Indianapolis Times, Indianapolis, Marion County, 8 February 1938 — Page 12

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TUESDAY, FEB. & 1038 Bottlers’ Officers at Meet

THE INDIANAPOLIS TIMES

PAGE 12

NEW YORK STOCKS EXTEND RECOVERY; TRADING LISTLESS

Steels, Motors Lead ‘General Loss Purely Technical I 3 Marks Local pturn. \ Porker Prices

NEW YORK STOCKS SESSIONS OPEN |

xag Corp... & "“ Shue 1 WwW A Oil . ransamerica

Palo Go Pp 5 PD k Y &

By United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS SRY eevee 121.89 wns IY ..184.38

IN RECREATION TRAINING WORK

Total Enrollment of 200 Expected for Institute At Central Vv’

(Photos, Page Three)

Class sessions in the Recreation Training Institute for recreation workers in public, private and emer gency agencies were under way today at the Oentral Y. M. C. A. fol lowing registration yesterday. Additional registrations for the sessions, which will continue through March 4, were being a today. Leaders an te a total enrollment of about youth leaders from Indianapolis and other cities of the state.

an ie High Low

Adv Rumley ... 1% Air ae “SS a Aloe corpo Bi 15% 0 Allee teel .... 15% Allied Chem ...1811%2 All tores .. la Allis al coe 42% Am hoe . Am Can “ ) Am r&P ... 21 Bn hain & © 18% i Am iF Pa 3% A& P $6 of 13% Am Loco ...... 18's Am Loco pf _... 584 Am Jon Fdy 12% An r & Lt. 4% & L. 6

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Year Bo ......vvvvnnn VR High, 1938, 32.33; low, 27.08, Wigh, 1987, 64.46; low. 2W.0L 20 UTILITTES Yesterday waves T888 Week BED «..vviuivirervaeees. 10.58 Month BED +vuruuvenanivaeaes RAYS Year ago .......viun ween. S488 High, 1988, 21.86; Tow, 18.25. High, 198%, $7.54; low, 19.65.

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NEW YORK, Feb. 8 (U. P.).—Stocks extended gains ‘today after a firm opening “and at noon had recovered the ground lost yesterday. Trad-

ing was dull. Steels and motors led the upturn which traders characterized as purely technical and without benefit of

favorable market news, U. S. Steel reached 527%, up 2%, and held most of the gain. BethJehem sold at 533; up 2%; Chrysler, 53%, up 2%, and General Motors, 33 “=, UP 11%. | Aviations gained a point. Coppers | strengthened with gains of more than & point. Johns-Manville rose 31, to 77% on two transactions. Utilities were slightly higher as were |

Mother Lode .. Murphy G © ..

Recently high hog values dropped generally 10 cents on all weights in early local trading. according to the Bureau of Agricultural Economics. Later deals on weights under 140 pounds were 10 to 25 cents off, with a further refinement in the weight schedule on pigs and light lights. Top fell to $9.15 for best 160 to 180-pound butchers. Packing sows were off 10 to 15 cents to bulk at $6.50 to $7.10, with a practical top of $735 on lightweights. Some small premiums were uncovered at the decline on strictly choice, uni= form lots of hogs. Medium and good grade fat steers predominated in the light | Tuesday cattle run and sold with moderate action on early rounds

Yellow Young

COUNTY STUDIES TRUCK ROAD BAN

Highways ‘Deplorable’ Because of Inadequate

sh-Kelv Pe Dairy .... 13 ” istillers . t Gypsum .. at

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1 &

Times Photos. The Indiana State Bottlers’ Association continued in convention at the Severin Hotel today. When sessions opened yesterday greetings were exchanged by Jess L. Stucky (left), president, Muncie, and IL. E. Yuncker, Indianapolis, treasurer,

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Instructors Instructors for the course, con= ducted by the National Recreation Association, New York City, are Clarence Leroy Glenn, recreation administration; Ethel M. Bowers, social recreation and recreation for girls and women, and Jack Stuart Knapp, drama. In the registration yesterday, much interest was shown in the drama courses, both introductory and advanced. Harry W. White, chairman of the institute planning committee, announced today that special classes

& THERE HERE LHR [REE EEE | A : :

Atlas V Auburn “™ Aviation Corp .

> Fae

c—-—

Yardstick Shows Nation Correctly Represented

¥, To

sald Toco ct wi alt & bn. 3 pt 2

SARS S FE FE

; Ss alt & arber

oece On

hi Oo

3endix “ reific Lig «vo. wth Steel 5s ackard Jeth Steel 5 pf law-Knox .... 1 Joeing Air .... Jorden "Wh 3org-Warner ddgept Brass .. R .

Pullman

Purity Bak .... Heavy trucks may be banned from

the railroad shares. Oils were mixed | about in & narrow range. Deere, Case and | vance. Harvester turned early losses intd| at midsession and ® one-third of the crop still remained

small gains.

Woolworth made a new high for point. J. C. Penney lost 13% to 64 and then ral-

the vear at 43, up %

lied & point. »

Today's At a Glance

GENERAL BUSINESS

Business

but the action slowed

in first hands. Heifers and

$8 and above.

manded $6 to $6.40. A $6.50

in line with Monday's ad-

down

pproximately

cows

found ready sale at rates steady to strong with the gain recorded Monday and both classes are approximately 25¢c above last week. No change occurred in bull prices. Numerous loads of steers ranged from $6.75 to, $7.25, with a few loads of strictly good held late at Most plain de-

to $7

range covered bulk heifer sales, a | £0

Beef

rs, AM ... Byron Jackson

& Racking ww 20 allahan ine. Canada Dry ..

se J I “ terpitiar To ire ...

84% 4082 F&F FEF

IIE) 14+]

Ratio ..... ven adio PI N .... adio-K-Or .

"h 33 em-Rand .... 1¢ epublic Stl ... * BB .....vvv 3% ren a yn ring itter Pent wee 10

vw 4 . 18% nh » 23%

pr EFA

a large part of the county road system within the next few weeks unless weather conditions improve, Dow W. Vorhies, County Commissioners’ president, said today. The Board has been swamped with complaints from rural residents that many of the roads are in deplorable condition, he said, but many requests for repairs have been denied because the County lacks funds. “It’s hard to tell a taxpayer that we haven't any money to fix his road,” Mr. Vorhies said. “But, the County hasn't got it, and that's all

for teachers in public and parochial schools have been arranged for aft-er-school hours. These are in addition to the clases scheduled originally. WwW. J. Ash of the Indianapolis Community Fund, is secretary of the planning committee. The committee on arrangements includes Harry W. White, chair= man; Mr. Ash, F. O. Belzer, Allen Bloom, Raymond F. Clapp, F. E. DeFrantz, the Rev. A. . Fus= senegger, William A. Hacker, Quen=tin K. Hartke, Essie L. Maguire, Hugh W. Middlesworth, Helen Nich ols, Ruth Pease and Will Wertz.

In Senate’s Wage Vote

Division of 42 to 40 in Upper House Squares With Popular Strength of Constituencies; Minton, VanNuys Ballots Recorded.

By E.R. R. WASHINGTON, Feb. 8 Because every stale has two United States Senators regardless of the number of its inhabitants, it is often true in the upper house of Congress that representatives of a minority of the population can defeat the will of a majority of the population. By painstaking tabulation of the numerical constituencies of all Senators, Editorial Research Reports has constructed a simple measure of the actual number of persons in the States who are represented as being for or against any

load of good grade $7.25. cows ranged from $4.75 to $5.50, cutter grades largely $4 to $4.50. An occasionally weighty sausage bulls made $6.50. Good and choice vealers brought steady prices at $11.50 to $12, with medium grades weak to slightly lower at $850 to $10 50. All slaughter classes in the sheephouse were steady, quality considered. Bulk of the fat native and fed western lambs moved from $725 to $750, a few outstanding natives making $775. Fed year-

there is to it. “The Legislature sliced a lot of money from us when it revised the distribution system to counties and cities, and now we are handicapped in keeping county roads in shape. “Indianapolis gets about $600,00 a year from gasoline, license and similar funds. The County gets only $188,000 and has several times as much mileage to keep in shape. “On this basis, the County has only about $165 a mile for its 1100 miles of roads. The State has about $500 a mile available for road re-

_ American Automobile Manufacturers Association preliminary estimate places January factory sales © wt 223.100 cars and trucks vs. 346.886 in December and 399,638 year ago.

CORPORATION NEWS

American Cities Power & Light Corp. Dec. 31 net assets 26 cents a Class “B” share vs. $6.71 year ago. Central States Electric Corp. and “wholly owned subsidiary 1937 loss $331,969 vs. loss $775,228 in 1936. Consolidated Steei Corp, Ltd, 1937 net profit $435953, equal to

proposition voted upon in Senate a IO ally “yea” volte being interpreted as 58 willingness to scrap the idea of it y 0 namerionl _constitierie) eA in| Ying prevailing wages, Senator State, the process of addition yields VEU old w jays a sens an exact statement of how the yea masses articulate or inarticulate, | Just before the week-end recess the Senate rejected a motion by

sresented in the Senate. 2 Pe is of especial im= Senator Glass (D. Va.) to take up portance on roll calls involving eco- the Independent Offices Appropria= nomic controversies—-on any ques- tion Bill and thus displace the Anti= tion. in fact, in which “urban” in- lynching Bill. This action forecast ost ar raved against “rural” | indefinite continuance of the fili« J a, > buster in which southern Senators

Ts ¥

FEwa

~3%

to each Senator a

BOBBITT TO SPEAK AT LINCOLN RALLY

G. 0. P. Veterans Set Party For Friday.

ty “va Srucivit, St urtis Pub

artiss-Wr “a Curtiss=Wr A .

CHICAGO PIT HOLDS EARLY HIGH LEVEL

Moderate Sales Help Corn

Davega cu df .. Lac & W Caxt " Douglas Air ... J Dow Chem .

u Pont .. .... Du Pont deb . 13 Du Pont pf ....

Arch N. Bobbitt, Republican State

$306 a preferred share, vs. $425.650 | nos ranged from $5.75 to $6.60,

Elec Boa

or $299 in 1936.

Electric Shareholders Corp. Dee. | jones cleared at $6.75.

while = five-week shorn

31 net assets 388 cents a COMMON | spas went at $3.00 down.

share vs. $6.14 year ago.

Hazeltine Corp. and wholly owned |

subsidiaries 1937 net income $549,293 | .

vs. $358,909 in 1936.

Lone Star Gas Corp. and

sub-

sidiaries 1037 met income $6,820,788 | J

"ys. $6,192,632 in 1936. Massey-Harris Co, Ltd,

fiscal | 5

western Slaughter

Ton Receints |

1500 4000 4000 5000 3000

t “ Blee Pwr & Lt El PRL $7 pf.. 3 Eng Pub 8 . Equit Bldg ....

Fajardo Sug .. | Fintkote ....

Rlectrie .. 38° GRE A

Motors .. ut Adv Ge rk Gillette S R

Climb: Oats Unsteady.

CHICAGO, Feb. 8 (U. P).—Wheat

3) «| prices maintained a higher level on |

the Board of Trade today although early advances were pared by profit taking. At the end of the first hour wheat

pairs.

“The big trouble is that the Leg-

jslature went ‘haywire’ and set up unfair proportions of distribution in Marion County. Nearly 756 per cent of the citizens of Indianapolis use the county roads, yet the City doesn't pay a cent for the privilege. Diversion of that $600,000 to other purposes than repairs and maintenance of City streets is sufficient reason to demand that the law be

Central Committee chairman, will speak at the Lincoln birthday party and rally to be given at 8 p. m. Friday in the Riviera Club by the Marion County Chapter, Repub= lican Veterans of Indiana, Inc. Mr. Bobbitt will be introduced by Frederick B. Schortemeier, Republican County Committee chairman. Veterans named on the reception committee include:

interests. This conflict of interests

have been engaged since Jan, 5,

arose when the Senate had under consideration the new National Housing Law,

Prevailing Wage Is Issue On Dec. 21, the Senate had writ= ten into the housing bill an amend= ment by Senator Lodge (R. Mass.)

specifying that “prevailing wages” must be paid on all construction 10

but there were indications that a second effort to Jay the Antilynchs ing Bill aside might succeed at an early date. The vole on the Glass motion was 34 “yeas” to 52 “nays.” Both Senators Minton and VanNuys voted against the motion, Catholic and several organizas= tions registered strenuous protests

30 1500 ann | Gimbel Bros 273 | Glidden Graham Paige |

Grevhound Cp

was 14 cent higher, corn was & to 4 cent higher, and oats were 's cent lower to 14 cent hiher. Sentiment on the bullish side was influenced to some extent by an

pe financed under its terms, This provision was not included in the House version, and the Senate amendment was stricken out when the bill was rewritten in conference.

changed,” Mr. Vorhies said.

Curb Stocks

Harry O. Chamberlin, chairman; Clarence R. Martin, William H. Remy, Remster Bingham, Sidney 8. Miller, Frank Livengood, Don Roberts, Harry Bagon, Frank

vear ended Nov. 30 consolidated nev § profit $1.043.728 vs. net loss $58,413 | prow wid previous year. (140-160) Crood G. C. Murphy Oo. January sales | (180-380 $2.490.007 vs. $2,519,024 year ago,

after a message of “good wishes” signed by 26 Senators and 34 rep= resentatives was addressed to the

RO Loyalist Spanish Parliament when

Homestake

"off 1.1 per cent.

profit $

New York Transit Co.

$34,048, or 34 cents

1836

Peoples Gas Light & Coke Co. | 1037 consolidated net income $2.424.VS. $2,133,280 or $3.21 in 1936; December quarter net income $701,727 or $1.06 vs. $1,381,598 or $2.08 year ago. | Wahl Co. 1937 consolidated net 47.045, equa) to $4.13 & pre-| a} $91,447 or $7.89 in | (1100-1300,

25, to $365 a share

equal

ferred share Vs. 1936.

Walgreen Co, January sales $5.507,855 vs. $5,353 036 year ago, up 29 | per cent; first four months of fiscal year $24.345601 vs. $23,429,960 year

» ago, up 3.9 per cent.

, B Belt

xLincoln : R

+ N Ind Pub Serv pf 6% + N Ind Pub Serv 7%

¢ Pub Serv of Ind "%

5 5 3

: xMarket St. Investment Corp.. 21.42

, rent fiscal year through

i ld

DIVIDENDS

Eastern Utilities Associates regular quarterly 50 cents on common payable Feb. 15, record Feb. 8. Action on convertible shares deferred

until later in year.

Interlake Steamship Co. 25 cents on. common payable April 1 record March 15. In 1937 company paid 50 cents each April 1 and July 1, $1.50

Oct. 1 and $2.50 Dec. 20. (Copyright, 1938, by United Press) ———————————

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) quotations do not reprebids or offerings. dut merely ev

The foliowin sent actual indicate the approximate market based on buving and selling inauiries recent transactions.

BONDS

A American Loan Co 5s 46-51 ... 98 Citz Ind Tel (TH) 4las 3 H Tel & LEW hs . 108 H Tel & WW 8s 43 .. Ind Asso 4%8 6%... J ne Tel C0 88 60 .... .....venn nd Railway Inc 5s 67 ....... 4 e Tel & Tel 5's 63 . ater Co 3lgs 88 vir

T Trac Term Co 5s 57

elt R

: Ss com s Pwr & Lt pfd 6% .... apis & Lt 62% "ahaa Indpls Water Co pfd 5% ... 1 Nat! Life Ins Co com 24 P Mallory com \ - ih N Ind Pub Serv Co pfd 5%% . »

Pub Serv of Ind 6%

Progress Laundry Co com ... Terre Haute Elec Co 6% .... 95 Union_ Title Co com Van Camp Milk Co nfd Van Camp Milk Co com ..... 1

(By M. P, Crist & Co.) xEx-Dividend.

U. S. STATEMENT

WASHINGTON, Feb. 8 (U, P.). —Governreceipts for the curb. 5 compared

ment expenses and with a Year ago

Customs. . Inac. wold

Clearings Debits

19387 net income $48.985, equal to 49 cents a |

share vs in

ced

an 2% 16% Wh 58 11%

23.03

~ (200-2 1220-2

85399333

(250-200) (200-3! Packing Sow (275-350 1350-428 | (425-450) Good (275-550) Medium v Slaughter Pigs (100-140) Good and choice . Medium CATTLE

| «Receipts, 2001

| 50-9 hoice | 900-1100)

1 | (1100-1300) | (1300-1500) (750-900) Good

3 DIY

| (1300-1500) Good (750-1100) (1100-1300) Medium (750-1190) Common Steers and Heifers— ( Good .

550-750) CA YAR Heifers

(plain)

(750-900) Good (550-900)

BRT

All Weights Good Medium . IRTADE. ~ .>0 2a xaai> Presse Low cutter and cutter Bulls Yearlings excluded (all weights). Bood (beef) . ‘yA NV ; (All weights) Medium ! Cutter and common Vealers «Receipts, 500 (All weights) Choice (All AA Sood (All weights) Medium Cull and medium . R

PALERARARRNANNNNY “a

soon #3

«Receipts, 710 (250-400) Choice vou ) Good (250-400) Comm

or Feeder and St

Heifers (500-700) Good and choice . Common and medium SHEEP AND LAMBS —Receipts, 5839.

8. 5.

bX a9

od and cohice mmon and medium

CHICAGQ, Feb. 8 (U pts, 19,000, JncInding 15% 25¢ lower: bs. $8 NS hoo)

average 10@ 8.50. $ Sas: packing scarce.

Cattle--Receipts, 8000: ca largely steer run: medium wel weighty Kinds. dull: Hm steers, steady: bidding 2 wer: rank steer crop in decline: those s

est welghty cattle

rs, steady, active; cows, scarce, d vealers, steady, although light vea tending lower; vealers to $11: weig! sausage bulls, $6.50. Sheep—Receipts, lambs opening very slow: bu higher asking prices and bi lower, early: ta choice around $7. $7.85 a

8000: none direct:

0 7.60: choice herd unward nd above; sheep, steady. CINCINNATI, Feb, 8 (U. ceipts, 2100; none direct: holdovers, 1 market, Steady to 10c lower; oR 3: 200-225 1bs., 8 100-140 Ibs. 8 508. bulk good packing sows, [email protected]. Cattle ipts, ket, on] ir steady; half loa good 1083-1b. vea 7.50. part load RO to choice eifers, $7.75. common to good Cows, 5.50; low cutters and cutters mostly . practical top sausa yealelty strong to 50c hi cheep oR a Rib PY trong t 0 y., str 0 higher Roof natice _e

Ed, alve 5010. Hea ¥en 8-350 Ibs. SST 140-1

Lambs—$76 7.25.

See Final Edition of the Times for

| Closing Stock Quotations |

2 140 lbs 8.75. 7.28,

FOOD PRICES uSHicacs a, 3 RA Sy

B® IIIT BBBODDD De BIB DD rire 52 335% 38333257

RST HAS DY SSAD

83 SANS

So BIIBBB IBID

22 oD

BT BIT II

IR 5.75

. _P.).-~Hogs--Re-2500 NE ® mat Th: -325 SOWS,

wh: bulls

ers resisting ding slightl erings b

\).~~Hogs-—Re-1 calves, 250. maractive ray bout | Mai ings. 42-1b.

ulls, Rs higher: practical

one direct: male igher; and wether BER ol, rig aod: Conch 3 LAFA , \ J) v 100 ie oa ly #8 Joets Xs ah OJ pig 9

Fie BE

, $7.50: 0-130 tbs. 88 i) 5. stags, $5.50, Barres 81a. ‘Lambs—

(QU PA

ond-Her B ouston Oil Hudson Motor

In Central

AB DD HID

Lorillard “av Ludlum Stl .. .

Man Shirt .... May D 8 39

y va Mavtag of 2 Melintyre Pore . Minn Hny .... 5 Mo Pac of ... Mont Ward ...

HONS SS vow

6 2%

23 32% 32

advance in securities and indications of demand for North American wheat. Export sales were estimated around 400,000 bushels. Trading in

1s | recent sessions, however, has been

29 329%

(By the Inv. BKkrs. Bid. Asked.

MN Affil_Fd Am Bus n BE d

m as rd St hi) an nt

3.54 87

5 -

fr BT CONS in BT pr 8s CD YH

ass I ut oR

8333

-~ SIS ag piso SD IID Pe ARID DS

eh rie Ro 1 "Ba

tt Hg B3 Is TIS A SR3FE2n33Z

Pa BI

a “Te DD

} y ep Tr Am I | v oy 88 30.04 8bn Trek .80'Std Util ISt 8t_Inv

1.11/8up Corp

3 -~ - wow -~

—- - —

3% oa

2322333° >a Sia - 0"

ot Steet © on Tvs 15 Pett Securities Bk Grp 1.13 Ta ; 20 Invest Bank , Ws 1st Bos 13.78 15.98 “ wt h Inv Fd C 95.07 9.63 Well

— ID

COR pp

Gn ht pd 3p-azviass

- >

299735

or - »" a

tp . 53 2 —

ro = a» 5 o » 83 C857 20asT —- Z > ve

ers

ty | Bank of America .....

Bank of Manhattan ankers Trust ank of New Y Brooklyh Trust Central Hanover .........

fat 3 i to

RB Corn Exchange

pire ret National .... naranty oe National Ci New York

Sarees

Pratt os

Pave

Ld 50

w ... n dy. EXCRUNES sUSAUY: wbielRutes

land (pound) ..8§8, gt

anc

» . . . " "

en (krona) .. orway (krone) ... .2519 nmark (krone) . .22 apan (yen) ......

1 surje 13¢; eac "if STON!

full ¢8

™ YX FP

hy a Ray 4.71 Pd 11.30 . Y. Stocks

S nn 6

t In C

INVESTING CO.’S

Conference, Inc.) Bid. Asked. 11.08 11.79 Ky CPF-B2 2¢ in 4.10 WY «“B3 1

J1 22.61 87 14.1

— A >

22% 3323¢

87 13.86 A158 24 4.45 J2 35 45 9 Je 13

ft Pp BamODo Sa td Ce

1 3533555242 53

ON aot 43843353

! FADD IPIBDD

W WBBD III OY ILI LD pt SID DD AEBB-=323Z

59 pe NIAID IO NANI Ban RusS =D Dow w-T

—

BANK STOCKS

FOREIGN EXCHANGE

YORK, Feb. 8 (U. P).~Foreign

Change

wn 8000

0000 Ve

LOCAL PRODUC

Heavy b! Oh. bs, under 4'p u 3 eavy springers, 1 y ah: ney Is, i and fresh count

4 uv. 17 oer i

relatively light with weather in the domestic Southwest a dominant fac. tor. Wheat receipts were six cars, Corn prices were up on continued fair inquiry and moderate sales. Receipts were 58 cars.

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 Inds. Rails Utils, wy 684.0 na 80.0 84.5 "2a

Yesterday Rs

Week ago .....

By United Press

NEW YORK, Feb, 8 (U. P), =

Curb stocks opened irregular. ®

Onen Change ei 1a - By

Va bh 0 a

i Nor Am Rayon A ...vvvivis « 1% 4 a Un Gas . 30, == Ia Un Li&P A ...

FOREIGN EXCHANG

NEW YORK, Feb. 8 (U. P.).—Foreigh ex-

change easy. Cable Rates Change $5.01 «00 3-18 5.00% «00 3-18 1.00 3-64

England (pound) Eng. (80-4, bill rate) Canada (dollar) (franc)

Bonds Bel

ws. | Ger

821 100.3 98.9 82.5

ann th

82.3 60.8 "a 919 1008 1054 Two years age. 93.1 92.6 105.2 1938 83.0 70.0 4 193% . s1.1 LAR

Month ago ... Year ago

100.5 81.1 100.2 23.3

195% 101.2 1060 193% 69.3 02.3 1938 100.4 108.2 1936 low 103.5

NEW YORK, Feb. 8 (U

opened firm.

Argentine 4s Feb T2 Argentine 4s Apr 72 Pac 4s ..

P.).=Bonds oO cra yen Change (HY a + H - a

+ lg

sre Marquette 5s wy 4s Texas Corp 3'is Uruguay 8s 80 ..... West Un 5s 60

Holland (guilder) Sweden (krona) .. Norway (krone) Denmark (krone) Australia (pound) . 4.01 Austria (shilling) 1805 Czechoslovakia (koruna) a 08818 Finland (markka) . .0222 Greece (drachma). .0092'% Jugoslavia (dinar). 0235 - 1

New Zeal. (pound) Poland (zloty) vs Portugal (escudo) . Rumania (leu) Argen, (offl. peso) Argen, (unof. peso) Brazil (milreis) Chile (peso) (sol) (peLo) xico (silv. peso) Hongkong (dollar) Shanghai (yuan) India (rupee) Japan (ven) n Nominal,

4.0200

1.0003 «,0001

than a corporation only

capital asset has if the cupital asset for more than two years,

Section 117 (b) defines capital pressly excluding therefrom stock property of a tory of property ordinary course of his

property so acquired retains the

the property retains the same Joss as it had

which the property is

and trust companies), that is, capital assets shall be gains from Section 117 (e) provides that

of property, and gains

gains or former the shall be compu delivered was held. In

one or less. Section 117 (0) provides ment of corporate bonds with interest coupons or in received in

YOUR INCOME TAX

No. 16—Capital Gains and Losses

Section 117 of the Revenue Act of 1036 deals with the manner or method of taking into account in computing net income gains and losses resulting from the sale or exchange of capital assets as computed and recognized under sections 111, 112 and 113. Section 117 (a) provides that in the case of a taxpayer other the following percentages of the gain or loss recognized upon the sale or exchange of a taken into account in computing net income: been held for not more than one year; 80 per cent has been held for more than one year, but not 60 per cent if the capital asset has been held ior more than two years, but not for more per cent if the capital asset has been held for more than five years, but not for more than 10 years; 30 per cent if the capital been held for more than 10 years.

payer (whether or not connected with his trade or business), ex-

kind which would properly be included in the inventhe taxpayer if on hand at the held by the taxpayer primarily trade or business. of iime the asset was held by the taxpayer is disregarded. Section 117 (¢) provides the rules for determining the period for which a capital asset has been held. These provisions are to the effect that, where property is acquired in an exchange and the

gain or loss or where property is acquired from another person and basis on which to compute gain or in the hands of the person from whom it was so acquired, the period for which the property disposed of in the exchange or the period during which the property was held by such former owner is also to be included in determining the period for held for the purpose of section 117 (a). Section 117 (d) provides a very important limitation affecting all taxpayers (including corporations, that losses from sales or exchanges of allowed only to the extent of $2000 plus the such sales or exchanges.

or losses attributable to the failure to exercise privileges or options to buy or sell losses from sales or exchanges of capital assets. In the pei of the gain or loss to be taken into account according to the period for which the property the latter the gains or losses shall be considered as arising from sales or exchanges of capital assets held for

that amounts received upon the retireand similar evidences of corporate indebtedregistered form, shall be considered Sherefor , thus

capital asset shall be 100 per cent if the

than five years; 40 asset has assets as property held by the taxin trade of the taxpayer or other close of the taxable year, or for sale to customers in the In this definition the length in general

old basis on which to compute

except with respect to banks

gains or losses from “short sales”

property, shall be considered as

ving to any gain or

capital gain or loss,

Montrose, Willlam H. Book, Joe Rand Beckett. Charles Cassady, T. A. Radley, Delbert O. Wilmeth, Maurice Mendenhall, Howard Maxwell, Gavin 1. Payne, J. B. Henninger, Vaynes M. Armstrong, George XK. Jeffrey and Maj. Gen. Robert H, Tyndall. Women's committee members are Mrs. Wilmeth, Mrs. Grover H. Workman, Mrs. Paul Ragsdale, Mrs, Beokett, Mrs. Bert Fuller, Mrs. J. W. Ebaugh, Mrs. Frank Coleman, Mrs. Henry Haywood, Mrs. John Caylor, Mrs. George Henry, Mrs, Art Gresham, Mrs, Arthur Robinson, [3 Wolf Sussman, Mrs. Bobbitt, | Mrs, Mendenhall, Mrs, Maxwell, | Mrs. E. ©. Rumpler, Mrs. 8. A Fletcher and Mrs. Willlam H. Harrison,

' Club Hears Bobbit Attack State Cost

Taxation in Indiana rapidly is approaching the point of diminishing returns, Archie N. Bobbitt, Indiana Republican chairman, had declared today. The state “now is governed and controlled by the most vicious political machine the state ever has had,” Mr. Bobbitt charged in an address last night before the Irvington Republican Club. “In the face of platform pledges and promises by the Governor to reduce the cost of Government and give the people an economical business administration,” he said, “we have observed each year since the beginning of the McNutt Administration an increase in the cost of Government.” Mr. Bobbitt said total expenditures of all State departments during Mr. McNutt's teem were 3$14,578,853, as compared with $11,357,663 and $9,511,444 during each of the two preceding Republican Administrations of Leslie and Jackson.

§ \ A] CHICAGO PRODUCE Baas ~Market, weak: receipts, 0814 cages: tres graded firsts, cars, 16c: less than cars, 15'2¢; extra firsts, cars, 16'4c: less than cars, 18c; checks, 13%ac; dirties, 14c; current receipts, 15¢, Butter-——Market, weak: receipts, 740.671 gross Ibs: extra firsts (00-B11p score), 481, m28%c; extras (02 score), 20c: firsts, 27% fr28140, 26@27¢; RL 291. @ : ‘standards, 39¢; centralized (89 ; centralized (8 score), Pr easy.

score),

6, receipts, 30 fc: hens, ens, 23@23'sc, Leghorn hens,

U. 8 Oommercia set Rurals, $1.05, New BStock-—Supnlies, liberal: t, weak

demand, slow; marke in a Track s Florida ) u y 55, En rie Pe exas Riis Triumphs,

bushel crates, $1.40, Arrivals, 8 track, 287; shipments, 753.

DAILY PRICE INDEX

NEW YORK, Feb. 8 (U.P). Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for the United Press (10301032 average 100): Yesterday ... 118.90 Week ago 114.59 Month ABO ..vvvuisvsssnnisuns 117.06 Year ago ......viien vervvews 146.04 1038 high (Jan. 10) ...vvuves 11706 1038 low (Feb. 3) ...vvvvvnee 113.88 1037 high (April 5) ...eveees 158.26 1037 low (Dec. 30) 114.88

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TRAVEL FUNDS i]

AT IND

The importance of the prevailing wage provision to organized workers in industrial communities was attested by the fact that William Green, American Federation of Labor president, warmly urged its res tention. The question was whether the conference report should be accepted as presented, or whether the Senate should insist upon inclusion of the Lodge Amendment, The conference report was adopted on Feb. 1, 42 to 40, the original vote on the Lodge Amendment having been 51 to 17. There were 10 “reversals,” i, e, Senators who voted for the Lodge Amendment in the first instance, but who also voted to accept the conference report after the prevailing-wage clause had been eliminated. The Lodge Amendment had, generally speaking, the support of Senators from populous states, It was logical to suspect, therefore, that the 42-40 division might be one of those instances in which representatives of the nation's minority defeated the majority's will, Such, in fact, was not the case. Applying the numerical yardstick already described, the 42 “yea” votes represented 55,358,347 persons; the 40 “nay” votes represented 52,703,743 persons. These figures are exactly proportionate,

Vote Shows Vote by Areas

Following is a tabulation of this vote by geographical areas: N.imbers of persons ,epresented by:

4 Benators Senators

Area New England ...v00, Middle Atlantie East North Central West North Central South Atlantic ’ East South Central . West South Oentral Rocky Mountain .... Pacific Coast

55,358,347 52,703,743 On the Lodge Amendment as proposed originally, Indiana Senators voted as follows: Minton, “nay,” and VanNuys, “yea.” On the conference report, a

New Business Books Available at Library

The followin now are availab

new business books

e at the business branch of the alanis Public Library: PUBLIC ENTERPRISE, by Willjam A. Robson. Studies of independent or semidependent boards for of ating public utilities in Great ain,

AUDIT WORKING PAPERS, E. Beloubet, Wo

or rit-

CONDITIONAL SALES, . Roger Sherman Hoar, Just what should be done to protect every stage o installment sale.

CANE ThA TARE. INTO ACK

C SEC i comp by National nd stirinl Conference Board. Agua] pias’ xe: vised to conform to the Federal Act or adopted since its passage,

SUCCESSFUL SALESMANSHIP, b: A text

Paul W. Ivey, or a genera sales training course for schools fo eges and a zations.

your interests at the contract inh an

810

1 types of retail organs

it convened last week in Barcelona. Two Senators—Brown of Michigan and Herring of Iowa—withdrew their signatures. “Senator Minton was one of the Senators signing the message.

EE —

GIRL DENIED LESSER PLEA IN MURDER TRIAL

NEWARK, N. J, Feb, 8 (U. P), —Hssex County Prosecutor Willlam A. Wachenfeld today rejected a surprise offer by counsel for Mrs. Ethel Sohl, 20, to enter a plea of guilty to second-degree murder, en= tailing a penalty of 10 to 20 years in prison, in the holdup slaying of William Barhorst, a bus driver, which netted her and her compan= jon, Genevieve Owens, 17, only $2.10, “This is murder in the first de gree, and it admits of no com= promise,” Mr. Wachenfeld said. Mrs. Sohl, her straight “muddy” blonde hair cut in severe mannish style, sat with eyes downoast as the prosecutor demanded two lives for one. Miss Owens, whose attorney contended that she had been dominated by Mrs. Sohl, alternately wept and smiled.

SECRETARY TO TALK TO MISSION GROUP

——— ——

Miss Dale Blils, Home Missions Department secretary, was to speak at today's session of the Indiana Women's Christian Missionary Society of the Disciples of Christ at the Mission Building in Irvington, Mrs. J. 8. Brechbill, state president, was to preside. Miss Lela Taylor, United Christian Missionary Society vice president, gpoke last night at a banquet for board members,

17 MILLION ADDED TO COMPENSATION FUND

Indiana's unemployment coms= pensation fund was swelled by $17,442,855 during 1937, Clarence A. Jackson, Unemployment Compensation Division director, announced today. The fund totaled $22,558,330 at the year's end, compared with $5,» 115.474 at the end of 10386, Mr. Jackson said the number of employers contributing increased from 5986 to 8038 and the number of ‘employees insured increased from 595,037 to 650,173.

Aluminum

POSTURE CHAIRS

Employee Comfort is good business!