Indianapolis Times, Indianapolis, Marion County, 24 April 1939 — Page 15

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RALLY FALLS AS

STOCKS

Bv United Press

DOW-JONES STOCK AVERAGES

WHEAT PRICES OFF FRACTIONS

Magee of New York University, said

CAPITAL STOCK AND EXCESS

If it be deemed necessary to maine

Modification

On Business Demanded

WASHINGTON, April 24 (U. P).~—Demands of businessmen for liberalization of Federal tax laws received strong support today from the Brookings Institution, a private research organization. The institution declared that the revenue system must be modified

before an adequate flow of investmen be expected.

Tired SIH NRE nh ER

of Taxes

t money into private enterprise can

The study, made by Dr. James D.

the nation must decide whether “to continue the present tax system, which arrests the flow of funds into new capital enterprises, or to modify the system in the interest of industrial expansion, greater employment and higher standards of live

The report recommended the fol lowing changes in the revenue laws:

CORPORATION INCOME TAX

1. Small corporations should be allowed a credit of $3000. 2. Operating losses should be deductible from income for a period of two years. 3. Capital gains and losses should be disregarded in calculating the tax. If Congress insists on taxing capital gains as income, capital losses should be deductible. 4. The tax on intercorporate dive idends should be abolished. 5. Greater flexibility should be permitted in handling of depreciation charges, the percentage to be varied in relation to the volume of business.

PROFITS TAXES Both taxes should be eliminated.

tain the existing volume of revenue from corporation levies, the result should be gained by an increase in the rate of corporate income.

old personnel official in the New York office of the American Telephone & Telegraph Co. has been named dean of the new Institute of Technology at Northwestern University, Walter Dill Scott.

Named as Dean

Ovid Wallace Eshback, 46-year-

according to President

The Institute, which is to be es-

SOCIAL SECURI

TY TAXES

1. The old-age annuities should be financed on a pay-as-you-go basis rather than by the accumulation of

a huge reserve.

2. The rate for the old-age an-

nuities should be temporarily reduced from 1 to 1'4 per cent, and be subsequently increased only as benefit payments necessitate. 3. The modest contingent reserves should be invested in outstanding Government bonds at current rates; and the financial administration of the system should be segregated from the fiscal operations of the Treasury.

and will operate on the co-opera-tive plan. '

tablished under a $6,735,000 grant from the Walter P. Murphy Foundation of Chicago, will open in the fall term, 1940. It will include departments of chemical, civil, mechanical afd electrical engineering,

31 COMPANIES PLAN DIVIDEND SESSIONS

Times Special NEW YORK, April 24.—Dividend

=p Net STOCK LIST DIPS gh dw tas Chan A Jame EID Ta Ya a HR L. oh Nt Ge i Alaska \ih 7 / Allied Chem .. 158} 158} 158} — lia Allied Sto C3 Tha IH + Amerada ...... 31: 632 63 + 2 : Am Bank Note. 12 13. 12. + * am Can ......n [Am hain & C. i 1 “ HY + i i i : | Am Lees 308 . lg — 3 a g |AM Tee .... uss 1% 1% IN Ga Trading Continues Light; LEI m Pwr . < y —- European Bonds Up; [Ah Ria & ss 2° 12. 12) Am Safe Razor. ij 3 1 3 Fi m Smelt ..... 952 5 v Curbs Steady. 3 pee AE J ET en Am Tob B ..... 80% 80% 80% + h Anaconda ..... 2804 2304 33% I i i — | Atchison ....... 1 a Va y NaEW JOS: AT) 3 U, Ba AU'Rehning oo 1804 19% 19%... Stocks turned lower in afternoon axles trading today after an early rally.!pait & Ohio.... 5% 5% 5% «ue Barnsdall ..... 14 14 14 tte Trading continued light. | Beth Steel ..... 361 OSM $n i: Net losses ranged to more than! Bore. ~Wamer © aw Wa Tew 4 a point in International Harvester, | Breas Mig 19% 1 LE + a which sold at 541s. Standard Oil of Bxlvn-M TT _..- 19s (9% Ro. New Jersey was down a point at|Byers, bb “8B 8 Bi 453%, while Santa Fe lost a point ol Po 2s Can Pacific... 3% 3% 3% 4+ Steel issues registered fractional | Caterpillar T .. Be Ru Ru oo tosses. Motors replaced early gains | Certain. teed 6: gh ip an —- with declines. Utilities held better | Gufs at Ww Ry y.: 3 5 » pad h & Nw Ve ao than other sections, registering! Cho Fels oh 63h: 812 Oi small gains. Coppers were irregular-, colgate-P-8 . 33: 14 i 5 g 1 ly lower. gom Creait ... Cah 8a Bn I i Minor recessions were noted ea i ha a $ 3 American Smelting, Anaconda, Gen- | Eons _Juireraft ER bd) 318 ol era] Electric, Kennecott, Loew's, New ons Oil (cc. 1 Ji qk ‘ > 3 363% 36% . York Central, Sears Roebuck and|&3n Bh i 30° 30% SE'wy U. S. Rubber. ! to ROR oan European dollar liens swung for-!curtis Pub in i 5 -_ Ys ward fractions to more than 3 points| CUTHSS NE J--+ 31% 318 9303 ii to feature a quiet forenoon trade on = the listed bond market. Dist Seag ..... 16% 16% 16% + Wi Italian issues recorded the top Dome Mines ... 30% 30% 30% — 314 : i x > Douglas Air ... 602 602 60% + 2 gains, with Rome 6!:s up 3% points ” : at 50, and Italy 7s ub a point at 7 Tall % $ . Sei st Air Lines. 1334 13% 13% + 60. German and Danish funds were East R Mil 3 th As + # up fractions to around a point. East Rodak gi ye A iw Othe: foreign obligations improved Eatingen S ch .. I Ia i + % tS oat Y Senn narr ily. El Paso Ni Gas ge 9 9% Renewed demand for New York! Ea S .. Lh ot on =n City Traction Co. loans highlighted, aT : r dealings in the domestic corpora Ate (ovis 18% 1934 1% + % tion section. U 8S Government | Folanches AL iS 1% — » liens held narrowly around previous | . ” : 5 + % i V3 ae. . 1% closings. gen Hi Cw ie X Curb stocks followed the steady | Gen ATotanS © a i, #2, % trend of the big board. Trading | Sen PIA ie LIE a arn continued slow and price changes; |Glgden Seen © Bl Be Hy —- were limited to a point and less. Gt FP Roith phil. 18% 181s 18k XW Fractional gains were scored by Guant Sug .... * 8 Bes American Gas & Electric to 34 ; “ry % Carrier Corp. to 1214, Electric Bond Hoianqfutn -- 38 8 3 ..u & Share to 8'¢ and Fisk Rubber to He Mes. TI0 Ti og 914. Lake Shore Mining jumped a TINS eNOr er = P American Cranamid 8 sued BIER Gn Be fu Ll merican Cyanami nt Hy A — 5) 1 A £t fu hi 2 mt Nickel ..... 48 437% 48 + S& point lower at after touchingmi T&T For . 8% 63% 6% — 4 1915, " us Repetome 64 ©: 10s Is MN I 1 eystone .“e 2 2 : 8 DAILY PRICE INDEX | Es see SS... 22%, 20% 2% + wl. NEW YORK, April 24 (U P| Lambert ....... 130 150% 13% — Dun & Bradstreet daily weighted [sh val RR ... 935k 935 oi I price index of 30 basic commodities Liq Carb ...... 13% 15% 15% is compiled for United Press (1930-32 LOEW oo.coco 3318 Spe S35 — A average equals 100): Lorillard .....c. 21% 217% 21% — Saturday ......c..0 diesiiuis isd g re % 1% “" y Bhall ug oo & 3 Week ago ...... sedieiinceeee 10347] hy 14% 14% 18%: 2} Month ago -...... tieiiieecee 10476 Nit El mod ‘td 9 S $i Sy arine 1 “. — Year ago SLA iiiiiiinns .108.36 | [Marshall Fld .. 11 1 2 11 & I 1839 high (March 6)... ..-06047| Matti ol we b4 Sisk bs Ste + i 5 w» | Martin arry .. — 1939 low (April 13) (coca 103.17 Mathieson RT 2 3, 3, & 4 | CReesmort oo. 10% 10% 10% Iw Mead Corp, .... 83% 8% 83% hk N. Y B vd. Mont Ward 45% 4504 834 4+ ® . 0? S Motor Prod ... 124 4 128 ...( | Mullins Mfg B. 5% S's Sle 4+ BOND PRICE INDEXES —N— °0 20 20 0 | Nash Rely .(c.. 65a 656 838 — Inds. Rails Utils. Bonds Rat Col ee fie oa file > | Yesterday . 838 343 100 iy Nat Dairy (.... 8 5 % _— Week Ago ..... 833 34.8 99.3 v9.1 | Natomas = i } = Month Ags .... $69 399 1811 $2.6 X : ust £: 1% 13% 11% 3 ie Year Ago ..... 196 316 NL 3.8 Ro puner os i 3} 1 Ya 4 a 2 Years Ago .. 921 93% 1024 ese Do amer bi... i Ad Yi T is 1955 JER ..... $86 Gio ers sae|No FM AVM... MA nd ng Fon 1939 Low ...... $32 583 Gy 18s 153% High ..... 853 00 99.3 S30iomnibus pf ...105% 108%: 105% = 1938 Low ...... Tis 59 813 v 1 Pe 1937 High ..... 930 101.2 1960 190.7 Bae THE .oocoes IT%4 19% 39% 34 1937 Row (..... 80.1 658 928 gi.) |Packard . ....... 3} 34 316 JL le 1936 Mich ..... 948 100.1 196.3 fee an AmAirways 12x J3% Jie ra 1936 Low . 9.8 Sit 1033 933 Phillips Bet » 3 #2 - 0 (Copyright, 1938 Stan dard Statisties Co.) | Pitts Stl pr pf. 13 i$ 15 U. & GOVERNMENT BONDS Treasury Bonds * High Low bast! 336s 1943-40 Ju ...... 104.18 104.13 104.13 34s 1946-48 ...... 110.29 110.29 110.28 2% 194% ..cccocioec 104 1043 1043 | T0 oiP 23 2.3 POINTS 215s 1933-49 105.2 1052 1052 2%s 1960-55 1078 1078 ove | Federal Farm Mortgage Bonds | Hi ast! 3s 1347-42 eh elt i

Bae ref 8s B Stl

eth can

Can Pag 3s

Ch & NW 434s 48 cv ..

Home Owners Loan Bonds

1949-39

Fairbanks

Bald NEP pf nker

Cit tes Sert pf “ Colon Dev L

DOMESTIC BONDS

C 8

13 ot

B 4s 36

108.11 | . Steel operations this week are sched-

NEW YORK, April 24 (U.P) —

80 INDUSTRIALS Saturday ci.coiiiiiiiiiiiiee 12855 —0.16 Week Ago Cettieessissisecee 121.88 -—2.27 Month Ago Clticsetiessecess 1d 01 Year ARO «..coiiiliiiiiiiee. 11628 —=141 High, 1939, 154.85; low, 121.44, High, 1938, 158.41; low, 98,95. 20 RAILROADS Constructive N Lacki Saturday icici 2578 0.02 ructive News Lacking: Week AES .c.occcaiieniiiines 25.68 —0.47 ons S 9; Month ARS ......ccieiieiiiee 20.7 0.01 i YOR: ARO :.cociiiiiiciianii 2209 40.02 Quotations in Outside High, 1989, 30.38; low, 24.14. Righ, 1938, 58.98; low, 15.00. Markets Down. 15 UTILITIES EN (Saturday oooiiiiiiiieiiiiis 2299 0.08 (Week ARS ...iiiiiiiianiianss 2212 —051| CHICAGO, April 24 (U. P)— Month Ago ......ic.e . 28.88 0.17! Wheat prices eased fractionally on Year ARO «.cccccicciveiiicics 18.61 —0.20| the Chicago Board of Trade today, High, 1989, 96.5%; low, 20.11.- . reflecting lower outside markets High, 1938, 25.19; low, 15.14. and lack of any constructive news. Net At the end of the first hour wheat High Low Last Change| Was Off & to 4 cent, corn off % Pitts & WvVa... _9 9 - .... |to 5% cent, and oats !& to 4 cent Public_ Serv ... 84%; 1 sis (aks lower Pure Oil ...cc... 7% 1% + % : Purity Bak .... 18% 13% 18% + 1% | Selling of wheat was concentrated ' —R— in the May delivery. The more de$8. icpice we Be 8% 81% 4 ferred futures were under pressure . $ Hag SE ‘i 11% ia 4''y due to a forecast of moisture for Republic su “ Be . Bh ] 3 + the winter wheat belt. The weather Richhiera’ of olf :: Te 5¢ 15% - "3 /map showed rather high temperatures in the Southwest over the Safeway ..... oo 82% 82% 82% 4s week-end. A 5, NN, + %| Liverpool wheat closed ' to % Sears Roebuck. . 86% 88% 66%s 4+ 1, cent lower. Winnipeg wheat was Shar eho Mn Mi Hi ty % to % cent lower in the first hour. Sheil Un Oil... 1} 1% 1h Corn prices encountered selling Sloss. Shetf B10 Ea" 184% ''y|by commission houses, Buenos Aires Soeon: “yacuum 2 12, iz “+ 0“ was lower at noon, and Liverpool South Pac .... 1284 13% 128 + 'y | reported quiet demand. Purchases th Ry ..... 13% 18% 13% 4 fe|tg arrive were fairly large at 65,000 South Ry pt 19'c 1912 19% & i perry-Corp ... 39% 39%; 393; — 14] bushels Shieee! 1% ‘ee ig 1% fon + 'w .“ + Std Brands .. y ! WW ocos Sid o'Rg gd 8% 0% oo] CHICAGO GRAIN e t oan RAR 8 ‘Si + ii Opening prices today on the Chioul Po ois : Chee Bunch: ain 85 So 2 « cago Board of Trade, as reported Suverior Oil . 21s 2s 2s ,, |by Thomson & McKinnon, were: Swift Co «cs PR 8 17% & Wise Mav July Sept. Tex G Sul .... 28% 285% 28% + i S0-6014 $0.68 @.68'% [email protected]% Timk D Ax ow 1204 121% 1214 — 14 Timken R B . She 37a 8M — 1p "RNG. 187% [email protected] 50% @.50% Tri-Cont ...... $ 24 $8 3 is Oats— i 81 @31 28% @.28% 21% lon ®B 8% .... AGON WHEAT oh on a ‘ i i i ] wh ® 2 a y a, oats are paying for No. Un Pacific ... ie 88% 3 ve + fil 6c; other grades on their merits. Un Aire! aft Cp 3 Va 351% 3 Ya & $5 Gash ‘corn, new No. 2 yellow, 43¢. Oats, Un Air Lines... 10 0. 3 git ¥ ate fn i it 1 hb LIVERPOOL WHEAT Prev. U S Rubber .. 8 35% 3 + igh ow Close Close 8 ub pt. i i i & 15]N at 0M. $ S318 $ Bl% § hi] a8 0 fo Spee \ ik MEISE Soccei. 813% 81 81% 81% g 8 SRT IT Ri ESE ut 63% 63% .631s .63% Warner Br po Te 9 7% Waukesha Mot: 18° 18° 18° + .% W Pa El 6 pf.. 94 ou 9 xy West Pac ..... 4 % " West Pac bf... 1 1 1 4+ 4% i { Westing El ... 90 90 20 4 i | Woolworth .... 4314 43 § 4 i Worthington .. 12%; 12% 12% 4 hh WEAKEN TODAY i Yellow Tr .... 143 i 3% 4 Young Sheet .. sil Ha 0% + 4 Zonite ........ Pr 2% 2% = 4

M’KESSON-ROBBINS SALES SHOW GAIN

NEW YORK, April 24 (U. P).— Net sales of general drugs and sun dries of McKesson & Robbins, Ine. totaled $26,719,004 for the first quarter this year, compared with 1826,422,556 in the corresponding 11938 period, a gain of 1.12 per cent,

13 according to preliminary figures re-

Tor 3 1013 10038 1 iled to drop to 48.6 per cent of caDEcHLS, the lowest rate for a full High Low Last week since the period beginfung | 88% 8s. seu Oct. 3, the American Iron & Steel 13 13% 1g Institute reported today. 3 37 The rate represents a decline of .- 19008 10S, 1981s 23 points or 45 per cent from the 100%: 100% 1900's preceding week's figure of 509 per Re 8: Ha cent. It was the fourth consecutive

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U. Ss. ST ATEMENT

WASHINGTON, nt expenses

ernme

current fiscal vear t ough April 21, com-| ‘The following Sis iont by the Jmdian. | £¢ pared with a vear iapolis Bond & SOIp. do n not repreced DiS Last Year |sent actual Bas or offerings, but wmerel Expenses 87.372 565,57 > 88 $8 015.335.266.922 ' indicate the anbroxiuate market leve Receipts 378015364 02 5009 837614 87 Dased on buying and selling \otations © 4 ost qel 3 b. \397.451.35 | recent transactions. Net def ... 2.35 1.653,701.35 1 $ 3 Cash bai .. 3.196 828. 308.43 2 301 $05,132.72 | Auto _Mivest Corp Steers a Ask Work, bal. BEIBLILY 2RTHLENIS BOY RRS 8 och Yds com’ er ah Pub. debt .40.036 687 So Sy 564.312 600.3¢ | Belt RR & Stock b C31% 34% Gold res 15.847 491 150 3: 13.848 PES Cent Md Pow 7% : 331a 38% Customs .. 23838939862 307.583 388.85 |Home T&T Ft Wayne Vi 50'e 53 10 12%

1 24

LU, receipts for

U, Pi. —Govthe

INDIANAPOLIS CLEARING oy SE

Glearings Lo... os 2.080.000 nd Ro Flee’ 15 sh OPIS ....ciiiiiiiiitoiiiiias 3 849, 000 mdnls Noter pd So ‘ée | Imai Bet £ oh fe 8 FOOD PRICES [nih RE Si) if ~ S 2% pfd 102% Lincoln \ CHICAGO, April 28 (U. PB) les— | N nd 2 Bory hn 8 Michigan Mackintosh, bu. 58 N Ind Pub Serv 8% iS % Sweet Potatoes— Tennessee, By Lx N Ind Pub Serv 7% p 161.19. ition bu SH bu. $1 hgoets | Progress Laundry 1% Spinach Missouri 3c. Tomatoes | Pub Serv 0 nd % — Florida lugs, 13@3. Caulifiower — | Pub Serv 3: of Ind ¥ California crates HH se. Feas—California So Im Boia ®! hampers. $140Q1.50 Celery — Unjon Titl ¢0 \ crates, $283:4 , Onion Marke (30- 1b. T Haute E L Co oid sacks) — Michigan Yellows $1.29: Texa Yau Camp 63 Yellow Rem das, $1. 2041.25: Texas White Camp Milk com 10 wax, $1 3061 33; Oregon Yellow Dane vers, [email protected] Bonds eS Eo fumes Jo joan 1 EB <ocvcnieniss 1%, Sb Cpt 2 | Spene h ha 8.08 .op0 1 | §Eabbe Fk RA, Ss 42 » To RW 5% 8 SEE FINAL EDITION ERRR IRB i Ti im 1 5% 60 ........\\ ‘s OF THE TIMES oh Hear The is FOR | REA E i 1 SEACA RR i { Morris 0 Stores § 14 gid gall | Ci io AND Noblisville HLEP § 10314 Buble Tel Co yk p CLOSING STOCK Eiken TREE s 3% QUOTATIONS te JR 6% 4. x: Ro os ph ug \®y M. ha

5 month ago were at 56.1 per cent of | capacity,

. partly to dwindling orders and part-

2 million-dollar lean by the RFC to

| to conduct the business. In addi-

“'w be available for improvement of the plant here.

week of decline. Operations a the year’s high, and in the 1938 week were at 32.0 per cent. Observers attributed the decline

ly to the soft coal strike which has

| forced some mills to curtail opera-| Co tions in an ih an effort to conserve fuel.

RFC LOAN TO PAPER

FIRM IS ANNOUNCED hie hui

BERLIN, N. H, April 24 (J. P) Confirmation of approval of a nine-

Brown Co, New England's largest pulp and paper manufacturer, was received from the company’s offices here today. With the loan, it was stated, the

company would have approximately | y eight million dollars in working oi

capital upon completion of reor‘ganization under 77-B, a sum ample

| tion, about two million dollars would |

LOCAL ISSUES

2 Ibs, and over. |

spring chickens, and up, 13¢:

FOREIGN EXCHANGE »

NEW YORK, April 24 (U. mao curs |} Ing ore noon cable rates on major cure

Hook Drugs me yi rv

1d Gen 8%

ELINED Men's IIR) | EPAIRED . EFITTED Women's LEON Iiucsnt cu woes yt Free 235 MASS. AVE. S. Pennsylvania St. TT I. Bh 4 Ba Eh atasti sings aa Aaa IE Re

Cable Net Y rer England (pound sollte Change "OTHER LIVESTOCK Ene. b. r } det 4.00% NE on: LARS til + JU P.). —Hogs— Canada. \ jollat) | 99 11.32 ~.00 1-32 * |Salable rece 4500. Mar et, ance (rane) oo (0284 18-16 20000 1-16 | active, rere 15¢ over: hon 7.1 230 aly Quay ws yr 0328% = .0000's 0 Thea’ $6.9. LR sows. Ibs, $ Sao 58 um ( 8)... 4.0002 st s Germany, mark) A0e -— 0001 Cattle eo Stlable te receipts, 900; “otal 1100. Gern ME) 2058 0 ion % Calves—Sala receip y ' 500; total, 500 Seitoeid. Th ne) 2243 Sten Market, faite active, generally Steady to Holland (guilder). “5300 "0 strong; few lots good around 950-1100 1 Sweden (krona). . S412 4 0002 steers, £10610 50: around two loads A (krone) 2353 2.0001 to choice 2 1b. fed heifers, $9.95 10; Denmark (krone) . +.0001 Most Plain to good fat beef cows. 38.500 Spain (Franco 7.25; a NY [email protected]: practical top POSER) i.iiioiie 112% "aves buls, 8 vealers, $1 . ble recei §, 200: total. 200. ar Wi G Reneraity steady: som & fum to iE and Shojes elie RS i, b JI choice 1b. shorn Western lambs t 5 Corn and Wheat Region shethe ine ISL ERY ¢ 0 cial Weath a : shorn slaughter ee

Top Porker Price Slides to $7.10 in Generally Lower Market.

Hog prices at Indianapolis today were generally 10 cents lower on all weights, according to the Bureau of Agricultural Economics. Practical top price on 180 to 200-pounders de= clined to $7.10 with a few premium sales at $7.15. Vealers were $1 lower, the peak price sliding down to $9.50. Small receipts of sheep sold at steady prices. Most consisted of Western-fed shorn lambs at $9.25.

earlings firm; instances 10@15¢ higher on | monger run fed heifers; medium weight [and a ehty steers slow: b

in 8 $7.50628.50. heep—Receipts, 18.000: fat lambs openslow, early indications fully 25¢ lower; in Hs! bids rather s harply y. off: RAT talks ine pili) 10.25: choice lambs held $10.5 better; sheep weak to RL 4

of 10 ce i 150.40 hs TOR

R. Teeter,

UNDISTRIBUTED PROFITS TAX This tax should be abolished. PERSONAL TAXES AND TAXEXEMPT SECURITIES

1. The surtax rates in the upper brackets should be substantially re-

duced.

2. The normal income tax on ine tercorporate dividends should be

eliminated. 3. Capital gains an be disregarded.

d losses should

4. The Federal income tax should be made to apply to state employees and Federal employees should be similarly subjected to state income

taxes. 5. Tax exempt secu abolished.

rities should be

amounted to $2,852,701.

lleased by William J. Wardell, trustee. ril Repts. Apr ril Top Repts. BENDIX CONTRACTS Total sales for the company, in- Tus tes in n, fa is *I8 1 cluding the liquor division which | 3 + 13) 34 DOTS 1 had a loss of 528 per cent, showed inn a loss of 60 per cent, compared Barrows and Gli} orsPacking Sows with 1038. Net sales this year were I & 6.55. 7.08 330: 430 8.30- 8.30 Times Special «| $35,030,303, compared with $36,147,- | " = 493 dus 00- 6. al Ne MOLT Hi i SR tongue: (0 NEW YORK, April 24—Bendix 220. 7.00- 7.10 hter Bi Mr. Wardell also disclosed that 250: 30 885. %10 Good EME fies |Home Apliances, Inc, South Bend, March drug and sundry sales this) 350° £30 883: 100 100. 10 § 6.30. 6.90 Ind, has contracted with Burr & year were 2.71 per cent greagel han CATTLE (Receipts. 1h Co., Inc, New York, for the sale of i 1938 month, the la Cholee— lls BY ne R fe Slee h $10.95-1 95) Al wei hi a new issue of $625,000 of five-year month-to<month increase since the| gad- {00 #19.13-12. : start of reorganization proceedings. 1100-1300. 11.95.13. 00) Metium..} 30: 1.8/0 Per cent convertible debentures, Good t. com. 5.75- 6.50, the proceeds from which will be Vealers used largely for new working cap150- 900. 9.50-11 ar ) COTTON PRICES SPURT ,§00- oo es ® A oreo ers 9.50 ital, including additional manufacNEW YORK. April 24 (U. P).— 130-1300 SHIR Noah 00: 830 turing facilities, and to discharge a Week-end reports of the AdRINIS: | ppeptar. | Cull and [$200,000 note held with the Securitration’s proposed 2 cents per pound | 750-1100 §50- 0.50) “O™™MOQ,, ¢ 500-00 ties & Exchange Commission. Offer‘subsidy gave the cotton ring its|'100-1300. 835-8350 (Receipts, 889) |ing of the debentures, which will be g 8 i most hectic session in months to- Common lain 380-00 ¢ 8.00. 9.00! COnvertible into common stock any 750- 900. ¥.50- 8.50 day. Prices spurted as much as ood ... 7.00- 9.00 time up to and including May 1, $185 a bale at the opening, but Heiters Medlum 300 00/1044, on the basis of 400 shares of these gains were shaded in later |chotee— are der a nd common for each $1000 debenture, is trading. Oo0; 900.8 0.75:10.%5) oo See ee Ue lexpected to be made this week. It al 800. 9.00- 10.00, ale $00. § 950-1 11.00 will comprise one of the first public diu ff all S50. Bo. 8.95. 0.98! 800-1080. ©9.50-10.00 Offerings of securities of a sm h icag 0 tocks Common | GoRd-a0 . 8.15. 05p| industrial company in this market = 900. 7.00- 8.28 O6n-1300 . 875. 850 in some time. Adame ME Hifs ie ue Cons N00-1050 . 8.00- 8.18 4 SS MIE ..coioeniae - iat & Trans Cesiess 2% 2% 2% 00) Common 3.30. 8.25 Bastian Bless "ILL 13° 13 ap |good 8 10-80 eiters Bergho! host Brew ...... oo 84 84% 84% Fommeon S80: a3 God 4 gpd € Cho on Sorg- armer ios 22th 224 22% | Fow cutter | - 8.28 Cent & SW Ut eee 1X 1% 14] & cutter. 4.25- 6.00 or a g Chgo Corp ev pf (ivoce 13% 1% 15% | medium. . 6.00- 7.50 J Gomuitn | son +2320 i Ses Su.| SHEYY AND LAMBS (Receipts, 150) ET PR FIT OR 38 X Rawat oe ag ot nt (On shorn bases) i Cheha BE re sieves Bo Bn Bui Goed Ll LAYS conse FSO 500 \ FE IIG TETHER I ae ant medium Loo BR: 833) NEW YORK, April 4 (U. P).~In Jarvis Ww B verees 28 Mw wy Common ........ es Eryn 725-835 the first earnings report and Marshall Field ciiuees ih 1 in Good and Choiee ........ oneed 430. 8.80 balance sheet to be issued by the NODULE Suarks Pr 9, ag gg} Tommon ane medi vivo. 390 150) organization, Pepsi-Cola Co. today No. ¥ Bt or den sooo dose 400s 405s | CHICAGO "LIVESTOCK showed a net profit for 1938 of $3. Bot th a Ae 11% 11s iiss Hogs—Receipts, 10,000: market fairly 240.332, equal to $12.39 a share. . oi A Sl . 2 *lactive, mostly steady with Friday's aver-| The consolidated balance sheet, a e: Spots Sk. 10¢ lower usually oA weights LOCAL PRODUCE |Sitt dish pris sists Ri conuied, by Klein, Hinds & Finke : - 2 y Heavy breed hens, ide: heavy -b 0350 lve, largely 0 me 10! [as of the close of 1938 of $1,870,904, prolees wh JE REY SEITEN. ee too. |CUITENt assets including an investand White “Rock sp Ri 8 bs. and yearlings. Ment o steers, heifers and nee) ment of 11,700 shares of Loft, Inc, Ce CLegtiored, Shitnters. 23% lbs, and)v carried at cost value of $23400,

Current

old roosters, 8c. and market mostly slow, st 3 i No. 1 strictly fresh ages hy e Ke, | Striety choice offerir s absent, est liabilities totaled $1,205,216. frads:“3 het deduetion of 18 Sen for cach | 383801105 marker Bect 164 heskirs SOA [$7 343 300 nttor ell canimounted to S mar st fed heifers wll Sase Yoder 55 Ibe. it fe made, early: jE striotly choice Kinds held: cone |S1942,201, After all selling and adne upter —No. 0 a Ze Ne erably higher, Ow oY Searce, firm; ministrative expenses, operating row, FS Vv » (Prices Quoted ‘by ob ole 25¢ lower at $8.50 down, with light offer: profit for the year was $4,126,172.

PERFECT CIR OFFICIALS

CLE CO. RENAMED

Times Special

HAGERSTOWN, April 24.-—Lo-

thair Teetor, was re-elected president i of the Perfect Circle Co. at a special meeting of the board of direc-

tors following the annual stock- | 5 [holders meeting held in the general | : offices at Hagerstown,

Other officers elected were: Ralph

vice president; | Davis, secretary-treasurer, and C. R.! Teetor, controller. directors were re-elected at the an- ¢¢ nual stockholder meeting: Lothair Teetor, Macy O. Teetor, Don H. Teetor, Herman Teetor, Ralph R. Teetor, Dan C. Teetor, George H. Keagy, W. B. Hartley and Wallace

L. B.|

The following |

meetings have been scheduled for this week by 31 major companies, according ‘to Fitch Investor Service.

Today-Atlantic Refining Co, Consolidated Edison Co. of N. Y,, Inc, Manhattan Shirt Co., Sears, Roebuck & Co. Tomorrow—Deere & Co. Inland Steel Co, Madison Square Garden Corp., Norfolk & Western Railway Co, Phillips Petroleum Co., Reading Co. Servel, Inc., United Engineering & Foundry Co, United Gas Improvement Co., Wesson Oil & Snowdrift Co., Inc. Wednesday — American Tobacco Co., Armstrong Cork Co., Freeport Sulphur Co., Hackensack Water Co., Ingersoll-Rand Co., Westinghouse Electric & Manufacturing Co., Westvaco Chlorine Products Corp. Thursday-—American Home Products Corp., American Metal Co., Ltd., American News Co., Bendix Aviation Corp., Bethlehem Steel Corp., Chile Copper Co, Crown Zellerbach Corp. Friday—Grand Union Co., HazelAtlas Glass Co.

STEEL RATES STEADY i

IN GHIGAGO DISTRICT

CHICAGO, April 24 (U. P).— Steel ingot production in the Chicago district remained at 53.5 per cent last week for the fourth consecutive time, completing the longest period without a change in rate since the winter of 1837. Local steel circles find the outlook rather uncertain. Automotive demand dropped off, but was offset by increased purchases of structural steel. Buying of tin plate gained seasonally, and warehouse business generally was good.

UNDERWRITERS CUT RATES IN CLEVELAND

CLEVELAND, April 24 (U. P.).— Automobile insurance rates have been reduced 20 to 25 per cent in greater Cleveland by the National Bureau of «Casualty and Surety Underwriters. The lower premiums cover both personal injury and property damage policies. The bureau also announced the adoption of a new policy which makes safe driving pay dividends. This provides for return of 15 per gent of premiums in cases where car owners have had no accident record.

“ON THE

TONIGHT

7:00—Al Pierce, WIRE. 7:30-~Richard Crooks, WIRE, 8:00—Radio Theater, WFBM. 9:00—~Guy Lombardo, WFBM. 9:30—Eddie Cantor, WFBM.

Robert Taylor and Frances Dee will appear together at 8 o'clock tonight on Radio Theater, CBSWFBY, in “Broadway Bill,” a racehorse drama which starred Warner Baxter and Myrna Loy in the film version back in 1934. The play, adapted by Robert Riskin from a Mark Hellinger story, tells the tale of Dan Brooks, who would rather race his horse, Broadway Bill, than run the family’s paper box factory. Dan promises to return to the factory if the horse loses. His sister-in-law, Frances Dee, arrives at the track just at the point when Dan finds himself in a jam and brings both luck and romance. Mr. Taylor, who has just completed a picture with Myrna Loy, “Lucky Night,” and Miss Dee will be interviewed with Cecil B. DeMille after the drama. ” EJ ”

Irene Castle, whose life with Vernon Castle is told in cinema version (at the Apollo this week) will be a guest star on Eddie Cantor's program at 6:30 o'clock tonight, CBS-WFBM, Miss Castle acted as technical director for the picture and will tell Eddie all about her work. Incidentally, she has warned him to brush up on his foxtrot, as she doesn’t intend to shag. Leni Lynn, 13-year-old Passaic, N. J., school girl, recently signed by MGM, will be another guest with Mr. Cantor. » ” 2

Fred Waring’s band goes back to work June 19 in a new series that will have Waring's music on the air | five nights a week. Fred gets the

& = = THIS EV

aouncemen

» # ”

Highlights of the saga of baseball which was first played 100 years ago

this spring in Coopertown, N. Y., by :

young Abner Doubleday and his companions, will be dramatized on the Cavalcade of America program at 7 o'clock tonight, CBS-WFBM.

The story goes that Abner intro«’ duced his new game at West Point. and when, as Capt. Doubleday, he fought through the campaigns of the Civil War, he carried a baseball in his knapsack at all times. Soldiers in prison camps, both North and. South, learned to play the game and. spread the news around. By 1867, there were 237 clubs in the National Association of Baseball Players. Early in the ‘79s, professional base ball was organized.

Other baseball history-makers to be featured include Christy Mathews: . son, John J. McGraw, Connie Mack, * Walter Johnson and Babe Ruth.

HH " ®

Richard Crooks, en route to Ausetralia on a concert tour, will make - his final appearance of the season - tonight when he is heard from Hone olulu at 7:30 o'clock, NBC-WIRE. The Metropolitan opera tenor will be accompanied by a Hawaiian or=. chestra. He will he heard in Nevin’s . “The Rosary,” Herbert's “Neapoli= tan Love Song,” the English song, “Drink to Me Only With Thine Eyes” and “Aloha Oe.”

2 # #

Elmer F. Andrews, Wage-Hous Administrator, of the Labor Depart= ment, will discuss “Six Months of Wage and Hour Progress” on the National Radio Forum at 8:30° o'clock tonight, NBC-Blue. This will’ be the third time for Mr. Andrews’ on the Forum, arranged by he Washington Star.

» = ENING

“

(The Indianapelis Times Is not responsible for Jiaccuranie in ogram ane 3 ts onused by station changes after press time.) »

WER 580 INDIANAPOLIS CHICAGO CINCINNATI WIRE 1400 WLS-WENR 870 WLW 700 (CBS Net.) (NRBC-MBS) (NBC Net.) {NBC-MBC) Chamber Musie Baseball Rhythm Hannab Tea, Tunes 1” 4d Sheriff Bob Sheriff Bob . Home Edition Serenade Jack Armstrong . » nannounced Charles Sears News Pres. Roosevelt Lone Ranger Don Winslow Don Winslow Howie Wing . ’» Malcolmn Claire Patricia Gilmore Bohemians Dick Traov Ray Perkins Baker & Denton Sophie Tucker Del Courtney's Or. Sports Lowell Thomas

£85318833 58:3 8823

4: 4: 4: &: 5 5 5 5 6: ews Unannounced Divorce Orphans Mr. D. A. 8: Lum & Abn is » Himber’s Or, 6: Rollini Trie Kemper’ Sports Front Page 6: Here Comes Bride Newspaper oti Alr News Inside Sports 7: Cavalcade Al Pearce Paul Martin Al Pearce 1: ” ” “ » » ” . » k Mogel Minstrels Richard Crooks Crime Reporter Richard, Crooks 8:00 Radio Theater Hour of Charm Your Health Spitalny’s Or. 8:18 [1 " "» ” ”» ”» "» be . ” ’ y - 3a . » Duchin 8 Orn Radio Fo:um Een Rag 9:00 Lombardo’s Or. Contented Hour True or False True or, False 9:15 ” ”» "” ” ” "” 9:36 Eddie Cantor Information Dr. L Q. Newman’s Or. 2:45 ” “” ”n ”» ” "” Spet light 10:00 Amos & Andy Mr. D. A, Durward Kirby Peter Grant jo:1s News Baseball Herbick’s Or. ewis’ Or. 0:30 Roller Derby News E. Hines’ Or. Heidt's Or. 10:45 Unannounced Heidt's Or. ’ 11:00 Pendarvis’ Or. Recordings Recordings Dance Or. 11:15 Strikes & Spares * ‘ » 4 : : 11:30 Fields’ Or. "ee ny Moon River 11:45 ” » Henderson's Or. 8. Smith's Or. ” ' * TUESDAY PROGRAMS INDIANAPOLIS INDIANAPOLIS INDIANAPOLIS CINCINNATI WFBM 1230 WIRE 1400 WIBC 1050 WLW 700 (CBS Net.) (NBC-MRBC) (NBC- MBC) 6:30 Early Birds Devotions Pilgrim Holiness Ensemble 6:48 ." ” Markets Saddle Pards rgan 7:00 ws Tunes & Tips Breakfast Jam Time to Shine 7:15 "nn. EL oa Peter Grant 7:30 "» " " » 1 » Caravan 9:45 ”» " ” ~ ” » ”» ”» “8:00 Richard Maxwell News Coffee uve Paul Allison, 8:13 Myrt & Marge Dessa Byrd Top O’Morning Go to 8:30 Hilltop. House Baby Bulletin Fashion JruIng pis Breakfast Club 8:45 Apron Strings Rhythm Rasrals Devotional Gospel Singer » 9:00 Kitty Kelle Central Ci efiections Living Guide ’ 9:15 Farrell's Kitchen Other wire’ harm House So nh Ranpsned 9:80 » " Plain 8il) Shut-in Friends Smilin’ 9:45 Stepmother Women in White Rhythmakers Central City 0:00 Mary Taylor David Harum Kay Bartlett Linda's Love 10:15 Scattergood Lorenzo Jones " » Vie Pa Sade 10:30 ig Sister Widow Brown State Police New: 0:45 Life Stories Editor's Daughter Student Views Road of Life 11:00 Tower Town Singin’ Sam Noon Rhvthms Editor's Daughter 11:15 Nancv James Linda's Love ’” ” The SNe ills : 11:30 Farm Circle Dr. Malone School for Brides New . 11:43 '“ ’ Farm Hour Boy Greets Gir} Farm Hour 12:00 Farm Bureau ey Kings of Strings wo. 12:15 ews fleadlines Friendly Five Farm News 12:30 Roheunans Renorter Sleepy Hollow Invitation 12:45 Holiday wig Es Market: Happv Gilmans 1:00 Roller Derby Betty & Bob Matinee Betty & Bob 1:15 Dr. Susan Grimm's xb ” Grimm's Dauzhier 1:30 School of Air Valiant Ladv Believe in Indiana Salant Lady 1:45 » Church Hvmns ” " hurch Hvmns 2:00 Dentist Says Matinee Pianorama Mary Marlin 2:15 Public Schools Army Band Want a Job? Ma Perkins 2:30 Story of Song Baseball Concert Hour Pepper Young 22:45 w. 2g » ’” # - Gunding Light 3:00 Health Blchways Backstage Wife Unannounced Mad Hatterficlds ER Curtain Cal Stella Dallas Lillie King Club Matinee 8: ’ Vie & Sade Tropic Moods Beautiful tafe 8:43 Women’s Fed. Girl Alone Master Singers Kitty Keene 4:00 Before Senate Baseball Cugat’s Or. Hannab 4:15 Tea Tunes wey Zazoozology Sheriff Bob 4:30 i. ” Home Edition Old Refrains Jack Armstrong 4:45 " " Vaughn Deleath Honolulu News

KEY NETWORK STATIONS (Subject to change): NBC-BLUE=WJZ, 160; WOWO, 1160; NBC-RED-—WEAF, 660; WTAM, 1070; WWJ, 920; WMAQ, 670. UBS—=WABC, 860; WIR. 750; WHAS.

WENR-WLS, 870; KWK, 1350. 820: KMOX. 10; WBBM, 770.

MUTUAL—WOR, 710; WHK, 1390; WHKC, 640; CKLW, 1030; WSM, 850.

: CROSSWORD PUZZLE

DUTCH, ENGLISH SHIP MORE GOLD TO U. S.

NEW YORK, April 2¢ (U. P.) — The New York Federal Reserve Bank announced today that $9,311,000 in gold had been engaged in England, and $562,000 in The Netherlands for shipment here. The bank's daily gold statement showed no exports or imports, and no change in the amount of gold held under earmark for foreign ac-

count.

A TRUST SERVICE

To Protect the Security of Your Family

° AMERICAN NATIONAL BANK

. Southeast Corner PENNSYLVANIA & MARKET STREETS

a By VO. 8. Weather Buretteo..t 20 ne bo $0 ax “loo Ib Lbs io. $8.90: SR.ag0 foe. - 0B - Welt of, 90 ipl- State of {Ean oh 0, 300.038 in Hoh: “ { : J Station High. Low. tation. Weath. | ibs. $6.35; 100-120 Ibs. $8.1. Roughs, $5.15; | Harkrader. Notre Dame ws ¥ 2 Clear “ie SL Selves. 10.50; lambs Sp $10. Wheatfield ..... §3 3 .00 Clear arket 38 lower. Ho. 3s bs. $6. 0S Simonizing ester we 18 § 00 Clear 8300 | $6. 80: 300-325 lbs, $6.60: shed, 0h, cox 38 HF 00 ear | 160-170 Ibs pigs, $6.75 'down!| Your car wa te ‘Sits: hk! i 00 Shear roughs, Sh down: shorn lambs, $9 down! Simoniz cleaned, Columbus ..... §§ 48 % Clear a en! Simonizs waxed and Pls Saree. st 3 Ciear ¢ is ome polished, “ e “es D ar on Crs sNsERLYIR RRS dianapoils ... 8 00 Clear * Terre Haute ... d Clear - /, Evansville ..... 78 38 0 Clear BLUE POI NT

DELAWARE AND MADISON"

Bookbinding

Law Book Rinding

Johns-Butterworth Co.

185 BEB. Market St. “We Sell

Law Books”

a Specialty

Lincoln 7016

ime for your new LEVINSON 5

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HORIZONTAL Answer to Previous Puzzle _ 17It belongs to 1 AN Se) the genus animal. | AlU Sent. 8 Blood of the BEAT] 3 to gods (pl). Tle vegetable, 14 To happen. 22 Wild buffalo. 15 God of wine. | 23 It is domesti

cated in 3s Shes ore: 24 Trial. . 25 Guns. 18 Boat paddle. RALPH | 26 Obese. 19 Southwest. WALDO 27 Memorized 20 Electric term. EMERSON study. 21 Skillet. 29 Meadow. 22 Both its sexes | 32 Misses an aim have horns 38 Morsel. VERTICAL 33 To strike. OF cn, 39 Gold paint. 3 To decay. 35 All (music), 23 Musical note. 49 pats 2 Bronze vase. 36 Inflexible, 24 Four plus six. sparingly 3 Frosts. 37 Animal 25 Sand. : 4 Convent 38 Curse. 26 Perfume. ¢4 Label. worker. 39 Thrived. 28 Game. 45 Craft. 8 Doctor. 40 Neuter 30 Particle, 46 Rodent. 6 Black. pronoun. 31 To rent. 47 Priest's arm 7 Uncooked. 41 Small rane) 32 Lizards. scarf, 8 Pertaining 43 Deity of war, 33 Pronoun. 49 Sloth. ‘to an icon. 44 Greek letter.’ 34 Lava. 50 In America it 9 Prattled. 45 Small room. 35 Elm. is called «=. 10 To throw. 47 Month. | 36 To free. 81 It is used for 11 Bone. 48 Pair. | 87 Tree knot. sleds. 13 Embroiders. 49 Form of ‘“a.* I-27 13 5 9 jo I 12 14 : | ! 8 | 7 i -

. Ae

110 p. m. spot on the NBC-Red net= work, and probably on WIRE locale ly, that Amos 'n’ Andy vacated ree cently.