

By ELMER C. WALZER

United Press Financial Editos NEW YORK, Feb. 8.—Stock mare Ket confidence bred by sustained business recovery waned last week end on the President's request for powers that would permit him to increase membership of the Supreme Court of the United States. Wall Street saw in that request a bid for elimination of the present “balance wheel” in the governmental system. The first reaction was a rush to sell stocks. There was support on the decline but it came largely from shorts. Elimination of the short interest weakens the technical position of the market and leaves it vulner= abl to attack, High Spot of Week The President's message was the packed with receded and the

situation

news. As

lost their intere General Motors

neared a climax. Despite the strike, automobile production increased over the previous week, Total outturn was 72.205 units, against 71,148 the week before and 70,875 in the corresponding week of 1936, Steel operations were stepped up as the flood receded. The Amecrican Iron & Steel Institute placed operating schedules for the week at 79.6 per cent, against 77.9 per cent in the previous week, and 50 per cent in the 1936 week. There was talk of higher steel prices for second quarter delivery. U. S. Steel at Par Thursday morning, U, common stock opened at on a block of 5000 shares. It was the first time the issue had sold at that

ievel since July, 1931. Other steels made new highs with it and then profit-taking reduced them. Steel common never got above 100 be=cause of heavy orders to seil for profit. Republic and Gulf States came to the forefront on efforts of Republic to absorb Gulf on a chare exchange basis. Directors of Gulf have practically accepted a plan under which Gulf's assets will be taken over by Republic, it is learned. On Monday, bankers’ acceptance were raised following action of he Federal Reserve over the week-end in raising reserve requirements. { Other money rates were unchanged. A rise in call money was expected around the end of the month but if the market breaks as many think it will and business slows up, the reserve might do something to ease money further and thus attempt tc restore confidence. Mail order and chain ported increases in business. Retail trade resumed its upturn and whole=sale trade also picked up. Electricity output sagged slightly,

the floods st marketwise,

strike

S. par

Steel

stores re=

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Argentine Re Armour 4s 'f Assd Tel 4s '6¢ & O 415s’ Cal Oro Pwr 4s '66 . Cent Maine Pwr 45 ' Cent Maine Pwr ! Cinti G & E 314s Cleve Tractor $s "4; Cudahy Pkg 33s ' Cudahy Pkg 4s '50 Fla Power 4s ' Fla Power 5s ' Great Nor 3%s '67 ‘e Houston Lt & Power. 3s Indpls Water 3'2s '66 Towa Sou Util 5las 5, Kansas P & LI, 41,5 ' Koppers Co 4s 5] ‘ Long Island RR 4s '49 Louisville G & 5 Jas : Mengel CV 41.5 Metro Bd 4s '65 Minn Gas & Lite 45 '5 Narra Elec 3!25 '66 .s New England Pow 3%s ' N Y State Elec Gas , 4s '6: Ohio Edison 3 Yas Okla G & E 4s "46" Oklahoma G & E Inc Pac Gas & Elec 3'38 ’ Pac Lighting 4'.s '45 . Peo Gas Lite Coke 4s ' Penn Tel 4s '65 citi Railway & Lite Sec 414s 55 Sou Cal G & E 45 '65 Sou Kraft 4l4s 46 Wise OO & F 3108 '66 ........ Wise Pub Sve 4s or ‘ii

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