Indianapolis Times, Indianapolis, Marion County, 16 February 1937 — Page 17

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Trends

Supreme Court Is People’s Power,

Flynn Says.

+ 4

PAGE 16

Abreast of The Times on Finance

> »

TUESD, SDAY, FEBRUAT ARY 16, 1937

Companies’ Net Gains The annual statements of 250 companies reveal that corporate earnings inereased 5; per cent last year, Combined net profits, less losses, were £927.000.000 in 1936 compared with $600,000,000 in 1935.

GROUP PREDICTS

be By JOHN T. FLYNN

FF WORTH, Tex, There can be progressives have right to be Impatient with the Supreme Court, It has compelled a narrow definition of commerce in the mterest of dig business and it h stretched and urteent h mendm TORN to utility Pi ami he exploiters of h and 1 hold for it. this ought not to lead progressives into a grave and sinister assault on the very system of justice itself, Should the Court be “swamped by reorgamzation” or should the Constitution be amended? Before anv man can answer that question he ought to try to clear up a few basic facts about the system of government under which we live. The sweeping rise of “Totalitarian” new name for government. n ”n

WN our Constitution was framed the Government with unlimited powers was the general rule in the world. The people of the states were a unit on this point —that the new Government should not be a totalitarian government. They did, therefore, something new in the world—they set up a gov= ernment in which certain powers erved in the hands of the people TIVES, They limited the Government strictly. states were given certain powers; the Congress certain powers. Both get their powers from the same source—the people. But in actual operation what is to prevent either state or Congress from exceeding its powers Who will stop either? For years men have debated whether or not this power was granted to the Supreme Court. But this is certain—if it is not in the Supreme Court it is nowhere. There is nothing to prevent Congress and the President from doing away with or abridging the right of trial by jury, freedom of the press, setting up a press censorship, putting limitations on religious worship. The Constitution may prohibit it, but Congress could defy the Constitution.

T Ei" For more

Feb, 16.— no doubt that

a Su

interstate

fifth ents

protect ANOS childre women no brief But

Mr. Flynn

most shocking movement the world todav. the totalitarian governments. government, is just a an old evil—despotic

”n

were res

The LC

u u »

will not do ould never Congress

say Congress do these things. has attempted it than once. It abolished trial by jury in certain cases during the Civili War and when the war was completely over, with no enemy in the field, in a Northern state where there had been ne insurrections, Conzress attempted to continue this abolition of trial by jury and the trial of these offenses by the military. It will not do to say that the people and the press must be relied on to rebuke the usurper, For in this case the people and the press howled in tempestuous wrath against the Supreme Court, which restrained the Congress rather than at the Congress. To assert there is no power in the Supreme Court to protect the constitutional guarantees is to assert that Congress and the President are subject to no restraints. This is the first step toward the totalitarian state. Of course the President does not Sug taking this power from the Court. But he dobs suggest packing it. Congress passes a law, The Court holds it unconstitution= al. The President and Congress pack the Court to give them a two-to-one majority. This is to take the right of interpreting the laws out of the hands of the Court and giving it to the President and Congress. And if Roosevelt sets the precedent in this, who can say where it will end? (Copyright, 1937 NEA Service, Ine.)

gest

Fruits and Vegetables

(Quotations below. subject to change, are verage wholesale prices being offered to | 1 by Jocal commission dealers.) s 35 CH D’Anjou,

extra | alifornia

Avocados, selected, elicious,

$2.50, Bananas, Apples, I 1 Indiana nos up. $2.35; No. 1 Indias Golden : inches up. $2: No, 1 Stay- | : No. 1 JonayNo

1 158 1_ New 2 inches up, $1.75: No. 1 inches up. $2: No. 1 New 2 inches up, $2. Lemons Limes. Mexican, Grapefruit Texas 3, Oranges, Califor$4. 50/6. Pineapples $5. Strawberries, Florida,

Im Sunkist carton seedless, nia 30 15¢ Veget hamper new Texas California, case Sprouts, ney New York id

p bles, — Beans. Plorida stringless. ! S, homegrown, bu., $1;

20c. Cabbage new Texas, . California, bulk, bu. 11s-12s, 25 VA "doz. b $2.85. Cahbage. Cucumbers, hothouse. ives, doz. pots, 90c, Egg z.. $1.50, Kale, Virginia, lcbere, California best 5s, $5.50: leaf, hothouse, No. 15 Endive, California, doz., 90c: $3.5 Peppers, Mangoes. , 40c. Mushrooms, homeonions.

Indiana yellow. $ 1: Western Spanish, large, $1.50; Northern white, $1.35. Parsley, homegrown, doz.., 35c; Southern, large bunch, 50¢ Parsnips, homegrown. !2 bu., 85¢ Peas, Mexican. hamper, $5.50. Potatoes. Maine Green Mountains, 100-1b bag, $3.25: Idaho Russets. $3.85: $2 85: Colorado McClures. $3.75: New Triumphs. 50-1b. box. $2.35. bagas, Canadian, 50-1b, bag, 90c. waxed and tagged, $1.10. Sweet Tennessee, Nancy Halls. hamper. Louisigna, Puerto Ricans, bu. $2.35. ’ ishes, buttons, hothouse, doz.. 50c: white, 40c. Rhubarb. hothouse, No. 1, 5-lb, car. ton, 50c. Sage, doz. 45¢, Spinach, Texas, bu.. $1. Shallots, doz. 40c sh, Huhbard, bu. $1.50. Turnips. b $ oma - toes, repacked. 10-1h. basket. 7 revacked, best, 10-Ib. box, $1.50.

Ruta-

Potatoes, $1.90; Rad-

(By United Press) CHICAGO, Peb. 16, — Apples — Michigan McIntosh, $1.76@2 Sweet Potatoes — Louisiana Puerto Ricans, $2. Carrots— Illinois, bu.. 80@ 85¢. Rinach Texas bu., 60% 75¢ Tomatoes—Florida lugs, $1.75@ 2 €5. Caulifiower—California, crates. $1.65 i 1.8% Peas—Mexican hempers, 5 50. Celery——Michigan, 81.256 1.50 Onions (50nois and Indiana yellows, 85@85c.

Aluminum

POSTURE CHAIRS

Employes Comfort fs good business!

W. C. BRASS snd Associates 1% 8. Mer. RIL

[Cin G & E 3vas

Canadian, |

4-YEAR DECLINE

INU. 5. SPENDING =

Tax Experts Also Forecast

An Increase for State, Local Units.

Bu United Press

NEW YORK, Feb. 16.—A group of |

tax experts of the Twentieth Century Fund predicted today a decline in Federal expenditures in each

lot the next four years and an “al- |

increase in expendigovern-

certain” state and local

most tures by ments. The

report's estimate was based

on the alternative assumptions that |

1939 the Government will have withdrawn completely from direct relief, or that even in 1940 Federal relief agents will continue relief contributions to the extent of $800.000,000. In either case it was assumed that state and local relief expenditures will remain constant at close to $500,000,000 a year, The report was submicted by Prof. Carl Shoup, director of the research staff. He qualified all estimates with the phrase “short of war or uncontrolled inflation.” The estimate forecast Federal expenditures of $8,225,000,000 in 1937, [$7,125,000,000 in 1938, $5,284,000,000 | to $6.584.000,000 in 1939 and $5.352,- | 000,000 to $6,152,000,000 in 1940. | These estimates do not include contributions for the Old-Age Reserve Fund. These figures compare with an actuai expenditure of $8,880,000,000 in 1936.

New Bond Issues

(By

Ww. 1 Co.)

wad, vo's

Lyons & Ask Yo vs Yo 8

Argentine Re P 41s "M1 aAaviiour 48 su Wel 4s 5 “ He ity Sas vg LL. B&O %ies "oY y [Call Uo «rw 4s '68 voilt Maine Fwr $s

Cent maine Pwr

101%

WA v8

cieve ‘lraccor os cuaahy 1'kg 3%s cuaahy Pkg 4s ' io Auto Lite 4s '52 at Nor 394s "67 nouson Lt & Power 32s '66 wnapis Water 3'a2s '66 ; Sou Util Byes 00... . say PF & L 4h2s "6d coppers Co 48 ‘ol vay Island R R 4s Lousvule G & E 3's al CV 4! os My iO Ed 4s 'bd ‘ah LGAs & Lite 4s '50 . "66

9... 104 "66 ..

Gas 4s 3

991, 11374 10155

‘091% 164 965 1001,

Gas & E Ey 334s '68 Steel. 4las "62 & Ei 312s ing 4los ° Jeo Gas ‘Lit e Coke

101 & 315s 102 Wisc Pub Sve 4s '61 102%

Investment Trusts

(By Thomas D. Sheerin & Con.) Ask 21,61 12.69 1.43 39.50 25.38

| | Administered Fund 2nd {| Affiliated Pund, Inc (new) Amer Business Shares Broad Street Investing Bullock Fund. Ltd Century Shares Trust 2 { Cor “AA” or Accum’ (mod) Cor “AA” or "Acc (unmod) Corp Trust Shares orig) Diversified Trustee Sh "'R” Diversified Tr Shares ''C” . Diversified Tr Shares ''D” { Div idend Shares, Inc. Fundamental | Cenaral Investors Trust Incorporated Investors | Market Street Invest Maryland Pund | Massachusetts Investors | Mutual Investment Mund | Nation-Wide Voting | No Amer Tr Shares 1955 | No Amer Tr Shares 1056 . No Amer Tr Shares (orig! Quarterly Inc Shares (mew). R | Selected Amer Sh Inc (new) 1692 Selected Am Shares (ori) | |= acted Cumulative Shares | €rlected Income Shares | Stats 8t Investment Corp { Sunervised Sh. Inc (ol) | Tru tee Am kx (B) Tr Stondard Oilchares “A” st anda rd OY “RB

Corp

21.15 | 17.67 . 3% «11,17 5.85 .-117.50 . 13.2% . 1.08 2.28 7.8%

Local Securities

| : Bond & Share Corp.) ¢ The followine quotations do not represent actual bids or offerings. but merely in 0 ate Lhe anproximate market sed on buying and selling in | recent transactions. ies or

BONDS

Citz Ind Tel (TH) 415s '61 H Tel & Tel Ft W 51 28 '55

18.80 1.16 | | rr

Avag

(By Indianapolis

Bid 103% 103

Tater ‘Co 3'%s '68 Interstate Tel & Tel 5'as "$3 | Kokomo Water Works 5s '58 . Morris 5 & 10 Stores 5s '50 | Muncie Water worl 5s '65 Noblesville H L & P 6'5s 47 hio Tel Ssry ty 47 [ Richmond W W 55 '57 Seymour Water Co 5s "87 . T H Trac & L Bs '44 - ['T H Water Works 5< 'SR . T H Water Works As '49 . | Trac Term Co 5s '57 | STOCKS Belt Railroad & St Yds com Belt Railroad & St Yds fd Gent Ind Pwr ptd 7s ome Tel & Tel Ft Wavne Hook Drug Inc Ind & Mich Elec Co nid Ts | Ind Gen Co

Broceoli, | Brussel |

, | Indpls Pwr & Lit Co pid 815s 1 . 98

{ Indpls Water Co ptd Bs | N Ind Pub Serv pfd 5':s N Ind Pub Serv pfd 6s va {N Ind Pub Serv nfd Ts . | Progress. Laundry Co ' Pub Serv Co Ind pfd 6s ... { Pub Serv Co of Ind 7s .... | Terre Haute Elc Co 6s. ... | Union Title Co ‘com

| s— ——

Produce Markets

(The prices auoted are paid for stock fathered in the country. while for deliv-

loo |

10034 |

. | Barium

Asked |

5 | to 0c 2 good and choice, 180-225 bor

New York Stock Excha nge Prices

(By Thomson & McKinnon)

High Amusements Crosley

Low

26 255% 11% n 8% | ES Century Fox Bt 36% Warner Bros ... 8 Aviation— Aviation Corp.. Boeing Afreft Curtiss Wright . Curtiss Wri (A) | Douglas Air . Nor Am _Av Sperry Corp .... 22% United Ai: Lines 21% { Utd Aircraft new 30% Trs Cont] & West 19% Building— Am Radiator 2814 Barber Co . . 37% Lone Star 6973 Libby Owens Gls iby Otis Elev .. 5s Chemicals— Air Reduction... T8 Allied Chem .. 236'2 { Am Com Alcohol 27% Com _ Solvents... 19) . | Du Pont 173% Freeport Tex.... 29% Liquid Carb .... 49 Math Alkali 391% Natl Dis (new) .. 27% | Schenley Dist . 427 Tox Gulf Sulph . 405% Union Carbide 109" U 8 Indus Alco 41% Drugs— Bristol Mvers Lambert Lehn & Fink Parke Davis Walqgrern Sterling Prod Un Drug (new) Equipments— Am Car & Pdy Bald Loco Gen Am Tnk Car 83'2 Gen lec 1's Pullman Ine 71 West Air Br 5415 Westingh Elec 1572 Finanecial— Adams Exp . 187% Allegheny Corp . 47s Am Int . 18% | Comm Credit 661 Comm Invst Trst 743 | Lehman Corp 127% Transamerica . 1h Foods— | Am Sugar 52% Armour Sah 31% Borden Prod ev} {Can Dry G Ale 31 Coca Cola 13: 1 Cont Bak (A)... 3304 Corn Prod 68 Gen Baking 173% Gen Foods . G W Sugar Hecker Prod Natl Biscuit Natl D Prod 2 S Porto Rico Sug Std Brands 15 | Swift & Co .... 27 United Pruit Household— { Col Pal Peet | Mohawk Carpet

8% . 44% 7 21%

45 227 20 427% 47

Til 147%

67 a

» | Proc & Gamble

Servel Inc { Simmons Bed

10 A.M.

: pfd Ts | Gt a

Nor Ore tore Homestake Min bH Howe Soun Bl"

Kennecott Cop. Magma Copper. . Mcintyre Mine. . Park Utah ry Phelps Dodge St Joe Lead .... U 8 Smelters | Vanadium . Miscellaneous— Allis ier Am Car

Cont) Ca

62 Gaterpiliar Tract 99 C rk... 933

Natl Cash Reg. . | Owens Bottle | Rem Rand

5 | Underwood E

Chicago ‘Stocks

(By Atkins,

| Chicago Corp | Chicago Yellow Cab Cities Service Yay Sonsoligated Biscuit .... Cord Cor} i | Sonn nEham Drug Electric Household Field, Marshal General Household Great Lakes Dredge Jarvis W Katz Drug Ken-Rad Tube Libby McNeil and Libby Lincoln Printing Lion Oil Loudon Packing Midwest Corp Noblitt Sparks Northwest Band Corp ! Schwitzer-Cummins | Standard Dredge pfd Sundstrand Machine Walgreen o's William Oil-O-Matic . Woodall Industries Zenith

Central iilinois "publ Serv ice ..

Hamill & Gates)

Prev. close 174s 10

22% |

» &

SIT3 3070 ms 3 1

bad 1500 —- GS ] »

NaN

A L0 s O

DIR a NESW

ol oF a LE

“ADT BINT

Consol Oil ..... Cont of Del | Houston (new).. Mid oan Pet.... § Ohio “hv 3 | Pet ob ve | Phillips Pet Pure Oil “ Seaboard Oil ..

| Texas Corp | Tidewater Assn { Un Oil of Cal i Atchiso Atl Const Lines & O .

- 2

4814 B 251% | Can Pacific 16% Ch & Ohio Chi & Gt W 3 3 3 | Chi & Gt wv pfd 13.2 : Hl a CM& St 5 | L ICM & St Pp rtd 8s 5'% {Chi N W 5 4%

1b |

22% |

idly

16% |

19%

, |. Xea 1 1837 High

New Yi ork Curb

(By Atkins,

I Aluminum Co of America

9 | American Airline | American Cyvanamid ‘BR’

level |

| Twin Coach

Hamill & Gates)

Nor

. 3 ! Humble on and (Refining Co. + B6 "

Other Livestock

{ | | g s (By United Press) 18.— Hogs-—Receipts, market, than Monday’ S $10.35: $10.20710.30;

CHICAGO, Feb. 000, including 4500 directs: higher

heavy butchers up most: to

18. - steady average bulk.

| comnarable, 140. 8 DO s., $9.25610.30; bulk

2 | good sows, $9.25 9

Cattle-—Receints, doo:

| day; subnlies small and a tion here and there but nrices meeting a rebulf dressed trade still sluggish:

ton long vearlings, $12 £14.25 on prime light a promising to sell at cents moderately from Monday: choice kinds 7 down

absent: to $5.75; these grading : bulls, steadv ers, 254 50c lawer at $10; ing $10.25% 10.50; storker Sheen Airerts;

best gond:

and feeder trade. Receipts, 7000. i market slow: | lambs around 25¢ higher: few loads and odd choice lambs, and handyweight

ewes, $5.5

(By United Pree Sb es,

FT. WAYNE, Ind. Fob. Ket. steadv; 200-225 ibs, 8

eries in indiana olis the prices are 1 cent | 3

higher. Each os | 55_poun ERR Yo

| case of exes must weigh gis Strictly fresh 17¢

Heavy breed hens. 8 Ibs. and over, 13c: Leghorn breed hens, heavy Heavy breed springers 2 Ibs. over soft meated. | 13¢. Leghorn rel springers. 8c. Heavy breed stags. 9c: Leghorn breed stags, 6c: heavy breed cocks, 7c. Ducks, full-feath-ered and fat. 5 lbs, and un, Tc. Geese, full-feathered and fat, 5c. Turkeys, voung toms, 12c: voung hens, Te, old toms. 8c: old hens, oe; No, Dn -Creamery. No Les) © | No. 2 A 2 35% ¢. Butterfat - Ne ‘ { No. 2. 3l¢c

loss oft

Michigan Rurals, | doz Florida. |

Its Territories and

Calves,

{ calves, lowing Monday's unevenly lower close, fed | steers and vearlings generally steady tolittle more achigher asking from buvers,; shinner dei mand, narrow: killing duality, nlain;

$8.50 12; increased by all heifers active and firm: common kinds wanted | heifers

al $6.50 down;

snecialties maklittle more activity in

$10.

2000.

early hid

fresh holdover

cows, slow,

including 400 indications sheep, Jots good $104110.25; around $10.75: hulk good and Choice,

hest, light

Lambs.

fol-

around hulk of crop re-

bore, |

veal-

fat steady: to more held

Rush Jobs Make Us Smile

Hendren Printing

Company, Ine. 170 CENTURY Ay

R1-8533

Jonds of the United States Government.

Insular Possessions

Federal and Joint Stock Land Bank Bonds Indiana Municipal and Corporate Securities Yeal Estate Bonds ond Preferred Stocks Jeneral Market Securities

polis Bond and Share

129 EASY MARKEY STREE

B+

Corp.

2ZZZRRE

» | Adams Millis

10:00 Pre High. 17% 17% 50% 20% 16%

[Chi NW pfd ... Dela & Hedy, “>

‘wig S07 P 2

- -

Ew 2037, 23

igh Valiey

= 2

132,

a v West “Maryland ' 10

Retail Stores—

Allied Stores Assd Dry Goods Pirst Natl Stores Gimbel Bros .... G4 Uh Tea ..... Kresge S S .... AY Groce | Macy H in Bi | MeCrory IE + | McLellan St . | Marshal Field ..

5) hid

23 3, 21% Hi

| Safeway St { @ars Roebuck . Woolworth . ... Rubbers— Firestone Goodrich Goodyear

13 |U 8S Rubber

U S Rubber pfd 985

Steels—

Acme Steel Am Roll Mills Beth Steel Byers A M | Crue Steel Keystone Steel { Ludlum Steel Mid Steel | Natl Steel Otis Sten] | Rep Tron & Steel 353 Sharon Steel 3 U S Pipe & Pdy {UU 8 Steel 10615 | Yenston 8 & T. 84% Textiles— 253% % 1234 i f07% 113% T'% 12

Amer Woolen | Celanese Corp { Collins Aikman . Gotham Hose | Indus Rayon | Real Silk Tobaccos—

| Am Tobacco ‘‘B” | L & Myers "“B” Lorillard i | Philip Morris Reyn Tob ''B”

Utilities—

{ Am & For Pwr i Am Power & Lit 3 T 1

| Ans Wat Wks Col Gas & Elec | Comm & Sou | Consol Gas Ele¢e Pwr & Lit 7 | Interboro RT idnt T& T » 3 Nat Pwr & Lit North Amer 30 {Pac G & B .. | Peoples Gas Pub 8ve N J

Edison . . | Std Gas | Stone & Webster United Corp {Un Gas Imp | Ut Pwr & Lt { Western Union

—

LOCI pt it BI a DOOD +t WOT II ALIA DLE NI

‘A

New York Bonds

Vv.

Low, AM. Close.

187%

50% | sold for $10.35;

Va | 1, 3

S45 17% |

1 1

PORKER PRICES FIRM IN TRADE ON MART HERE

i" | Choice Vealers Up 50 Cents;

Fat Western Lambs at $10. 50 to $10.60.

| | All classes of hogs were steady to-

. | day at the " Stockyards. | holdovers, 83. At the close 160 to 180 pounders 180 to 200-pound weights were $1040; 200 to 210 | pounds, $1045; 210 to 225 pounds, $10. 40; 225 to 235 pounds, $10.35 and | weights of 235 to 250 pounds brought | $10.30. Packing sows ranged from $9.10 to $9.65, top $9.75. Weights of 250 to 260 pounds brought $10.25; 260 to 275 pounds, $10.15; 275 to 285 | pounds, $10.05; 285 to 300 pounds, $10; 300 to 325 pounds,

Indianapolis Union Receipts totaled 5000,

$0.95; 325

to 350 pounds, $9.85 and weights of |

350 to 400 pounds were $9.75. In the lighter divisions, 160-pouinders brought $10; 155 pounds, $9.75; 140 to 150 pounds, $9.50; 130 to 140 pounds. $9.25; to 130 pounds, $9; 110 to 120 pounds, $8.75, and weights of 100 to pounds. $8.50,

Steer Top $12

The cattle run of 2300 was largely a steer run, Slaughter classes were around steady with the early

demand centered on good to choice | pany, Mr.

grade steers and yearlings, Top

110 |

155 to ° 150 to

COMPANY ASSETS GAIN

120 |

| | |

LeMar Talbot, Insurance Co. president, | ported to policy holders an increase | |of $5,791,000 in company assets for

{1 RE

steer price was $12 for 1200-pound |

weights. [ranged from $8 to SII. were mostly $7 to $8, a few up to $9. Common to medium beei were $5 to $5.75, 183.75 to $4.50. Sausage bulls were [$6.50 down. Choice vealers were 50 cents higher at $10 to $10.50. Calf receipts | were 500. Most cents higher veariings

| Choice 98-pound

(steady at $9.50. Slaughter ewes were

| (Reprinted From Late Times Yesterday) | DAILY BOND INDEX (1926 Average Equals 100)

| Today vy | Saturday Week ago | Month ago Xr ago

100.3 100.8 101.1 94.8 101.2 1037 Low 99.7 xNew low

(Copyright, Standard Statisti

(FP. 8. Moselev & Co.) 8S. GOVERNMENT BONDS Treasurys

1937,

1944.54 1946-56

x | Natl Steel 4s '65

Y | Penn

Interntl Tel & Tel 4'4s '39.. | Interntl Tel & Tel 5s "55 Interntl Tel & Tel 4'2s "52. . | Lehigh Valley 4s 2003 | Mo j Bs Natl a1

| Nickel Plate a3 {NY Cent 5s 2013 IN Y Cent 415s 2013 fold) IN Y Cent Conv Bs '44 | Nor Amer Co 5s '61 Nor Pac 3s 2047 |X Nor Pac 6s 2047 Nor States Pow 5s '41 New Orleans Term 4s '5 (Ee, Ry ds . {Penn RV 4'4s '84 i Penn Ry 4'4s '81 | Penn Ry 3%s ‘70 | Portland Gen El : | Para Publix 6s P&L 4 & Cab

"8...

415s * 55 28 '81

| Postal Tel & 5s

0 | Rem Rand WW 44s ’

5 | Sou

103. 60

104.15 | 13lu

1549-50 101

Home Owners Lonn Corp. 1942-44 1949 1052 Federal Farm Mortgage Corp. 1964 .. 105.28 1949 . 105.50 1942-47 . Conan iy, STiBISE 1949 . 103.30 DOMESTIC Bond Leaders

102.20 104.22

105.29 105.20 105.50 103.28

Today's

Beth Steel 3%s ‘66 Rep Oil 4'4s '50 Neh dlas e

"87 ' x ¥ Sek & Boston 4108 "48 .

Alleg Corp 5s ‘44 .. Aller rrorh bs '49 Am Frgn Pow 5s Am Tel &

Atl Coast Line 4'.s "64 Atch Top & § Fe 4!is Am Wat Wks 6s '75 Balt & Ohio 5s 2000 . Balt & Ohio 6s ' Balt &

Chi Milw P Chi Milw & St P Cleve Un Term 5s Cleve Un Term os Col Gas 5s May & Gas 5s Avril ol Gas 5s '61 an Pac Perp 4 ‘ent Pac Bs

5 2000 en 73 ™m se

- “h

| Con Gas als { Chesa Corp 5s Del

Grt Northern “G' 4s ' Grt Northern “H" 4s '46 | Grt Northern 4lss '77 : Gen Sti Cast WW 51.5 4d . Hud dy & Sahat id 5s n7.. 0

Tl Gent 41s : | Interboro_ Rapid Trans 5s '66 . a:

Ill Cent 5s '63 83% Interntl Hy Elec 6s ‘44 .

a3;

102.18 |

{ Shell Union Oil 3'as | Socony Vac 31,5 '50 Pac 4'ss '68 Pac 41, ‘81 Pac 4s '49 Rail 4s '56 Rail 6s '56 | Sou Rail 6's 58 | Texas Pac 5s '80 | Texas Pac Bs 'T) | Texas Pac 5s "77 { Third Ave Adj 5s '60 Union Pac 4s 47 United Drug 5s "53 Sar

Y NH & Hart 4108 Ws ! Warner Bros 6s '39 . Western Mary 5'4us "17 “3 Western Union 5s '60 Vay Youngstown 8 & T 4s 'S1 Youngstown § & T 31ps ’ FOREIGN Argentina A 8s '57 Australia 4'5s '56 Brazil 8s '41 Canadian Govt 4s ¥ Denmark 4'ss 55 German 5'%s ‘68 German 7s ‘49 Italy 7s '51

Sou Sou | Sou | Sou

0 Japan 6'.s '54 |. .

| Poland 7s '47 Rome 65s '52 Tokyo City 5's "61 Yokohama 6s '61

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

10:00 Wheat— Am | May .. July | Sept. Corfe May July Sent Oats— May .... July ...

High Low 1.361; 1.35" J" 1% » 1.14% 1.13%

1.3f 37! ]. 191 1

1.0085; 1 1.04); 1 Se

9's 1.0f 033% 1. 26 7

50% A447 417%

50! 44% 41%

1.13% July 1.041, Sept 925% Soy Bray. Ma 1.8 hs July 1.56158 1 (h) Bid. a eTiers.

: LOCAL CASH MARKET | City grain elevators are payin [$135 for No. 1 red wheat. [evades on their merits. Cash cor now No. 3 yellow, $1.03.

127% 03', 02%

57h 56b

IL clover, [email protected]; No. 1 | first cutting, $16@16. 50; second cut Hing, [email protected].

nival shell game.

by riding the trolleys.

LIKE TAKING CHANCES?

If you MUST gamble . . . you can try the car But DON'T risk life by driving

on glassy streets or walking in damp weather. Save your temper . . . your money . , , and your health

is Railways

Prev Close | 5 | ® | Ewes 14%

04%, | 3

Other

Oats, 44¢.| Gold Res. Hay—No. 1 timothy, $13.50@14; No | Customs aifalla,

Light Lights—

Lightweights—

Medium Weights—

| Packing Bows —

| hai

| Lambs

| year ago.

| steady,

[to $5.50; top, $5.75.

Bulk $10,050 10.40 10,1561 10.40 10.2562.10.55 10.2561.10.55 10.2062 10.45 10.206 10.45 (140-160) Good and choice § ane. 45 Medium 1160-180) Good and choice . Medium (180-200) Good and Medium

9.257.10.20

choice . 10.20@ 10.45

choice . choice

and and

(200- 220) Good Good

choice choice

and and

eav 1250-290)

(200- 350) 9.7561.10.00

p75

Good

275-350) Good va v 3 81a (350. 425 . 9.3 1425-450) 0 VaR 1275-500) Medium Pigs 0-140) Good and Medium CATTLE Receipts, 2300 — (550-900) Choire Good Medium Common Choice Good Medium Common Choice Good Medium Choice Good

choice 9! 25 v.28

5712.75 256111.75 2800 9.25

(900-1100) 9.2564r11.76 50a 9.25 { 00 ar (1100-1300)

(1300-1500) 11.757113.00 Heifers Choire Good » Common, Good and Common,

(500-750) . $ [email protected] 8.25 9.75 5.0061 8.25 B.25%11 00 500% 5

medium : choice . medium

(750-000)

Good ROOD | Common and meaium .... . 4% Low cutter and cutter 3.75 | Bulls, good 8.507 Cutter, com, 5.00@ Vealors —Receipts, Good and choice Medium B.00a 9.50 Cull and medium

(260-500) Good hii Choice $ 6.00@ 8. Common, medium 5.00 6 Feeder and Stocker Cattle (500-800) Good and choice $ 6.500 Common, medium 5.50 (800-1050) Good and choice . 6.500 Common, medium. 550@

B.75@ 450@

Heifers— Good and choice Common and medium SHEEP AND LAMBS —Receipts, 2500—

Choice 2 Good ay 0 Medium . De "ey . 5 Common > ve 2 (90-175) Good and choices. mH rs Common, medium 3.75@ 4.75 v (Sheep and lamb quotations on clipped asis.)

Money and Exchange

INDIANAPOLIS STATEMENT

Clearings ..% 4.082000 ebits .. 10,702,000

TREASURY STATEMENT (By United Press)

WASHINGTON. Feb 16 expenses and receipts for the current fiscal | year through Feb. 13, compared with a | MAL Year Lact Year Expenses 2,239,182,936.05

2.292.763 .996.47 | 1,885 624, 125. 51 |

6.420, 653. 3.00 10, 154 865, 089 89 | 238,155,030.88 °

Cash Bal. | Pub. Debt

500, 275. 28

NENW,

Bulk steers and yearlings Heifers | COWS | the cutter grades. |

fat Western lambs were 10 | and the choice kinds |

ranged from $10.50 to mostly $10.60. | ig were |

the bulk selling from $4.75

Receipts | 8000 |

5000 |

8.70 10.05 | 10.056110.40 |

9.75a,10.20 |

10.20710.45 | 10.2042,10.40 |

[email protected] |

5an 1.25 | T54113.00 |

(.H0 | T5%r13.00 | 9.25611,75 | T5060 9.25 |

[email protected] |

9.506 10.50 | 5.00. 8.00 |

00 00 |

09.008.837.08 $4,531,046, 032.52 |

Times Specinl

Named Official

INFLOW OF GOLD "HINDERS SILVER PURCHASE PACE

Over Billion Fine Ounces of White Metal Bought Since 1934.

By United Press WASHINGTON, Feb, 16.<Seocre tary of Treasury Henry Morgenthau Jr, informed Congress today that the rapid inflow of foreign gold inte this country is defeating Treasury efforts to build up silver stocks to one-third of the monetary value of the nation’s gold reserves. In testimony before the House | Appropriations Subcommittee, pub= | lished today, Mr. Morgenthau | pointed out that gold is coming in , the silver-purchase | program is not able to keep pace. He said the Treasury is buy ing all | the silver offered for sale, but esti= mated that the present silver stocks [ still amount to only about one-fifth | of the value of the gold The mandate to buy silver was (carried under the Silver Purchase Act of 1034, Since that date. the SSaam | Treasury has bought 1,139.194.1% fine ounces of the white metal, Mr, Morgenthau said. Acting Budget Director Daniel W, | Bell told the committee that the | Treasury bought 915,000,000 ounces under the act at about 80 cents per | ounce, that the Treasury acquired | 113.000,000 ounces under the 1934 | nationalization executive order, and | that it got 109,000,000 ounces of | newly mined silver at prices ranging

Byron XK. Elliott, formerly of Indianapolis, has been elected vice president of the John Hancock Mutual Life Insurance Co. of Bos= ton. Mr. Elliott graduated from Indiana University and attended Harvard. In 1926 he was appointed Assistant Attorney General of In= diana and in 1930 he was elected Judge of the Marion County Su= perior Court. He joined the in= surance CHINN in 1934,

NEW YORK, Feb. 16, Walter | Fidelity Mutual Life | today re=-

The total assets of the comTalbot said, were $112,38,000 at the end of the year,

936.

| from 64 to 78 cents per ounce,

Silver Bullion Vault To Be Sought

{ By United Press | WASHINGTON, Feb, 16.—A silver bullion depository, similar to ihe huge vaults at Ft. Knox, Ky. where [Uncle Sam keeps his gold, is planned by the Treasury, Nellis

| Tayloe Ross, Director of the Mint, | told the House Appropriations Come | mittee, Mrs. Ross said treasury officials are now considering sites for the | proposed depository,

Unlisted Stocks

(By Blyth & Co.)

{ Bankers Trust . | Chase | Genveal Hanover | Chemic ‘5 | Continent Tilinoin Guaran " | Irving | Manufacturers ' National City ' | National City Cleveland National Shawmut ' First National Boston | FIRE INSURANCE Aetna Fire Insurance American Ins of Newark Baltimore American Franklin Fire Federal Insurance Great American Insurance | National Fire . "a Hartford Hanover Fire | National Liberty | North River Phoenix {U 8 Fire Westchester Fire

Your Federal

Income Tax

(20th of a series)

BAD DEBTS—=YEAR IN WHICH DEDUCTIBLE

TT pe allowed as a deduc= tion from gross income, a bad debt must have been de= termined by the taxpayer to be worthless within the taxable year for which it is claimed and, where books are kept, it also must have been charged off within the same year. The necessity for this provision is obvious. If a debt could be deducted without the re=quirement that it be charged off the taxpayer's books, the certainty of its worthlessness would be open to question. Neither the taxpayer nor the | Government could be certain that a debt would not be claimed more than once. If a bad debt were allowed as a deduction, without regard to the year when it became worthless, such charges could be accumulated to be deducted in a year when there was a large income,

”

HE burden is upon the taxpayer to show that a debt claimed as a deduction was without value during the taxable year. A statement should be attached to the return showing the propriety of any deductions for bad debts. If in the exercise of sound business judgment a taxpayer concludes, after making every reasonable effort to determine whether there is likelihood of recovery, that the debt is of no value, deduction for such debt is allowable. Court action as proof that the debt is worthless is not essential, It is optional with the taxpayer, in a year prior to that in which a debt becomes wholly worthless, to take a deduction for partial loss if partial worthlessness occurs. If it can be shown that upon maturity of a bond, mortgage, or note evidencing a debt it will not be paid in full, the partial loss is deductible,

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