Indianapolis Times, Indianapolis, Marion County, 26 January 1938 — Page 14

PAGE 14

NEW YORK MARKET CONTINUES LOWER IN SELLING WAVE

Active Stocks Lose One to Four Points.

NEW YORK, Jan. 26 (U. P.).—Stocks, bonds and commodities broke sharply today. Trading increased with stock sales in the first hour 40,000 shares more than the full day’s business on Monday and

Tuesday. Active shares lost 1 to 4 points and some of the inactive issues were off as much as 9 points. Initial blocks of 1000 to 6000 shares appeared on the tape. In some instances specialists had difficulty arranging a sale and openings were delayed as much as 25 minutes in a few leading issues. Market experts said the list was in a vulnerable position and that the statement by President Roosevelt on wages and prices was seized upon as an excuse for selling. Many traders placed short positions in advance of starting the new short selling rule, Feb. 8 Under the new rule a trader may not sell short except at 1s point above the last previous sale. At present he may sell at the previous sale. Steel shares were hard hit. Bethlehem sold down to 553, off 4s; U. S. Steel 54, off 3%, and National 53%, off 314 and a new low. Otis Steel first preferred broke 6 points to 50. Crucible lost 415. n = ”

Today's Business At a Glance

GENERAL BUSINESS

American Petroleum Institute reports week ended Jan. 22 crude oil output average 3,506,200 bbls, up 25,300 bbls. over previous week; gaswoline stocks up 1,838,000 bbls. to highest level since April 3, 1937, at 82,785,000 bbls.

Edison Electric Institute reports week ended Jan, 22 electric power cutput 2,208968,000 kwh vs. 2,115,134,000 previous week and 2,256,795,000 year ago.

CORPORATION NEWS

Atlantic Refining Co. 1937 preliminary consolidated net profit $9,942,000, equal to $3.51 a common share vs. $7,342,197 or $2.59 in 1936. Building Products, Ltd. 1937 net profit $362,985, equal to $3 a share on combined class “A” and “B” vs. $271,119 or $2.24 in 1936. Carpenter Steel Co. December quarter earnings $54,516 vs. $255,115 previous quarter. Champion Paper & Fibre Co. and subsidiaries 28 weeks ended Nov. 7 net profit $1,403,562 equal to $2.10 a common share vs. $782,756 or 96 cents year ago; 12 months $481,075 or 69 cents vs. $386,337 or 51 cents year ago. Inland Steel Co. and subsidiaries 1937 preliminary 1937 net profit $12,665317 equal to $805 a share vs. $12,888,647 or $3.54 in 1936; December quarter $867,571 vs. $4,240,709 year ago. Rustless Iron & Steel Corp. December quarter net profit $82,212 equal to 8 cents a common share vs. $199,920 or 22 cents previous quarter; 1937 net profit $713,128 or 77 cents a common share vs. $350,707 or 43 cents in 1936.

RAILROAD REPORTS

Gulf Coast Lines December net operating income $78,198 vs. $157,994 year ago; 1937 net operating income $2,894,896 vs. $991,889 in 1936. International-Great Northern Ry. Co. December net operating deficit $109,881 vs. income $7,805 year ago; 1937 net operating income $197,567 vs. $148,032 in 1936. Maine Central R. R. Co. 1937 preliminary net income $473,547, oqual to $224 a common share, vs. net loss $82,615 in 1936; December net income $69,969 vs. $181,691 year ago. Missouri Pacific R. R. Co. December net operating income $187,408 vs. $1,148,555 year ago: 1937 net operating income $11,003,378 vs. $11,067,320 in 1936. Pennsylvania R. R. Co. December het operating income $3,201,381 vs. $8,707,941 year ago; 1937 net oper=-

ating income $73,000,926 vs. $84,180, | 8.65

592 in 1936. (Copyright, 1038, by United Press) ————————————

FOREIGN EXCHANGE

NEW YORK, Jan. 26 (U. P.).—Foreign exchange irregular. Following are noon cable rates on major currencies, Net Cable Rates Change England (pound) $4.99 15-16 4.00 3-16 Eng. (60-d. bill rate) 4.99 3-16 +.00 3-16 Canada (dollar) ... 1.0 : rence (franc).. .0325 15-18 --.0002 11-16 taly (lire) 052614 -—. 00004 elgium (belga) 2 "Nin ermany (mark) . Ger. (travel mark) Switzerland (franc) Holland (guilder) weden (krona) ... orway (krone) Denmark (krone) Australia (pound) . Austria (shilling) Czechoslovakia (koruna) eave W03507% Finland (markka) . .0222 Greece (drachma) . .0092% Jugoslavia (dinar)! .0235 Zeal, (pound) s (zloty) wh (escudo) ..

.1891

apan

CHICAGO PRODUCE

DER Markel weak; receipts, 7501 cases. Ss a

(yen) :

Fresh graded firsts, cars, 18%ec: less than Cars, 18'sc; extra firsts, cars 19¢: Texg than cars, 18%c; checks, 15le; dirties, 161%¢; i $i receipts, 18ec. utter—Market, unsettled; receipts. 607,« 82 gross Ibs, extra firsts (90-91% score), 1% @32%¢; extras (92 score). 32% @ 33¢; sts, 30'2@01c: seconds, 28@30c: stand. weds, 3112 @32¢; RPecials 132 2 adc.

rm; re. \ @22¢c; geese, . < spring chickens, 23¢: ilers, 20¢: frvers : turkeys, 18@24

Nai 22¢; leghorn hens, heese— Twins,

1612@163%¢; daistes, 17 @17%c; longhorns, 17@17 ec. Potatoes — Supplies moderate: Salen Sra) on aho usse olorado Red My kota B

hens, 22@24c:

imercials, asl. ® ¢ ples, jess than carlots: umphs 1985; U. 8S. $1.80. Sales Ti Riles 3 Fa muhs, bu, Shaves. Bliss : s, $2: U. 8S, 2, $1.00@2. ais, 54; on ‘track, 200;

Most Weights

Down 10 Cents On Local Mart

Lower dressed prices and a return to more nomal supplies following Tuesday’s weather marketings combined to reduce hog values, according to the Bureau o fAgricultural Economics. Practically all weights of barrows and gilts sold 10c lower at Indianapolis, the exception being pigs and light lights which held steady.

at $6.40 to $7, practical top $7.25,

to $6.25. Several small premiums were paid for strictly choice, uniform lots of hogs. Medium and good beef steers and yearlings predominated in the midweek run, and cashed about in line with the decline recorded previously this week. A few loads good five to six months fed medium weight steers made $8.25 to $8.50, the bulk $7 to $8, with very plain at $6.25

with the extreme heavies and all Cel

beef cows slow and weak to 25 cents lower. scarce and unchanged.

: v C tP & P Odd head good light heifers made MSPS

$7.50 to $8, the bulk all weights $6.50 to $7, down to $5.75 for plain, cowy heifers. A load of good white

faced cows made $5.75, bulk common |S I &

and medium beef cows $5 to $5.50, cutter grades $4 to $5. Feeder buyers competed for desirable two-way steers costing $7 to $7.50. Vealers were mostly 50 cents higher, with good and choice $11.50 to $12. Lambs held steady. Good to choice cashed mostly from $7.50 to $8, with latter prices top for both fed western and native lambs. Slaughter ewes were unchanged at $3.50 down.

HOGS Top

Receipts "are vee .88.75 7000 . 8.80

Barrows and Gilts— (140-160) (160-180)

(250-290) (290-350) Packing Sows— (275-350) Go “ee (350-425) Good . (425-450) Good ....... (275-550) Medium ....... Slaughter Pigs— (100-140) Good and Medium CATTLE ~—Receipts. 1400—

“IH -I-3 NOI BDOD v JW -IO Dt OOoOUMUTTTUTUY

ft 00 4 or OoMOo

choice. .

ow Oh

yt 1 pt “ITI OBBOOD

III DD IRD SOND TNSIS INS 33395939992 oUao Dror

(1100-1300) (750-1100) Steers and (550-750)

DN OOUOOUIIO ODL

Heifers— Good

a ONION -I-1-T-30 080500

8 ® oo I= >

(750-900) (550-900)

aon

Bulls Yearlings excluded (all a. Sons, oxo d (a weigh):

(All weights) ‘Medium . Cutter and common Vealers —Receipts, 400 weights) Choice weights) ood yeights) Medium and common ..........\\ Calves —Receipts, 300— (250-400) Choice A ee ao 8 (250- edium 5.00@ 6.50 (250-400) Common 450@ 5.00 Feeder and Stocker Cattle

Steers— (500-800) Choice (800-1050) Shdice (5 0)

Heifers— (500-700) Good and choice. . Common and medium AD SHEEP AND LAMBS —Receipts, 1500—

939 9993930 B3 »I3-3090 Oo pL aIUIND Uo Uso uUo

Lambs—

Tra

88 333 3D 999

Good and choice Common and medium

AICS

fea

ceipts, 26,000, including kei, 10 to 20 cents lower: on weights Gente of: Tob, 08.00: pull kool 2} (0,38 5 : top, 90: bu 00. 150-210 1bs., [email protected]: 250-260 Ibs. $85

11,000; calves, 1200. ood and choice kinds to 25 cents ; shippers deow: prime weighty . .90; choice Ughtweights, $10. cows scarce: bulls, $6.95 down: vealers. strong 5 cents higher: selects, $11.50. including 690

; choice ofabove: choice

4000 directs. Marer.

“Cattle—Receipts.

| wards to 87.75 and ferings held [email protected] and I nS es 20: Nesp, also ST onRer: ewes, bulk medium to good ewes around $3.50@4; feeding lambs ReaTee,

———

LAFAYETTE. Jan. 26 (U0... P.).= Market 10 cents lower: 150-160 Ibs 160-170 1bs., 3-15: 170-180 1bs., 190 1bs., $8.90: 190-2 S., $8, Ibs. $8.70; 210-220 lbzs., $8.40; iy}

———

WAYNE, Jan. 26 (U, P.) —Hogs— » 15 cents lower: 140-160 bs $9.15; 1bs., . $9; - bs. X. 5: 2008.70: 3 ou, $8.40; 240-260 > 1 280-300 1bs., 30; 325-350 Ibs. $8.55 Roughs, $6.50; tags. $505 eatin: L090, ugns 00. stags. .&d, calves, $11.50; lambs, $7.50.

CINCINNATI, Jan. 26 Receipts, 3000, holdover; $9.35; 200-225 |

@8. 5, $6.25¢ Cattle—Receipts, , 300; acti fair; steers and heifers most! Y; load around 990.1b. » 37.50: bulk ! . [email protected]; odd light $8, good beef cows, [email protected]; top

Sheep—Receipts, 100; none direct; steady, good native e and wether lambs quoted $878.50; common and medSim Jsrades, [email protected]; most slaughter ewes,

U. S. STATEMENT

WASHINGTON, Jan. 28 (U. P.).—Government expenses and receipts for the current fiscal year through Jan. 24, compared with a a to: 8 Year Expenses $ 4,300,050 Receints 3

Last Year $ 380.038,440.32 \ . 93.083,418.32 y $ 150: 424.285.49 "888.703. 34505883.070. Id res.. 12,755,311,021.05 1 335,523,944.03 Customs 233,991,018.2 248,041

610.88 Today's Pur, otal Pur. Inact. gold $5,385.3 0 a aT a 8 HR

4 2, 1, 1, 1 4 1,

; JUNE Debts shsiiiviir ee 80a

Top was lowered to $9.25 for best Ben 150 to 170-l1b. averages. Packing sows were a little stronger, bulking |Bi

with occasional rough heavies down Rd

to $6.50. Heifers ruled unchanged, |¢

Cutter grades of cows were | Che

THE INDIANAPOLIS TIMES

High vw 373% 8

Net Low Last Change 31% 37% 12 % 187% 12% 12% 12% 1234 18 18% 858 1697% 13% TV

2% 62

Abbott Lab .. Adams Exp .... 2 Adams-Mi . 19% Alaska Jun .... 121% Alleg c pl 12% Alleg Steel .... 18% Allen Indust . 8% 169% 13% Va 45 2% 62 14 79% 12v, 5

1 3% 8% 131% 5

PEIFTTREET

Ini;

Rad & SS . Roll Mill .. Smelt .. Y% Stl Fdies .. 277% Sugar _...., 27 ... 145% we OF

19%

FELEEERRENLL:

Zhi

Bald Loco ct wi Barber Co 16

B ept Sass . riggs g Bklyn-M T ... Bruns-Balke ... Bucyrus-Erie .. Budd Mig ..... Burlington M . Burroughs Dyers, AM.

FEETEEEEI+IT 1)

FADD BOC ht ND hk fk fk pk pk 23 Ore

VENI;

Cal Packing ... Callahan Zine . Calumet & H .. Campbell Y .... Canada Dry ... Can Pacific .... Adm A .. Carriers & Gen. ase, J I

Pa ]

We 00

se, va vue Caterpillar T .. elanese

Cerro de Pasco. Certain-teed ...

ow BW JO

Nama

SIE IELINTr Ts;

HI;

3.03 oor

Bhd BD pt ok BI pk TE © 1 pt pot Ca Bh pk

ol & Ai Col Fuel & Iron Col Broadcast A 2 Colum Gas .... Col Pictures vtec Com Credit ... 3 Com Iny Tr ... Com Solvents .. Comnw & So... Comnw & So pf Cons Aircraft .. 16 Comnw Edison . Cons Cigar Cons Edison Cons Film pf .. Cons. OH... vu Con Textile . Container Cont Bak A ...

[2 00 orate

LELELETTrT:

ont Mot .....\\ Cont Qil Del... Cont Steel ... Corn Prod Coty ...\ Crane Co

Crane Co Crosley Rad ...

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 Inds. Rails Utils. 80.9 62.2 93.4 82.1 64.7 . 81.1 24 948 99.7 . BY 90.8 95.0 101.2 80.1 69.8 91.8 90.0 91.4 83.6

60 Bonds 78.8 80.3 82.6 160.0 96.2 100.7 81.1 100.2 93.3 93.1 83.0

Yesterday ..... Week ago Month ago ... Year ago Two years 1937 high 198% Tow uuu 1936 high ..... 1936 low 1935 high ....0. 1935 ow ..uuven

NEW YORK, P.).—Bonds opened steady. Canadian Pac 4s 87% Canadas. S58... no a us wn Great Northern 4s 46 G Mo Pacific 5s G 78 .......... 20 NY Chicago St Louis 4!2s Norway 4s ....... Philippine Ry 4s 37... ... Ric Grande eWst 45 49 Stan Oil N J 3s Shell Un Oil 3%s

Curb Stocks

By United Press Jan, 26.—Curb . 24

W YORK, opened irregular. Amer Cyan B Pea Ark aNt Gas A . "ae Carrier Cp... . Cities Service .. ELB&S ...w» Lake Sh Min .. N J Zinc Ni Te Un G

PRICE INDEX

NEW YORK, Jan. 26 (U. P.)— Dun & Bradstreet's daily weighted index of 30 basic commodities, com=piled for the United Press (10301932 average 100):

Yesterday wuussiasssssusevss 116.09 WEEK ABO »visssurvussssineys 115.96 Month 880 wyuvsssssssavsssas 2115.01 Year ago . 1637-8 high, April 5,..¢vsvev.. 158.26 1937-8 low, Jan. 8 .....vvv.... 114.60

INVESTING CO.’s

Bid Asked: Bid Aske Adm Fds 11.83 12.09 3.008 Sp 14.50 16.00 Affil Fd 402 442 ellkp I Fd_C Key ©

- BN

12 2. Am Hd Cp 19.25 20.00 Inv 9.62 Am Bus , 76 5.00 » SIX 16.49) " CFs? 46! ' CFS4¢ 24 04 Md . 338 Mt 20 3.42|NatWd sec sawn’ .| Natl Rov

Bd fk pk pot RY ED or eb ht pt pt RO et

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1 Cent Trst 2

WR OO

» on on — = Li DES DONE

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8-3-3655 108 7 Jo 0 oq WIPO U1 es TOO LI DIN OOO BD

Divers Divers D Divid_Shs Eat How 1 Equity Tr Fidelity Fiscal Fun Bk Stck Ins Steck Fix pl A

Forgn Bd Found A Fd

Tt et SOS TOY 1 END De BD

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ND RID DD ie BD 0 BID Uo TT 1 bet ot Ca ht mt ON Gi a ALTOS FAB DD = a vv

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33 J8 n 30 09.82 1 Ine 3.80 .... (Sovgn_ Thy 67 74 |Spen Trek 14.48 15.24

EE ged

n 4.60 5.00 Group Securities Agric 1.1 4

Bovisiomis BERD

' BB [Supervised | TA5k St InC Hur Cp y 16) » Oil _A Hs Invs 16.32 .. nstl Securities, Led, Tat d Bk Grp 1.15 1.2% Ins Grp 1.25 1.38| nn

Invest Bank Co yv Banc BU 5.86 ase well Ba

BANK STOCKS

Bi merica ...vuveves 46 anhattan ......... 22 t . 47

BI 5 i J fet DASE Di ©

Pp DRI LI PEO a v

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ank of ank of Bankers Trus Bank of New Brooklyn Trus Central Hanover

353 003 022.00 Shas

ase Chemical ..... Commercial . .s ntin ntal LL ARLE RAY orn Exchange ..... Empire ah irst National uaranty ,

Sheeran

FARRER aR AREER cathe R RE RR Aa aaEELa Ry

‘Gen

By United Press.

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS Yester@ay wo.uvere tenis +..128.88 Week ag0 woiveuessisssanss. 130.09 Month agd wuviireerrvrveees 120.15 Year ago High, 1937-8, 194.40; low, 113.64, High, 1936, 184.90; low, 143.11. 20 RAILROADS

—1.56 —1.44 +1.22 +0.78

—0.36 —1.09 +0.24 +0.55

Yesterday Week BRO +vvaviesiinniaianes 20.9% Month ago vieviiruiiiiansees 20.15 Year Agd vou vineves SRY High, 1937-8, 64.46; low, 28.91, High, 1936, 59.89; low, 40.66.

Yesterday Week ag0 vuivivasraunvireeinys 20.51 Month ago wuiviiseviivesies 19.88 Year ago 36.25 High, 1937-8, 37.54: low, 19.65. High, 1936, 36.08: low, 28.68. 70 STOCKS eve aba eReei ees S1OR 45.24 39.92

Yesterday Week ago . Month ago Year ago High, 1937-8, 69.67; low, 38.87. High, 1936, 66.38; low, 51.20.

LE aN

Net High Last Change Crown Cork ... Ya 3434 3% Crown Zeller .. 103% 3 103% % Crown Zeller pf 69 69 1 Crucible St .... 38 38 1 Cub-Am Sug .. 43% 1% ... Curt Pub pf ... 46% 461% 1 Curtiss-Wr ... 4%

21% y 205 ] , 24% 14 4

1 15

Deere & Co....

Douglas Air . Du

East R Mill.... East Kodak ...162 Eaton Mfg ... Eitingon Sch .. 4 Elec Auto L.... 19% . 8p n 31 31% 35 aE cv. 46% “es 9

—

. 21% 312 2Va 151% 2% 41% Che 62 612 4% 41% 10 10 «.. 402 40'%% S22 32) 34% 343% 514 5% 8% 82 . 112 1% « 23% 2312 Thtre Eq . 11% 11% Gen Time Ins. 162 Gen TB ... 1 12% Gillette S $5 pf 59 Gimbel Bros . 73% Goebel Brew 3's Goodrich 161% Goodrich 54a Goodyear Aah 19% Graham-Paige . 12 Granby .. a 434 Granite C Stl . 15% North "e's 21% 3 13 181% 9s 8s 17%

2% 32 22% 15% Follansbee .... Francisco Sug . 4%

Gar Wood Ind Gen Bronze ... Gen Cable .. Gen Electric . Gen Foods Gen Motors .. Gen Out Adv .. Gen Pr Ink... Gen y Gen

L..... Greyhound Cp . Greyhnd 5'2 pf Gu M & No pf

Herc Pdr Holland Furn Hollandr & Son Homestake Houd-Her B .. Houston Oil ... Howe Sound ... Hud & Man ... Hudson Motor . Hupp Motor .

Ind Rayon Inland Stl

I Silver int T "evs Intst D8 vues Jewel Tea wuuie

Kalamaz Stov . K C8on .... Kel-Hay A Kel-Hayes B .. Kennecott va Keystone Stl .. Kresge 8 8

Lambert .. Lee Rub

— “

Loew's assy ¥ Lone Star Cem Jorillard. ...... 1 Lou & Nash .. 50 Ludlum Stl ..,, 1

FEREEIED: 0

Mack Tr

—-

Martin GI ..... Martin Parry . Mathieson McGraw El .... McGraw H_ .... McIntyre Porc McKesson & R McLellan St.... Mead Corp .... Mesta Mach .... Miami Cop .... Midcent Pet .... inn _Hny .... Minn-Moline Mission Corp .. MO-K TeX +... Monsanto

Freee:

FEITELETT:

Whi. iv Mullins Mfg B.. urray

FIEI#ITT:

Nash-Kelv ..., Nat Acme .... Nat Biscuit .. Nat Bond & Sh Nat Cash Reg.. Nat Dept 8t .... Nat Distillers. . Nat Gypsum... Nat Lead .... Na* Por & Lt. Nat Supply Penn Newberry oo 46 Newport Ind .. N XY Aj 32

Fil I pea oo

— or rat a

Fd la | lian PEEFES FF

No Amer Ava.. No Pacific .....

FEEERTIIES:

Ohio Ol ...\vves Oppen Coll .... Oti

is Steel Outbd Marine. |

ow o>

13% 10% 183 Pa . 26%

37% 13

PE FORE

> FRE

Pac G&El .... Pacific Ltg .... Pac West Oil.. ckard

>= o

GIRS pap Fa A

1 10% . 10% 2%

. 8 ii

HR Gee OS ek a COTIEINT IA) Des ps OF pk ps CIT bt et J OD CD VOCS a LD De Fle BAA aR

Phillips Pet Pierce O pf... J

ry BIN oo rw

tts Stl Wy Plymouth Oil . P B

oor Ess a Port Ric-Am B.

Fp CF op NEN

SBI O00 + 0D wT OI TF

FERS

FERTE+EEIRETT

See Final Edition of the Times for

Closing Stock Quotations

NEW YORK STOCKS

Fal,

Net Last Change Seabd Oil

22 Sears Roebuck . Servel Inc. ....

Socony-Vacuu So Cal Ed

Bquare-D-B ... Std Brands .. Std G & E

monn

morn n

debak ee Junshine Mni . Superhtr Svs Superior Oil .. Swift & Co ... Swift Intl ..... Syming-Gould Syming-Gld xw

Talcott J Tenn Corp .... Texas Cor Texas Gul

Ax ve 12 Timken R B .. 4 Transamerica . Trans & W Air Tri-Cont . ...... 20th Cent-Fox . Twin CY RT . Twin Coach ..,

Union B & P .

United Corp .. United Corp pf. Un El Coal

os DONO JO 14 DI ~T0D JOY 2 rile a Bas 2c ft ITO JHC Se ee ae SNES NS Ne j+: |

- LL ae _ OTN BINNIE ONO TNO IIE

= — =

. .

Vadsco Bales .. Vanadium Va-Caro Ch ... Va-Car 6 pt ..

Sup I. West Air Bke ..

Westing El .... Westvaco

FILLET:

Worthington . Woodwd Ir Co. 15

Fiis.

Yale & .T +.... 22% Yellow Tr ..... 13% Young 8 & W . 18 Young Sheet .. 37% Young Stl Dr . 18 wml. 14

Zenith Rad .... 13%

WHEAT PRICES DROP 2 GENTS A BUSHEL

Absence of Export Demand Aids Slump in Corn.

CHICAGO, Jan. 26 (U. P.) —The break in wheat reached 2 cents a bushel today for the nearby months on the Chicago Board of Trade. At the end of the first hour wheat was 17% to 2 cents lower, corn was % to % cent lower, and oats were % to %4 cent lower. The decline in wheat followed a lower market in Buenos Aires, where prices in recent sessions have been on a high level. Around 94 cents for May wheat the sell-off was temporarily checked by stoploss buying but the undertone was weak. A heavy market in securities also put pressure on the grain market. Wheat receipts were 7 cars. Corn prices were fractionally lower, depressed by tha sharp break in wheat. Export business was negligible. Corn receipts were 26 cars.

ARGENTINE GRAIN BUENOS AIRES, Jan. 26 (U. P.).—Grain futures opened lower. Wheat—February, $1.05, off 3c; March, $1.08%%, off 34e. Corn—February, T9%e, Sa con May, Save, oe. Oats—Spot, “sC, unchanged. ax—February, 81.3 , March, $1.34%, off 1lge. .

WAGON WHEAT

elevators are paying for Me. other grades on their merits. new No. 2 yellow, o0c. vats

City grain 2 red, §oc, Cash corn. 28¢.

LIVERPOOL WHEAT

U equivalen

(Today's . B. ts sterling at $4.99%)

based on

High Low Clo 1.10% 81.13% 81.1 14 1.12% iH

1. « 1.14 1.12%

LOCAL ISSUES

(By Indianapolis Bond & Bhare Corp.)

quotations do not repreor offerings, but merei proximate market level and selling inquiries or

J A

Prk fk pk fd ek fof fot

PODS =

8 ds eom +1 .u.

Be RR St 8 pfd ...

Gent, Toa Bw n Home T& a

8 s Water On a 5% . 0p Fuincoin Natl Life Ins Co ¢ R Mallory com ...... | ve N Ind Pub Berv Co pfd 8%. N Ind Pub Serv nf 6% .... Ind Pub 8 7% Pub Berv of Ind 6% ...... Pub Berv of Ind 77% Progress Laundry Co com Terre ute Elec Co 8 % ..... veion, te DX *m ha m 0 " Van Camp Milk Co Rom (By M. P. Crist & Co.)

xMarket St, Investment 'e XEx-Dividena. A

LOCAL PRODUCE

Heavy bred hens, 42 Ibs. and up, i

ee LL seen

Pavan

4c: leghorn hens, } over,

sy 3 oe. 1, the a

and over, 1

strictly fresh country run h full case must ein t deduction fo SRT

will ade. Butter—| @37¢: No. 3, 34% @ 85¢. vudy ; No. 2, 28e. Prices quoted by the TR &o. oe

FOOD PRICES TN TR a XA, bu, 906 Ri eset Cuan

u., ( lugs. no trade; cold wea her, Ca ulif fornia crates, $1. 35@ 1.80. nia he e : Celery —

c@8l.

Times Photo.

Dr. W. B. Massie (left), Boston, Ind. newly elected president of Indiana Veterinary Medical Association, confers with E. D. Anderson,

Mentone, retiring president, at the annual

association meeting being

held today and tomorrow at Severin Hotel,

By THE BUREAU OF

had an aggregate gross income of

ried persons separated by mutual sons. The personal exemptions

returns of the income of each. If

and wife both spouses must have

personal exemption of $2500 may tween them in any proportion as

Husband and wife may elect return or separate returns.

LJ 2 ”

families, a taxpayer is entitled to

health and the aged.

the credit, the $400 credit for a dependent.

between them.

YOUR INCOME TAX

No. 4 Who Must File Returns

Returns are required of every single person who for the year had 8 gross income of $5000 or more or a net income of $1000 or more and of every husband and wife living together who for the year 1037

income of $2500 or more. Widowers, widows, divorcees, and mar-

$2500 for married persons living together and for heads of families. Husband and wife living together at the close of the taxable year may include their income in a single joint return or make separate

not report income which belongs to the other, but must report only the income which actually belongs to him. If a Joint return is filed, such return is treated as a taxable unit, and the income disclosed is subject to both the normal tax and the surtax. In order for a return to be classified as a joint return of husband

the year for which the return is filed, and the return must include the income and deductions of both spouses. If a joint return is not made by an agent of the taxpayers it must be signed by both husband and wife and sworn to before a proper officer by the spouse preparing the return, or if neither or both prepare the return then by both spouses. Where separate returns are filed by husband and wife, the joint

In filing a joint return husband and wife compute the earned income credit in the same manner as in filing separate returns. If taxpayer's net income is not more than $3000, the entire net income is considered to be earned net income.

Where, however, joint or separate returns have been filed for a particular year, neither husband nor wife may after the due date of the return file an amended return or returns on a different basis for that year.

No. 5

Personal Exemptions

In addition to the personal exemption of $1000 for single persons and $2500 for married persons living together and for heads of

ent, defined by income-tax law and regulations as a person under 18 : years of age or incapable of self-support because mentally or physically defective. The term “mentally or physically defective” means not only cripples and those mentally defective but persons in ill

In order to be entitled to the $400 credit, the taxpayer must furnish the dependent his or her chief support. upon actual financial dependency and not mere legal dependency. For example, a father whose children receive half or more of their support from a trust fund or other separate source is not entitled to

Neither relationship nor residence is a factor in the allowance of

may be residents of different cities. tribute to the support of a dependent, the $400 credit may be taken by the one contributing the chief support, and may not be divided

A single person who supports in his home an aged mother is entitled not only to the $400 credit for a dependent, but also to the personal exemption of $2500 as the head of a family. A widower supporting under similar circumstances a dependent child under 18 years of age also is entitled to the personal exemption of $2500 as the head of a family, plus the $400 credit for a dependent. Under the Revenue Act of 1936 both the personal exemption and the credit for dependents are required to be prorated where the status of the taxpayer changed during the year.

INTERNAL REVENUE

$5000 or more or an aggregate net

consent are classed as single perare $1000 for single persons and

separate returns are filed, one may

had some income or deductions in

be taken by either or divided beagreed upon.

each year whether to file a joint

a credit of $400 for each depend-

The credit is based

The taxpayer and the dependent If husband and wife both con-

Cupid and Stork Beat Budget; Two Roads Are to Be Repaired

County Commissioners who yesterday awarded cupid and the stork

a victory over the

county road repair budget, today asked

engineers to

estimate the cost of repairs to Dean Road and E. 25th St.

Stringencies of budgets were waived in the face of the whether to repair Dean Road to help a wedding party or to

other road so doctors can reach a liome where a birth is

Delegations representing each family appeared and demanded immediate action. Neither road was passable, they said. Commissioners waived restrictions to give relief to both groups. While making the concessions, Commissioner Dow Vorhies warned that the $36,000 budget for the first quarter of 1938 will not meet the cost of necessary repairs to county roads. He said alternate freezes and heavy rains had made many of the secondary roads impassable. He added that he hoped WPA labor could be used on the projects.

STATE OVERRULED IN COUNTY BUDGET SUIT

Times Special LEBANON, Jan. 26. — Boone county Circuit Judge John W. Hornaday today had ruled the State Tax Commission has no power to revise county and highway maintenance budgets when the funds for road work are derived from a source not affecting the county's property tax levy. * The decision was returned in a suit brought by County Commis sioners seeking a declaratory judgment on the tax bdoy’s order reducing to $983,000 the approved Boone county road budget of $120, 767.20. The county road maintenance funds are received from the State gas tax fund and not from a property tax levy and therefore their budgeting is not within the juris. diction of the tax commission, Judge Hornaday ruled.

SCHOOL CONTRACTS LET

RICHMOND, Jan. 28 (U. P).— The Richmond School Board has awarded contracts exceeding $500,000 for construction of a new senior igh school in West Richmond, work to begin Feb. 1. The general

problem of repair the expected.

LINCOLN NATIONAL

VOTES DIVIDENDS

FT. WAYNE, Jan. 26 (U. P).— Stock dividends totaling $300,000 have been approved by directors of the Lincoln National Life Insurance Co., President Arthur ¥F., Hall announced today. A $1.20 dividend will be paid on each $10 share of stock, he said. Mr. Hall reported a gain of $52,« 000,000 in insurance in force with the company during 1037. The new business made a total of $053,000,000

insurance in force as of Dec. 31, 1837, he said.

FUNDS APPROVED FOR SEWAGE PLANT

WASHINGTON, Jan. 26.-Final approval for three Works Progress Administration projects was announced today by the office of Senator VanNuys. They are: Muncie sewage disposal plant, $457,226; improvements to grounds at Indianapolis sewage disposal plant, $32,008, and $24,105 for Vermillion County park at Bernice. Approval must also be made by John K. Jennings, Indiana WPA administrator.

i FALSE TEETH STOLEN ZANESVILLE, O, Jan. 28 (U, P). «Theft of a set of false teeth and

other articles, valued at $108, from her parked automobile was reported to police by Mrs. Clara Dickey, Hartford City, Ind.

WEDNESDAY, JAN. 26, 1988 Veterinarian Heads Confer

VETERINARIANS T0 HEAR TALK BY DR. DOYLE

Banquet and Dance Tonight To Follow Sessions At Hotel Severin.

Dr. L. P. Doyle of the Purdue Unie versity Veterinarian Department and Dr. J. A. Campbell, Toronto, Ontario, were to be the principal speakers at this afternoon’s session of Indiana Veterinary Medical Ase sociation at Hotel Severin. “Poule try” and “Canine Practice” were to be their topics. Today's session also was to ine clude a talk on “Sterility in Cattle” by Dr. L. A. Tischhauser, Garnavillo, Towa. The annual banquet and dance are to be held at 6 p. m. Other speakers at today’s session were to be Dr. C. H. Covault, Ames, Iowa; Dr. R. M. Hofford, Cedar Rapids, Towa, and Prof. Frank King of Purdue University. The convention is to close tomore row afternoon. Dr. W. B. Massie, Boston, was elected Association president, succeeding Dr. E. D. Anderson, Men« tone. Other new officers are Dr. D. D. Baker, Wabash, vice president, and Dr. J. E. Tinder, Brook, director, Re-elected were Dr. W. B. Craig, Indianapolis, secretary - treasurer, and Dr. J. L. Axby, state veterine arian director.

SHARES PAID 3500 PER GENT DIVIDENDS

SEC Investment Trust Study

Reveals Figures.

WASHINGTON, Jan. 26 (U. P.) «= The records of the Securities and Exchange Commission's investment trust study today disclosed that Continental Shares, Inec., sold 10,000 shares of stock to its founders for $1 a share and then paid dividends totaling $350,000 on the stock. The story was told by William Russell Burwell, former president and one of the founders of Contie nental Shares. ' Mr. Burwell testified that 10,000 shares were issued to the founders at $1 each. It was arranged that

founders’ shares only after payment of 8 per cent on the common stock. The dividends were to be paid from 25 per cent of the amount remaine ing after payment had been made on the common. Mr. Burwell testified that the payement to the common stock holders included 2 per cent in cash and the remaining 6 per cent in stock divi dends. The amount divided among the founder-share holders amounted to $350,000, he said.

TOLEDO AUTO PLANT TO REHIRE 2000 MEN

TOLEDO, Jan. 25 (U. P.).—Two thousand idle employees of Willys Overland Motors, Inc., will be ree turned to work within the next two weeks, the company announced late today. President David R. Wilson said that men employed in the fabricae tion of bodies would be rehired within the next day or two and that the production line would be starte ed with a week. Willys operations have been cure tailed several months, with only a maintenance crew kept in the mane ufactory during the last two or three weeks. ——————————

JULIETTA BUILDING PLANS APPROVED

Marion County Commissioners to day approved achitectural plans for construction of an addition to Julietta Hospital for the Insane which is to become the new County Ine firmary. The plans, submitted by Evere't Brown, architect, called for expeneditures of about $263,000. WPA labor is to be used. The County is to furnish the material. Construction of the addition is te begin Feb. 5.

COUNTY APPORTIONS CONVENTION QUOTAS

The Marion County Election Board today apportioned the number of county political delegates that are to be sent to State conventions. : The Democratic Party will be entitled to 310 delegates, an increase of 70 over 1036, and the Republican Party 228, an increase of 28, Board members said,

FOREIGN TRADE INCREASES

WASHINGTON, Jan. 25 (U. P.) = The Commerce Department ane nounced today that U. 8. foreign trade—exports and imports com-bined--increased $1,500,000,000 in 1037 over 1036.

ASKS FUNDS FOR CHINESE

The Indianapolis Chapter of the American Red Oross will receive voluntary contributions for destitute families in China, William Fortune, chapter chairman, announced today,

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington St.

Member Federa

Depostt surance h

WASTE PAPER

AMERICAN PAPER STOCK COMPANY

’

Ind,

dividends were to be paid on the