Indianapolis Times, Indianapolis, Marion County, 28 October 1937 — Page 21

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'. Mo Kan Adj

THURSDAY, OCT.

1937

4 hh a i ; RN . SA SO MR al Sk STNG Rah a erm A A PRAT RE OR ERE

MARKET D

FROM EARL IN LIGHT

J Hogs Advance |

| Am

Commodities Improve

In Sympathy With

OS.

curitie

) R Sneecial NEW YORK, Stocks receded from gains as profit-taking appeared and volume declined around noon. Major commodity markets improvement in securities, but

Oct.

28. early |

advanced on |

late gains in most instances |

were well below initial advances. Cotton had early gains ranging to nearly 50 cents a bale, but lost mos of the advance subsequently when Wall Street demand tapered. Selling became a little more persistent near end of the third hour and U. S. Steel had only a point gain at 59° Chrysler at 71': was 2 points higher. du Pont maintained 1 gain at 1245 had a point gain at 100. Smelting maintained 1 56. Atchison was still 40'> and Southern Pacific maintained ': advance at 21. Kennecott eased off to a fractional loss. " » 5

higher

and Westinghouse ! American | advance at | at |

| | 3 | {

Today's Business

At a Glance

CORPORATION NEWS Air Reduction Co. owned subsidiaries, September quarter net profit $1.990.995 equal to 77 cents a share vs. $2,289.498 or cents previous quarter and $1,939. - 985 or 76 cents year ago: months, $6.231,432 or $2.41 vs. 272,461 or $2.08 vear ago. Continental Oil Co. quarter consolidated

net profit

and wholly- | { He, Ly neght

90 |

nine |

$5,-

September |

$3,730,045 equal to 79 cents a share |

$4.193.336 or 89 Sa and $3,727,357 or

vs quarter a vear ago. Curtis Publishing Co., months net profit to $432 a $7 preferred share $5,059.35 or 29 cents a common share year ago; September indicated net profit $258,699 or cents a preferred share vs. $1.968,60

ago.

previous 79 cents

first

nine | $3.741,046 equal |

VS. |

quarter | 30 |

7 or 25 cents a common share year |

Fajardo Sugar Co. of Puerto Rico!

and yea

associated organizations, fiscal ended July 31 profit before income taxes $1,756,657 vs. $2,306,289 previous fiscal vear. Jewel Tea Co. Inc. four weeks Oct. 9 sales, $1,813,108 vs. $1,512,912 year ago, up 19.8 per cent: 40 weeks, $17,588,415 vs. $15.274.680 year ago, up 15.1 per cent.

ended

Murray Corp. of America, Septem-

ber quarter net profit $173,135, equal |

to 18 cents a share vs. $313.821, 34 cents previous quarter and $80.675, or 9 cent year ago: $84.275, or 89 cents s. £1.30 vear ago. National Steel Corp, quarter consolidated 85.227.07 1, $6,013.07 and $3

net profit 77 or $1.56 year ago; indicated net profit $7.81 vs. $8,542,419, or

or $2 350 704, nine months £16.935.967, or $3.69 vear ago. New Mining Co., net profit share vs, quarter vear ago; nine $3.49 vs. $526,883, or Noranda Mines,

September quarter

$209.714, or $1.11 previous and $185440, or 98 cents

$2.80 year Ltd.,

ago. its $7,369,517, equal to $3.39 a share vs. $6.551.891, or $2.92 year ago. North American Co., 12 ended Sept. 30. come $19419397, equal to $2.05 a common share vs. $15534,833, or $1.65 previous 12 months. Otis Elevator Co. subsidiaries, first nine months income $3,475,487, ago. Packard Motor Car Co. and subidiaries, September quarter net loss

net

or | nine months | $1,210,963, or | Heifers—

September |

equal to $2.41 a share vs. | previous quarter |

York & Honduras Rosario | net | $248,328, equal to $1.32 a |

months $658,443, or!

estimates | first nine months net profit at | { 18.50;

months |

consolidated net in- | | directs.

and domestic | 93

vs. $1,657,295 year | 82

$2,324,852, vs. net profit $1,208,355 or |

9 cents a common quarter and $42,791 or less cent year ago; nine months’ profit $1.494,205 or 10 cents a share, vs. $3,562,918 or 23 cents year ago. Pennsylvania Salt Manufacturing Co., 12 months ended Sept. 30 net profit $1,700,084, share, 12 months. Pittsburgh Coal Co. and subsidjaries, September quarter net loss | $413.493, vs. $370,046 previous quarter and $219497 year ago; 12 months’ net loss $790.070, vs. $1,768, 515 previou:; 12 months. Southwestern Bell Telephone Co., first nine months’ net income $13,522.609, equal to $7.15 a common share, vs. $13,580,036 or $7.16 year ago.

(Copyright,

N. Y. Bonds

By United Press BOND PRICE INDEXES f 20 20 Rails Utils. 4.6 94.3 ER 91.2 82.4 95.6 98.9 105.6 "9.3 101.6 101.2 106.0 2. 2.3 100.4 106.5 84.7

103.2 86.4

than 1

1937, by United Press)

Yesterday Weeg agd Month ago Year ago 2 years age .... 1937 high 1987 low 1936 high ...... ¢ 1936 low ....... 90.0 1935 high ...... 91.4 103. 93.1 | 1935 low ....... 33.6 1.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

NEW YORK, Oct. 28 (U. P.).—Bonds opened higher.

85.5

BMT 4'cs Cons Oil 3% Erie 5s '67 Interlake Iron 4s Int Gr No lzs '52 58 . Mo Pac Gen 4s Third Ave adj 5s Un Oil Cal 3’.

8 1 1 3% Ty 1

- 4 1

DAILY PRICE INDEX

NEW YORK, Oct. 28 (U. P.).— Dun & Bradstreet’s daily weighted | price index of 30 basic commodities, compiled for United Press 1932 average 100); Yesterday Week ago Month ago .. Year ago 1937 high (ADril 5) ..vveveves 1937 low (OC. 21). uvnuervnons

123.23 127.01 | 136.18 130.83 | 158.26 123.23

rer se sss eran

tess essen

share previous |

net |

equal to $11.33 a| vs $1,456,320 or $9.71 previous |

Bonds |

2 | P R Mallory com 93. 3! N Ind Pub Serv pfd 6s

Net Open Change | 60 wales

(1930- 22¢:

| | |

OLUME

115 to 40 Cents In Local Y: rd

Hog prices gained 15 to 40 cents today, according to the Bureau of Agricultural Economics. Light receipts locally and in the market circle was the contributing factor. | Hogs above 150 pounds were 40 cents | higher while lighter weights were 15 cents higher. Packing sows | cashed at 35 to 50 cents higher. Receipts were estimated at 4000 head. Vealers gained 50 cents as sharp | shipper competition appeared for | the light supply on hand coupled with upturns in nearby centers. Good to choice offerings bulked at $10.50 to $11 as lower grades ranged downward to $6.50. Cattle prices were cents higher. Lambs recovered the weakness displayed in yesterday's late trade as good to choice offerings cleared $9 to $9.50, medium Kinds brought mostly $750 to $850. Common throwouts cashed down to $5.

strong to 25

HOGS Bulk £9.95% 10.20 9.85 10.10

Ton $10.20 10.15 10.05 9 50 10

Receipts 6500

6000 1500 10.000 7000 40 5000 | 80 4000

$ 0.25@ 8.907

9. a 2 § 9 Light Lights

(140-160) Good and Medium | L ight weight

160-180) Good and Medium (180-200) Good and Medium Good and 250) < ood and

and and

choice

choice... 9.55% choice

choice choice...

9 9.2 9 557 9 (200-220) 9 1220- Q 50-290) Good 200- 350) Good Packing Sows (375- 300) Good 350- 425) Good

choice. . choice. .

laughter Pigs— (100-140) Good Medi

and choice.. Im CATTLE — Receipts, 800— Choice .. Good RAS EN 9.25% 14, Medium .......... 2! 9.55 | Common Choice Good . Medium . Common Choice .. Good ,. Medium Choice Good

@ (550-900)

(900-1100)

(plain) .. (1100-1300)

(1300-1500) : . .90@ 15.50 Heifers Choice Good Common . . Good and choice . Common medium

(550-750) . 9.50@ 12

00 9

00 50

9.7

(750-800)

25@

Good C ommon. Low ¢

00% 30% 3.50@

medium utter and cutter Bulls Good Cutter,

theef) common

vi .is 6.50 7 and medium Tow Vealers Receipts, Good and choice Medium

Cull and medium

600—

| Am { Am

| Chi { City

| Com Inv

| Cons « Cons Edison ' Cons

Douglas |

East

THE INDIANAPOLIS TIMES

SEINE ERE

MRT

PAGE 21

NEW YORK STOCKS

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Erie

(250-500) Good and choice . 47.506 Common, medium 5.00 Feeder and Stocker Cattle Steers | (500-800) Good and choice .

Common. medium (800-1050) Good and choice .

Common, medium.

Good and choice

Common and medium Cows

Good

SHEEP AND LAMBS —Receipts, 1200 — | Lambs —

a 8.: Common 5.00@ 2.50@

(90- 175) Good and choice . 3 00@

Common, medium.

CHICAGO, Oct ceipts, 13,000, ket 5 to to choice lbs 8.40

5 28 (U. \ —Ho| = includi ing 3007 directs | cents higher: top, 30 00d { 180-230 1bs., $9.20% 9.40: 150$9@ 9.35; most good packing Sows, "Ly |

Cattle—Receipts, 4000: calves, 1000. Strictty grain-tea steers and vearlings, strong to 25 cents higher: top on 1100-1b long vearlings, $19: sprinkiing, $£15.50@ | mostly $13. Down to $9: cows and heifers weak; bulls steady to 15 cents lower 6.50 down: vealers, steady at $10.50 Tay Sheep—Receipts. 10.000 1500 Fat lambs active; | to shade higher: natives, $9.50 $9.85 10: sheep early bids lower: feeding 95-63 1b, Montana feeders. WAYNE, Oct. 28 (U.

. 40 to 45 cents higher 180- 200 1bs., $9.30: 200

including

moderately steady choice held, very lambs | $9.25%

1 50-275 90: 300-350 Ibs. . $3.20: 140-150 lbs $8.70; 120-130 Ibs., $8.45: Roughs, $7. 75; stags, $8.50: lambs, $9 LAFAYETTE, Oct. 28 (U higher,

ket, 35 to 40 cents k Ibs. [email protected]; 225-235 lbs. $9.10% 9.40: | 120-140 Ibs.. $8.75

140-170 1bs., $9.25 9.50; @9: 100-120 lbs. $8.25 8.50 Roughs, $8.25 $9.

down. Calves, $10. Lambs, LOCAL IS ISSUES ‘By M. P. Crist & Co.) (Bv Indianapolis Bond & Share Corp.) The following quotations do not sent actual bids or offerings but indicate the approximate market level

| bas sed on buying and selling inquiries or recent transactions BONDS

Citz Tnd Tel (TH) 4':s 6. iHTel & T

$10.50;

P.} -—Hog marBul Ky 225

calves,

Interstate. Fel & Tel 515s 54... f | Indpls Water Co 3'>s 66 vee Kokomo Water Works 5s ‘58 . Morris 5&10 Stores 5s 50 vic Muncie Water Works 5s 65 .. Noblesville H D & P 612s 47...100 Ohio Tel Serv 6s 47 Pub Tel 5'%s 55 viele Richmond w W 5s 57.. ves Seymour Water Co 5s 49. SAN TR Trac & L 5s 44 . T H Water Works 5s 56 T H Water Works 6s 49. Trac Term Co 5s 57 eran, STOCKS Belt RR St Yds com .......... @ Belt RR St Yds pia. Cent Ind Pwr 7 | Home T&T Ft Home T&T Ft W 7s | Hook Drug Inc com.. Ind & Mich E 7s..... | Ind Gen Serv Co “e's Ind Hydro Elec com Tc pfd . | Indpls Gas Co com Via Indpls Pwr & Lt pfd 6s Indpls Pwr & Lt Fe Se as Indpls Water Co pfd 10 Lincoln Natl Life iy Co com

2K Ind Pub Serv Co pfd 5l:s

N Ind Pub Serv Co pfd Ts .... 7: +ERb Servof Ind pfd 6s ..... .. 1 | { Pub Serv of Ind pfd 7s ... . Progress Laundry Co Com 6s. . Smith Alsop P&V pfd Smith Alsop P&V com Terre Haute Elec Co 6s........ 94 Tnion Title Co com ave Van Camp Milk Co pfd. | Van Camp Milk Co com | Market St. Investing Corp

CHICAGO PRODUCE

Eggs—Market, steady: Yeceipts. 2854 cases. Fresh graded firsts, 22!.c; extra firsts, 24'5c: current receipts, 22c: checks. | | 12S; dirties, Butter—Market. tubs Extras

unsettled: receipts, (92 score). 35c¢: (90-9112 score), 333, 3414c:: 32'ac; seconds, 28@ 301xc; (89 score), 32!

: J& 4C, 31° Poultrv—Market, steady | geints, 33 trucks. Ducks, 17@19!.¢: reese. 16c: hens, 17i2@21c; spring chickens, 204 roosters. “144 15c: broilers, ve 26¢: | vurkeys, 16@ 22c: leghorn hens. 141; | Cheese—Twins, 19% 19'%c: “daisies, 191% | longhorns, 19% @ 19; Potatoes—Supplies heavy: © demand slow; market, dull. Idaho Russet Burbanks. | SSS a as: U. No. 2. $1.22':@1.30; North Dakota Bliss Triumphs, $1.25; North $1.10; Nebraska Bliss Tri22',; Minnesota Warbus,

Dakota Cobblers, umphs, $1.20@1. : Arrivals—114; on track, 413; shipments, 623,

1008 | extra firsts firsts, 31347 standards, 34'zc; cent (88 score),

to firm; re- |

$1.05.

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Harb-Walk Haves Bdy ie gp | Hazel At Gl.... § Hecker Prod Hershey pf Holly Sug Homestake Houston Oil

| Howe Sound .. . | Hudson Motor.. | Hupp Motor

Central Ind Ravon Inspiratn Cop . Interchem Iron Agric

Int . Harvester. .

Int Int Int Int Int Int Int Int Intst

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8 Sa a s | ‘8 bs i) 8 ‘a 8

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Last Change | | Yesterday

3s 3 8 8 2

’

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS 132.26 —0.52 . 13548 0.92 134.5% 40.13 +143

Week ago Month ago | Year ago High 193%, High 1936,

190.40; low, 125.93. 184.90; low, 143.11. 20 RAILROADS

Yesterday

Week ago | Month ago | Year ago High 193%, 61.46; low, 30.09, High 1936, 59.8). low, 10.66, 20 UTILITIES

| Yesterday | Week ago | Month ago

Year ago High 1937, © High 1936,

371.54; low, 36.08; low, 28.63. 70 STOCKS

| Yesterday

Week ago Month ago Year ago High 193%, High 1936,

69.675;

66.38; low, 51.20.

Net

High Low Change

Kelsey Hayes B 7': i 3

Kennecott Kresge SS | Kroger G&B

{ Leh Val RR

{

| Mengel | Miami | Mident

| Wheat prices moved erratically wide swings on the Chicago!

LW ed BILD “T= AB DNHO - =

| Lone Star Cem. | Long Bell, ! .

— Po

| Lorillard

Ludlum Stl

| Mack Tr Macy R H “a Maracaibo EX .. Marine Mid . Marshall Field . Martin Gl Masonite May DS McCrory McGraw | McKes

“K Lars

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— OJON ED RHNII DN

ra gl ol nA. 3 51a ~ al nl ? WH.

WHEAT MOVES IN WIDE RANGE

‘Golden Cereal Prices Make

Fractional Gains in Chicago Pit.

CHICAGO, Oct. 28 (U. P).—

fairly

Board of Trade after early trans-

| actions were cleared.

| highs.

At the end of the first hour wheat was 'i cent higher, and oats unchanged.

Profit-taking quickly

cents before the

down as much as 1% support came into Throughout the early

| low points back almost to the day's Volume was moderate and |

| the market at times was thin. Wheat |

| 58 cents. | sold overnight for

receipts were 21 cars.

The trading range in corn

Further buying, was noted in December around Some corn was reported Germany.

ever,

| receipts were 362 cars.

| October

| March... | May.

LIVERPOOL WHEAT

High ..$1.35% 1 31 1.0

1 21s WAGON WHEAT Citv grain elevators are naving

red. 8%. other grades on their 2h corn, new No 2 vellow, 47c.

BANK STOCKS

Low $1.34 December

Oats,

| Bank of Manhattan | Bankers Trust

| Bank of New | Brooklyn Trust

York Trust

Central Halover “es hase Chemical

5 | Commercial | Continental

Corn Exchange Empire

| First National |, Guaranty { Irving | Manufacturers

| Aetna

| Home Fire Sec

National City New York Trust Public Title Guarantee Insurance Stocks

Ins

| Conn Gen | Cont Cas | Firemen Ins of Newark Franklin ! Gibralter Fire and Marine Ins 9 Glens Falls le 3 Gt Amer In Great Ay Halifax . Hartford Fire

BINNS rD

DO] DOD = N0D~= ND

Ins

{ Home Ins | Homestead . | Maryland Casualty Natl Liberty ‘ | New Brunswick

» | Phoenix _ Fire

2 | Sun

Westchester Fire

Curb Stocks

NEW YORK. Qct. 238 (U. P.. stocks opened higher.

Cvan B Am Sup Pow Cities Serv

Eagle Picher ‘Lead El B & S

Lake Sh Mc Wms Dredg Niag Pwr Technicolor Un as

INVESTING CO.’S

Bid Ask Bid 12.19 12.9% 3 Hivest Bank Corps

4.56 5.7 16.75 18. 30 ist Bos C 14. 3 3.61 Fd 1 16.25 23.86 25.00 2.00

10. 26

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Cent Trt Com Inv Cp Tr Sh AA

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Dram > | m-imm®an LI: T

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a LITINI ONIN LO

. XY. Stocks, Yor, 1.34) Bk Stocks 8.50 3 0. 42) Bldg Sup 7.30 “ Hec Eat 0

Diver C 3 Divid Shrs 1.22 Fidelity 18.9 Fix Tr A 9.43 7.44 In Fd In Inc 16.44 17.45 Mach "A 4.80 5-35] R. Eqt St eel 96 'Plym Fd A 49 |Quar Je 1 18 Rep 10 9iSel Am Inc 9 3 |Sovereign Sp Trk 14 78 Util 50 86

[Sup Corp C 5.86

'B 4.35 Gen Cap _ 30.28 3 Gen In T 4.8% Group shales

—_ o Oo

IncInvs 1 nstl Securitie Bk Grp 2

USEL& 1. Well Fd 13; 36 14.

— Curb

Net Open Cha nge 26 +13

Ask

6.75

13. 82 | capacity entirely separate from the

DBI BD

| Revere Paul Fire Ins . Life Travelers

40 460 414 2634

By JOHN

One of the things—perhaps the

1 Republic su oe

in|

followed the | | early bulge and gains were pared |

the pre-| how- |

Corn |

: | Pub. debt 36.953.451:912.00

Net Last Change | Midland Stl “+ 114 {Mo K Tex - 3 Mo K Tex ‘of.. | Moha' kK Cp... 2 | Monsanto 91 | Mont Ward .... Motor Prod .... Motor Whi Mueller Br ..... 2 Mullis Mig B ... Murray

bo wo»

B30 pt LI C1

serene

Nat Biscuit «... Nat Dairy Nat Distillers .. Nat pateum “ele Nat Lead Nat Pwr & =. Nat Steel 6 Nat Supply’ Penn

Ohio Oil ... Omnibus | Otis Elev Otis Steel

1 3 Owens Ill Glass

| Packard avs ne Paramt Pict. Park Utah Park Rust Pri.

Ex | Patino Penn RR | Phelps Phil Morris Phillips Pet Pitts Sc & B... Pitts United ... Plym Oil ...... Postal Tel pf... 4 | Press Stl Car.. Pullman 3 Pure Oil

Radio .. ves | Rade. K-Or -.. | Rem-Rand Reo Mot

ld BEBOP EA

oro NPOWI pn

{ Reyn Tob | Richfield a

py N

Safeway Schulte R . Seab'd Air Y. .. Sears Roebuck. . Servel Inc Shell Un Simmons

+ | Skelly Oil

| Smith-Cor-T cts Socony-Vacuum So Am Gold... South Pac .... 32 South Ry pl Sparks With Sperry Corp Spiegel Inc Std Brands Std G&E Std G&E of

—

ABN NDP PENN

Std Oil In& Std Oil N J Stew War Studebaker .... Sunshine Min.. | Superior Oil Swift & Co ... Syming Gould..

» ®

Ft bd fk pk fk $3 pk pk

—

Tenn Corp Texas Ag Texas Gul Prd Texas & P 2 T&PC&O Thermoid Thompson Thom Tide Transamerica... Trans&W Air .. Twin Cy R T...

ra a

Ww NN

® am ¥ aon as

ON]

| | Union B&P .... Union Carb .... 8 Un Oil Cal ve jon Aircraft op. Un Air Lines. United Corp United Drug Un El Coal United Fruit { Un Gas Imp ...

market. | part of the session prices moved from extreme |

vt... Un Stores A ... UtP& LA...

| Vanadium

Walworth Warner Bros Wayne Pump | West Union West Air Bke .. Wheel Rrcel

| Wo rthington

Yellow Tr Young Sheet

| Zenith R

Zonite

y LOCAL PRODUCE (The prices quoted are paid for stock gathered in the country while for deliveries in Indianapolis the prices are 1 cent higher. Each fell case of eggs must be 55 pounds gross Eggs—No. 1 rictly fresh eggs, 22¢ doz. Heavy breed hens, under 4'z lbs., 16c; hea y springers, Ibs. and over. 18c: Leghorn hens, Leghorn springers, 1'2 lbs. and over, | Bareback broilers, 14c; old roosters, 9c; voung ducks, 4 Ibs. and over, 12¢; old ducks. 8c; geese, 9 to 14 lbs., Te. Butter—No. 1, 38'2@39¢c: No. 2, 362@ Butterfat—No. 1, 34c¢c: No. 2, 32c.

FOOD PRICES

CHICAGO, Oct. 28 (U. P.).—Apples— | Michigan, McIntosh, $1611.25. Sweet Potatoes—Tennessee, bu. hampers. T5@90c. | Carrots—Illinois bunches, 2@2'.c. Spinach Illinois, bu., 35@75¢. Tomatoes | California, lugs. $1.25@2 Cauliflower — California. crates, $11.34. Peas—California, hampers, [email protected]. Celery Michigan, flat crates, 35@50c. Onions (50- . sacks)—Washington Valencias, 80c@ $1: Idaho, Valencias, [email protected]; Idaho, | whites, $1.15; Minnesota, yellows, $1.05.

5 N nl Nn U. S. STATEMENT WASHINGTON, Oct. 28 (U. P.).—Government expenses and receipts of the current fiscal year through Oct. 26, compared | with a year ago: | This Year. $ 2.479,852,381.53 1,944, D3. 960.73 523.817,420.80 2.695.298.654 98 897.445,991.86

“33%

loss off,

18¢; 1!

4'% Ibs. and over,

DiC.

Expense. Receipts . Deficit

30.243.201 60 21.331, 1] 41 oe 620.9 60. 43

al Pu $1, 260. "342, 850. 90 |

96: 3 8¢ 8 38 8 0

res. 12.800.858.167.84 147.120.886.54

| Gold | Customs oday's Pur : | Inactive gold . $608 347 47.15

Indianapolis Clearing House Clearings .. v Debits

$2.0 . 8.2

53.000 11.000 |

Detine Corporation Status Then

Tax Accordingly, Flynn Asserts

T. FLYNN

Times Special Writer NEW YORK, Oct. 28.—Congress must soon settle down to the duty of making up its mind about corporation income taxes.

chief thing—which makes the taxing

of corporations difficult is that we do not seem to be able to make up our

minds as to just what a corporation is. In law a corporation is an individual. It is a separate legal entity —a citizen. It appears in a court of law as an individual. It acts in a

30 |

on es

wo TN JODO So

Sn e3s ROU

91 |

See Final Edition of the Times for Closing Stock Quotations and Other Late News

18 | dividual. 40 zen then w

identity of the individuals who own | its shares. But when we come to tax the cor-

93 | poration we do not treat it as an inIf it is an individual citi-

hy should it not be taxed | as one? One reason against this arises at once. A corporation—or at least all large ones—operates on a scale enormously greater than any individual. If an individual makes an income of a million dollars it would be looked upon as a huge income. But a million dollars would not necessarily be a large income for a corporation. A corporation with half a billion dollars invested would not be making any reasonable profiv at all with a million-dollar income. Hence if we taxed the corporation on the same principle as we tax the | individual, we would have to apply the same rates. And if we did would be literally impossible for any

| large corporation ever to make a

| profit.

Therefore as soon as we approach

| the corporation to tax it we prompt-

lv abandon the individual theory. We shift at once and hold that its earnings belong, not to it, but to its stockholders. They should therefore be taxed on the basis of individual stockholder earnings. If a

corporation has a thousand stockholders each with the same amount of stock, then a million-dollar income would mean merely $1000 each for the stockholders.

But having shifted away from the “separate identity theory” to the “stockholder ownership” theory, we promptly abandon that. Because instead of taxing the corporation’s earnings as we tax tle income of individuals, we impose a very much higher normal rate. The individual pays a normal income tax of 4 per cent; the stockholder’s share in the corporation earnings is taxed at 15 per cent.

Then, having abandoned the “stockholder ownership” theory to impose a higher normal tax, we promptly adopt it again in order, if possible, to get a surtax. If the corporations do not distribute their earnings, the stockholders do not receive them and hence they form no part of stockholder income. Hence the Government cannot, impose a surtax against them. So the Government adopts a “corporate surplus” tax to force corporations to distribute the income in order to impose a surtax on the individual stockholders. The problem would be greatly simplified if the Government could make up its mind just what a corporation is—an individual or a collection of individuals. Then it could adopt a tax plan in conformity

with one of these theories,

7s | hibitors from 28 counties. RB

7% | unteered their

» | certificates,

l4c; | 16c; |

Miss Frances June Wilbur,

Her entry, “Sammy,” was awarded first prize in the single steer class,

of the entire show.

In the three group class, three

| first prize. | entries of Davies County, | prize.

Chester Edwards,

| » | steers entered in the show were to

be sold at auction. % The steers were owned by 87 exThose entering animals were young men | over 18 and under 28, and members of 4-H Beef Calf Clubs.

of last year. “This sort tion.” he said, “means better meat on Indiana tables, and more money pockets.

shrewd in the selections of the calves to feed, and then we teach

soundly.

which is the championship award |

Aberdeen Angus steers, entered by | Teddy Blank, 15, of Bridgeport, took | In the five-group class. 18, | were awarded first

This afternoon, 145,000 pounds of

Harry F. Ainsworth, Purdue Uni- | versity, in charge of the second an- | nual show, said the quality of this | vear's entries was much above that |

it means | in Indiana farmers’

“We teach the competitors to be |

them to feed more economically and |

| “Every calf in this show has put |

on 500 pounds or more weight since Jan. 1. These calves this year are better, for one reason, because there has been a better available supply | of feed. The drought of the year | before sent prices for feed high and made the supply scarce.

Sullivan, entered her pet, in the show.

tinger, “Billy”

MRS. M'KINNEY RED CROSS AlD

Busiest Year Since Wartime Reported by Local Chapter.

Mrs. E. Kirk McKinney today was a new director of the American Red Cross Indianapolis chapter, which reported last night that 1937 was the chapter's busiest year since the World War. | As the annual report was made, | other directors were re-elected and | Mrs. McKinney was chosen to serve unexpired term of Mrs Stewart, who died last

| out the | Alex | August.

This year the

was a busy one, | River flood disaster last January, | when the local Red Cross chapter | | raised $257,352.65 in relief funds and | | thousands of men and women vol- | { services. | Trained Police in First Aid | The chapter's report showed it | trained Indianapolis Police as first | | aid workers, issued 948 first maintained 10 highway | first aid stations and awarded 125 | certificates to women who com-

pleted courses in home hygiene and |

| care of the sick. During “Learn to Swim” week, ied and 340 persons passed the be- | ginners’ swimming course, while 211 boys and girls passed junior life-

the summer,

Ashby, Arthur V. Brown, Hilton U. | Brown, Eugene C, Foster, Mrs. | Frank T. Dowd, Myron R. Green, | William J. Mooney Sr., Maurice F. O'Connor, Mrs. Sussman, William H. Thompson,

Watson,

apolis chapter chairman.

INDIANA FRATERNAL CONVENTION OPENS

Fraternal approximately ganizations that claim merabership of more than 150,000, opened their | 39th annual convention in the Clay- | | pool Hotel today. 1 Lieut. Gov. Schricker Insurance Commissioner George H. Newbauer are to greet the delegates. | Mrs. Dora Alexander Tailey, | Omaha, Neb., National Fraternal Congress president and national | president of the Supreme Forest of

Congress,

| Woodmen Circle; John C. Snyder, Crawfordsville, and Alex O. Benz, Appleton, Wis., are to speak.’ Drill teams and a floor show will entertain delegates after a dinner tonight. There are to be discussions on taxation, investments and membership.

SEIZE SLAYING SUSPECT LOS ANGELES, Oct. 28 (U, P.) .— Victor J. Costino, sought by police for questioning in the gangland murder of George (Les) Bruneman, gambler, was arrested today in New York, Capt. H. J. Wallis of the Police Homicide Bureau was advised by New York authorities.

FOREIGN EXCHANGE

Net ShEnge 003%

Cable Rates England (pound) . $4.95 11-16 England (60-day bill rate .. Canada (dollar) France (franc) Ttaly (lire) Belgium (belga) Germany (mark) Germany (trv mrk) Switzerland (franc) Holland (guilder) Spain (peseta) Sweden (krona) Norway (krone) Denmark (krone) Australia (pound) Austria (shilling) Czechoslovakia (koruna) . Finland imarkka) Greece (Drachmt) . Jugoslavia (dinar). New Zealand (lb).. Poland (zloty) .. Portugal (escudo) Rumania (leu) Argentina (ofl peso) Argentina (unof pso) Brazil (ofl milreis) Brazil (unof milreis) Chile (peso) Peru (sol) venue Uruguay (peso) Mexico (silver peso) Hongkong (dollar). Shanghai (yuan) India (rupee) Japan (ven)

Colonial

Savings and Loan Association 28 South Illigois St.

.2307 55291; .(Unquoted) 2556

2491

.03501% .0220 009112

Nine-year-old Martha Jane Get- |

13-Year-Old Attica Girl's Steer Wins First Prize in Show

13-year-old Attica High School 4-H Club | girl, carried off first honors with her prize Aberdeen Angus steer in the | Hoosier Fat Steer Show at Indianapolis Union Stockyards today.

@®

# un 2

16 HOOSIERS VIE TOMORROW FOR HUSKING TITLE

High Qualifying Marks Top Present State Record Set in 1935.

WASHINGTON, Ind, Oct. 28 | (U, P.).—Sixteen broad-shouldered

| thick-wristed Indiana farmers, the |best of the state's topflight corn | huskers, took a few practice tosses

i | today and then retired to await the

of friendly competi- | B

Martha Gettinger and “Billy”

SHIPMENTS OF PIANOS

Times Special CHICAGO, Oct. —September shipments of pianos were the best for that month in more than a decade, and unfilled orders carried over the close of the month were | 32 per cent ahead of last vear, the

ae ai

sociation reported today. Domestic sales for the first nine months of 1937, at 72,867 units, resented a gain of 28 per cent over | the corresponding period a year earlier. The breadth of the expanded vol- |

report said, because of the Olio |

saving tests and 203 earned Red countants’ Cross lifesaving certificates during la meeting last night in the Hotel

Directors re-elected were Samuel |

Msgr. | Wolf | president,

Yesterday marked William For- | tune's 21st anniversary as Indian- |

40 beneficiary or-|

and State |

ume is strikingly illustrated | it is disclosed that sales for the first [nine months this year were more | than 300 per cent greater than in the like 1932 period.

COST ACCOUNTANTS FIND BUSINESS GOOD

Production Is Reported Up | Despite Stock Losses.

aid |

| Business and general economic | 329 swimming emblems were award- |

conditions are better than the stock market slump would indicate, [tor H., Stempf, New York, told the | National Association of Cost AcIndianapolis chapter aft

| Washington. Production industries.

is increased in most he said, and tion is keeping pace | higher farm incomes and wages. William F. Marsh, N. A. C. A. said that financiers’ lack

| of confidence in the Roosevelt Ad-

Franklin Vonnegut and Mrs. P. M. | ministration has been one important

| factor in the market slump. He declared stability will be until “something actually occurs in

the direction of a businesslike re-| and |

striction of the national debt an attempt to balance the budget.” Dr. Stuart C. McLeod, national secretary, discussed published finan- | cial statements and their relation to

: : the Securities and Exchange Com- | Representatives of the Indiana | mission.

He declared the huge ad-

comprised of | ministrative expenditures would be justified if investors are made more | of |

“conscious of the importance .careful interpretation of financial reports.” J. O. Waymire, Indianapolis chapter president, introduced the speakers. A banquet preceded the business meeting,

1500 BEAUTICIANS DUE AT MEET HERE

The Indiana Association of Beauticians is to hold its fourth annual convention in the Antlers Hotel next Monday, Tuesday and Wednesday. About 1500 operators are expected to attend and view a program that includes a children’s hair style review, a championship hair styling contest, and a student finger waving contest.

man.

$2500 IN CIGARETS TAKEN, POLICE TOLD

Thieves today stole $2500 worth of cigarets from the Western Importing Co. 26 S. West St., company officials reported to police. Entering through a rear door of the Macdeois Printing Co. next door, the thieves cut a hole through the wall and stole 42 cases of cigarets, company officials said.

AT PEAK FOR 10 YEARS

National Piano Manutacturers As- |

rep- |

when |

Vic- |

consump- | because of |

impossible |

Miss Irma Bock is general chair-

explosion of a bomb that will (send them off in the annual state

cornhusking tournament at noon to= morrow, If the weather is good and huske ing conditions satisfactory, it is ale most certain the state record of [34.56 bushels established in 1935 will be shattered. For 11 of the entrants had higher marks in wine ning their county contests. The caliber of this year's compe= | tition is shown by the fact that Ale | bert Etter of Benton County, de= | fending state champion, shucked | only 33.58 bushels in winning the 1936 title. That mark wouldn't have | qualified him for the 1937 tournas { ment,

Mark of 41 Is High | But Etter will be in there again (this year because he is the defend=ling champion and did not have to compete in a county tournament, | Charles L. Chapman, as champion of the host county, also will come pete, although his record wouldn't have qualified otherwise. Leading the qualifiers is Robert Kitchell of Wayne County with a imark of 41.328 bushels. In second and third places are Ernest Wilkin= son, Benton County, 40.393 bushels, and Howard Bruns, Union County, [39.721 bushels. Other entrants and their qualifye ing marks are: Harold Bruns, Franklin, | Pfledderer, Porter, | Hensler, Howard, | Johnson, Madison, 38.235; Clark Dinwiddie, Fountain, 37.36; Harry | Etter, Newton, 36.909; Harold Rob- | ertson, Warren, 36.383; O. Winger, | Tippecanoe, 35.364; Harold Trapp, Carroll, 34.327; Odell Ivers, Knox, | 34.254, and Liston Buel Clay, 34.196. | Arrangements have been made on the Graham farm six miles north of Washington to handle a crowd between 35,000 and 50,000 persons. The huskers will work in a spe= | cially-prepared 55-acre tract of vellow hybrid corn, part of a prize 325-acre field. The rows are a mile and an eighth long and an average between 65 and 75 bushels per acre,

Contest to Be On Air

The contest will be broadcast at least two or three Indiana Hons. Music will be furnished the University of Indiana band. Robert C. Graham, owner of the Jum and official of the Grahams= aige Automobile Manufacturing | Con will speak briefly before the | contest starts. The winner and runnerup will be | eligible to compete in the national | tournament next month in Mis~ souri,

39; Chris 38.664; Albert 38.455; James

hy stas by

Two Share Corn Husking Title

For the first time in several years, Marion County today has two corn husking champions, all set for new cornfields to conquer, Elven Stum, Washington Township, is senior

champion, and Carl Hart, South- | port, is junior champion, The contest yesterday was sponse sored by the Southport High School Vocational Agriculture Department, with the co-operation of County Agricultural Agent Horace Abbott, and departments of other township schools. The contest was held in a | field near Southport, Mr. Stum, a southpaw, wrestled corn for 80 minutes and came out with 30.6 bushels which just barely eliminates him from the State conefest tomorrow at Washington. Mr, Hart husked eight bushels in 40 minutes, beating out John Clossey, | Decatur Central High School, by a mere husk or two. CHICAGO, Oct. 28 ((U.P)~A field of 15 County champions and last vear's State titleholder was announced by the Prairie Farmer, farm publication, today to compete in the annual Indiana Corn Husk= ing Contest at Graham Farms, Daviess County, Friday. Albert Etter, { Benton County, is eligible de= fending champion and Charles L. Champman will represent the host County.

COMMERCIAL BANKING *

¥ The Commercial Department, conveniently located in the main lobby, provides accommodations for serving business firms of all sizes -— large or small.

The officers of this department will consider it a privilege to consult with you.

Fidelity

Trust Company 123 East Market Street

Member Federal Deposit Insurance Corporation

They are Monthly Pa your

Call at o

and

LIMITED TO M

FILLE

Thousands of Marion County Home Owners Will Have

NO, TAX WORRIES!

tax problem the same way. Without charge, and pay them. YOU make a single payment each month on your mortgage loan that covers Taxes and Insurance as well as Principal and It is as simple as it sounds,

addres

gig

SAVINGS AND

buying their homes with our Budget yment Plan mortgage. You can solve WE

obtain your tax receipts

Interest.

ur office, or send in this ad with name s, for details. No obligation.

ARION COUNTY T