Indianapolis Times, Indianapolis, Marion County, 21 February 1939 — Page 21

STOCK PRICES RISE DESPITE LIGHT TRADING

List Develops Steady Under-

tone After Earlier Uncertainty.

-—

NEW YORK, Feb. 21 (U. P)— Preholiday conditions restricted dealings in stocks today, but the list developed a steady undertone after forenoon uncertainty. Building shares were exceptions to the trend, with U. S. Gypsum down a point to a new low at 91. Bethlehem Steel, U. S. Steel, General Motors and Chrysler steadied at small gains. Most aircraft shares held slightly higher. Rails and utilities met support and clung to small gains. Rubber shares and mercantile issues devel- * oped a better tone, with Sears-Roe-buck up 3%, to 71%. Oils were steady and coppers barely steady.

Bond Prices Fairly Steady

Bonds failed to develop a definite trend in early trading and prices hovered. irregularly. around yesterday’s closing levels. Railroad issues firmed against the trend in the corporate section. Early gains ranged to around a point in a few selected issues such as Louisville & Nashville 3%s and New York Central 4%s. ~ New York City Traction Co. loans ‘registered losses extending to more than a point while power and light issues eased narrowly. Industrials were quiet and irregular. . U. 8. Government obligations moved irregularly through a narrow range. Early losses of 1-32 to 4-32 point were offset by gains ranging to 3-32 point.

Curb Stocks Irregular

. Curb stocks were irregular after early firmness. Aviations offered resistance to the sell off. Bell Aircraft maintained all of an early one point gain and scattered issues were steady on small opening advances. American Gas & Electric lost almost all of an early major fractional gain in the utility list. Electric Bond & Share common maintained a small gain but other shares had losses ranging to a point in Electric Bond & Share $6 preferred. Industrials were mixed. Niles Bement Pond steadied on a sub-

No. 20.

imposed.

States.

Your Federal Income Tax

Taxes on Real Estate, Personal Property Paid In ’88 Are Deductible.

8 = # - Deduction For Taxes

Taxes on real estate and personal property paid during the year 1938 are deductible. So-called taxes which are assessed against local benefits, such as streets, sidewalks, drainage, and other like improvements, are not deductible but are to be capitalized, as

they tend to increase the value of the property and

thus constitute cost of a permanent improvement. The Federal income tax may not be deducted. The tax on unjust enrichment— a Federal tax on income—is not deductible. Income tax, however, paid to the State by an individual on his income is an allowable deduction in his Federal income-tax return. Customs duties paid by a person on articles imported for his own use are deductible. Import or tariff duties paid to customs officers; and business, license, privilege, excise, and stamp taxes . paid to internal revenue collectors are deductible as taxes, provided they are not added to and made a part of the expenses of the business or the cost of the articles: of merchandise with respect to which they are paid, in which case they cannot be deducted separately as a tax. A Federal tax is imposed of 1 cent for each 10 cents or fracfion thereof of an amount paid for admission to any place (where the amount paid is 41 cents or more) and is. deductible, provided an account has been kept by the taxpayer of the amount paid. Taxes on club dues are deductible by the member paying them. An individual may deduct the tax on his telephone conversations, radio messages, telegrams, and cables, and on the rent. of his safe-deposit box. Unemployment compensation contributions, if officially classified as taxes, are deductible as taxes and not as business expenses. The income tax imposed upon employees by section 801 of the Social Security Act may not be deducted by the employees. But. the excise taxes imposed upon employees by sections 804 and 901 of the Social Security Act may be deducted by the employers. Also, if an employer pays the income tax on employees under section 80: the amount may be deducted by the employer as an ordinary and necessary business expense, and the employees are required to report as additional income in their Federal income-tax returns the amounts of the tax. so paid for them. License fees exacted by a State or city upon certain businesses are deductible as taxes. Automobile license fees are ordinarily taxes and deductible. Postage is not a tax and is not deductible. In gen= ? eral, taxes are deductible only by the person upon whom they are

Fedéral estate and gift taxes and State inheritance, estate, legacy, or succession taxes are not deductible on Federal. incometax returns, The Federal taxes on automobiles, gasoline, cigarettes, and liquor are imposed upon the manufacturer, producer, or ime porter and are not deductible by the purchaser or consumer. Whether or not the gasoline tax or the sales tax levied by a State may be deducted by the individual purchaser depends upon the terms of the State'law imposing the tax; consequently, the right to the deduction, as between purchaser and seller, varies in the different

Under the Revenue Act of 1938 the amount of excess-profits tax paid or accrued under the Revenue Act of 1935 (as amended) or that imposed by section 602 of the Revenue Act of 1938 is deductible in computing net income of ‘a corporation.

—r—

stantial early gain but other issues Abbott

were irregular around the previous close. Midvale lost a point. Oils and miffing shares were neglected.

» ” ”

Today's Business|}

At a Glance

By United Press GENERAL BUSINESS

American Smelting & Refining

P&L 6Ys P&L 6 pf. 4414 Smelt 4,

tchiso Atlas Far of.

alt & Ohie.. 3eth Stee!

oe Boeing a0 ‘eo ae

Co. directors meeting originally |Bagpre

scheduled for March 7 place Tuesday, Feb. 28 at noon. Bureau of Internal Revenue reports January cigaret output 13,862,907,070 vs. 13,058,452,906 year ago; January large cigar production |g 349,497,329 vs. 328,574,263; January

will take|g

pls: . Byers pf .

Cal Packing ne.

small cigar output 15,091,613 vs. 16,-|ChaNw R

187,013 year ago; January chewing and smoking tobacco production 23,716,059 pounds vs. 23,354,516 year

ago; snuff output 3,197,751 pounds Com

vs. 2,925,067 year ago. Oil & Gas Journal estimates week ended Feb. 18 crude oil output averaged 3,320,961 bbls. LY, up 39,776 from preceding week

CORPORATION NEWS

Peab Sluett Dead, ot RE) Inv . 54%

Som é Cons Cons E 32 % fons ison of. -103%5

Sis ‘P ‘of 951 Cont Pak Biv.o 13

ont ee 3 Sont San Del .. 285

- Ainsworth Manufacturing Co. and |SotY

subsidiary 1938 net loss $147,609 vs. . net profit $923,294 in 1937. American Hawaiian Steamship Co. 1938 preliminary consolidated net profit $613,134 equal to $140 a share vs. net loss $30,501 in 1937;

December profit $160,436 vs. loss E

$27,275 year ago.

Crown C cupfxw 333% Crown Zeller pt 86 Curtiss Wr .... 6%

sD Dome Mines ... 31 31 Douglass Air .. 73% 3 Du Pont .......146%2 146%

East Kod . 181%

Blaw-Knox Co. 1938 consolidated Ext

het profit $145,601 equal to 11 cents a share vs. $2,379,692 or $1.87 in

. | |

LOCAL ISSUES

The following quotations by the Indianapolis Bond & Share Co; orp: do not represent actual Bids or offerings, but merel indicate the approximate market lev based on buyin recent transactions.

Stocks

Auto Invest Cor . Belt R R & Stock Yds com ... Belt R R & Stock 4 Cent Ind Power 7% ‘Home T&T Ft Wayne Sook Drugs Inc Som Ind & Mach 7% pia pls Water Co % ily dro-Electric Gas

pls

Bid kK

% pid .N Ind Pub Service 7% pfd . Progress Laundry Co ‘com Jes Pub Service Co of Ind 7% pid. Pub Service Co of Ind 6% pid. So Ind G&E 4.8% pf T Haute Title Elec Co com . - *T Haute Elec Co pfd Van Camp Milk Co .... Van Camp Milk Co com’ cose Bonds

-Amer Loan 46 . ceevas Citizens Ind Shel 4148 61 10 Crabbe Reynolds Taylor 58 42. 92

0 . pls Railway Inc 5% 67 .. pls Water 3% 66

100 1 5 1042 Krusner Packing Co a 50. 101 Morris 5&10 Stores 5% 50 : Bou TA Muncie Water Wks 5% .6 1.102% Noblesville HL&P 62% a: «+.100%2 Ohio Tel Co 67 . 8 Public Tel Co 4%2% 8 97 100 105 103

10.300 WE Hl A

' Haute Water Wks 6% 49 . act Term Corp 5% *Dividen Market Bi. Bavesument Sop. - 23.18 , Crist Co.)

; "LOCAL PRODUCE

Heavy breed hens, 14c: heavy breed broilers. 42 lbs. and over, i3¢; hens under 3 he. 13c; Leghorn hens, oe 3 ite Rock springers, 1% 13c; colored sprin 12¢: ghorn 1s: Spring) hie] ckens, 2 lbs. and over, 13c; 0 No. 1 Steletly ‘fresh county run n, oes (P 14c: each full case must ht 54 gross: a net deduction of 15 ete for each 11 case Under 51 54 lbs. will ma Butter—No. 1, 28'2@29¢c: No. 26'>c. Butterfat—No. 23¢; Ne. 2, 10 (Priced quoted by Wadley Co.)

‘68 23.42

SEE FINAL EDITION OF THE TIMES FOR OTHER LATE NEWS AND CLOSING STOCK QUOTATIONS

and selling quotations of g

10314 Nat Acm 100

% Do card .|Para Pic 2 pt . Pa p!

26@ |P

Fair Morse .. Fid Phen Flintkote «c.ee. 27

Gabriel A ..... jannett of .... 9 Gi E

Greyhound Cp .

Hayes Bdy

Hud Bay M&S. Hudson Motor .

3 11 33% 7

3 Va

108 1111 Central ....

Inspiratn Cop . Interlake Ir . Int Harvester . Int Nickel .... 51

n Int T&T Fro .

Kennecott

47% 28% 23% 2 wen adison 8S G 18%; 18%

Marine Mid . 3% 31° 52 52

Midland Stl .. : 25 25 Mo-K Tex pt. 7 7 Mont Ward .... 49% 49% Ne

Nash-Kel ...... 7% 141, . 38% g.. 22% . 267% 1... 11% 17

LOEW'S ...e00 Lorillard «¢cc.es

N ADF Aviat . No Pacific

Otis Steel vere FER —Pe

Cc T & T ws

11%

rke Davis .. 9 enn RR .

os 20 Phelps Dodge . 38 Phil Morris .... Phillips Pet ... 3 irc” nf os

P Pu Pullman

. 20Y eee 11% cee 9

Sharp & Disses Socony-Vac .... Solvay Am pt 111 So Cal Ed A 2 South poe ok

South R: ie 30% 46%

Sperry 2 Spiegel Corp.

14% 14

+ +

. .

SHIH HERRERO)

HEE HEE

2 Net High Low Last Change

: ene!

- Lie 44

TH+ +0

Ya | Week ago

Ya Yesterday ..

-| Spiegel Inc pf . - | Std..C... Cia

Yellow Tr oc... 2

N.Y. STOCKS

By United Press

DOW-JONES STOCK AVERAGES 30 INDUS” RIALS Yesterday ...... vene 142.74 = 2.77 csesccscccesssecs 144,18 «= 0.48 Month ag0 ceeccccccocccnss 141.35 <4 0.03 Year ago Holiday High, 1939, 154.85; Low, 136.42. High, 1938, 158.41; Low, 98.95

20 RAILROADS

Yesterday ...... 29.55 «= 1.00

a Week ag0 cceoecccrscccccce 20.89 = 0.29 « 20.25 + 0.12 July

Month 220 .ccceccecccccss Year ago High, 1939, 34. 38: Tow, 21.93, High, 1938, 33.98; Low, 19.00. 15 UTILITIES

Holiday

24.73 == 0.70 24.80 = 0.13 22.89 -- 0.19

Week 280 cc.oscccenssqesss Month ago aay Year ago High, 1939, 25.52; Low, 22.30. High, 1938, 25.19; Low, 15.14.

Net Change a 1h —1 1%

High Low Last 61% “1% 26Y, 48

10% . 1412 Studebaker '.... TVs un Qil pf .... 125. = Sunshine Min . 2 9% Swift & Co .... 18% Swift Intl .... 27

* Texas Corp .... 43% Timken R B .. 45% Transamerica .. Trans & Wms . 20th Cent Fox .

43% 45%

5 Union Carb ...

Un Aircraft Cp. Un Air Lines .. United Corp ... United Fruit .. Un Gas Imp

59 Ys

Ye Vanadium 25% 25% Va-Caro Ch

s 3% 3% Va EI&P 6 pf .116 116

—We— Warner Bros .. 5% Wes Oil & S pf 73 W PA El 7 pf .103% West Auto Sup . 28% est Md 3%

20% 26Y2 108% 2%... 4Ys sive 2% + % 47 — 1

Westing El .. Willys Over ... Wilson & Co .. 4% Woodward Iron. 221%

Woolworth .... 47% 47% —Y 17% 17%

17% +

DAILY PRICE INDEX

NEW YORK, Feb. 21 (U. P.).— Dun .& Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-32 equals 100):

Yesterday ....cic0c000s.....105.82 Week AZO cvcveisessseoreiss 10496

‘y/Month ABO \.......ce0000000.105.96

bebe

211939. Low

Y, 1938 Low

211936 High .

Year Ago (Holiday). 1939 High (Jan 18) .s.ese0..106.10 1939 Low (Feb. 9) ..

N. Y. Bonds

BOND PRICE INDEXES 20 2. . 2 Inds. Rails Utils. 86.3 586 1010 86.3 58.7 100.8 .. 86.1 60.2 100.2 .. 81.1 65.1 22.5 ce. 94.6 100.4 105.0 86.7 101.2 85.6 29.1 87.3 99.7 4.9 81.3 95.0 106.0 . 80.1 92.3 . 948 106.2 100.2 1936 Low 103.5 93.3 (Copyright, 1939, Standard Statistics Co.)

60 Bonds 82.0 81.9 82.1 © 79.6 100.0 82.7 80.6 83.0 70.7 100.7 81.1

Yesterday ..... Week Ago ..... Month Ago .. Year Ago 2 Years Ago. 1939 High

1938 High

1937 High 1937 Low ..

U. S. GOVERNMENT BONDS Treasury Bonds High Low

3%s fi July .e...104.29 1 2114.29

vee + +105. 1959-50 .saevie ++.103.29 Federal Farm Mortgage Bonds 3s 1049-44 107.14 107.14 - 107.14 Home Owners Loan Bonds 2%s 1949-39 102.14 102.14 102.14 3s 1952-44 107.8: 107.8. 107.8 : DOMESTIC BONDS High Low Last 12% 102% 106% 55%, 63% LL] 1053s 96%,

2%s

O 4's

8 Warner Bros 6s 39 .... 96

FOREIGN BONDS By High Low Last Argent 4s 72 Feb

canes 76% Australia 4's 56 959, Berlin CEI 6's’ 0 ove Denmark 6s 42 .,. ex Denmark 5%s 62 French T'2s 41 German 5:8 65 Italy 17s. 51

WHEAT TREND

‘the corn belt and light local re-

Holiday B

Ra 4 | Comwith Ed 3iLs '58..

veesenss..104.63[C

IS IRREGULAR IN CHICAGO PIT

Tomorrow’s Holiday Makes

Traders Cautious in Dealings.

CHICAGO, Feb. 21 (U. P)— Wheat prices followed an irregular trend on the Chicago Board of Trade today. Trading was mixed. At the end of the first hour

wheat was unchanged to off % cent, corn unchanged and oats unchanged to 3 cent lower. Wheat opened about steady, with light selling based on favorable precipitation in the Southwest. Buying by shipping interests and short covering stimulated an advance of about 12 cent which met local pressure and selling on resting orders, and the gains were erased. The weather attracted attention. Subzero temperatures were reported in Kansas and western parts of the wheat belt, but protective snows also were received at many peints. Export business in North Amer= ican wheat was flat overnight. Wheat trading at Winnipeg was slow and dull in. the first hour: Liverpool closed unchanged to % cent lower, reporting little outside speculative interest. The old March contract was off % cent under liquidating sales. Domestic, grain markets will be closed tomorrow in celebration of Washington's birthday, and this

factor tended to make traders stay |180-

close to shore. : Corn prices opened easier, ' but firmed on cold weather reported in

ceipts. Followup buying was lacking, Export demand was flat, but

Liverpool reported better inquiry |Sholces

for American parcels. Local receipts were estimated at 44 cars.

CHICAGO GRAIN

Opening prices today on the Chi-

edium-— cago Board of Trade, as reported |,’

by Thomson & McKinnon, were:

May Wheat— $.68%@ .685 Corn— 495% Oats—

July $.68% 503 @ 507 29%

0 3% Rye— 3 b Bid. ee

Sept. $.69%

4712D

WAGON WHEAT gain elevators are paying for No. 1 red, 63c; other grades on their merits. Lash corn, new No. Oats, Ce

2 yellow, - 44c.

LIVERPOOL WHEAT

High Low Close March, old.. $.63% 62% 627 March, new.. 160% ’ 16014 : 16074 May, old ... .64% ,.64% 1%

621s [6244 64% 64ls Eh

Last 5% ar at 2% 13% Wa

19, 74 % by

Armour & Co eevges cos Bastian-Bless

10%24 18 1% 17% 17 110%

U. S. STATEMENT

WASHINGTON, Tb b. 21 (U. P.).—Government, expenses and oint Po the current fiscal nied through Feb. 18, compared with a vear ago:

This Year

+ 83.601 20 teceipts .. 3,577, 32 xross__ Def. 5 115 et Def... 2

"110%

Last Year - 375.48 $4; 655,743,874.94 ,997. 33 3.782, 825, 332. 9 ,378.3 72,918.536.1

.Xpenses

> 19: s 3:93 e 2s 21. ,654,331. 220,294.62 37, 3, Gold Res.. Bri aa. 463 331; 16.12,781.386.833.01 Customs .. 202,498,249.16 = '255,352.263.96

INDIANAPOLIS CLEARING HOUSE

Clearings $2,436,000 Debits $6,480,000

[FOREIGN EXCHANGE

NEW YORK, Feb. 21 (U. P.).—Following are noon cable rates on major curren-

cies: Cable Rates fasland ound). «$4. 85% Eng. T.). . 81% a 05363 8 "66603; .0000%s .1684% ~—.0000} Germany (mark) . .4014 0 Germany (trv. m.) .2030 Switzerland (franc) .2274% Holland (guilder) . .5354% Sweden (krona) .. .2414 Norway (krone) . 2355 2092

Denmark (krone) . FOOD PRICES

CHICAGQ. Feb. 21 (U. P.).— Apple Michigan Mackintosh, $1. [email protected] hl Potatoes—Tennessee, bu. ham ers, 95c@ $1.05. Carrots—Illinois, bu., 40@ 155¢. S: in ach—Texas, bu u., 15@90c. Tomatoe Hor ida lugs, crates, $1.

Net Oltze

Ttaly (lira) Belgium (belga) .

Pe aS ad Jor ia hamuare

New Business Books Available at Library

(The following new business books now are avilable at the business branch of the Indianapolis Public Library:

IT'S AN ART, by Hele One of the first women Woodward. Bainers (aE Bow: (7 Movers Ss m how it has grown, how it is anager

IGHT TO WORK, by Nels i , Work as an an-

SO VERNAENS CORPORATIONS FUN John

AND F “An intensive sfuay of v Srporat ions a der

Y Reria® war emergency devices down to the Ho Owners’ Loan ETP, me

TIMING WHEN S FL hi bli ya 4 S SARKETS! ann ohn Dur 0 0! investors and act Te ans lets

PERSONAL AND BUSING - ORD-KEEPING, b - Errol, Test fot for a one-year Lo ‘in’ book-

: PROTECTION

Your savings at Atkins Saving & Loan are al ways worth 100c on the ERAL

INSURANCE lig

$5,000) is TECTION. yous 74

Ya;

LL") PA YiNGY

PADI IS ASSOCIATION

5 : Good and choice

| strong,

+ | Creole .|/El Bd & Sh .. | El Bd & Sh 6 pf £8

x o Holiday By United All security and I commodity markets and banks in the United States will be closed tomorrow, Feb. 22, in observance of George Wastingion'’s birthday. Produce markets in most areas also will be closed. Live= stock markets, including Chi= cago, will remain open. :

PORKER PRICES DOWN 15 CENTS

Vealers Also Dip as Top Price Declines 50 Cents To $12.

“Hog ‘prices fell 15 cents at Indianapolis today to establish a top price of $8.50 on 200 to 210-pound-ers, according to the Bureau of Agricultural Economics. Vealer prices also dipped in a weak to 50 cent lower market with the top at $12. On improved quality, lamb prices were off more than 10 cents.

(All Receipts are Salable) Top Rects.|Feb. Top . L 6248] 18 ....$ 8.50 es 8.35 4160, 19 .65 16 ... 8.50 4601! 20 .... 8.65 17 ... 8.50 675% 21 .... 8.50 Barrows and Gilts | Packing-Sows Good— A [S20 275- 300..% y 45< 3 2 140- 160. $ 7.35- 8.35 i 550.. 7.15- 7.1 0- 180. 8.15- 8.50/425- 550.. -6.55- 'i.256

IMedium— 215- 550.. 6.40- 7.36 Slaughter Pigs , .35/Good_ and Cholte © 7.60- 8.00{100- 140..$ ,7.10- 7.60 Medium. .

- Rects. 1500

52 5266 6306

290- 350. nil 18

CATTLE (Receipts, 1915) Steers |

1 200 $10. ala 0 900-1 1.00-12 1100- 1300. i 00-13. LS Good

9.35-11.00 9.35-11.25| Choi IL. 9.35-11.25 9.00-11.25

50-12.00 ++10.00-11.50

n common, 5.50- 8.50 . alves 8.25- 9.25 {Recsipts, 651) 3 125 9.25|Choi “250~ 400. 3 3 00- 9.00 y 0: 8.25| Good 00- 9.00 Medium . x .00- 7.00 Common. 5.00- 6.00

Feeder 2nd ik Cattle

750- 900. Heifer Choice— a 900 $ 9.75-11.00

ood— we 900. 8.75- 9.75 edium— 8.00- 8.75 8

550- 900. Common-— hh 550- 900; 6.501 8.00 6.50- 7.50 Vii na On =. od an (Oe Common. 5.75- 6.25 51 306-15 750. 1.35 8.35 LOW cu n an and id 4.25- 5.75| ay S. 75« 7 25

SHEEP AND LAMBS (Receipts, 1400) Lambs

vod a dian « 7.00- 8.00 mediux * 6.00- 6.75

ot 1300" 500 -1050. .

.$ 8.00- 9.25 7.75- 9.00

7.25- 8.00

| Sica '$ 8.25- 8. ao

csseses.$ 4.00- 5.00

Common and medium .. ecscpesse 2.50- 4.00

CHICAGO LIVESTOCK

13 00s; market moder=

Hogs—Receipts, ils

ately active mostly 1 cal top, $8.35, small oe . 25 Shotts, 100 C0 2a ood bo Ko 1b, ' packing sows, mostly $6.

a iolbLs 6000; calves, 1500; general market strong with meager supply good and choice Steers and yearlings strong to 25 cents high such kinds very scarce; mostly $8.7 @ir trade: medium grades predominating in run and oing mostly on local account; suitable “Ende for shippers very scarce;

$7. 1508;

weak at $11 dow

gible supply. Sheep—Receipts, 12, 900; Jats sa.57 bu fat lambs mostly steady 75@9; choice 100- Yos-1o, Sia; Sheep steady; bulk s $4.75 down. T day's trade: Practically no early action: ind ications £2 Can semiona ng classes; 8.50 @8.75 on Tombs now held $8.90@ and better.

OTHER’ LIVESTOCK

CINCINNATI, Feb. 21 {v. Hogs— Receipts salable, 3000; -total 3250. "Ma rket low, 5@15¢ Jower; hn $8.60; 225-250 lbs. $8.40; 100-140 1bs.. 151. 50; bulk good packing Sows, 3s @t

Cattle—Receipts salable, S%; total, 640. Calves—Receipts salable, total, 400. Market fairly active, Nolin steady to 3 i @950; bulk ang, sant mixed earlings $9@ ; bulk medium to goo Tieurs. EP) 25@9; package lots heavy heifers, $0.75: practical top bulls, $7.50; top vealers, $12. Sheep—Receipts salable, 100; total, 100, Market ste ady, native lambs scarce; god and choice trucked-in quoted [email protected]; common and medium, $7@9; iad mainly $2@3.

ns ——

FT. WAYNE, Feb. 2 1 mA 15 cents lower: 2 1bs., $8.25; 25 0 40-260 1 : Sar 2 $7. Re:

$00-325 1bs 280 m0: 325 a Ibs., $7.55; 140 - S., - . - 160 1bs., $7.90; 120-140 1bs., $7.65; 120 1bs., $7.40. Roughs, $7: stags, $5.50; calves, $11.50; lambs, $8.75.

Curb Stocks

: Net High Low Last Change 5 5 5 sone Li115% 115% 115% — Ya 22 22 22 oe 24%, 3 2% 32

P.).—Hogs— is 3 36: 226 240

Aero Sup B . Alum Co Am’ . Am Airlines ...

Air ‘Brewster Agro. NEP pf

Cauliflower—Californis Bust

Cities Serv Colon Dev Ltd + Com & So wts. Pet .... 22

oad ° Std on Ohio . Un Gas Cp pf .

AND GEORGE

SHELTON

BEGINNING NEXT MONG ald NIGHT

x OF

gr JH Tg

LLL] ARE

“DID YOU SAY 10¢2”

i HARVESTER '38 INCOME LOWER

Drop in Sales ‘Volume Held Due to Decrease in Farm Profits.

(Another Story, Page Two)

Times Special CHICAGO, Feb. 21.—Net income of the International Harvester Co. for the fiscal year ended Oct. 31,| 1938, was. $18,472,000, it was an=nounced today in the ‘annual report made: public by Sydney G. McAllister, president. This compared with net income in 1937 of $32,493,000.

Profits in 1938 were lower than in 1937, both in amount and in proportion to sales, as a result of the reduction in sales volume and the consequent effect in increased unit costs of manufacture and distribution. The decline in sales volume, President McAllister stated, reflected the decrease of total national cash farm income which took place in 1938, when large crop production was accompanied by sharp declines in farm commodity prices. The 1938 net income was equivalent to $3 per share of common stock, after provision for preferred

66 |dividends, as compared with $6.31

per share in 1937. Dividends Paid

The 1938 preferred stock dividends 5/were paid at the regular rate of $1.75 per share quarterly. Dividends paid on common stock were: 62% cents per share on April 15, 50 cents per share on July 15, and 40 cents per share on Oct. 15, 1938, and Jan. 16, 1939, totaling $1.925.

During 1938 extensive improvements in several important Harvester products were planned and begun, involving large capital expenditures for machinery, tooling and pattern equipment. While such expenditures have customarily been charged against the profits of the year of purchase, Mr. McAllister pointed out that the expenditures in the present program are so much larger than usual that it was considered advisable to spread a portion of them over 1938, the year in which the program was begun, as well as over 1939, the year in which it will be completed. For that reason three million dollars of 1938 earnings was allocated to development and extension reserves. The 1939 earnings will be relieved of a portion of the expenditures for equipment by drawing upon this reserve.

Sales 27 Per Cent Lower

Company’s 1938 sales in the United States were approximately 27 per cent lower than in 1937. The volume of sales was maintained relatively well in the early months of the fiscal year but decreased in the latter months, as compared with the comparable period of the previous year.

Total sales in the United States in 1938 amounted to $196,900,000, as s|compared with $270,254,000 in 1937. . Sales in foreign countries, however, showed an increase of 4.6 per cent over 1937. Net working capital of -the com-

i|pany on Oct. 31, 1938, was $250,-

556,000, of which’ $52,792,000 was in foreign countries, leaving a balance

-50 lof working capital in the United

8% land better: stockers and feeders in negli-

States of $197,764,000. Reporting that $5,000,000 had @ [been provided out of 1938 earnings 2 lon the foreign business and credited exchange fluctuations,’ President pany’s foreign business had been subjected to particularly serious hazards in 1938, and that the maintenance of a substantial foreign loss reserve “is important for the protection of the business.” This reserve now totals $14,056,000.

Receivables Lower

The company’s receivables at the close of 1938 amounted to $126,223,000 before deducting reserves for losses, as compared with $141,998,000 at the close of 1937. Inventories at the close of the 1938 fiscal year were $32,026,000 less than at the close. of 1937. Capital expenditures during the fiscal year 1938 amounted to $13,436,000 as compared with $15,136,-

100- [000 in 1937, The 1938 expenditures

included construction of the motor truck engine works at Indianapolis. During 1938 the company had an

in the United States as compared with 59,347 in 1937.

JOINS INDUSTRIAL CONFERENCE BOARD

NEW YORK, Feb. 21 (U./ P.).— John TT.” Harding, formerly an economist for several Government agencies and a veteran investigator

% |into trade relationships in Europe land the Near East, has joined the

National Industrial Conference Board, it was announced today. Harding will handle “various aspects of foreign relations” as a rn of the board’s research division.

AUTO DEPOSIT WINDOW

Latest type safety window. Opens on alley-way at east side of building. Drive up and transact your business any time during banking hours.

No Parking Worries

129 EASY

) EAS KE!

Indianapolis Bond and Share

MARKET

to the reserve for foreign losses and 1 McAllister stated that the com-|!}

average of 47,106 employes working

THE

. TONIGHT ‘7:30 —~Al Jolson, WFBM. : 9: 30—Information Please, NBC. 8:30—Tibber McGee, WIRE. s 8:30—Benny Goodman, WFBM.

Mrs. Roosevelt is a busy woman outsile of being the “President's wife,’ She will broadcast again at 9:45 o'‘lock tonight, CBS, in conjunciion with the American Youth Congress in New York City as a special feature of the “American View)cints” series. Mrs. Rooseveli will launch an “Eleanor Roosevelt Fellowship,” the winner of which will devote a year to the study of an important phase of the youth problem. 2 2 8 “” -“Fahin Sevitzky will conduct the Indiznapolis Symphony Orchestra at 2 p. m. tomorrow, CBS-WFBM, in a performance of Rimsky-Korsa-koff’s. ; “Scheherazade” Suite and Thre: Poems on Aramaic Themes, by Earl McDonald. ; 8 8 8 A rew CBS program, “Foundations; of Democracy” will make its

debut at 5:30 p. m. today with Senator Robert Taft (R. O.), and Rep. T. V. Smith (D. Ill.) discussing the “American Way of Life.” The broadcast is the first of a series of 13 designed to present a practical demonstration of the effectiveness of the democratic method of government and way of life.

“Dr, Rockwell’s Brain Trust” is anoth:r new weekly program which will be launched at 7:30 tonight, NBC-Blue. It is billed as “an antidote for tired nerves, jaded apetites end the world’s 40,000,000 pressing problems.” Assisting the doctor will be Allen Roti and his orchestra plus a 14voic3 choir directed by Joseph J. Lilley. Of course, the braintruster will have with him from time to time guest braintrusters according to the custom of today’s radio pro-

RADIO

The subject for tonight’s ‘to | chicago Town Meeting will “Should Slum Clearance and G ernment Housing in Chicago Government Subsidized?” Opini will be advanced at 8:30 p. m. © ® WENR by: Elizabeth Wood, execu: tive secretary of the Chicago Hous= ing Authority; Herbert U. Nelson, National: Association of Real Esta Boards president, and Louis Bailey, sociology professor at Northwestern University. : ! 2 2 ” 3 : Hollywood's most mysterious woman—that’s what Paulette God= dard is called. However, Miss God = dard will appear at 9 o’lclock to night on the Bob Hope show to ex= change banter with Patsy Kelly, Jerry Colonna, Bill Goodwin and Skinnay Ennis. 2 2 8 Night life glimpses of “Gay Paree” will be brought to Amerisan fanciers in an international broadcast from Paris at 5:05 p. m. today, NBC= Blue. The program has been arranged as an exchange feature between the French broadcasting ore ganization, PTT, and NBC. # u 8 : Benny Goodman's theory that “anything can swing,” will be .evidenced in his broadcast at 8:30 tonight, CBS-WFBM, when he swings that old-time favorite, “Together.” Martha Tilton will be featured in the number. This week’s “school” will come from Newark, N. J. Of course there will be the quartet's usual “jam” session and vocals - by Johnny Mercer. . 2 8 =»

Pleas Greenlee, now of the National Bituminous Coal Commission in Washington, will participate in a radio review at 5:15 o'clock this afte ernoon over WIRE. Clarence Manfon, Indiana Director of the National Emergency Council, will conduct the interview on activities and accomplishments of the com-

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‘INDIANAPOLIS WFBM 1230 (CBS Net.) ues. Before Senate I. U. Prozram ea Tunes Light Overa Home Editivn Piano Parade

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WEDNESDAY PROGRAMS INDIANAPOLIS WIRE 1400 (NBC-MBC)

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Richard Maswell News Tex Walker Dessa Byrd Roundup Baby Bulletin Apron Strings Piano Parade

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Charlie Cook ews Boy Greets Girl Farm Hour

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KEY NETWORK STATIONS (Subject to change): NBC-BLUE—WJZ, 760; WOWO, 1160; WENR-WLS, 870; KWK, 1350.

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NBC-RED--WEAF, 660; WTAM, 1070; WWJ, 920; WMAQ, 670.

CBS=—WABC, 860; WIR, 750; WHAS, MUTUAL—-WOR, 710: WHK, 1390; WHKC, 640: CKLW, 1030; WSM, 850.

820; KMOX, 1000; WBBM, 770,

¢ MUTUAL INSURANCE

‘means substantial savings...