Indianapolis Times, Indianapolis, Marion County, 4 February 1938 — Page 20

PAGE 20

NEW YORK MARKET RALLIES SLIGHTLY _ 5::= FROM LOW OPENING =: +

American Telephone |

Leads Exchange Climb After Dip.

NEW YORK, Feb. 4 (U. P.).—Stocks rallied today

after a decline to new lows

since 1935. Around noon a majority registered gains ranging from fractions to a

point. American Telephone led the early downturn, making a new low since 1935 at 127%, off 3%. It later came back to 130. United States Steel touched a new low for the year at 49% and then rallied to 50%, up 3% net. Other steels made similar recoveries. Chrysler rallied after touching 50, off 3. Coppers, rails, chemicals, building stocks and gold miners recovered early losses and some substituted small gains. Reasons for the recovery were obscure. Market men said it was technical and were not enthusiastic, since it was accompanied by dull trading. tJ

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet reports retail trade this week about unchanged from last week and 1 to 3 per cent over year ago; wholesale slightly under year ago.

Federal Reserve reports gold stock this week unchanged at $12,755,000; circulation up $29,000,000; brokers loans off $40,000,000; excess reserves off $50,000,000 to $1,390,000,000; cent vs. 80.4 year ago.

CORPORATION NEWS

Canadian Pacific Ry. Co. 4 weeks’ in January gross earnings $3,292,000 vs. $3,252,000 vear ago; month of January $10,315,000 vs. $10,194,000 year ago.

E. I. Du Pont De Memours & Co. and wholly-owned subsidiaries pamphlet report shows 1937 balance available for common of $80,420,790 equal to $7.29 a common share vs. $83,557,741 or $7.56 in 1936.

Market Street Ry. Co. and South San Francisco R. R. & Power Co. 1937 preliminary net loss $178,257 vs. net income $277,173 in 1936.

Mohawk Carpet Mills Inc. 1937 net income $1,242,084 equal to $2.27 a share vs. $1,261,505 or $2.30 in 1936.

Engineers Public Service Co. 1937

prelimniary consolidated net income $3,768,777 equal to 75 cents a common share vs. $2,946,392 or 32 cents in 1936. Monarch Machine Tool Co. 1937 net profit $436,524 equal to $2.90 a share vs. $258,078 or $2.24 in 1936.

DIVIDENDS

Consolidated Laundries Corp. regular quarterly $1.87% on preferred payable May 2 record April 15. : Louisville Gas & Electric Co. regular quarterlies of 37% cents each on class “A” and class “B” common payable March 25 record Feb. 28. Ludlow Manufacturing Associates regular quarterly $2 payable Mar. 1 record Feb. 5. Monsanto Chemical

payable Mar. 15 record Feb. 25.

Curb Stocks

By United Press

NEW YORK, Feb. 4 (U. P.). stocks opened easier. am Gas Elec .........

«= Curb & Sh ...... Ford of Canada A ... Jmp Oil of Can.... Lake Shore Mi

Technicolor UnL &P

By United Press BOND PRICE INDEXES

20 20 20 Inds. Rails Utils. Yesterday oo... 79.8 63.2 91.8 Week ago 61.4 91.9 Month age 69.4 94.3 Year age 100.2 1054 Two years ago. 92.8 91.7 105.2 1988 70.0 95.4 1938 61.1 91.8 1937 101.2 106.0 1957 69.3 92.3 1936 high 100.4 106.2 31936 84.7 108.5

eee S11

NEW YORK, Feb, 4 opened lower. Beth Stesi 3las .

«oes BSYa

ssessev ne

N Phelps Dodge Postal T&C § 80 Rwy 6%s Texas Corp 3'%s

3lus iS «eo

PEELE +:

FOREIGN EXCHANGE

NEW YORK, Feb. 4 (U, P.).—Forei exchange firm. Foulowing are noon cab rates on mejor currencies: Cable Rates Eneland (pound). $5.01 5-18 Eng. (60-d. b. r.). 5.00 9 003% Canada (dollar).. 1. +.00 1-128 prance (franc)... 4.0001 Germany (mark). Germany (travel mark) Switzerl’d Holland

(franc) (guilder)

De Australia (po Austria (schilling) Czechoslovakia (koruns) ow aia i. Finland (markka) Greece (drachma) Jugoslavia (dinar) New Zealand 5.) Bes poland (zloty : i. iy (escudo) .0455% 8075

u 1 1895

0351% 0222 fo 0235 4.04

.3343

0806

0400 2450 4500

.2780

50) : Argentina (unoffi-

cial S0) i azil Ptireis) ve

ratio unchanged at 80.2 per :

Co. regular quarterly 50 cents on common

Bonds 8.3 na 81.6 100.1 96.6 82.5 wa 100.7 81.1 100.2 93.3

(U. P.). — Bonds

Net Chan +0 Re

Ee &

ir Reduc

Sil

Jet FER FEEE

$7

Hits $9.35 Top

Starvation receipts around the

values upward, according to the Bureau of Agricultural Economics.

25-40c,

This pushed the top on 160-180-pound butchers to $9.35.

trade, but bulk of the run cleared

top on lightweights $7.50.

even below the usual week-end volume, offered no test of the various classes but it was not difficult to note a better tone running through the trade than previously this week. No price changes were made, a few lots of plain to low good light steers and yearlings cashing at $600 to $7.00 and a scattering of similar grade heifers $5.50 to $6.75. Fat cows have been punished all week and are currently 25 to 50c off for the period, odd head today making $4.50 to $5.25, cutter grades having lost a quarter this week and turning today from $3.75 to $425, a few $450. Bulls were too scarce to warrant mention, while there was a negligible trade in replacement stock. Vealers were steady, good to choice $11.50 to $12.00. Fat lamb trading showed no change, with bulk of the good and choice offerings $7.25 to $7.50, latter price top on six loads of fed westerns. Slaughter ewes were steady at $3.00 down.

HOGS Top Receipts vers $9.25 3 wee Hill 128. 8.90 129. .. 8.00 9.25

| « secessssces seevscssenee

1140-160) 1160-150) (180-200) 1200-220) 1220-250) (250-290) Good 1290-350) Good Packing Sows— (275-350) Good (350-425) Good 1425-450) Good (275-550) Medium | Slaughter Pigs—

$ 8.50@ 9.35 9.00 9.35 9 20@ 9.35 9.00 9.25 8.710@ 9.10 8.30 8.80 8.00 8.40

Good Good Good @ood Good

choice choice choice . choice choice. . i choice . choice .

and and

7.35@ 17.50 7.10@ 7.40 6.70@ 7.15 6.50@ 7.35

8.25@ 7.50@

CATTLE —Receipts, 228 Steers

(750-900) Choice (960-1100) Choice (1100-1300) Choice (1300-1500) 1750-900) Good (900-1100) Good (1100-1300) Good (1300-1500) Good .... 1750-1100) Medium (1100-1300) Medium .. (750-1100) Common Steers ana Heifers— (550-750) Good

Heifers

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

(plain) .

Nn SSESs rem g TSO aD NID

5.250 6.26

Common Low cutter and cutter Bulls Yearlings excluded (all weights) — Goo (beef) . aren wees 00 (All weights) Medium Cutter and common Vealers --Receipts, 500-

(All weights) Choice {All weights) Good (All weights) Medium Cul and medium

~—Receipts, 308— (250-400) Choice (200-400) Good . 1250-440) Medium ie b5.00@ 1250-400) Common ......... 450@ Feeder and Stocker Cattle

6.00w 8.

Steers— (50y-800) Choice ...... ven. (800-1050) Cnoice (500-800) Good .... (800) 1050) Good (500-1050) Medium (500-1050) Common Heiters— $500 700) Good and choice.. mmoen anc medium SHEEP AND LAMBS

Receipts, 2835—

T.25@ 6.15@ 6.156 6.00

6.00@ Sw

Wes — Good and choice Common and medium

CHICAGO, Feb. 4 (U

1u@20c nigher,

ket, lairiy active, gained most,

upward irom 230 ibs. $6.80; buik, good and 8.80; 230-290 1bs., [email protected];

Lop

290-320 ibs.

mgher, [email protected] ply ail classes too limited to tully, ues market values; market generally strong

iat

directs, asking around sieady and

sheep steady; Jugs, 3 one ewes, B85. SEnGINNATE, Feb, 4 Receipts, 2150, including b El

r, 1003 top, $9.35; 200-225 ibs., $9.15;

ly 10@40c higher 100-140° bs.

[email protected]; few od [email protected]; few lots heifers to to od beef cows, $4.75@ ers and cutters, sausage bulls, $6 $11.50

11.50. Sheep-—Receipts, steady; most [email protected],; $5.50@7;

. vealers steady, to

500 one direct

slaughter ewes, U

M $9.35; 170-180 1bs., $8. 5; 180-190 15; 190-200 Ibs. $9.10: 200-210 ibs., $9 10-220 ibs. $8.90; 220-230 ibs., $8.80; 230 230 1bs., $8.70; 240-250 ibs. $8.80; 250-26 ibs, $8.50; 260-275 Ibs, $8.40; 275-280 30; 280-290 Ibs. $8.20; 290-300 RRR » wn, 8S. lambs. 767.25

05; ., $8.95 Tos.. S820, 280-30 Ths. £755 id bs ¥ 99, - 4 $7.70; 325-350 ibs.. 37 5: 140-160 1bs., 320. 40 lbs. $8.65; ae 1bs.,

Roughs, $6.75; stags, $756

U.S. STATEMENT

WASHINGTON, Feb, 4

e rent fiscal year through Feb. 2, com with a year 0°"

Last ts.

913,574 411.86 ,3 8 1802

Hog Run Booms

City Prices Up;

market circle and another local {run under 4000 head shot hog

The Indianapolis rise amounted to with weights above 200 pounds at the maximum upturn.

Heavy hogs were threatened in the later

early at the advance. Packing sows were 25c up, bulking from $6.75 to $7.25 for good offerings, with the

Extremely light receipts of cattle,

8.75 8.50

CULPSSUUUTOOUO

; 7.80 6.00@

[email protected] 10.50@ 11.50 [email protected] 5.00 8.50

[email protected] al 6.50 2.60

._ P,),—Hogs—Receipts, 10,000, inciuding 1500 directs, marweights

100-220 lps. $8.6UwWw $i.io@8, good packing sows, lUc or more Caitie—Receipts, 1000; calves, 500; sup-

bulk steers and yeariings, common to lowgood grades, most saies, $6.00 7.25, oddJots to $8; bulk heifers, common and med1 ) : cows mostly

$11. including 500 very slow; generaly refusing lower bids; buyers talking $7.25@ (50 on lambs held [email protected] and upward; yeariangs and three aoubles choice yeardouble choice slaughier

(U. P.).—Hogs— 160 direct, hold37 Juss bulk good packing sows, $6.50w

Cattle—Receipts, 350: calves, 280; slow on limited supply; odd head baby becves, lot steers and yearlings, $7, common 5.25; low cut$5504 50. practical top . P,

; n native ewe and wether common and medium mainly

LAFAYETTE, Feb. 4 (U. P.).--Hogs— arket, 20 to 40 cents higher; 160-1%y 55 4 ibs. 1bs., bs , down; $10.50@10; ." WAYNE, Feb. 4 (U. P.).—Hogs— Maczket, 20@25¢c nigher; 160-180 Ibs,, $5.15; 160-300" the $8.05: ibs 330: 260-280 90}

.40. calves, $12;

(U. P.).—Govronment expenses and receipts ror the cur- (Th

his Year Year ses . $4,470,897,960.12 $4.2%72,932,618.82 Lo 3,547,233,348.16 2,470,532,185.09 . L 1

ag OCD ih TCI Pt IAC Sk Ct pot , br wae Fa FF

FEE: |

af «

tp apt BY BT ep ot md i OBI = & or 2 3

Seating melt Smelt 7 of 123 Stl Fdies .. 23% Sugar pf .110 T&T .... 139 6 » 653

-

dh. BH BI ~~ BID

ELEHTII:

Tobacco ... Tob B .... Type F ... Water W .. Am Zinc .... Anaconda AnchrHockGlass Armr Del of .. Armour Armstrong Ck . Arnold Const .

+i:

1

Atlas Corp .:. Aviation Corp .

BaldLoco ct wi & Ohio ..

V. *

Barnsdall Bayuk Cig Beatrice C Bendix Avn

iE

5 pf 821 Pp 2 we 1M vee S0% ff... 90% Black & Decker 122 Blaw-Knox .... 1112 Boeing Air ....

SHENEREL+EL:

Bklyn & Q Tr. Bucyrus Erie .. Budd Mfg ..... Budd Wheel ... Bulova W ..... 2 Burlington M.. T'% Butler Bros TVs Butler Bros pf 19% Butte Cop ve

1 1

Calumet & Canada y Can Pacific we Capit Adm A Carpenter Stl Caterpillar Celanese " Cent Foundry . Cerro de Pasco Certain-teed ...

CLF]

Cong-Nairn “a Comw _ Fdison .. Cons Edison Container Cont Bak B ... Cont Oil Del .. Coty ‘ave Crane Co . 21 3134 . 6

20% 123

1% 17% 4

Crown Cork —— Curtis Pub

Curtiss-Wr 4

wn 18% 6'a

Deere & Co ... D Lac & W Dist Seag . Doehler D Cast | Dome Mines ... Douglas Air .. Du Pont

175¢ 567% 87% 35% 35% 106 106 wR Flec Auto-L .. 16% Elec Boat i> 3 Elec Pwr & It 8% El Pa Nat Gas 17 End Johns .... 35 Ene Pub S8..... Brie 2 of......

4 4 3% 3%

I 11% 197s 143,

wail . 12%

Fed Wat S A.. Firestone T.... Flintkote

1% 197%, 14%

Gabri ren Gen Gen Gen Gen Gen Gen Gen vu Gen Thtre Eq... Gillette S R .. Gimbel Bros... (3lidden Goodrich TRI Gt North of... 19 Green H L ... Greyhnd Co 83, Greyhnd 5%: pf 3%

el A . Am Inv... 5% Cable ..... 8% Cigar ve 29V2 Electric... 36% Foods . 31

Ham Watch ... Hayes Bdy .... Herc Pdr ...... Holly Sug . Homestake ven Houd-Her B ... Houston Oil ... Hope Sound . Hudson Motor. . Hupp Motor ...

TI1_ Central Ind Rayon .... Inspiratn Cop. .

Johns-Man .... 87% 67%

INVESTING CO.’s

Bid Asked Bank Corps: 5 14.00 15.50 JER

d Asked 113 {Invest

U 1 6.10 6.

Bldg Sup Elec t Ins 5

Dirersi C "DD

Div Shrs Fat How Fidelity X Ficeal Fund I Bk Stk . Ins Stek 3.19 : Fijed Tr A pu

» | For Bond 7.34 Fd Tr A 345 Pd Py

I= GO 1-4 ohh 8380 33 1 ihe 19 19 1 pt bt NOIR, Loe wow DISI DP EILI <I 883538385845

® « snore Bor mewn

10.10 11.10 8.51 9.01 In Cm 28 33 Am Inc 8.26 9.00 Iv Inc 14.27 Inv 60 67 nd Tr A 418 nc Tr 13.65 14.37 Gen Cap 27.61 29.69/St St Inv 72.00 76.00 Gen Iv Tr 4.32 4.54/Sup Corp A 278 .... a thes 05] "© J8 Ni. D . 1.06 1.1 per AA ;{ Ch 1.05 gH » BB Fo 80 rvsd MiTrst St IC 8D ol 62

64 1 . 69Tr B . z 1.00 1.10{Trsteed Ind . 89 . 90 S9/USEIL&PA 11.25 11.75 "Huron Cp. .39 .T8| ° B 15¢ 1.64 0! Tnep Invs 15.45 16.61 Inst! Securities, Ltd Bk Grp 1.12 1. Ins Grp 1.21 134

LOCAL PRODUCE

Heavy breed hens, 4%: lbs, and up, 18¢: ney eh: OA ts. ane he: eavy § y , 18¢c: Teghorn Boring re, 1% Ibs. and over, 15c; a OO Hictly fresh country vun epes. 14c; each full

« oe SM. ‘i.e .

235533338332 8 “pia. «O08 + 4

NIL Bt ASH

2238

R Eq Steel Tob

* vig 5 . 83 Well Fd 11.98 13.72

tter—No. 1, 33c. Butterfat—No. 1, ese prices auoted

of the Times

by the Wadley Co.)

8 for

rin “new @ | Treasury

NEW YORK STOCKS

Bv United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS 4.57 —0.91 —0.76 2.38 High, 1937-8, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11.

Week argo

High, 1937-8, 64.46; low, 27.08. High, 1936. 59.89; low, 40.66. 20 UTILITIES

Month ago Year ago High, 1937-8, 31.54; low. 18.45. High, 1936, 36.08; low, 28.63.

High, 1937-8, 69.67; low, 38.51. High, 1936, 66.38; low, 51.20.

i

High Low Last Kennecott 33 32% 32% wl Leh Val RR ... 53% Lehman “ee SS Lerner Strs ... 2 Loew's PENI, Ludlum Stl .... 15% v— 27% i

53% 23% 23 445; 15%

19 2

Mullins Mfg B Murphy G C

AEF

Nash-Kelv 9 Nat Biscuit .... YS

HEE 4

H+]

No Am Avn ....

Otis Steel

Pacific Ltg .... Pan-Am Pet ... Park Utah ... Penn Coal & C Penn Peoples Dr Phelps Dodg

B.. Plymouth Oil .. Postal Tel pf ... Press Stl Car.. Press Stl 2 pf Public Serv .... 3 Pullman 2 Pure Oil Purity Bak ....

Radio ag sieve Radio pf N ... Radio-K-Or . Reliable Stores Reo Mot vata Republic Stl Repub Stl pf A Rever Cou .... Reyn Spring ... Reyn Tob B .. Richfield Oil ..

Safeway : St L-S Fran pi Schenley Dist .. Schulte R .... Seabd Air L ... Seabd Oil . Servel Inc . Sharon § H

Pet Skelly Oil Smith A O Socony Vacuum South Pac ..... South Ry . South Ry pf Sparks With Sperry-Corp

Studebaker Superhtr vane a Sunerior Oil ...

2Va 2V, Superior Stl ... 132 13%

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

Citz Ind Tel (TH) 4%s 61.... H Tel & Tel Ft W 5%s 65 ... H Tel & Tel Ft W W Ind Asso Tel 4's 6% Ind Tel Co 6s 60 .. Ind Railway Inc 5s 67 ..... . Interstate Tel & Tel 5's §3.. Indpls Water Co 3%s 66 ...100 Kokomo Water Works 5s 38. ..102 Morris 5 & 10c Stores 5s 50 ... Muncie Water Works 5s 65 Noblesville H I & P 62s 47.... Ohio Tei Serv 8s 47

Bid Asked 101 104 105 106 108 8

Trac Term Co 5s 57 vee STOCKS

Belt R R St Yds com.... Belt RR St Yds pfd ......... Cent Ind Pwr 7% pfd ....... 11 T&TPW 1% pid.... Hook Drug Inc com... ....... Ind & Mich Elec 7% ........: Ind Gen Serv Co 6% pfd Ind Hydro Elec 7% pfd .. Indpls Gas com Indpls P & Lt 68%% La Indpls Pwr & Lt pfd 6% .... 8 Indpls Water Co pfd 59 ....102 xLincoln Natl Life Ins Co com 24 P R Mnallorv com > aS N Ind Pub Serv Eo pid 8% % 3;

N Ind Pub Serv N Ina Pub Serv Progress Laundry Co com Terre Haute Elec Co 6% Union Title Co com Cee. van Camp Milk Co pfd Van Camp Milk Co com 1 (By M. P. Crist & Co. xMarket St. Investment Corp.. 21.26 xEx-Dividend

BANK STOCKS

Asked 42% A

Bank of America Bank of Manhattan

Bankers Trust 2 Bank of New York Trust ..... Brooklyn Trust 74

Central Hanover

Corn Exchange

Empire First National .. Guaranty ......

National City .....ceeeevsvae. 283% New York Trust ceceeccscense 921, DIE. vung vie rae 27% Title Guarantee ,

FOOD PRICES

J), —Apples— Pp Po-

CHICAGO, Feb. 4¢ (U. P Michigan McIntosh, [email protected]. tatoes—Tennessee, bushel Soi Cats a nach--Texas. bushel, —Mexican lugs, $2.75@3. Cauliflower— lifornia, crates, [email protected]. Peas -Calrnia. hampers, $2.90@3. Celerv—Michiman, square crates, 80c@$l. Onions _(50Ib, sacks)—Illinois vellows. [email protected] {street sales): Ydaho Valenclas, $1.62%. Colorado Valencias, $1.40.

TREASURY PLANS BORROWING DRAFT

WASHINGTON, Feb. 4 (U. P).— The ‘Treasury Department announced today that it would borrow between $200,000,000 and $300,000,000 money” through 90-day bills maturing around

1, )50¢. 5@90c. Tomatoes

June 15. The program will begin Monday, Feb. 28, and will continue in installments of $50,000,000 for from four to six weeks. The extent of the new borrowing, officials said, will depend on the extent of income tax collections m March: The Treasury expects to receive about $800,000,000 at that time.

Net Last Change 17% + Vv =

Swift & Co .... Sym-Gould

Talcott J Tenn Corp Texas Corp Tex &

BSW WO -TD-IND

Thermoid .... Thomp Star A Oil

Transamerica A & W Air Trans & Wms Tri-Cont 20th Cent-Fox

-3 Prada dtes 5

-- w -

Union B&P ... Union Carb... Un Pacific .... Un Ol Cal.... Un Carr Fast .. Un Alr Lines Un Aircraft Cp United Corp .. r Sec 6 17% 5 25Va 52Va 86 49%

Te

Vanadium Vick Chem Va-Car 6 pf.... 2

Wabash pf A... Waldorf Sys Walgreen ‘i Warner Bros .. Warren F & P.. Waukesha Mot. . West Air Bke .. Westing El .... Westvaco .... Wilson & Co .. Woolworth Worthington Woodward Ir Co

Yellow Tr va Young S & W.. 15 Young Sheet

SEC TO SUBMIT TIGHTER CODE

Government Regulation of Investment Companies Is Ultimate.

WASHINGTON, Feb. ¢ (U. P).~— Recommendations for strict Government regulation of investment companies will be sent to Congress by the Securities and Exchange Com-=-mission within a month, a high SEC

official said today. Because of the depressed state of capital markets, it was believed certain the SEC will recommend that investment companies be permitted to participate in underwritings and help finance new industries. SEC officials said that certain questions asked by SEC counsel at recent investment trust hearings provided a definite clue as to what they have in mind, but were reluctant to discuss the plans. The record of those hearings indicated that the SEC would seek legislative authority to force all investment companies to register in the same manner as public utility holding companies are now required to do.

Legal Definition Sought The first step, it was indicated,

will be determined of a legal defi-

nition of an investment company. This is essential to enactment of the registration requirements, because of the conflicting characteristics with those of holding companies. The definition would have to give recognition to two types of investment companies which invest primarily in a diversified list of marketable securities, and with firms which concentrate their investments in special enterprises. In order to draw the line between investment firms and holding companies, it was indicated, the definition will have to fix the maximum concentratoin of assets in special enterprises permissible for inclusion in the invest ment company category. Other recommendations expected included those designed to: 1.Eliminate conflict of interest as between stockholders and officers and director. Self-dealing such as sale by officers and directors of property and securities to their own firms and loans to officers and diretecors would be prohibited. 2. Require most complete disclosure to stockholders, including adequate notice of any changes in the form of investments. 3. Force substantial changes in accounting practices.

WAR RUMORS CAUSE WHEAT PRICE JUMP

Corn Reverses Early Trend, Follows Grain Upward.

CHICAGO, Feb. 4 (U. P.).—~War talk again has edged into the grain trade picture. A renewal of the “scares” of several months ago today was believed responsible for the upturn in wheat prices on the Chicago Board of Trade. ' At the end of the first hour wheat was 5% to 3. cent higher, corn % to 3; cent higher and oats unchanged to *% cent higher. The early losses in wheat were quickly erased after the opening and a more active trade developed a strong market tone. Some stop-loss orders were caught on the upgrade and strength in Winnipeg added to the bullish influence, Wheat receipts were nine cars. Corn has reversed its initial trend on the strength in wheat. The war talk that spread in the wheat pit also was heard among corn traders. Receipts were 130 cars,

NEW NLRB CASES GO BEFORE HIGH COURT

WASHINGTON, Feb. 4 (U. P). Two new tests of National Labor Relations Board authority, involving orders directing withdrawal of recognition from alleged company unions, come before the Supreme Court for argument today. NLRB General Counsel Charles Fahy, in oral argument, will seek to convince the tribunal that it should reverse decisions by Circuit Courts of Appeal holding that the Board's authority does not warrant orders directing withdrawal of recognition from unions unless some other organization has been found to be the proper bargaining agency.

HEALTH OFFICIAL TO SPEAK "Members of the Central Christian Church Men's Club are to hear Dr. Herman G. Morgan, State Board of

ho +

k at 6:30 p.m. |

Jan Mayen Is.

8 ie OCEAN

A severe Arctic storm has shattered the ice-fioe on which, eight months ago, Russia established a four-man camp to study polar meteorological conditions, and although a fissure developed in the ice

cake on which their tent stands, the daring scientists have radioed to Moscow, “Don’t worry.” map shows the position of the floe when the

present.

scientists.

The

rescue the party, and its storehouse of technical material go floating off on other cakes of ice.

FRIDAY, FEB. 4, 1938

Party for Ride

| experiment began and its approximate position at The men in the photo are Ivan Papanin, left, expedition chief, who sent the laconic message to the Soviet capital, A Soviet ice-breaker is preparing to

and Fydorov, one of the

which saw its reserve supply bases

COUPLE SENTENCED FOR PETIT LARCENY

Charles Tillberry, 20, of 113% S. California St., and Mollie, 33, his bride of a year, today were separated to serve prison terms of one tp five years each for petit larceny. He was sent to the State Prison and she to the Woman's Prison by Criminal Court Judge Frank P. Baker. They pleaded guilty to stealing $9 from Floyd Crayton, R. R. 7, Box 318, after a drinking party last Dec. 18.

HICKS WILL FILE HIGH COURT APPEAL

Head-Hands Killer Is Given

Last-Minute Reprieve.

Times Special MICHIGAN CITY, Feb. 4.—Heber L. Hicks, encouraged by a threemonth stay of execution, today waited in State Prison's “death row” while his attorney prepared an appeal in his behalf to the U. 8. Supreme Court. The parents of the man who was to have been electrocuted shortly after midnight for the “head and hands” slaying of Harry R. Miller, retired Cincinnati fire captain, were to return to Cincinnati today. When Deputy Warden Lorenz Schmuhl told Hicks the Indiana Supreme Court had granted him a stay of execution until May 6, Hicks replied: “Thanks.” “That’s all he said but he really was tickled to death,” Mr. Schmuhl said. Owen 8. Boling, Hicks’ attorney, said the appeal will be based on the claim that Hicks was denied his

constitutional rights after his arrest by being held incommunicado and that his confession “was obtained by State Police while the prisoner was suffering from loss of sleep and was in a stupefied condition.” Frank Gore Williams, William Kuhlman and John J. Poholsky already have died for the murder.

Given Post

R. W. Wall

WALL NAMED PENAL PRODUCTION CHIE

Headquarters’ Setup to Centralize Industries.

Thurman A. Gottschalk, State Institutions Division supervisor, today had appointed R. W. Wall as industrial production superintendent for three penal institutions. “Headquarters are to be established at 141 8. Meridian St. to complete centralization for coordinated state management of industries at the State Prison, Reformatory and Penal Farm,” Mr. Gottschalk said. E. Tom Hannagan was named sales superintendent and Harry H. Wissel was appointed elaims and accounts clerk. Mr. Wall formerly was production superintendent at the State Prison. Until his successor there is named, Mr. Wall is to continue management in addition to his new work. Indiana prison-made goods are sold exclusively to State departments and local units.

Plan State House Club Dance

Times Photo.

They are just trying this valentine for size. The young women want to be sure decorations for the Women’s State House Democratic Club dance and card party at the Indianapolis Athletic Ciub next Friday are satisfactory. Miss Betty Benjamin (left) and Mrs. Martha Jane Lowe are state employees and are on committees arranging the

party.

professional purposes Many physicians

professional journals for the item.

on office or other p may be deduccted. A premium

YOUR INCOME TAX

No. 13-—Deductions for Professional Expenses

A professional man may deduct all necessary expenses incurred in the pursuit of his protession, These include the cost of supplies used in his practice, office rent, cost of light, water, fuel and telephone in his office, the hire of office assistants, and expenses paid in the operation and repair of an automobile, based upon the proportion of time it is used in making professional calls or for other

use their residences both as offices and their homes. In such instance the physician may deduct as a business expense the rental value of the rooms occupied for office purposes if he actually pays rent, and also the cost of light and heat furnished these rooms. Also, he may deduct a portion of the wages paid domestic servants whose time is partly occupied in caring for these rooms. Membership dues in professional societies are deductible. Physicians and dentists who keep in their waiting rooms current magazines and newspapers for the benefit of their patients may deduct this item as a business expense. The cost of taxpayer's own use is also a deductible

The cost of technical books is not a deductible item, bel capital exncnditure, bui a porprotionate amount for each yea depreciation of the books may be deducted. Depreciation

be taken on office furniture and equipment. Ir

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HOOSIER ASKS FEDERAL LOANS

“Little Businessman’ From

Warsaw Says Taxes Must Stay Up.

WASHINGTON, Feb. 4 (U. P.) == Max M. Drefkoff, a Warsaw, Ind, furniture manufacturer, believes

that one of the nation's greatest needs is a method of making loans to small business. He was one of the few delegates to the “little business” conference here who did not object to higher taxes. “I'd rather make a profit and pay taxes than lose money and not pay taxes,” he said. “Taxes are high but there is no other way to get the money. The budget can’t be bal anced when there are 10 million un« employed.” Mr. Drefkoff employs between 30 and 40 men. In October he employed more than 100. The business recession, he said, has been the worst setback he has experienced since he began manufacturing furniture 18 years ago. His merchandise shipments dropped from $30,000 in October to $5000 in November, he said. After laying off men his weekly payroll dropped from $1600 to $500. Last year he said, labor costs increased 20 per cent; material costs jumped 30 per cent. His profits for 1937 were about 33 per cent above those of 1936. Mr. Drefkoff said he was “in favor of the Roosevelt Administration.” put wants it to do something about creating a Federal agency to make small loans. His plan would set up an agency to make loans—"bhacked by 100 per cent security”-for the sole purpose of buying materials and paying wages.

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GRADE TOURNAMENT SCHEDULE REVISED

Coaches Increase Rest Time For Junior Players.

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ANDERSON, Feb. 4 (U.P. —Dr, Thurman B. Rice, State Child Health and Physical Education Di= rector, achieved further results today in his drive toward abolishing junior basketball tournaments. Madison County coaches and officials, planning a grade school tourney here this week-end, hastily revised schedules so that longer and more frequent rest periods would be provided. Cancellation of the tournament has also been proposed, Dr. Rice's criticism of such “abe surd” tourneys led Elkhart authori ties to cancel a tourney of Frankfort, Nappanee and two Elkhart grade schools scheduled for Saturday. A letter from Dr. Rice, school officials said, was responsible for their decision. In Miami County, where final rounds of an all-County tourney are to be played at Amboy, a school official denounced Dr. Rice's criticism as merely seeking personal publicity, and stated that no school authorities would willfully permit tournament conditions that would injure health of players.

BISHOP WELCH NAMED TO M. E. BOSTON AREA

BOSTON, Feb. 4 (U. P.).—Bishop Herbert Welch of New York has been assigned by the Methodist Episcopal Church Board of Bishops to the Boston area to fill the vacancy caused by the death of Bishop Charles Wesley Burns, it was ane nounced today by Bishop Edwin H, Hughes, Washington. Bishop Burns died last month at Portland, Me. The new bishop, who assumes his new duties at once, was born in New York City 75 years ago, was graduated from Wesleyan University in 1887 and did graduate work there, at Drew Theological Seminary and at Oxford. For 11 years beginning in 1905, Bishop Welch was president of Ohio-Wes« leyan University.

UNIFORM AUTO TAG DATE URGED BY CLUB

National uniformity in the time of expiration in license plates of motorists is being backed by the American Automobile Association and the Hoosier Motor Club, Todd Stoops, club secretary, announced

today. A digest of motor laws recently published shows licenses are purs chased in all months from October to June.

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