Indianapolis Times, Indianapolis, Marion County, 3 February 1938 — Page 14

"PAGE 14

NEW YORK STOCKS DROP, MARKET IN WEAK CONDITION

American Telephone Hits Year Low; Whole List Off.

NEW YORK, Feb. 3 (U. P.) .—American Telephone today broke 714 points to a new low since 1935 at 130145. The drop caught the market in a weakened condition and the whole list followed telephone down. Telephone, at today's low, was oft 12 points from last Saturday’s close, a loss of $224,231,964 on the basis of stock listed. Many rumors circulated on Telephone's break. One was that a large college was liquidating part of its holdings of the stock. Recently, subsidiaries of the company reported lower earnings. Another source of worry was a forthcoming report of the Federal Communications Commission, which some believe will recommend reductions in rates. Aside from Telephone, losses ranged to 2 points in active stocks. All sections were affected, including recently strong gold mining issues. Many stocks hit new lows for more than a year and at times volume was heavy. Around noon dealings lightened, but prices failed

to recover. 8 = =»

Today's Business At a Glance

GENERAL BUSINESS

American Bureau of Metal Statistics reports Jan. 1 stocks of lead in United States totaled 2083803 tons vs. 194836 on Dec. 1 last and 246311 year ago; refined pig lead stocks for like periods were 119,837, 106,583 and 165,159. Dun & Bradstreet reports week ended Feb. 2 bank clearings $5,035,150,000 vs. $4,896,893,000 previous week and $6,850,935,000 year ago. Engineering News-Record reports construction awards this week $70,808,000 vs. $50,749,000 last week and $41,451,000 year ago; January awards $190,186,000 vs. $199,033,000 in December and $173,077,000 year ago. CORPORATION NEWS

American Brake Shoe & Foundry Co. 1937 CO 2 income, 3,410,79 ual to $4.01 a common oo oh £2351,968 or $2.95 in 1936. Bristol-Myers Co. and subsidiaries 1037 tentative consolidated net profit, $2,235,002 vs. $2,330,577 in 1936. Commercial Credit Co. 1937 consolidated net income, $13,593,119, equal to $7.09 a common share vs. $12,005,779 or $6.07 in 1936. Connecticut Power Co. 1937 consoliated net profit, $1,782,159 vs. $1,741,418 in 1936. General Alloys Co. 1937 net profit, $77,030 vs. $37,199 in 1936. General Railway Signal Co. 1937 net income, $645,150 vs. $194,109 in 1936. Neisner Brothers, Inc. January sales, $1,120,129 vs. $1,182,076 year ago, off 4.5 per cent. Rochester Gas & Electric Corp, 1937 net income $1,661,339 vs. $1,372,284 in 1936. Southern Colorado Power Co. 1937 net income $262,436 vs. $258,530 in 1936. Southern New England Telephone Co. 1937 net income, $3,380,569, equal to $8.45 a share vs. $3,037 or $7.68 in 1936. Transue & Williams Steel Forging Corp., 1937 net income, $90,195 vs. $66,621 in 1936. United Gas Improvement Co. excluding proportionate share in earnings of subsidiaries not distributed as dividends, 1937 preliminary net income, $28,150,549, equal to $1.05 a common share vs. $27,953,755 or $1.04 in 1936. DIVIDENDS Atlas Powder Co, 50 cents on common payable March 10 record Feb. 28. In 1837 company paid 75 cents each March 10 and June 10, $1 Sept. 10, 75 cents Dec. 10 and special 50 cents Dec. 24. Bristcl-Myers Co. regular quarterly 60 cents payable March 1 record Feb. 15. City Ice & Fuel Co. directors de-

ferred action due on common until March meeting but declared regular

quarterly $1.62!2 on preferred payable March 1 record Feb. 15. Columbia Broadcasting Co. Inc.

40 cents on Class “A” and Class “B” payable March 11 record Feb. 25 vs. 40 cents and special 50 cents

Dec. 13 and 40 cents Sept. 10. (Copyright, 1938, by United Press)

Curb Stocks

By United Press

NEW YORK, Feb. 3 (U. P.).—Curb stocks opened easier, Net han

Alum Co AM .suvssssseareecs Am Sl 3 arrier ee 34 Cities Serv ... . . 1B & S ¥%

9 ] . venee , a Loc! Alr .. 8 la

Newmont Min .. eee Pantepec Oil .... 53% .

FOREIGN EXCHANGE |

RE, Feb. 3 (U. P.).—Foreign Following are noon cable | Ib.

NEW YO! exchange firm. rates on major currencies:

Cable Rates Net Change

England (pound) .$5.00 15-16 +.00 3-16 Eng. (60-d. b. £.). 5.00 3-16 .00 3-16 Canada tdolla®.. 1.00 1-64 J France (franc)... .03273%

Germany (mark) Germany (travel mark)

(franc)

U. S. STATEMENT

WASHINGTON, Feb. 3 (U. P) b. 1, compa

with a year ago: This Year 8.83 539.96 $

4 037,142

rent fiscal year through

Last Ye: 11 9,

734 ay's Pur. Total Pu: $15,696 83 $1,223,035,50 U— INDIANAPOLIS CLEARING HOUSE

ge - 1

—Government expenses and receipts for the gues

Porker Prices Regain Losses In Local Yards

Hog values recovered all of midweek losses in a 10 to 25 cent higher trade on weights above 160 pounds today, according to the Bureau of Agricultural Economics. Light lights and pigs under 160 pounds held unchanged. Top was boosted to $9.10 for best 160 to 180-

pound butchers. Packing sows like- | Ca wise recuperated to sell strong to |S?

15 cents higher, good sows bulking from $6.50 to $7, with a $7.25 top on lightweights. Cattle receipts dropped to about half the usual Thursday number, but the scarcity failed to stimulate

interest from a killer's standpoint. | Sho

In fact, further weakness developed on fat cows, these ruling weak to 25 cents lower after already breaking previously this week. Otherwise the market was poorly tested and generally steady. Business in steers was confined to odd lats plain and medium at $6 to $6.75 and a package lot good to choice yearling steers at $7.75. Shippers bought one load good 1248-pound steers for Eastern account at $7.85. Several sizable consignments medium and good heifers ranged from $6.25 to $6.75, common and cowy kind $5.50 to $6. Beef cows carrying medium flesh went at $5, odd head good cows, $5.25, cutter grades largely $3.75 to $4.50. Vealers were steady to weak, good and choice mostly $11.50 to $12. Fed western lamb and yearling trade retarded because of the heavy

supply, but indications point to a lower trend on the bulk. Native ey .

lambs moved 25 cents lower, with good and choice $7 to $7.25.

00 | Houston Oil....

Barrows and Gilts— (140-160)

Benno

Packing Sows— (275-350) Good (350-425) Good (425-450) Good (275-550) Medium Slaughter Pigs— (100-140) Good and choice.. Medium

2112

—Receipts, 607— Steers— (750-900) (900-1100)

C C Ci Cl

00) (1100-1300) (1300-1500) So (750-1100) Medium ... (1100-1300) Medium (750-1100) Common Steers and Heifers— (550-750) Good

Tesaanaen .

(plain) .

8 UOR.I3900009 & S88u33a508S 0 TANSAROELOD 1 $:3000005. © © 0 & 383IuRILLRS

(750-900) Good (550-900) Medium Common

ora

All Weightse Good

Bulls Yearlings exclud: 1 — EE x } ed (all weights) :

(All weights) Medium Cutter and common

—Receipts, 500 (All weights) Choice (All weights) Good

(250-400) Choice (250-400) Good (250-460) Medium . (250-400) Common

Stee ) Choice 4 Choice

88 33723 09 093993

88 83a

(500-700) Good and choice.. Common and medium ..

SHEEP AND LAMBS —Receipts, 4026—

Lambs—

Medium sveseene Common Ewes— Good and choice ........ NY Common and medium

835 2999

CHICAGO, Feb. 3—Hogs—Receipts, 14, 000 inciuding 3000 directs. Early market, Steady to 10¢ higher than Wednesday's average; above 210-1b. weigh's showing advance; later trade slow, mostly steady: bulk, 150-220 Ibs. $8.503s8.70; SOBs $8.70; lots, $8.75: 230-270 Ibs., [email protected]; Dio + aT: heavy sows, most.

Cattle—Receipts, 4000; calves, 1000. Supply abridgment stimulated general market, all Heres buying for numbers; general tratie strong to 25¢ wp. 10-15¢ up, but market in no shape for liberal Feceigts; Toostly [email protected] steer trade; best around $9.50; light steers, $9 and weighty offerings bid $9.25; heifer crop small, well cleaned up at $7.50 down to $5.50; bulls, steady, vealers, weak; sausage bulls. $6.50; vealers, $1 Sheep—Receipts, 13.000 directs; fat lambs slow, weak to 10c lower: most bids and few sales downward from 40; top. $7.50 with best held above $7.60; sheep, steady: 120-Ib, ewes, $3.85; feeding lambs, scarce. CINCINNATI, Feb. 3 (U. P.).—Hogs—Receipts, 2350, including 130 direct, holdover, 330. Fairly active, steady to 15 cents higher: top, $9.25: 200-225 Ibs. $8.75: 100S

mostly

sows, $6.25@86. Cattle—Receipts, 500 slow, mostly weak to head baby beaf other lots steers,

: calves, 300: very slightly 1 AYE vear . 90; $6.95 and down; package, 875-Ib. heavy heifers. $7.25; practical top sausage bulls. $6.50. . Shee ipts, 600; none direct; slow, genera quality unattractive. Generally lking around 25 cents or more lower: good native ewe and wether lambs, $7.75 own; common and medium grades, $5-7. . W. b. 3 (0. P.). ivestock: Hogs—Market. ® to 25 cents higher: 160180 lbs.. $8.95: 180-200 Ibs 85; 200-220

95: 28 : 325-350 1bs.. $7.20; 14070: 120-140 Ibs.. $8.45: 100-120

S.. .<U. Roughs, $6.50; stags, $5.25: calves, $11.50: lambs. $7.50. LAFAYETTE, Feb. 3 (U. P.).—Hog market 10 to 25¢ higher, 160-170 1bs., 10; 330-180 Ibs., $9: 180-190 ibs. $885: 1 .

. $7.80; - 3 .. $760. Pigs, $8.50 down. Roughs. $650 down. Calves $10.50@11. Lambs, [email protected].

MEGREW CAMP TO MEET

Maj. Harold C. Megrew Camp 1, | *®

United Spanish War Veterans, is to meet at 8 p. m. tomorrow. Commander John E. Hicks is to preside.

See Final Edition of the Times for Closing Stock Quotations

Di Eh rer ranrerrors sens nen SRISLO0D

and Other Late News + |

[email protected]: bulk good packing :

Alaska Jun .. Alleg Corp . Alleg

PE rE 8 Erers

. »

FEEETEE #

Asso Dry Atchison ....... Atl Refining ... Atlas Corp .

“en

HITT):

Bald Loco ct wi

ho I: oo. : = F&F

Boeing Air .... Borden . Borg-Warner .. Briggs Mfg ....

eel .. Byron Jackson .

FEBIBS pr

FE +I: Free war

Cal Packing ... Campbell Wy .. da D

bt st 1.3 Il: + . - a

365 3

Gen Caterpillar T . Celanese ...... Cent Foundry . Cerro de Pasco. Certain-teed .

sre

ar COCs Co bin

SIE -

Od wd

Comnw & So... Cons Aircraft .. Cons Cigar ... Cons Oil Container Cont-Dia F .... k, Cont Oil Del... Cream Wht ... 2 Curtiss-Wr Cutler-Ham

Dist Seag «.... Dome Mines Dresser B

13%

13% 58% 58% 9%

cee cer an

Elec Auto-L ... Elec Boat Elec Pwr & Lt. Eng Pub S .... ¢ Fair Morse se...

Gair Robt ....

2 EE Broo mos oe aa Ean

gaan: Paite . Gt North pf... Greyhnd Cp .. 87 Grant pf ..... 22

oo ea , Bal.5 oo

wll 17% 173% FH 91% 9% 6's 67%

Holland Furn.. Homestake .... Houd-Her B ...

Howe Sound ..

| Hudson Mot ...

Ind Rayo ee Inland Stl ....

Johns-Man ... Kan C Sou.... 7 Kan C Sou pt Kayser Jul .... 13 Kennecott

Ligg & My ....

INVESTING CO.’s

(New York Security Dealers Association)

Pid. Asked. bid, As Admin Fd 11.23 11.95 Inv Fd © Aflil Fd 3.76 4.14 /Kj S

a BOD OU nO Uni KOT

“een

2 00 29.00 23 ...

200000 3-1 VOR ONODNDO SSREE28E

HAP AV aE 0 "DRIP IO re RII RID .

PS, $989891 30000

» | P Fnd Tr A 3.55 3.80 Sel Am In Fd Inv In 14.80 15.74 Sel Inc Fd Tr A 4.32 4.88 Sov Inv a t Inv Cp A

. woo

3 ADI tpt NNIINICS son 0009-300 a ST Ut ik eh FELD CLD tt 6 00 C1 CD TT CI 00 fn Cad ek 03 LD CO 0 sn 1 to 09 63 00 ft 06 60 sl BE ROC AIBN RrBIS RNA eens eaeBERssRARLT EaCSE2EE vorave

Gen Cap Gen In

39¢ ... |Spn 28:26 30.39 Std v. 435 474St S

A v 67 .74/Supvsd 1.05 1.1 a Bi In

B bier +g Ing : rp 2. v s Ins Grp 1.23 1.36 USEL&P A 1 Invest Bank Corps. | * B " Pane Bl 4.00 5.00! “ vtg . 1st Bos 14.60 16.12 Well Fd 12.29

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.)

The following quotations do not represent actual bids or offerings, but mere indicate the approximate market leve based on buying and selling inquiries or recent transactions.

BONDS

Citz Ind Tel (TH) 44s 61.... H Tel & Tel Ft W 52s 55 ... H Tel & Tel Ft W W 6s 43. Ind Asso Tel 42s 65 Ind Tel Co Go ..,.. Ind Railway c 5s 67 Interstate Tel & Tel 5% Indpls Water Co 32s 66 .... Kokomo Water Works 5s 38... Morris 5 & 10¢ Stores 5s 50.... 9 Muncie Water Works 5s 65 ... Noblesville H I & P 6l%s 47....100 Ohio Tel perv 8s 47...

1nd 1.0

ud put

8 13.55

cana

1. including 1100 {T H T

Trac Term

Belt R R St Yds com.... Belt R R St Yds pfd Cent Ind Pwr 7% pfd Home T&E TF W 7%

12% 88 Indpls Pwr & Lt pfd 6% . 83 Indpls Water Co pfd £% ....102 xLincoin Natl Life Ins Co com 24 P R Mallory com 3 N Ind Pub Serv Co N Ind Pub Serv Bt N Ind Pub Serv 77% Pub Serv of Ind 6% Pub Serv of Ind 7% Progress Laundry Co com.... Terre Haute Elec Co 6%

Van Camp Milk Co pfd Van Camp Milk Co com (By M. P. Crist & Co.}

xMarket St. Investment Corp.. 22.21 23.87 XxEx-Dividend

LOCAL PRODUCE

Heavy breed hens, 4'2 Ibs. and up, 18c: under 4'2 Ibs., 14c; leghorn hens, 12¢; heavy springers, 1% lbs. and over, 18c; legnorn SpHerS. 1's Ibs. and over, 15¢; old roosters, Ni

IS. 0. 1 strictly fresh country run gE: 15¢; each full case must weigh 55 S. A net deduction of 15 cents for case under 55 lbs. will be made. t x 1 Jsuegic: No. 2, 34%@ Butterfat—No. 1. 30¢; No. 2, 28c, (These prices quoted by the Wadley Co.)

DAILY PRICE INDEX

NEW YORK, Feb. 3 (U.P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (19301932 average 100): Yesterday SABRES 114.05 Week ago SRNR ENNRRE NS 11489 Month A%0 vteevvesevsssacnaee 11647 Year ago Sere esssrnssestnne 143.19 1937-8 high (April 5, 1937)... 158.26

1937-8 low (Feb. 2, 1938)... 114.05

6 | Empi

NEW YORK STOCKS

By United Press

DOW-JONES STOCK AVERAGES

-0.91 -1.66 +4.31 -0.30

sessessasanssssees 12057 Month a0 sevevvecsnanaes 128.97 Year ago High, 1937-8, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11. 20 RAILROADS Yesterday ....coovvvacnanees 39.97 Week B80 .uvvvsqinsnsssnenes 20.87 SRR RtE RR ast anna 30.58

High, 1937-8, 64.46; low, 27.35. High, 1936, 50.89; low, 40.66. 20 UTILITIES Yesterday .....c.counveeneeee 10.18 Week BEO0 .ecueseniansacccess 19.832 Month ago ...cevesssreerenes 21.48 Year B80 -+sussanrsraassss ws 33.71 High, 1937-8, 31.54; low, 19.05. High, 1936, 36.08; low, 28.63.

Net Last Change 90% 24

Low

90% 24

High . 90% -_— 3 24 — 8 Je

17 16%

25 16% 6 443, 21% 9

Ohio Oil Otis Steel ..... Owens Ill Glass Pac Am Fish .. Packard _....... Paramt Pict ... 9; Patino Mines .. 10!2 Pen & Ford ... 421% veaes 66%

% JI

434 Saee

se =f

N. Y. Bonds

By United Press

BONDE PRICE INDEXES 20 20 20 Indus. Rails Util Yesterday ..... 80.1 64.8 92.1 Week ago...... 80.1 61.1 n.3 Month ago..... 80.6 69.8 94.2 81.6 Year ago...... 91.9 100.2 105.3 100.1 2 Years ago.... 29.7 91.8 105.2 * 96.4 1938 High...... 83.0 70.0 95.4 82.5 1938 Low....... 83.0 70.0 95.4 82.5 1938 Low...... 79.8 61.1 91.9 kr 1937 High...... 95.0 101.2 106.0 100.7 1937 Low....... 80.1 69.3 922.3 81.1 1936 RHigh...... 94.8 100.4 106.2 100.2 1936 Low....... 90.0 84.7 103.5 93.3

Penney

60 Bonds 9.0 8

NEW YORK, Feb. 3 (U. P.). — Bonds opened steady. Net

Atlantic Coast Line 4s . Amer For Power 55 ...cousee Canals 35 ..vu.vuuvsenraseses 96% Canadian Pac 45 ..... essssss 881% Cub: : “ee f

Ohio Edison 3348 .eovsvvenes 96 West Union 5s 60

CHICAGO PRODUCE

Eggs—Market, weak: receipts, 12,709 cases; fresh graded firsts, cars, 17c: less than cars, 16%;c; extra firsts, cars, 17%sc; less than cars, 17c: , 1412¢: dirties, 15¢: current receipts, 16c. Butter—Market, weak: receipts, 614.000 ross pounds; extra firsts (90-9112 score), 112@3135¢; extras (92 score), 3214c; firsts. 30@31c; seconds, 28@29c; specials, 323:@ 33%4c; standards. 32c; centralized, 89, Sic; centralized 88, 30%c. Poultry—Market, steady: receipts trucks: ducks, 18@22c; geese, 19c: . 21'2@23%¢; spring chickens, 23@24!ac: broilers. 20c: 21@22%¢c: leghorn

ic. Chee. . 116¢c: daisies, 161i@ 16'zc; , 16'5@161%c. Potatoes—Supnplies, liberal; old stock demand, slow: market, steady; new stock demand, slow: market, weak: Idaho Russet Burbanks, [email protected]; U. S. No. 2. $1.15@ 1.17'2; Colorado Red McClures, $1.35@ 1.40; North k S hs, $1.1215;

es, : . 3 : Michigan Russet Rurals. $1.05 stock (Track sales. s. $1.62!1:@1.90; U

Florida Bliss . S. No. 2. [email protected] Texas Bliss Triumphs, $1.55. U. S. No. 2, $1.40. Street sales: Florida Bliss Triumphs, per bushel crates, $1.75. ner THvals, 46: on track. 233; shipments,

BANK STOCKS 2 A 23%

. . New s than carlots):

EEE EE

Bank of America .

k of New York Trust ... Brooklyn Trust Sentral Hanover .

Commercial Continental Corn Exchange .. Te osu...:00u. First National ... Guaranty TEVERE + -vvvonvnnes Manufacturers ..

. | National City

GRAIN FIRM ACCUSED OF TRADE VIOLATION

CHICAGO, Feb. 3 (U. P.) .—Officials of the Cargill Grain Co., Minneapolis, were prepared today to answer a charge that the company wilfully violated trading rules of the Chicago Board of Trade in an attempt to corner the corn market last September. The complaint was filed by a special investigating committee of the exchange, several days ago. It named John J. Macmillan Jr. president of the company; Edward J. Grimes and Philip C. Sayles. The report, concluding a two and onehalf months investigation, charged that the firm attempted to corner the market by buying up all corn available for delivery on September future contracts, while holding the principal “long” interest in the contract. The company previously had been charged with violation of exchange rules in refusing to obey an order of the Business Conduct Committee to sell more than 1,000,000 bushels of its “long” holdings and thus ease a “squeeze” on shorts during the impending “corner.” A hearing on the charges filed by both committees is scheduled for March 1.

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

Und Ell Fish ... Union B & P.. 1 Union Carb .... Un Pacific .... 75 Un Tank . 32 Un Aircraft Cp United Corp .... Un Gas Imp ..

US Spun we 60 U S Rubber ..,. Steel ee

Vanadium «e..e0 17

vite Mot .... be White Sew M 18% Willys Overind. 23% 23% Wilson & Co .. 43% 43% Woolworth 40's 14%

3 LO 401s Woodword Iron.

14%

12% 34%

123%

12% . 34%

34% wn Ln. 13%

Yellow Tr Young Sheet ..

Zenith Rad ... 13% 13% =

NEWS OF EXPORTS AIDS WHEAT PRICES

Corn Futures Firm in Early Trading at Chicago.

CHICAGO, Feb. 3 (U. P).—Wheat prices have moved in a range of about 1 cent today on the Chicago Board of Trade, export news bringing bullish enthusiasm into the

grain pit. At the end of the first hour wheat

4 y was 12 to 3: cent higher, corn was

1g to 14 cent higher and oats were unchanged. After opening prices had climbed 1 cent a bushel, small waves of profit-taking sales reduced the advance. On the dip, however, buying for export outlet firmed the market. Traders saw encouraging signs in today’s reports of four cargoes of Australian wheat to Spain and another to the United Kingdom. Wheat receipts in Chciago were 18 cars. Corn firmed in early trading, largely on buying credited to Eastern interests for export. An unofficial estimate today placed export sales of U. S. corn in all positions at 1,000,000 bushels, but 500,000 was considered more likely for overnight business. Corn receipts were 159 cars.

WAGON WHEAT

2 Cit Tain elevators are paying for No. 2 red, gic; 0 $

ther grades on the

merits. gash corn, new No. 2 yellow, 50c. c.

Oats,

ARGENTINE GRAIN BUEN! RES, Feb, 3 (U. P.).—Grain futures opened JHSgulatly higher. eat— $1.09%, up ¥%c; March, $1.09%¢c, up Ye. Sorn—Fe . T%e, up Yc: May 64%ec, up 4C. Oats—Spot, aN unchanged.

Flax—Feb., $1.341gc, unchanged; March, $1.343%ec, unchanged. ge

~|SWAIMWILL ATTEND

WPA PROJECT MEET

Acting City Controller H. Nathan Swaim is to go to Chicago tomorrow to attend a conference of Midwestern mayors on plans for new WPA projects. The conference was called by Mayor Kelley of Chicago. John K. Jennings, Indiana WPA Administrator, also is to attend.

PAINTER INJURED IN SCAFFOLD ACCIDENT

Patrick Murphy, 44, of 7191 Massachusetts Ave. was injured seriously today jn a 40-foot fall from a scaffold while painting a new building at the International Harvester Co., Brookville Road. He was taken to Methodist Hospital.

———————————— CLUB TO SEE MOVIE “From Soy Beans to Sedans,” a motion picture, is to be shown at a meeting of the Indianapolis Exchange Club at Hotel Washington

tomorrow noon.

maintenance and operation ot

of Internal Revenue is

surance, and delivery expenses.

other similar

claim the business deductions of

YOUR INCOME TAX

No. 12—Deduction for Business Expenses

Deductions for business expenses form a large item in the return many taxpayers and must have certain qualities to be allowed. Xpenditure in connection with the the taxpayer's business or business properties; it must be an ordinary expense and it must be a necesSary expense. In insisting upon the latter qualifications, the Bureau upheld by the Board of Tax Appeals and the courts. Ordinary and necessary expenses are only usual and essential in the case of similar taxpayers, “and do not include extraordinary and nonessential >» Typical business expenses of a mercantile establishment are amounts paid for advertising, hire of clerks and other employees, rent, light, heat, water, stationery,

such deductions must be for an e

The expenses of a manufacturing plies, repairs, light and heat, power, charges.

The farmer may deduct all necessary expenses production, harvesting, and marketing of crops, including labor, cost of seed and fertilizer used, cost of minor repairs to farm buildings (other than his dwelling), and small tools used up in the course of a year or two. A taxpayer may conduct more than one business and

those which are

stamps, telephone, property in-

business include labor, supselling cost, administration, and

incurred in the

APPOINTS GROUP T0 ARRANGE FOR SPEEDWAY RAGE

Chamber of Commerce Head Names 33 to Aid With 500-Mile Plans.

A new Speedway Committee had been appointed today by C. D. Alexander, Indianapolis Chamber of Commerce president. The new committee, of which R. S. Norwood js chairman, is to cooperate with Speedway officials on the annual 500-mile race next May 30. The group will aid in promoting interest in the event and will help with plans for the annual drivers’ prize-award dinner and other Speedway events. . New members also were “appointed to the Executive and Finance Committee, Fire Prevention and Protection Committee, Membership Committee and Public Relations Committee. Other Speedway committee mem-

s | bers are Paul Q. Richey, vice chair-

man; J. M. Bloch, C. B. Borman, Robert M. Bowes, E. J. Breech, Randall D. Collins, George Cunningham, L. W. Dunham, John E. Fehsenfeld, Rex A. Hayes, Roy E. Hickman, Herbert H. Johnson, Harry K. Jung, D. M. Klausmeyer. H. E. Komitch, R. H. Losey, George J. Marott, William H. McPherson, A. D. Miller, R. S. Orr, C. E. Peele, Oscar B. Perine, Charles A. Reeve, P. E. Rupprecht, Louis Slicer, C. E. Stoutenberg, Mrs. Anna B. Vandivier, J. L. Wadlow, Carl Wallerich, W. H. Wells, Russell S. Williams and L. E. Yuncker. Chairmen are: Mr. Alexander, executive and finance committee; R. D. MacDaniel, fire prevention and protection committee; Zeo W. Leach, membership committee, and Mr. Richey, public relations committee.

GROUPS TO DISCUSS STATE CONSERVATION

District Meetings Scheduled In Various Cities.

LAFAYETTE, Feb. 3 (U. P).— Twenty-one district meetings will be held throughout the state next week to discuss the 1938 agricultural conservation program, L. M. Vogler, state committee chairman, announced at Purdue University today.

Attending the various meetings |

will be county agricultural agents, committeemen and office managers. The week's schedule follows: Feb. 7—Princeton, La Porte, Wabash, Hartford City, Bloomington, Salem and Crawfordsville. Feb. 8—Franklin, Crown Point, Rockport, and Covington. Feb. 9—Terre Haute, Ft. Wayne, Washington and Tipton. Feb. 10—Albion, Logansport and

Newcastle, Madison

Osgood. Feb. 11—Rushville.

DR. DERRY TO SPEAK ON ‘RED PERIL’ FEB. 10

K. of C. Education Director To Talk at War Memorial.

Dr. George Hermann Derry, Knights of Columbus social education director, is to speak on “The

Red Peril and the Way Out” at a meeting sponsored by the K. of C. State Council Feb. 10 at World War Memorial Auditorium. John T. Rocap is to be in charge of the

meeting.

WRIGHT TAKES STAND AGAIN IN DUAL KILLING

LOS ANGELES, Feb. 3 (U.P. — Paul A. Wright returned to the witness stand for the third time today, in an emotional frenzy, still protesting that he had no recollection of killing his wife and his friend, John B. Kimmel, in the living room of his home on Nov. 9. Prosecutor Ernest Roll said that he would complete his cross-exam-ination within five minutes today. Jerry Giesler, defense attorney, then planned a redirect examination of the 38-year-old airport manager, who said that he shot the couple in a blind rage when he found them embracing on a piano bench at 4 a. m.

TRUCKING FEES NOT REDUCED BY RULING

Extension of the date for payment of truck-weight taxes from Jan. 1 to March 1 by Governor Townsend does not entitle truckers operating at the first of the year to a reduction in their fees, the Attorney General's office ruled today. The opinion was in response to a

question by Frank Finney, Indiana Motor Vehicle Bureau director. Under the law trucks starting operations after the first of the year are entitled to a reduction of onetwelfth in the fee for each month after Jan. 1. Othewise they pay an annual fee. The ruling said Mr. Townsend’s order was merely an extension of time and did not imply any reduction in fees.

FOOD PRICES

CHICAGO, Feb. 3 (U. P.). — Apples— Michigan McIntosh, [email protected]. Sweet Potatoes — Tennessee, bu. hampers, 85@90c. Carrots—Illinois, 30@ 50c. Texas, bu., 65@90c. Tomatoes—Mexican, lugs, [email protected]. Cauliflower—California, crates, $1.25@ 1.40. Peas—California, hampers, \ . Celery — Michigan, square crates, 50c@$1. Onions (50-lb. sacks)—Illinois Yellows, [email protected] (street sales); Idaho Valencias, $1.67%@1.70; Colorado Valencias, [email protected]; Minnesota Yellows, $1.47%; Iowa Whites, $1.75.

bu., Svinach—

BUSINESS EDUCATION Strong Accounting, Bookkeeping, Stenographic and ag courses, Day and evening sessions. coln 8337. W. Case, nei Central Business College Architects and Builders Buildi

THURSDAY; FEB. 8, 1938

Post-Mortem Baby Stronger

This little eight-pound girl was born 10 minutes after the death of her mother, wife of a Penne sylvania’ miner. She was delivered through a Caesarian operation. Now she has an excellent chance to live. She is perfectly normal, her doctors say, and she shows it by smiling ‘at her nurse in the Uniontown, Pa., hospital where her life was saved.

Policeman’s ‘Peculiar Attitude’

Puts Drunk Away for 60 Days

“This officer,” said the defendant, “has a very peculiar attitude toe

ward me.”

Speaking was Emerson Miller, 46, of 114%; E. Ohio St.

The officer

was Patrolman Vasile Hocioga who had brought Miller before Municipal Court Judge John McNelis on two drunkenness charges today.

“Will you explain that, please?”

the Judge asked. Miller was silent. “Will you explain it, officer?” “Well,” replied Patrolman Hocioga, “I don't know what he means unless it’s that—I helped him for two years when he was out of a job and gave him food when he was hungry. “Two months ago I helped him get a job. Last month I found him wearing an overcoat I knew didn’t belong to him and I persuaded him to return it to its owner. “And last week a detective arrested him for being drunk and I asked Judge Karabell to suspend the sentence to give him another chance. “Other than that, I don't know what he means by ‘peculiar attitude.’ ” Judge McNelis said: “Mr. Miller, the officer seems to have a very peculiar attitude toward you. After he’s helped you so much I don’t suppose you even want to see him for a long time. In fact, you won’t, because I'm going to fine you $25 and costs and sentence you to 60 days on the State Farm.”

RACKETEER SUSPECT RETAINS ATTORNEYS

PHILADELPHIA, Feb. 3 (U. P)). —Maj. Lemuel B. Schofield, Philadelphia’s former Public Safety Director, announced today that he had been retained as counsel for Julius Richard (Dixie) Davis, New York lawyer, suspected of racketeering. Schofield’s first task will be to seek to free Davis and George Weinberg from the Philadelphia City Jail, possibly by asking for a habeas corpus writ. The two men were jailed in lieu of $300,000 bond each, highest ever set in this city. The attorney’s second task will be to fight attempts to extradite his clients to New York, where Davis is wanted on conspiracy charges in connection with a $100,000,000-a~ year lottery racket.

LOCAL WOMAN NAMED LEGION AUXILIARY AID

Mrs. J. P. Smith, Indianapolis, has been appointed service sales

chairman in the American Legion Auxiliary, southern district, to succeed Mrs. Lydia Irvin, Evansville, resigned. Announcement of the appointment was made yesterday at a Twelfth District meeting at the Indiana World War Memorial. Homer L. Chaillaux, Legion Americanism director, spoke at the mevting presided over by Mrs. Helen Clarridge.

SALES TIPS TOPIC “Right and Wrong Ways to Clinch Sales” is to be the topic of the Y. M. C. A. salesmanship class which is to meet at 7:30 p. m. today at Central Y. M. C. A. Joel Traylor, Northwsetern National Life Insurance Co. representative, will speak. Motion pictures are to be used as illustration.

CONSTITUTION FETE PLAN TO BE MAPPED

State Bar Group to Study Indiana’s Role.

Indiana’s participation in the Constitution Sesquicentennial Celee

bration is to be discussed at a lunch eon meeting of the State Bar Association’s American Citizenship Committee at the Claypool Hotel tomorrow, ' Franklin County Circuit Court Judge Roscoe C. Q’'Byrne, Brookville, is committee chairman. Other members are Oscar A. Ahlgren, Whiting, and Robert R. Batton, Marion. Mr, Batton and Louden L. Bom berger, State Bar Association president, are to speak. Harold H. Bredell, Indianapolis, is to represent the Junior Bar Conference. Local political leaders have been invited to organize celebration programs.

MINERS HAIL LEWIS. . FOR 1340 ELECTION

Competent to Fill White House, Delegate Says.

WASHINGTON, Feb. 3 (U. P.).—e Lieut. Gov. Frank J. Hayes of Colorado told the United Mine Workers Union today that one of its meme bers may some day become President of the United States and said that John L. Lewis is competent to hold that office. “We have such a candidate—such a man,” he said. “I don’t know whether he wants to run or not—but we have a man competent to fill the position in John L. Lewis.” The 2018 delegates rose to their feet applauding and Mr. Hayes continued: “I wish this was a national Déemocratic convention. There wouldn't be any question about the nomination.”

AIR CRASH BAFFLES PROBERS MIAMI, Fla., Feb. 3 (U. P.).~The charred and twisted wreckage of an Army observation plane in which Lieut. L. H. Hale, 25, and Lieut. Paul B. Williamson, 30, both of Coral Gables, plunged to their death failed to reveal the cause of -the accident. The plane, on a routine training flight, suddenly dropped into dense undergrowth over Vire ginia Key and caught fire immediately.

Colonial

Savings and Loan Association 28 South Illinois St.

Chart Shows Growth

OF INDIANAPOLIS

WITH INSURED SAFETY...

SAVE s5 a Month

Plus INSURED Safety

Of Your Account Up to $5,000 Save $100, $500 or $5,000 Open an Account in Any Amount From $1 to $5,000

Write for FREE Savings Bank and Folder Explaining INSURED Accounts

[———— . SAVINGS &€ LOAN ASSOCIATION

and GET,

698"

Earnings at 3% Amount to $98

Compound Dividends

EDERAL

Pennsylvania & Vermont Sts., Indpls.

23 W. OHIO ST.

_ -