Indianapolis Times, Indianapolis, Marion County, 27 January 1938 — Page 14

PAGE 14

MARKET ADVANCES IN QUIET RECOVERY;

DS ARE STEADY

Upswing Includes Nearly All Sections.

NEW YORK, Jan. 27 (U. P.) .—The stock market made a quiet recovery today. Nearly all sections participated in the rise. Bonds were steadier and commodities moved narrowly. French francs equaled the 1ll-year low, but other currencies rose against the dollar on inflation talk. Metal shares—ferrous and nonferrous—made the best. showing Steels rallied with Bethlehem touching 57% up 1%. U. S. Steel sold at 5512 up 7%; Crucible 36 up i, Republic 18 up la. Coppers were up featured by Anaconda. Dome and , McIntyre made new highs. U. S. Smelting and American Smelting were up more than a point each. Chrysler gained more than a point to 547s. Utilities were steady, except Detroit Edison which sank more than 3 points to 94%. Rails

and oils were mixed in a narrow range.

fractionally, |

Today's Business At a Glance

GENERAL BUSINESS

American Bureau of Metal Statistics reports December world zinc production 161,606 short tons vs. 157,359 in November and 162,066 year ago; 1937 production 1,849,367 tons vs. 1650222 in 1936; U. S. December output 51,787 short tons vs. 49,393 in November; 1937 U. S. output 589,032 tons. Dun & Bradstreet reports week ended Jan. 26 bank clearings $4,896,893,000 vs. $6,002,580,000 year ago. Engineering News-Record reports construction awards this week $50,749,000 vs. $47,669,000 last week and $44,800,000 year ago. U. S. Beet Sugar Association reports December U. S. deliveries of beet sugar 2,078,736 bags vs. 3,425,645 year ago, off 39.3 per cent; 1937 deliveries totaled 22,860,890 bags Vs. 25,920,418 in 1936, off 11.8 per cent.

CORPORATION NEWS

American Stores Co. December sales $11,495430 vs. $10,859,293 year ago, up 5.8 per cent; 1937 sales $114,565,593 vs. $113,387,802 year ago, up 1.03 per cent. Atlas Powder Co. 1937 preliminary net income $1,433,871 equal to $440 a common share vs. $1,430,080 or $4.21 in 1936. Austin Nichols & Co. Inc, eight months ended Dec. 31 profit $9762 before Federal income taxes vs. net profit after taxes $148,294 year ago. Black & Decker Manufacturing Co. and subsidiaries 12 months ended Nov. 30 consolidated net profit $980,679, according to statement filed with the SEC. Blue Ridge Corp. December net assets 78 cents a common share vs. $3.72 year ago. G. R. Kinney Co. Inc. and subsidiaries 1937 preliminary net income $167.231 equal to $248 a $5 prior preferred share vs. $127,941 or $190 a share on same basis in 1936: Dec. 31 inventories $3,519,957 vs. $3,706,825 year ago. Loew's Inc. and subsidiaries 12 weeks ended Nov. 25 net profit $2,017409 equal to $1.69 a common share vs. $3,457,973 or $2.14 year ago.

RAILROAD REPORTS

Boston & Maine R. R. Co. 1937 preliminary net income $202,221 vs. net loss $1,654,183 in 1936; December net income $294,756 vs. $424,176 year ago. New York Central R. R. Co., December net operating deficit $976,978 vs. income $1,779,938 year ago; 1937 net operating income $§36,028,267 vs. $45,278,625 in 1936. Pittsburgh & Lake Erie R. R. Co, December net operating deficit $213,232 vs. $15,817 year ago; 1937 net operating income $4,137,830 vs. $4,895,227 in 1936. Reading Co., December surplus $456,154 after taxes and charges vs. $563,525 year ago.

~—DIVIDENDS—

Addressograph-Multigraph Corp. regular quarterly 35 cents payable March 22 record March 2. Armstrong Cork Co. interim 25 cents on common payable March 1 record Feb. 9. In 1937 company paid 50 cents each Dec. 18, Dec. 1, Sept. 1, June 1 and March 1.

Caterpillar Tractor Co. regular quarterly 50 cents on common payable Feb. 23 record Feb. 15.

Sherwin-Williams Co. regular quarterly $1 on common payable Feb. 15 record Jan. 31. Signode Steel Strapping Co. regular quarterly 62% cents on prefer-| 2 ence payable Feb. 11 record Feb. 7. Sun Oil Co. regular quarterly 25 cents on common payable March 15 record Feb. 25 and regular quarterly $1.50 on preferred payable March 1 record Feb. 10. Texas & Pacific Coal & Oil Co. regular quarterly 10 cents payable

March 1 record Feb. 8. (Copyright, 1938, by United Press)

CHICAGO PRODUCE

unsettled; receipts, oon

v . Checks, 158'gc; ¢; current receipts, 18c. Butter—Market, steady; receipts, 485,028 ross Ibs. Extra firsts (90-91! score). 13,@32V4¢; extra (92 score), 33c: firsts, 303,@31%c; seconds, 28@30c: specials, 331523434c. Poultry — Market, steady: receipts, 20 trucks, Ducks, 18@22c: geese, 19¢: hens, 1% : chickens A3@23%c: 21@23¢c; leghorn

C, @ 18 2201 daisies, 1634 little

19¢; dirties, 16

@l7c; longhorns, 16% 01 Potatoes -—— Supplies, trading on acocun cold weather. arket steady on old stock, weak on new. Tdaho asset Burba 1s, $105; 1% @1.35; Minnesota 3) Michigan Russet

moderate;

and |

| weak to lower

Nearby Marts Weaken Local

Porker Prices|i

Sharply lower closes at other nearby Weights scaling under 220 pounds with persistent losses in dressed values, had a weakening effect on

local hog prices, according to the Bureau of Agricultural Economics. Weights saling under 220 pounds sold mostly 25 to 30 cents lower, pigs and light lights off most, while an unevenly steady to 20 cent lower deal on heavier weights saw hogs over 260 pounds escape unchanged. Top on best 150 to 170 pound averages dropped to $9. Packing sows were mostly unchanged, bulking at $6.40 to $7, top $7.25, with a few rough heavies down to $6.25. Sellers experienced a very dull, market on most Killing classes of cattle, the excep-

| tion being cutter grades of cows and

light heifers. Medium and good steers comprised a large provortion of the light crop and ruled slow and weak against prices already 25 cents or more off for the week. Several loads of steers remained unsold at a late hour. Fat cows, heavy heifers and heiferettes found outlet only at weak to 25 cent lower rates, while bulls sold 25 cents off. Good 1122-pound steers made $8.50, a load of 1194-pound offerings, $8.15, with bulk, $6.50 to $7.50. Most heifers cashed from $5.75 to $7, beef cows, $5 to $5.60, cutter grades, $4 to $5. Practical limit on weighty fat and sausage bulls was $6.25, mostly $6 down. Vealers were steady, good and choice grades clearing at $11.50 to $12. Lambs and yearlings sold steady, with top lambs, $8 for both native and fed Western lambs and top yearlings, $6.85. Slaughter cwes moved 50 cents higher or $4 down.

HOGS Top Receipts Sear ey 88, Sop 600

(140-160) (160(18 (20 (20 (25 (29

choice. . 1 choice. . 0-20 choice. . 0-220) choice. . 0-250) choice. . 0-290) choice. . 0-350) choice. . Packing Sows—

Crrereea.

Good (275- 550) Medium Sa Pigs— 0-140) $e and choice. .

08 999 SHIP woo

Steers— (750-900) Ch

253

53339999398

o oana-933mmnn OPO UMTTIOW

Wa aFIUIBIRIEIO~T 0 RH-T-IPEHPODDOD

<Q Aaa ee eIS Oo OUMUUOOOOWw

(550-750) Good

on ®

(750-900) Good (550-900)

an>d ® a= aon oon

Common

Cows a ai

Bulls

Yearlings exuded (all w oe Good "bee Rights)

Vealers —Receipts, 500— (All weights) Choice (All weights) Good (All weights) Medium Cull and common .......... Calves —Receipts, 300 3 § Shoive

@ 5.00

Sto Choice ... (800.1030) Solve . 5 0) Good ...

d . (500-1050) Medium Hero: iy Common

pit 700) Goo dand Soke. ommon and mediu

SHEEP AND LAMBS —Receipts, 4500— Lambs

Shoite “es Good

Medium Common Ewes— Good and choice Common and medium

CH Jan. 27 (U. P.).—Hogs—ReEy Co £ 00D, including 7000 directs. Market steady to 10 cents lower; tap. SL Bi bulk good and choice, 35 a 1b @8.75; 210-260 1lbs., [email protected]; Sano. %98 1bs., $7.50@7. 80: good Ba weight and heavy cows. $6.6 [email protected]. Cattle—Receipts, 6000; calves, 1000. Another very dull market; this on fed steers largely steer run; nly a

and yearlings; 0 few loads sold early: bids lower; kinds Rh ne $7.25@9 predominating; few loads rictly choice light cattle here: steer market now 50c@$1 a week ago; sausage bulls, $6.85; 0 cents. Sheep—Recaipts, , including €00 directs. Fat lambs, 0 Rone, weak to 15 cents lower; WI held ts. Palos sheep yearlings, unchanged; ewes, $3. 05174 25

CINCINNATI, Jan. 27 (U. P).—H Receipts. 2200, including 200 direct, : sisady to 35 v 200-225 $8.65;

9:31 O-T1-T-T-1- = OD MItI~3=a 88 oon

to choice;

ogs—

$T.75008. 50; bulk good packing SOWS. $6.25 market slow, steady to 25 cents goon ote yearling Steels oC $7. ‘$8: practical “io Sheep-—Receipts Nir RAS 240 dimarket uy iN light supply; few lots good native ewe and wethers, 8.50: common and es. Sat grades, an. P.) Market, steady to 30 cents Vow : 50.360 Ibs., $9: 160-170 Ibs. 5 0 a; 5 0 210 Ibs., 0 Ibs., $8.20: 0 BB. $8; 250- 260 Ibs., 0 300 35; bs., $7.20; £8.75 down; : gs

Cattle—Receipts, 700: calves, 200: steers heifers, part} 3nd Raht rect; ta 7.50: most slaughte LAFAYVETT Br p Tr ewes £8.75: 180-190 Ibs.. 3 ‘280 ‘Ibs. 1bs., $10.50@11. FT. wa

P.) —Hogs— lower: 140: 180

bs. : $8.75; 100-120 Ib

3 Suet. $6.50: stags, $5.25: calves, $12:

lambs, $7.75.

FOOD PRI

CHICAGO, Jan, 27 PiLAp Michigan McIntosh, toes — Tennessee, Texas, bu SOC bu.,

Tex u @$1. To oes lugs, : Bi Caulifiower—Canfornin $1 2B@1. Celery — oh! an, Sse Onions

crates, square crates, $1. sacks)-—Colorado Jalsncins. $1.25. do yellow Danvers, $1.42%.

les—@d00.

cor

See Final Edition of the Times

THE INDIANAPOLIS TIMES

Net Last Change 121 + 138 1613 12 634 4314 62%

| ng

> ==

BICONE pdt pa a aan R00 -

a C3 in BD bt jt 1.9 09 ped pt ©0168 83 14 1s 8 3

Atchison .. . Atchison of ...

Aviation Cp ...

Bald Loco et 2 Bait & Ohio...

Beth Steel .. Blaw-Knox .... 3oeing Afr ... 30 3orden Vana 3org-warner . 3dgept russ.

Burlington A Byron Jackson. 18% wll Cal Packing vo AM Callahan inc. Calumet & H.. Campbell Wy.. Can Pagific .“ Case 1 vals Celanese Cent Viol ‘Sug. Ches & Ohio Chic Gt W Ry. ChMStP&P ‘on Chrysler

3 1 1 1 a 1

cd a Op DTI ~T03

5 © No Lema evens

Clark Cluett Colgate-P-P 1s Col Broadcast A 191s Colum Gas Va Com Inv Tr.. ; 38 Com Solvents .. 8 Cong Cigar ... 1a Cons Aircraft . 15 Cons Edison cons il Container Cont Bak Cont Can Cont Oil Del.. Cream Wht Crown Zeller. . Crucible St ... Cuba Co Cudahy curtiss-Wr .... Curtiss-Wr A... Cutler-Ham + 1M

ow all

Deere & Co ... 2 Deere pf 4 Dist Seag Dome Mines Douglas Air .. Du Pont

37% 3% 10,

Eitingon Sch ON Elec Boa Elec Muste Ind. Pwr & Lt.

Fair Morse .. Fed Screw Fed Wat S Firestone T ... 20 First Ne Strs ... Flintkote 15!

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Boos La ER &

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Green HL .... Greyhound Cp.. Grevhd 5'% of. . Grant pf § ....

Hecker Prod Herc Mot Hershey Holland Furn.. Homestake .. Houd-Her A Houd-Her B . Hudson Motor. .

Curb Stocks

By United Press NEW YORK, Jan. 27 (U. P.).—Curb stocks opened easier.

s 227%

ch Net Open ange Pode -— Se

El evs Lake sh Min .. fockneca pT evn

"INVESTING CO.’s

Adm Fds 11.34 12. 98 Schosilkp? } d noe 423 In Fd 8.50 2), 2 Rey CrBa 20.

ee Jet et B00 00 GI UO 0 a COC Son et ht fk ot BD

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95 Fa Inv te 12. 01 15.96 Sel I A 33: 5. 0 Soven Inv

¢ Tsk 14. Ger Cop 8 8 30.5

BE A Tr Gn Inv 4. a Std Util Group Securities State St 04 1.14/35 84)’ "Py 221 - 1,

DS, oR 0m 05 SHNEE-I800-1600-1-3

-3

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- DEILICO Is TLS

Tr ‘Co 31 nc Invs 15.88 Instl Securities, Bk Gn 1

rp . Ins Gr 1.24 Invest Bank Corps Banc Bl 3.74

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following sent actual s indicate the approximate market based on buying and selling inquiries or recent YRnTeOIR.,

=, °. wo a oa ao al wie gi giepoataoon

dps CODON Tid

Citz nq Tel TR ¥ {A 61 . H Tel & i Tel & Tel ow Ind Asso Gd 41 Ind

Rllerir fs W 5s 57 Fey Sno Water Co > 49 vil PH Water Works 58 56 +.....100 [ H Water Works 6s eevee 101 frac Term Co 5s 5 cee 2%

Belt RR St Yds com .....c.eene 3 0 3%

Belt RR St Pa vid Tehran FW fo Bid I

Coessnae

oy seus nesee Pub Serv of Bh rr b Serv of Ind pe: ante

seeival 1150 145 dom... 13%

does

6 66 4 2 1

)5 3 ens “i n

NEW YORK STOCKS

By United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday 23.28 Week a0 ..v.vnvnnennnenenes 182.38 Month ago ..v.uvevieniees. 121.56 Year ARO ...ivvvunsnnienes +o 188.41 High, 1937-8, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11, 20 RAILROADS

EERE

-35.10 +2. +141 -0.56

Yesterday Week B80 ..vvanssssvesssres Month ARO wiscsenssssresses 20.38 Year ago 54.45 High, 1937-38, 64.46; Tow, 28.31. High, 1936, 59.89; low, 40.66, 20 UTILITIES

“restr eseeneen ne

28.31 30.45

Shear

19.80 21.04

Yesterday .. Week ago .. Month ago 20.85. . Year ago . 35.87... High, 1937-38, 87. 4; low, 1. 65. High, 1936, 36.08; low, 28.68. 70 STOCKS

Sees NrRt tat Leen

"etsantesseeneny

“estes ssesennen en

Yesterday Week ago Month ago Year ago High, 1937-38, 60.6%; low, 38.87, High, 1936, 66.38; low, 51.20.

SesetestEsRReEEL Le

Sess BRt pene

Net Last Change 1%

High Low 1% 1%

Hupp Motor ....

Ind Rayon ..... Inspiratn Cop.. Interchem Inter Iron .... Int Harvester .. Int Hyd El A.. Int M Marine.. 2 Nickel san

«0 © Opt oJ = CI OF

pe a LD wR 8 i J Fave nas does

Johns-Man ....

Kennecott Kinney .. Kroger G & B..

Leh Val RR... Libby Mec&L... 8 L-O-F Glass... 3434 Loew's 451, Loft Inc 13g Lone Star Cem. 813 u & Nagh-. + 4034 Ludlum Stl.... 17%

5's

8434 * 452 13g

Mack Tr 20%,

oe 11% 2 on 2 Mathieson a Maytag McCrory McCrory pf ..

McIntyre Porc. McLellan St ..

Mother Lode .. Mullins Mfg B.

Nash-Kelv . Nat Av iation.. Biscuit

Sup Penn. Ret a Ind .. i N Y Central ... Y Si eave

Ohio Ofl ...... 12% Otis Steel 9%

12% 9%

Pacific Le ven Packard ..

—

Patino Mines ve Peerless Penney Penn Coal&C.. Pere Marquette. Pfeiffer-Brew . Phelps Dodg Phillips Pet . Pitts Sc&B _. Proctor & G... Public Serv pure Oil ..... Purity Bak ..e0

an -

—

oe ea

LO CORD pt 1130 ITO BINION © RICHER

ot ven Republic St . Rn Mt cv pt Richfield Ro . Roan-Antel ....

o--“IC ~J-IDI a OB

Soars Roebuck . Servel Inc 14 oatiutkc imm ocony-Yaciiin

. . . Gs a a. LS

Pe I CI o % is

pp £3 BB BED BEA aN

Peel:

or ©

yming Gld Xxw

Ka a

Tann Corp Texas Corp Tex G Sul

«w

LE ed od BI OF fn 1 COO 00 On a 1D WB a -

Central Hanover ese. Ss

Chemical ....... Cesesenienaen, Commercial Continental .... Son Exchange’

pire Firat National ve Guaranty Irving Manufacturers National City .... New York Trust .... Public . Title ‘Guarantee

DAILY PRICE INDEX NEW YORK, Jan. 27 (U. P.).— Dun & Bradsireet's daily weighted price index of 30 basic commodities compiled for the United Press (19301932 average 100): Yesterday .....uvvenuenvenee. 115.44

—

— ro

eveveanevans ol

* pots’ SFr

a BI OBI CO pt CD «J 1 pt =

or = po

7 08 WEEE BED ...ovvvvuuvisverenss 11832

MONth BBO +uuvevvrnnrnraveves 114.83 Year ago vauesanses 141.56 1937-8 Righ, April 8..v.veevv 1598.26 1937-8 Jow, Jan. 3 ....vevnenes 11460

Net Last Change Ya 181% 41% 11

tl pt POM rere OO O

Transamerica Trans West Air Tri Cont tans 20th Cent Fox..

Un Aircraft Cp 23% Un Air Lines .. Te

++);

Steel : US Steel pf.. Un Stores any

Walgreen pf ww 80 Walworth 7% Ward Bak B . Warner Bros ...

Woolworth

Yellow Tr ..... Young 8 & W . 1 Young Sheet ...

Zenith Rad .

SCATTERED SELLING FORCES GRAIN DOWN

Absence of Export Demand Lowers Corn Prices.

CHICAGO, Jan. 27 (U. P).~— Scattered selling after the opening turned all wheat futures lower today on the Chicago Board of Trade. At the end of the first hour wheat was %4 to 3% cent lower, corn was % to 3% cent lower and oats were unchanged. Reported slow export demand and disappointing action in Liverpool and Winnipeg discouraged traders despite the reported huge sale of wheat to Portugal. Conflicting estimates of the amount purchased overnight by that country, ranging as high as 3,000,000 bushels, have caused traders to discount for today the bullish effect of the news. Wheat receipts in Chicago were six cars. Corn prices were lower on small demand and absolute lack of sizable export demand. Traders appeared ready to wait indefinitely for more news of importance.

11y ERPOOL WHEAT

Today 8. y Tiuivalents based on ster vi 80 99%. rev. close

$44 5 i 180

igh Low Close A A $1. 13% $1.127% 1.13% 1.11% 112 i 12% 111% 1.11% ARGENTINE GRAIN

BUENOS AIRES, Jan, 27 (U. P.).—Grain futures opened firm. Wheat_—February, $1.072 unchanged, March, $1. gros Corn february,

March May

ged. st Seso, anchangody RMarch, 1. 34%c, unchanged.

WAGON WHEAT

City grain elevators are paying for Mo. red, 87c; other grades on their merits. Fash corn. new No. 2 yellow, 60c. Oats

N. Y. Bonds

By United Press BOND TRICE INDEXES

20 20 20 Indus. Rails Util Yesterday ..... 80.4 61.4 92.8 Week ago 64.6 94.0 Month ago .... 80.8 7.5 93.9 Year ago . 948 99.9 105.3 Two years ago 92.9 91.0 105.2 1987 high . 950 101.2 106.0 1937 low 69.3 92.8 1936 high ..... 100.4 106.2 19386 low 84.9 108.5 1985 86.4 103.6 03.1 1985 low oor 93, 71.0 89.8 83.0 (Copyright, 1938, Standard Statistics Co.)

NEW YORK, Jan. 27 (U. P.).—Bonds opened irregular.

60 Bonds 8.2 80.3 82.1 100.0 96.4 100.7 81.1 100.2 93.3

24.8

Net Open Change Argéntine 4'.s we 94 — 9% B s Va 3 Ya Y '%

Warner Bros 6s ..

U. S. STATEMENT

WASHINGTON, Jan. 27 (U. P.).—Gov= ernment exovenses and receipts for the current fiscal vear through Jan. 25, compared with a year ago:

This Sear Expenses .$4,312, 303. 413. 53 $4, Receipts .. 3, 2, Deficit ... 1

Work. bal. 1, al. 1 1.21 Pub, debt. .37.428, 398. "915, ‘28 34, 304. ‘61. 793.06 Gold Res..12,7656,315,378.87 11,340, 304,042. 53 Customs 234,746,101.63 250, SH 458.11 Total Purch. Total P Gold ...

rch, . 32.7 789. 15 $1,222, 994, 360.71 INDIANAPOLIS CLEARING HOUSE $2,364,000 Sigarings 2:386.000

LOCAL PRODUCE

Heavy bresd hens, 4'% Ibs. and up, under 4'% 14c; Leghorn hens, heavy FR, ny 1Y%2 Ibs. Leghorn springers, 1'2 lbs. old roosters, 9c. Eggs—No. 1 strictly fresh ig eges. 15¢c. (Each full case must wel ross. A net deduction of 15 cents for each ull case under 55 Jbs. will be made.) Butter—-No. 1, 36! a @37c; No, 2, 34%@ 35¢. Butterfat—No. X 30¢; 28¢. (Prices quoted by Wadley Co.)

Inact.

18¢; 12¢; 18¢; 15¢;

and over, and over,

The Revenue Act of 1936 provides for only one normal tax rate, that is, 4 per cent on the amount of the net income in excess of the allowable credits such as the personal exemption, credit for dependents, etc. The act provides for an additional credit for the purpose of the normal tax of an earned income credit, that is, 10 per cent of the amount of the earned net income but not in excess of 10 per cent of the amount of the net income. The personal exemption and credit for dependents are also allowable as credits against the net income for the purpose of the surtax, the resulting net income being designated “surtax net income.” The surtax is imposed on surtax net incomes in excess of $4000. The rates increase in accordance with the amount of surtax net income included in varying socalled surtax brackets. On a surtax net income of $4000 or less there is no surtax. On a surtax net income in excess of $4000 and not in excess of $6000, the rate is 4 per cent of such excess. The surtax upon a surtax net income of $6000 is $80 and upon a surtax net income in excess of $6000 and not in excess of $8000 the rate is 5 per cent

f such excess in

YOUR INCOME TAX

No. 6—Normal Tax and Surtax Rates

surtax on a surtax net income of $5,000,000 is $3,591,000, and upon a surtax net income in excess of $5,000,000, 75 per cent, the maximum rate, is applicable to such excess, in addition to the $3,591,000. Many taxpayers make the error of applying the maximum rate instead of the rate provided for in the bracket in which their surtax net income is included.

Following is an example of how to compute the tax on a net income of $8500, all of which

represents earned net income, the taxpayer being single and without dependents:

Net income Yeu Less personal ‘exemption *

Balance (surtax net income) Earned income credit

Net jutoms subject to nor-

ma Surtax at 4 per cent on amount of surtax net income in Sxsest of $4000 but not over $6000, per cent on $2 Surtax at 5 per cent on amount of surtax net income in excess of § t not over $8 per cent on $1500

vee $8500 1000

7500 850

Peeves

Total surtax Normal tax, 4 per cent on $6650

Total normal tax and surtax 421 Taxpayers are advised to read carefully the instructions accompanying Form 1040 relating to the earned-income credit and

HOTEL FIGHTS STOCK SEIZURE

1881 and 1923 Laws Cited By Opponents; Case May Reach Supreme Court.

A legal question concerning attachment of corporation stock to satisfy court judgments against debtors was ralsed before Superior Court Judge L. Ert Slack today.

The question. arose during hearing of a suit brought by an Indianapolis hotel company seeking to enjoin Sheriff Ray from levying and attaching shares of the hotel stock to satisfy a $60,000 judgment against two stockholders in the company. Judge Slack said that as far as he knew the question has never been raised before in an Indiana court and predicted it will be heard by the Supreme Court.

Owners Live Outside State

The shares of stock in dispute are possessed by owners who reside outside the state. Two conflicting Indiana statutes are involved. The Sheriff seeks to levy upon the stock owners under an 1881 law which provides that “the shares.. may be levied upon and sold in the county where the office and books showing the shares are located and the Sheriff may transfer the stock” to satisfy the judgment. The hotel firm seeks to enjoin the Sheriff under a 1923 statute which provides that a Sheriff “shall not attach or levy upon shares for which the certificate is outstanding until the certificate of stock is actually seized by the Sheriff.”

Temporary Injunction Granted

Judge Slack indicated that if the 1923 law is held applicable a stockholder easily could prevent any stock attachment by placing his shares in a lockbox in some other state. In such a case the Sheriff would be unable to seize the stock to levy against it to satisfy a judgment. A temporary injunction was granted to the hotel company pending a hearing on a permanent injunction.

FOX MAY BE NAMED TO INDUSTRIAL BOARD

Charles E. Fox, Terre Haute, State Labor Division conciliator, is expected to be appointed to the State Industrial Board by Governor Townsend to succeed Samuel P. og, Corydon, it was reported toay. A former member of the Board, Mr. Fox is an honorary member of the United Mine Workers. He also is a former president of the Indiana State Federation of Labor. Other members of the Board are Ira M. Snouffner, Ft. Wayne, chair man; Edgar A. Perkins Sr. Indianapolis; Earl Heffner, Gary, and William A. Faust, Elwood. Dismissal of Mr. Vogt and two women reporters, Miss Golda Benjamin, Vincennes, and Mrs. Bertha Meyers, Indianapolis, is to be effective Feb. 1.

SUITS ASK REMOVAL OF S. SIDE JUNK YARD

Two suits seeking to enjoin H. Benjamin Marks from operating a junk yard at 1900 Madison Ave. Nore on file in Superior Court toay. They were filed by Mr, and Mrs. W. H. Rednour, 1926 Madison Ave. and Mr. and Mrs. William Seigman, 1911 Madison Ave. They charged that the yard was a nuisance and operated without consent of 50 per cent of nearby property owners as required. They asked $1500 property damage. Mr. Marks said he did not wish to make any comment at this time.

UNIONS TO ORGANIZE WORKERS’ CLASSES

The Central Labor Union said today that weekly classes in workers’ education would be organized tonight when officers of local unions met in Plumbers’ Hall. Purpose of the classes, Leon Worthail, educational committee chairman said, would be to study the history of unions, labor legislation, social security, parliamentary law, economics andy employer -employee relationship. William C. Birthright, plumbers’ union president; Edward Conners of the Workers’ Educational Bureau, and Carl Mullen, State Federation of Labor president, will speak.

BAR TO HEAR SPEECH BY U. S. COUNSELLOR

“A Government of Law or a Government by Men” will be the subject of a talk, by Col. O. R. McGuire, counsellor to the Controller General of the United States, at the midwinter meeting of the Indiana State Bar Association Feb. 5 at the

Claypool Hotel, it was announced today.

FOREIGN EXCHANGE

NEW YORK, Jan, 27 (U. P.) .—Foreign exchange firm. Followi rates on major currencies: ry Woon tie , Gn iF

1:00 7

Cable Rates . 5.00 5-16 . Tr) 4.99 9-18 1.00 .0323%

.05 .16891% 40271, .2560 2313 5578

.2514} .2234 by

00 Josh

England

( ound) England (80-0.

+.0000% +, 0003 iy

ay + 600212 +.0002%2 4.0002

Germany (trv. mrk) Switzerland (franc(

Australia (pound) .4. Austria (Schilling) CrbcHos] lovak

una) . Finland (markka) . Das Greece (drachma) 0092 %4 Jugoslavia (dinar). .0238 New Zealand

2 i

(unoffl. peso) ...... Bras (mi reis) oes os Chile (peso) 0

Peru 50 Uruguay (peso) Mexico (si or peso) Hongkong (dollar) . Shanghai India (rupee) Japan (yen)

BUSINESS EDUCATION

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« ©

THURSDAY, JAN. 27, 1938

"Buys Ticket for Dance

Times Photo.

J. E. Thomas (left) was among the first to buy a ticket for the President's Birthday Balls to be held at several halls here Saturday

night.

He is shown at a ticket booth in Block's store, making the

purchase from Mrs. Frank X. Kern (center) and Mrs. Damon N. Goode.

NYA Heads Discuss Program

Times Fhoto.

Mrs. Louise Rogers (left), Bloomington, discussed National Youth Administration activities for girls in a conference here today with Mrs.

Kramer Snethen, is a supervisor at Bloomington.

Indianapolis, State NYA supervisor,

Mrs. Rogers

M’MURRAY URGES RADIO INSTRUCTION

Three Other Objectives Listed by State School Head.

State Superintendent of Public Instruction Floyd I. McMurray today listed four objectives for Indiana’s educational system. They are: 1. Use of radio for classroom in-

struction through establishment of such a system by the State on a noncommercial basis. 2. Planning of various occupational courses to take care of that “neglected group of young people between the compulsory school age of 16 and the minimum legal employment age of 18.” 3. Establishment of a ‘follow-up

system” by high schools similar to”

that used by colleges for placing graduates in jobs. 4, Organization of adult education classes and establishment of a part-time evening class program.

MINTON PREDICTS BARKLEY ELECTION

Times Special WASHINGTON, Jan. 27.—Renomination and re-election of Senator Barkley by the Kentucky Democrats was predicted here today by Senator Minton. The Hoosier Senator, who was one of the speakers at the Barkley

testimonial dinner in Louisville, Ky. said the reception there and personal talks in the Bluegrass region convinced him the majority floor leader of the Senate is sure to return.

PENSION ACTS BRING ANNUITY GAIN, CLAIM

Thousands of persons, awakened by social security laws to the advantages of retirement iacomes, have supplemented them with annuity insurance, William T. Earls, Cincinnati, told the Indianapolis Association of Life Underwriters yesterday. Mr. Earls is vice president of the Cincinnati chapter of Chartered Life Underwriters. He spoke at the Claypool Hotel. “The public is more than ever conscious of the need for a retirement income plan,” he said,

A NICKEL A SHOE CAMBRIDGE, Mass, Jan. 2Y (U. P.).—“Red,” the Cambridge po~ lice headquarters bootblack, has a sign on his box that proclaims, “Shines: 5 cents and 10 cents.” Asked the difference, the boy explained: “For 5 cents I shine one shoe.”

Report of the condition of the Atkins Saving & Loan

Association of Indianapolis, Marion County, Indiana, at the close of business on December 31, 1937. RESOURCES First mortgage loans.... Second mortgage loans. . Share loans Real estate sold on contract Real estate owned (exclusive of office building) Real estate in judgment and subject to redemption Investments: (a) Stock in Federal Home Loan Bank.. (b) U. 8S. Government obligation (includ=ing 5.0. L. C)... Insurance and taxes advanced on hand and

.$725,222.92 4,315.07

78,211.17 52,917.46

1,763.64 8,500.00

10,000.00

24,697.79 Furniture and fixtures... 300.00 . $907,384.16 LIABILITIES Repurchasable or free shares: Optional shares Full paid shares Advances from Federal Home Loan Bank...... Advance payments Contingent profit Reserve for junior liens. Contingent fund Federal insurance reserve Undivided profits +v.ee.v.

.$907,384.16

$536,814.73 248,800.00

20,000.00 1,077.70 8,967.88 4,315.07 65,000.00 5,000.00 17,408.78

Severna

Total . State of Indiana, County of Marion, ss: We, the undersigned officers and directors of The Atkins Saving & Loan Association of Indianapolis, Indiana, do solemnly swear that the above statement is true. F. C. GARDNER, President E. W. SPRINGER, Secretary. H. 0. WADDY, Director. H. C. ATKINS, Director. MAJOR M. POOLE, Director. Subscribed and sworn to before me this 18th day of January, 1938, (SEAL) FERN WADDY, Notary Public. My commission expires February 17, 1941.

ES EEE IER

A Celtic FEDERAL 6% HOME LOAN offers

Greater Convenience—Greater Saving:

l. MONTHLY

Monthly Payments

Principal AND INTEREST REDUCED

INCLUDE Interest and Principal

Monthly Payments

INCLUDE Taxes and Insurance Loans Made on Indianapolis Homes up to 70% of Appraised Value

No Commissions , . . No Fees Payments of $10.00 per month for each $1,000 borrowed,

plus 1-12 of

annual tax and insurance,

PAYS YOUR

MORTGAGE IN FULL IN 11 YEARS AND 7 MONTHS, It Will Pay You to Investigate Our Plan

OUR INSURED SAVINGS ACCOUNTS ARE NOW EARNING 3% DIVIDENDS