Indianapolis Times, Indianapolis, Marion County, 2 February 1938 — Page 12

PAGE 12

PRICES ARE STEADY

IN NARROW RANGE ON NEW YORK MART

&> ~

Steel Shares Hold To Previous Levels.

NEW YORK, Feb. 2 (U. P.).—Trading continued very dull on the stock market today and prices moved narrowly. Gains and losses were about evenly divided. Steel shares around noon held at previous closing levels. United | States Steel touched 534, rallied to 543%, up %, and then eased to yesterday’s close. Automobile issues held small gains. Oils turned declines into minor advances. American Telephone made a new

low since 1935 at 13834, off a point and regained half the loss. Railroad issues were mixed. Most utilities and farm shares had losses. Building stocks were strong but dull. Johns Manville reached 73, up 21%, and U. S. Gypsum 61%, up 1%. = = ®

Today's Business At a Glance

CORPORATION NEWS

Columbia Broadcasting Co., year ended Jan. 1, preliminary net profit $4,297,600, equal to $2 a share vs. $3,755,500 or $2.20 on same basis in 53 weeks ended Jan. 2, 1937. Consumers Power Co., 1937 preliminary net income $10,025,848 vs. $9,035,651 in 1936. A. Hollander & Son, Inc., 1937 net profit $189,963, equal to 91 cents a share vs. $585,614 or $2.75 in 1936. Kansas City Public Service Co. 1937 net loss $338,339 vs. $51,433 in 1936; December net income $25,087 vs. $23,697 year ago. Merchants & Miners Transportation Co., 1937 net loss $310.979 vs. net income $685,591, equal to $2.89 a share in 1936. G. C. Murphy Co. and whollyowned subsidiary, Mack Realty Co., 1937 net profit $3,007,383 equal to | $5.84 a common share vs. $2,945,278 or $5.90 in 1936.

Purity Bakeries Corp. 52 weeks |* ended Jan. 1 consolidated net in- |3g

come $462,567 equal to 60 cents a | common share vs. $690,114 or 89 | 29 cents in 53 weeks ended Jan. 2, 1937. | Real Silk Hosiery Mills Inc. 1937 | officially estimated net profit $20,583 vs. $116,615 in 1936.

Southwestern Bell Telephone Co. 1937 preliminary net income $17,956,458 equal to $9.50 a common share vs. $18,794,392 or $9.98 in 1936. DIVIDENDS

Cushman’s Sons Inc., 87% cents on 7 per cent preferred payable March 1 record Feb. 15 vs. like payments in each of seven preceding quarters. Homestake Mining Co. regular monthly 372 cents payable Feb. 25 record Feb. 19. Mullins Manufacturing Corp. regular quarterly $1.75 on preferred payable March 1, record Feb. 11. Purity Bakeries Corp. 15 cents on common payable March 1 record Feb. 15 vs. like payment Dec. 1.

Standard Oil of California extra 10 cents and regular quarterly 25 cents payable March 15, record Feb. 15. In 1937 company paid four regular quarterlies of 25 cents each and extras of 5 cents March 15, 20 cents each June 15, and Sept. 15, and 55 cents Dec. 15.

Tide Water Associated Oil Co. regular quarterly 25 cents on common payable March 1 record Feb. 11. Timken Roller Bearing Co. 25 cents payable March 5, record Feb. 16. In 1937 company paid four quarterlies of 75 cents each with extras of 25 cents Sept. 4 and $1.75 Dec. 4. (Copyright, 1938, by United Press)

DAILY PRICE INDEX

NEW YORK, Feb. 2 (U. P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (19301932 average 100): Yesterday «uuvevee vevvnnven. 114.59 Week ABO vveveves verve 11544 Month ABO wvevvervrnvnnses 11632 Year Ago ... 1937-8 High, April 3 were 158.26 1937-8 1L.ow, Jan. 31 ... vee 11431

CHICAGO PRODUCE

12,847 18c; less 18%¢

Eggs—Market, weak; receipts, cases; fresh graedd firsts, cars, than cars, 17%zc; extra firsts, cars, less than cars, 18c; checks, 15c¢; dirties, 155,¢c; current receipts, 16%c. Butter—Market, weak: receipts, 614,328 ross pounds; extra firsts (90-91%. score), 13;@32c; extras (92 score). 32%c; firsts, 30%2@31%e; seconds, 28@30c; standards.

SRecials, 33@33%c. try—Market, receipts, 30 0 19c; hens,

ducks, ( spring 23@23%¢; Leghorn

"20c; fryers, ; turkeys, eese—Twins, 15% @16e Daisles, 16% @ 16550 Longhorns, doe! 16%2c Potatoes—Old stock; supplies, liberal: demand, slow; mArEet, dull; Idaho Russet Burbanks, ;_ Colorado North Dakota Bliss h Dakota Cobblers, : Tripmphs, $1.15; Minnesota Cobblers, S. Commercial, 90¢ @$1.02%; Michigan Ruse Rurals, $1.05. New LE moderate; demand, slow; market, wea Track sales, less than carlots: Florida or Triump ns, bushel erates, $1.70 $1.55; street sales, Cuba 50-1b. Shoks "Biiss Triumphs, $1.75@1 Sve Is, 67, 8 track, 359; shipments,

Pou trucks; 21@a2iec; 24c.

FOOD PRICES

CHICAGO, Feb. (U, P.).—Apples— Michigan McIntosh, te) 25. Sweet Potatoes— lennessee, bushel NEHIDRrS. Carrots—Illinois, bushel, 30@50c.

“Caulifiower—Cali1.40. Peas—Califorrs, $3. A LC square Oc@$1. Onions (50-1b. sacks) — Tlinois Felons. $1.25@135 (street sales); aho Valencias, $1.70; aho hites, 8 85. Colorado Valencia, $1.40; Washington Valencias, $1.7

LOCAL PRODUCE

Poultry—Heavy breed hens. 41% Ibs, a i: 18c; under 42 Ibs., “Leghon hens. Jic; heavy springer rs 134 ibs . and over, iv Ibs.

and over, sg: of eo Strictly fresh t Io. sh country run, I15¢c. (Ba 11 case must wei t deduction of 15c¢ Cor each Bal case

An under 55 Ibs. will be Butter—No. 1, 363 ane: No, 2. 34u:@

iy dias ate. | ee:

Former Highs Force Porker Prices Lower

Curtailed supplies failed to save the hog market from paying the penalty for relatively high levels Tuesday, according to the Bureau of Agricultural Economics. In a 10 to 25 cent lower trade, butchers scaling over 270 pounds showed the full quarter downturn and, due to a revamped schedule on light lights and pigs some of these were off 35 cents. Top fell to $9 for best 160 to 180pound butchers. Packing sows sold weak to 15 cents lower with heavyweights mostly at the decline. Bulk good sows ranged from $6.35 to $7, with an extreme top of $7.25 on a few lightweights, while occasional heavies fell to $6.25. There were no material price changes on any class of slaughter cattle as against the week’s previous substantial decline. The action was improved over the dull affair Tuesday, due to the fact, however, that sellers have become reconciled to the lower prices. There was spotted weakness in heifers, and instances of strength on beef cows and steers, but the price list was left™> unchanged. Most steers ranged $6 to $7.50, several loads 3 to 5 months fed beeves going at $7 to $7.50. Most heifers, grading medium and good, turned from $6 to $6.75. A short load of good grain fed cows reached $6, other beef cows carried only common and medium flesh at $4.50 to $5.25, cuter grades $3.75 to $4.50. Bulls were scarce and unchanged at an outside top of $6.50. Country buyers are hard to interest in feeding steers, with the fat cattle market in its present condition. Some fair quality, fleshy yearling steers were taken by feeder dealers from $6 to $6.50. Vealers were 50 cents higher, good and choice $11.50 to $12. Lambs mostly steady to 25 cents lower, good and choice going from

| $7 to $7.50.

HOGS Top Receipts .$9.35 «9.2

Barrows and Gilts— (140-160) Good and (160-180) Good and (180-200) Good and (200-220) Good and (220-250) Good and 1250-290) Good and 1290-350) Good and Packing Sows— (275-350) Good ... 1350-425) Good ... (425-450) Good re areey (275- 550) Medium ....

Slaughter Pigs— (100-140) Good Mediu

choice. . $ choice . choice. . choice. . choice. . choice. . choice. .

1-16060.0 05.00 LID OD ~T0 goo L or OeReed Livomood

and choice.. CATTLE

—Receipts, 1400— Steers— (750-900) (900-1100) (1100-1300) (1300- 1500)

(1300-1500) (750-1100) (1100-1300) (750-1100) Steers and (550-750)

Heifers— Good ....... Heifers (750-900) (550-900)

GoBd ...vvv ova Medium Common

All Weights— Mediu cave

Yearlings excluded all weights) Good (beef (All weights) Medium Cutter and common

Vealers

—Receipts, 500— (All weights) Choice (All weights) Good ... (All weights) Medium ... Cul and medium .. Calves —Receipts. 600— D) Choice

o PPP op ob bn SCC SD

SDN ~1=1

Oa BaIa9-34 &3 o ooo

fe (500-7500) Good ang, Shelee. . Common ard med

SHEEP og LAMBS

' —Receipts, 1500— Lambs— Choice Good uv Medium Common Ewes— Good and choice . . Common and medium

95 Odd

CHICAGO, Feb. 2 (U. P.).—Hogs—Receipts, 19,000, including 9000 directs, market slow; early trade steady to 10 cents higher, advance on weights 210 lbs. up; pavance lost late ana top. $8.75, steady; ood and choice, 150+ 220 ibs., $8.50@ 870: 30-270 Ibs., $7.7568.40; 280-225 Ibs.. [email protected]: good medium ‘weight and heyy packing sows, $6.75@?7. attle — Receipts, 8500; calves, 1200; i steer run: Sunrket steady to weak; good and choice offerings about steady; bulk steers unsold: prospects indicate new low on crop on closing round; best steers early $850; several loads held for £9: heifers steady to 25 cents lower; 1000-1b. heifers, $8.50; cutter sows steady to weak: fat cows, 10 to - Kents lower; bulls, 10 to 15 cents low nd vealers steady to 25 cents off, mostly $11. 50 down; sausage bulls, 60. Sheep—Receipts. 8000; lambs, ; early sales and bids steady to easier; good to choice offerings around $7.25 to $7.50: choice held above $7.60: few choice natives to small killers, $7.70; yearlings, $6.50" nel tor steady on sheep; feeding lambs scarce

LAFAYETTE, Feb. OU. P. ATT Market, 10 to 25 cents Tower: 170-180 1bs., $8.85: 180-190 Ibs. $8. 50. 200 Ibs., $8.60: 200-210 Ibs.. $8. 50; 210-220 Ibs., $8.40: 220-230 Ibs., $8.30: 240-250 ibs., 1 250-260 Ibs.. $7.90: 260-270 lbs.. $7.80: $7.65: 280-200 Ibs., $7.55; 290bs., $7.45: 300-325 Ibs. $7. 35. nigs, $8.50 down ughs. 33 Jo down. Calves, $10.50@11. "Lambe $7@ "7.50

FT. WAYNE. Feb. (U. P,).—Hoes-— Market, 10 cents rs 140-160 Re $8.90; 160-180 1bs.. $8.80: 180-200 Ibs. $8.70: 200330 Ibs., § 60: 220-240 Ibs. $8.30: 240-260 $7. Ss. 280-300 Ibs.

8. $8° 260-380 Ibs. on 50: 300-325 lhs., $7.25: 395-350 Ibs., $7. Rougns "03s; ne in os. 15. ." S. ; 58 ; calves, $11.50; lambs, $7.50. es ;

no directs: fat

2 P.) ogs— 0 Inerodine 0 direct: gi io airy pe thar om 10 cents -225 1bs., $8.60; 100good packing sows,

: calves, 300. Slow. loads nearly

Rie] al top bulls, aceints, 1100, Including 50 a

Slow, generally steady Pood native ewe and wether lambs. hs 50

THE INDIANAPO] 18

TIMES

m c Anaconda

30 Austin Nich ...

Aviation Corp .

Bone ve

Cal Packing ... Callahan Zinc . Campbell Wy .. Can Pacific .... Cent Foundry . Cerro de Pasco. Ches & Ohio . Ch M StP & Chrysler City Stores .... Colgate-P-P Col Broadcast B Colum Gas Cory 9g So. Comnw & So pt Cong-Nairn .. Cons Aircraft . Comnw Edison.

Cons Oil Cons Coal vte. Container ...

NEW YORK STOCKS

BI a CO tp 2 Lt SE ©

— 1-1 TEN Aa

Ya 17 12% TV 35, 391 33%

13,

Tie 33 . 223;

D 15%

23% 1%

1/,

a 14%

9 . 40

Co Curtis Pub pf.. Curtiss-Wr .. Curtiss-Wr A.. Cutler-Ham ...

Deere & Co D Lac & W. Dome Mines . Douglas Air . Du Pont ......1 East Kodak ...1 Elec Auto-L ... Elec Boat Elec Sout x Lt. Eng Pub

“eee

Fed 8 CA... Firestone ol A. lintkote . Freept-Sulphur.

Gar Wood Ind.

Electric ..

Gen TE® R ... Gimbel Bros Goebel Brew Goodrich Goodvear . Grant Guant Sug .... Grant of

LR Walk Pdr Holland Furn

Ind Ravon

ove 1D Inspiratn Cop .

Inter Iron

nt & Pov Int P&P of .. Jewel Tea

Kennecott Kresge SS ..... Kroger G & B.

Leh A Cvs. . Lebm

Lorillard

Macy ea Magm Man El mod ‘gtd Marine Mid ... Marshall . Martin Parry.. Mathieson McGraw El ... McK & Robb.

Mont Ward Motor Prod ... Mullins Mfg B.

Nat Dairy Nat Gypsum... Natomas ...... Nat Sup of.... Newport Ind .. N Y Centrai... NYC&S L

3834 13%

« 17%

| 15% 17%

38 113% ee fe 59 159 2 17% 8 2 4% SR

1% 1% 29 29

1 WT...

21, 21 52% 527% 17%

19 121% 11% Sh 82

36% 36% 7 1 16%a 16%

Net Last Change

Jeti PIET+1De —- . .

H+

Fae

8s 614g 91% YO. 15% 16% 6 2 9%

INVESTING CO.’s

(New York Sev Dealers Association) Bid, Asked.

Bid 11. &® ) {0 mgest Bank ©

Am Pus 3.29 Am Be); 61

OU ht CD EN mT NI a 1 DD DD 0 EN 0D PNONJO ND = 2

Sa o®

Fiscal Fu Fund 1

Ins Stk Fxd_Tr A

For Bnd Fd Tr Fd In Tne 14. ‘Tra

Gen Cap Gen In Orr 4. ‘39

8 on 60 53 50 33 is I 23 NIN DOR BOOWROWS

DD . WK O33]

nc Pal 3.63 Inv

Group SecuFities 1

Agric Aut Bldg

92 48

15. Inst] Securities L 86 Bk G 15 130 Well Bund 12.40 13.67

rp Ins Grp i 23

2! Supysd 1. 2% Tr St Inv

1.11} “ Qil A 1.18 Bs i 01 Trst Ind

Bos Fd C

D005, 313 36800 109% =3. F2IABgBRBNALR LE ABES

| ADIN TNs

+1 HEE

SALIES 2835

. G9=I0W0 2D 0000

Ya LC

| FES

86, USEF A i. 3 12. i

53%

113

fC ODVORWERNN RO

By United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday Week ago ... -5.10 Month ee ewe Weve eee. +0.05 Yea 188.69 0.49 High, E0878, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11. 20 RAILROADS ave srrrrsee ve SB vee Werseeseves + 93.31 29.17

Yesterday Week ago .. Month ago .. Year ago High, 1937-8, 64.46; low, 27.35. High, 19386, 59.89; low, 40.66. 20 UTILITIES Yesterday .. .. Week ago Month ago Year ago High, 1937-8, 37.54; low, 19.05, High, 1936, 36.08; low, 28.68. 70 STOCKS +0.66 -1.58 -0.17

Seer csssscsneee

10.58 cessesesssssesecess 19.80 ve sessesssnseeces 20.98

Month ago . Year ago +-0.34 High, 1937, 69.67; low, 38.87. High, 1936, 66.38; low, 51.20.

Net High Low Last Change 18% 134 18% — 3 vor 8% 8% + . 11% ie 1% lion Oliver Farm Eq 26 26 Otis Steel 9 Owens Ill Gless 53 53 Pin . 26% 4% Utah 2% Parker Rust Prf 18% Peerless Penn D C pf A. 1s Penn RR

No Amer No Am Avn No Pacific

Phillips Pet . Pitts Sc & B .. Pitts United ..

Purity Bak .... 93; 93%

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 60 Inds. Rails. Utils. Bonds Yesterday ..... 80.0 64.5 92.1 78.9 Week ago ..... 80.4 61.4 92.8 78.2 Month ago .... 80.3 71.2 94.0 81.8 Year 100.1 105.2 100.1 Two 81.1 105.1 96.3 1938 70.0 95.4 82.5 1938 61.1 91.9 Tin 19387 101.2 1060 100.7 1937 69.3 92.3 81.1 1936 100.4 106.2 100.2 1936 84.7 108.35 93.3

years ago. 92.8 high low ...... 798 higk ..... 95.0 low ...... 80.1 high ..... 948 ow ...... 90.0

YORK, Feb. 2

NEW (U, 2) =] opened firm. B.)erB0H0s

Oo Chom en Change Argentine 4155 ....vvve. vena 0354 aus Australia 42s ......... = 1 B & O 5s 95 v vere 3 Colombia 65 Oct 6s ve Ys Illinois Cent 43s ...... we N Y Central 5s . 12 Ohio Tejcon 4s 65.. venen Vs 80 Rail 6s vans 1 Youn =A a8 we ssissnes 9

Curb Stocks

By United Press NEW YORK, Feb. 2 (U. P.).—Curd stocks opened irregular, et Open Change

Alum Co poll Terns es cee. Am G & E ‘ Cities Serv

FOREIGN EXCHANGE

NEW YORK. Feb. 2 (U. P.).—Forei exchange easy. Following are noon cable rates on major currencies:

Cable Net England (pound) 5.00 15. 16 Coo Englang (80 day bill Ho ..5.00 3-16 —.00%

A (dollar) ...1.00 1-64 France (franc) .... .03 Italy (lire) cess 0526% Belgium (belga) ... 1694 Germany (mark) ... .4035% Germany (travel

+e +254 Switzerland’ (franc). . Holland (guilder) Swed: (krona) Norwdv (krone) Denmark (krone) Australia (pound) Austria (schilling) Czechoslovakia (koruna) “ve Pinland (markka) Greece (drachma) Jugoslavia( dinar) New Zealand (pound) Poland (zloty Portugal (escudo) . Rumania (leu) ; Argentina (offl. a ; argentima (uno pes: oe Brozii (milreis) . Chile Peru . . Uruguay . . Mexico (silver peso) 2780 Hongkong (dollar) Shanghai (vuan) India (rupee) Japan (ven)

U. S. STATEMENT

WASHINGTON, Feb. 2 (U. P.).—Government expenses and receipts for the current fiscal year through Jan. 31, compared with a vear ago:

Expenses.

Last Year $4,187.890,871.31 Receipts. .. 44 2.34

34,502, 4.40 7 11,357,654. 833. 58 1 3 Toe; 528.78

Sale Pur ov B66. 53 $1, oy oo 805. 61

Customs. .. Inac gold

INDIANAPOLIS CLEARING HOvSs

Clearings Debits

BANK STOCKS

Bid Ask

Bank of America Bankers Trust

Brooklyn Trust Central Hanover se

Chemical Commercial Continental Corn Exchanire

mpire we First National we Guar Irvin Tenens Ma CLUreTS National City ....vvvvaverevvee New York Trust .. Pub.

Be aia een ale Title Guarantee

ject of the

per cent.

brackets.

income tax.

YOUR INCOME TAX

No. 11—Gross Income, Net Income and Surtax Net Income

Three of the terms used in the income-tax law, namely, gross income, net income, and surtax net income, should be noted particularly, inasmuch as they are vitally important to the whole sub-

Gross income includes in general all income from any source whatever, unless exempt from tax by law. The gross income of the usual business consists of the gross profits on sales, plus any income from investments and incidental or outside operations or sources. The return must show the gross sales, purchases, and cost of goods sold. To veflect income correctly, inventories are necessary at the beginning and end of each taxable year. A lawyer, doctor, architect, physician, dentist, clergyman, author, or other professional man must include in gross income all fees, salaries, and compensation of any kind for professional services. Net income upon which the tax is assessed is gross income less the deductions allowed by law. Such deductions include business and professional expenses, such as salaries, pensions, and bonuses to employees, taxes, losses, interest, bad debts, depreciation, depletion, contributions, etc. Failure to understand deductions against gross income and credits against net income has resulted in numerous errors on the part of taxpayers. An earned income oredit is provided in addition to the personal exemption and credit for dependents, etc., for the purpose of computing the normal tax. Having arrived at the net income, the next step is to deduct the personal exemption and credit for dependents. The balance represents the surtax net income. The next step is to deduct from such balance the earned income credit and other credits to which the taxpayer is entitled. The remainder represents the amount of net income subject to the normal tax of 4 Any amount of surtax net income which is in excess of $4000 is subject to the surtax. The surtax is to be computed in accordance with the rates provided for in the various so-called surtax

+2.10| R

7, ‘327, ,000

Net Last Change 6% Reliable-Stores. . 8Y, Rem-Rand .... 1 14's Republic Stl’ 17% Revere Cop .... 13 Reyn Tob B ... 41

St L-S Fran vi. Schulte R Sears Roebuck Shell Un Oil

perry-Corp ... plegel Inc ....

Studebaker .... unshine Min . Superior Oil Suth Pa Swift Intl Syming-Gould ..

EPR)

i+ +44; rep weer

Texas Corp ....

+: 1 v ya =

Transamerica .. Trs & West Air 20th Cent-Fox .. 22

Union B & P.. 10% Union Carb .... 72 Un Oil Cal « 19% Un Aircraft Cp.. Un Air Lines ..

10% 713%

T+]

LEI T

33% 10818 1082 —tP Vadsco Sales .. % Ys Vick Chem .. - 49%e 40% Va-Caro Ch 4% 4% Virginian R pf.115 115 We Wabash pf A .. Walgreen pt ww 0% Walworth van

Ye 1534

West Auto Sup 1614 3

West Air Bke . 22% 93 Ry Woolworth oe 39%

Yellow Tr «... 12%

Zenith Rad . 13%

BEARISH ACTIVITY MARKS CHICAGO PIT

Corn Prices Follow Wheat in General Downtrend.

13% 13%

CHICAGO, Feb. 2 (U. P.).—Cautious trading was the rule today on the Chicago Board of Trade with ig of the activity on the bear side. At the end of the first hour wheat was % to % cent lower, corn was 1s to 4 cent lower, and oats were 1% cent lower. Weather in the domestic Southwest and export news favored a bull market but traders seemed anxious to stay on the sidelines in anticipation of more definite market information. Although Liverpool showed a strong tone, Chicago persisted on the downside. An increase was predicted in exports by Broomhall in the event the present deline of the American dollar in foreign markets continues. Wheat receipts were 7 cars. Corn prices continued weak in sympathy with wheat. Corn receipts were 179 cars.

WAGON WHEAT City grain elevators are paying for Mo 2 red, 87c; other grades on their merits. Sash corn. new No. 2

vellow, é0c. Oats

LIVERPOOL WHEAT

Low Close $1.133% $1.14 1.121, 1.12%, 1.11% 1.113%

I 131s 1 11%

ARGENTINE GRAIN

BUENOS AIRES, Feb. 2 (U. P.).—Grain futures opened irregularly. higher. re a, $1.103s, up 3sc: March, $1.10% 3sc. Corn—PFebruary, B80%c unchatiged: May 64l2c, unchnaged. Oats —Spot, 323z¢, unchanged. Flax— —February, $1. “i un %c; March $1.35%, up %e.

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS Bid

Se Ind Tel (TH) 4%s 61....101 H Tel & Tel Ft W 5lzs 55 H Tel & Tel Ft W W 6s 43 Ind Asso Tel 4'2s5 65 Ind Tel Co 5s 60 Ind Railway Inc 5s 67 Interstate Tel & Tel 5'%s 53. Indpls Water Co 3's 66 } Kokomo Water Works 5s 38... Morris 5 & 10c Stores 5s 50 ... 9 Muncie Water Works 5s 65 ... Noblesville H I % PS Yas 47.. s

98 Richmond W W 5s 57 ory 103% Seymour Water Co SS 49 10!

T H Water Works 65 49 .. Trac Term Co 5s 57 STOCKS Belt R R St Yds com........ Belt R R St Yds pfd .. we Cent Ind Pwr Bw Home T & T Ft Hook Drug Inc Ys Ind & Mich Elec 2 107 Ind Gen Serv Co 6% pfd Ind Hydro Elec 7% pfd Indpls Gas com Indpls P Indpls Pwr & Lt J 6% . Indpls Water Co pfd 1102 xLincoln Natl Life Ins c com 24 P R Mallory com o N Ind Pub Serv Co. N Ind Pub Serv pf N Ind Pub Serv 7% Pub Serv of Ind 6% Pub Serv of Ind 7% Progress Laundry Co com. Terre Haute Elec Co 6%..... Union Title Co com . Van Camp Milk Co pid. Van Camp Milk Co com (By M. P. Crist & Co.) xMarket St. Investment Corp.. 22.21 xEx-Dividend

TEACHER ADVISED TO SEEK BACK PAY

Times Special WABASH, Feb. 2.—Attorneys for Mrs. Dorothy Anderson, Servia school teacher, whose claims were upheld by the United States Su-

preme Court, said today they would recommend she seek reinstatement.

They said also that when her suit, based on the 1927 teacher tenure law, #& brought up for rehearing in the local court on purely legal aspects, they will recommend she ask salary for the four years she was unemployed. Her contract was canceled in 1938, after nine years of service, on claims she was late for duty and because she was married.

VETERAN FOUND DEAD

fd... vee Hh vid....

In-and-About Indianapolis Club officers making plans for the orchestral clinic at the Jordan Conservatory of Music at 9:30 a. m. Saturday. The organization includes teachers and friends of public

school music. Seated (left to right) are:

Claude R. Palmer, Ball State Teachers’ College faculty member; Ralph

are

WEDNESDAY, FEB. 2, 1938

Map Plans for Orchestral Clinic

W. Wright, Indianapolis public schools music supervisor, and Harold E. Winslow, Manual Training High School music director. are: J. Russell Paxton, Tech High School musie

Standing (left to right)

department; Will H, Bryant, Indiana State Teach

ers’ College faculty member, and Walter R. Elliott, Noblesville schools’ music supervisor.

F.D.R. TOHEAR RAIL PROBLEMS

ICC Chairman Requests Conference on 3-Point Program.

WASHINGTON, Feb. 2 (U. P.) — President Roosevelt and Interstate Commerce Commission Chairman Waler M. W. Splawn will consider a three-point legislative program to readjust the railroad industry at a conference with railroad executives soon, it was understood today. Mr. Roosevelt revealed yesterday that he would hold the conference at Chairman Splawn’s request. The Commission itself may be divided on the best solution of railroad problems. Commissioner Charles D. Mahaffie has dissented recently in two cases in which the Commission held that roads were not in need of reorganization, holding instead that they should, in effect, be put through “the wringer.” The program to be taken up by the President, it was understood, will be: 1. Consolidations of railroads and their facilities. 2. Methods of eliminating “overfinancing” of carriers, and reducing the immediate capital structure. 3. Problems of insuring railroads protection against disastrous competition by small truck lines. The President said higher rates would not be discussed at his conference.

EXECUTION OF HICKS SCHEDULED FRIDAY

;| Court Refuses to Reopen ‘Head and Hands’ Case.

Heber L. Hicks, convicted of the “head and hands” murder of Harry R. Miller, retired Cincinnati fire captain, is to die in the State Prison electric chair at Michigan City Friday unless he receives executive clemency from Governor Townsend. His three alleged accomplices, John J. Poholsky, Frank Gore Williams and William Kuhlman, were executed for their part in the crime last fall in the State's first triple electrocution. The Indiana Supreme Court yesterday refused to allow Hicks’ attorneys to reopen the case in the Franklin County Circuit Court on the basis of affidavits made by Kuhlman and Poholsky. Hicks’ last legal chance for further delay of the exThe Indiana Supreme Court yesecution is a petition for rehearing still pending in the Supreme Court. The “death house affidavits” of Kuhlman and Poholsky exonerated Hicks of any part in the crime. The Supreme Court held that the writ of error, asked by Hicks attorneys, was like a new trial. Under the law a new trial is not granted on evidence which only contradicts testimony at the first trial. Kuhlman and Pohoisky originally testified against Hicks. Capt. Miller, who had accumulated a fortune of approximately $100,000, was beaten at his New Trenton, Ind., home and later shot.

HOOSIERS PAY U.S. 112 MILLION IN TAX

Times Special WASHINGTON, Feb. 2.—Internal Revenue collections in Indiana increased from $74,970,852 in 1936 to $112,928,572 in 1937, a U. S. Treasury report disclosed today. Income tax collections in the state totaled $21,866,024 in 1936 and rose to $36,120,162.19 in 1937. The latter figure is made up of $19,779,743 in corporation income tax and $16,340,418 individual. Miscellaneous internal revenue amounted to $66,098,528 in 1937; agricultural adjustment taxes $20,215, and payroll taxes $9,800,836.

REAL SILK PROFITS DOWN

The Real Silk Hosiery Mills, Inc., today announced that a preliminary estimate for 1937 shows a company profit of $20,583; 1936 profit was

$116,614.

MIKADQO HAS COLD TOKYO, Feb. 2 (U, P.) —Emperor Hirohito is confined to the palace with “a very slight cold,” it was announced today.

COLUMBIA CITY, Feb. 2 (U. P). —Dr. Park Huffman, Whitley County coroner, returned a verdict of suicide today in the death of Alfred Seibel, about 45, patient at the Marion Veterans’ Hospital, who was found dead in his hotel room here. In a note, Seibel asked police to communicate with his sister, Mrs.

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Middle West Is Bewildered by Recession, Clapper Discovers

Columbus Used Car Fair Lone Example of Ingeqnuity in Fight, He Adds.

By RAYMOND CLAPPER Times Special Writer OLEDO, Feb. 2.—A week of inquiry in Middle Western industrial centers has uncovered almost no special activity or substantial

Businessmen are bewildered. The only specific case of recession ingenuity that has attracted any attention is the used car fair in All business groups and city authorities have co-operated to set up along the streets displays of used car bargains in the hope Automotive people in Detroit hope it will catch on and spread to other cities, as they see little chance of selling new cars until the jam in the used car market begins to break up.

The brains of the automobile industry haven't found a way to shake off the used car millstone which bows down the whole business. With steel bodies and other improvements, cars are good for eight to 10 years. Some suggest a law to abolish those over a certain age. But unless that is confined to cars which are actual menaces to traffic, it would amount to confiscation of the property of the poorest owners. In St. Louis, unemployment is creeping up, most of the recovery gains have been wiped out and 40 per cent of the Negro population is out of work. Because crowds were standing all night to be early in line, relief headquarters now opens its waiting room at 6 a. m. instead of 4 a. m., figuring that the later opening hour might dis-

SEC HEAD SUGGESTS NEW EXCHANGE PLAN

CHICAGO, Feb. 2 (U. P)D.-— Chairman William O. Douglas of the Securities and Exchange Commission told the Economic Club last night that the nation’s stock exchanges need to be reorganized and suggested the financing of smaller business enterprises be transferred from Wall Street to the Communities in which they are located. Individual investors are not the highly skilled security buyers a banker or institutional buyer must be, and much of their buying and

selling has been based on “native judgment and hunches,” he said. Recognition of this, he said, has forced exchanges to an appraisal of their “adequacy and effectiveness.” “Furthermore,” he said. “There is the size of the issue. Wall Street as a general rule is not geared up for small local issues. The local job cannot be done there. The SEC, he added, does not seek management of stock exchanges but warned that any exchange which does not demonstrate that it intends to assume and actually does assume a vigilant role in conformance with the spirit of the Securities Act will find the commission a “fair but honest and exacting taskmaster.”

U.S. STEEL PROGRAM TO COST $80,000,000

NEW YORK, Feb. 2 (U. P.).—The United States Steel Corp. today prepared to push new construction that is expected to involve expenditure of $80,000,000 during 1938.

The corporation announced that it had borrowed from banks in New York, Chicago and Pittsburgh $50,000,000 on loans maturing in one, two, and $hree years. This was done, the announcement said, in anticipation of substantial outlays to be required for new construction und -r way.

FATHER, 69, HELD IN SHOOTING OF SON

PETERSBURG, Feb. 2 (U. P).— Police today held Squire Grissom, 69, of Scottsburg, in connection with the shooting of his son John, 23. The son told officers he was shot during an &rgument with his father over a dog. The elder Grissom denied the charge. The boy is expected to recover.

courage applicants from inflict ing this form of torture upon themselves. Since relief interviewers can handle only 450 applications a day, the line forms early and many are turned away. Labor dis orders add to the unhappy situation. Kansas City reports a good many industrial layoffs, especially in steel and automobile assembly. While the general tone is ime proved a bit, there is no building or expansion. ” » ” N Detroit, the number of fame ilies on relief of all kinds is within 3000 of the depression record. The city has nearly exhausted its borrowing power and has $3,650,000 tied up in the bank closing of the previous depression. Automobile union officials say that in greater Detroit, where 300,000 normally are employed in the automotive and allied industries, 200,000 are totally unemployed and 71,000 partially unemployed. They report that in Cleveland, out of 26,000 normally employed in automotive work, only 6000 are working now. These figures may be a little strong, but allow for some exaggeration and the cone dition still is bad. General Motors is employing everywhere about 200.000 men as against 265,000 at last April's peak, but most of those technically employed are getting only two days a week. ” EJ un

HE situation is beginning to churn in Detroit. Union officials have announced a mass meeting in Cadillac Square for Friday to protest “mass layoffs, inadequate relief, and the antiunion stand of the Mayor of Detroit.” First efforts to obtain a permit for this meeting were rejected by City authorities, and union leaders count on more resistance of that kind to whet up the spirit of the unemployed. They are in a fight with the Mayor because he objects to the automobile union passing on applications for relief made by union members. This okay system saves the City money, the union contends. The Mayor doesn’t like the idea of the union deciding whether one of its members is deserving of City relief. Here in Toledo, several large businesses are dependent on the automobile industry. Mostly the town is forced to stand around and wait on Detroit. Some here say that the automobile industry has pulled the country out of two depressions and can do it again. Once in a while you find a man who says it can’t, if it keeps on bungling its price policy. No one can do much about it here except argue. That's about all they're doing anywhere.

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