Indianapolis Times, Indianapolis, Marion County, 31 January 1940 — Page 11

SD.

* NEW YORK, Jan. 31 Sometimes it is nece to pause, pinch oneself and wonder if one is dreaming as the facts of our squirming with our business problems dance before us. Take this one, for instance. Something over five years ago the President decided to **do something for silver.” He decided to buy silver until the Governments silver stocks or reserves were equal to one-fourth of the Government's gold reserves. That, of course, was in itself an unbelievably queer thing to do. But in the light of what has happened it becomes, to put it mildly, a trifle goofy. Here is what has happened. In the last five and a half years the Government has bought more than two billion ounces of silver. Yet we are further away from having a silver reserve one-fourth the size of the gold reserve than when we started. = ” 2

LAST YEAR AMERICAN silver mines produced roughly 70,000,000 ounces of silver. But our Government ‘bought 341,000,000 ounces. Whatever reasons may be offered for this policy, the real reason is to help American silver producers. But the Government bought at high prices not only all that American producers turned out but five times as much besides. The reason why, as things go now, we can literally never come to an end of our plan to have one-fourth as much silver as gold in our monetary reserves is «quite interesting. We have been buying silver in huge quantities, but all the time we were

also buying gold. We were buying| Mixed

gold faster than we were buying silver. It has been like pouring water into a gallon jug until the

olce— jug is one-fourth full but all the| 30

time, by some magic, increasing the size of the jug, so that it never can be one-fourth full. Of course that is the real objective—not to get silver up to onefourth the amount of gold in the reserves but to keep on forever trying. If we ever got it up to onefourth, then some other excuse would have to be invented.

| ® = =

WE ACTUALLY have the United States paying for new silver—and plenty of old silver—around 35 cents more than you and I can buy it for in any silversmith’s in the country. Why?

There are a number of persons 2

who believe that some kind of in-

ternational agreement should be|2s

reached by which the price of silver would be increased in the world markets to aid China's buying power. Even that was a sufficiently questionable policy. But no one in his senses advocated the United States buying silver at a highly inflated price, as it has been buying gold, and thus having the silver of | the world dumped on our hands. It is all a piece of the general policy of yielding to every pressure group. We ears in the subsidy bog. There arse a group of silver states and this is their cut in the general passing around of subsidies. But it would be much cheaper to give them an outright subsidy than to disguise it behind this fantastic program.

_—

Curb Stocks

Net Low leg Change

1481: +i 1%

| Hi Aero Sup B . Alum Co Am ..1 it PL A...

I 12 calves, [email protected];

Fruehauf Trail 31% Glen Alden Tg

v JAN. 81,

have gotten up. to our|if 35;

: calves. $12; lambs,

940

HOGS SELL 25 CENTS LOWER: 7000 RECEIVED

Weights Over 160 Pounds Share: Downturn at Stockyards.

Hog prices slumped 25 cents for. weights abecve 160 pounds at the Union Stockyards here today, according to the Agricultural Marketing Service. : Lighter weights sold 15 cents lower. An estimated 6500 head were received. The top price fell to $5.65 quoted on 200 to 210-pound weights, which is slightly above the 5-year low recorded in December, Vealers sold steady to 50 cents lower. No price changes were made in sheep and lamb trade.

Repts os

Jan, Ton Rept 25 5.90 H56!

.5.80 11, 843 "5.80 1500

high. 5&8

31..... 588 Fi 5 Sows

3 %0- Li 4.6

27. Barrows and Gilts | Good and Choice . goose 20- 140.$ 4.35 2

5- 4.50 i lite 2 S

Goo 3.50- 4. 50 Fenlers (Receipts, 933)

160- 200. Slaughter Cattle Steers Bulls Choice iy Yearlings excluded) 750- S008 8.75-10.50,Good ....§ 6.25-900-1100. 8.50-10.25 A 1100-1300 10. 00-11.25!Good .... 1300-1500 .10.00- 11. 00! Medium. Good— Cutter and 750- 8 9.00- 10. 50 common _ 5.00- 6.25 9.00-10.5 Vealers

00. 200-1000. 1100-1300. 8.50-10. 00 Good and 1300-1500. 8.25- 9.23] choice. Medium— n 750-1100. 7.50- 8.75! MS 1100-1300. 7.25- 8.25/CU Common— 750-1100. 6.25- 7.50

6.75- 7.00 6.00- 6.75

'11.00-12:50 d

Cattle, Calves (Receipts, 442) Steers

Steers, Heifers ° Choice— 500- 880.

£00- 750. 9.75-11.00. 0 | 800-1950.

8.25- 9.75! eifers 100 800. 800-1950. Medium— 500-1000. 7.00- 8.00 Common— | 500- 900. 6.00- 7.00 i Calves isteers) {Good and Choi 299 do down 9. 35- 5-11. 00

500 An 8.00- 9

9.00- 9.75 8.50- 9.00

8.00- 9.00 9.25-10.75 8.25- 9.50

Medium | Cutter and common

5.50 ‘Calves noe)

Good— 4.50- § 500 down 8.75- 9.75 Cutter (low Medium — cutter)... 4.00- 4.50 500 down 17.50- 8.75 SHEEP AND LAMBS (Receipts, 541)

Lambs Good and choice ..... Medium and good . Common

..8 9.00- 9.25

wes (on shorn basis) Good and er 3.50- 4.50

250- 3.50

CHICAGO LIVESTOCK

Hogs—Receipts, 18,000; slow; steady to cents lower; decline mostly on weights from 220 lbs. down; top, $5.60; bulk good and choice 180-220 1bs., $s 35@5. 60; 2200 1bs., [email protected]; 240-270 1b. butchers. [email protected]; most 270-330 Eo [email protected]; bid 500-350-1b. sows largely, $4.25@ @4.50' lighter kinds up to $4. Cattle—Receipts, 7000; calves, 1200; only moderate supply steer cro sold; weighty steers trading good and better predominating in run; trade slow, steady; yearlings comparatively scarce but buyers resisting higher asking prices; market steady to strong; heifers and cows slow, steady: yearlings comparatively scarce but buyers resisting higher asking prices; market steady to strong: heifers and cows slow, steady: bulls and - vealers _unchanged; bulls tre active but scaFce; killing quality steer run improved over earlier in week but cattle carrying too much weight; up to $12 bid on strictly choice yearlings and light steers; few loads all representative weights sold ; less desirable kinds, 1505-ib, finished steers, .50; rough but very fat kinds, $9.75; best light heifers, $9.75; strictly choice 907-1b. averages, $10.90; most heifers, $9 down to $6. 50; Hyer cows. $4. 60@5; weighty sausage bulls up to $7.35; most vealers, [email protected]; Select, $12: £03 steers, $9. 25@9 Sheep—Receipts, 5000; late Tuesda 2x mosily steady on all classes; bulk wo oes lambs, $8.75@10; top, $ 10; 90-108-1b averages, $8.65@9; fed Western ewes 113 5., $5.15; today’s trade fat lambs" setivel strong to. 15 cents higher: upward to $9.10 and $9.15 paid freely for good tc choice offerings; top, $9.285; best yearlings, $8.25; ulk fed estern ewes. $5; $5.10; scattered ote [email protected].

OTHER LIVESTOCK

WAYNE, Ind, Jan. 31 (U. P).— 0 cen 200- be. 85.30!

few,

5 lower; 1

ibs., $4.25. (Boughs: $4; stags, $3°

LAFAYETTE, Ind. Jan. 31 Market, 25¢ lower: 160-200 1bs., $ 0G s5 200-250 1bs., [email protected]; 250-325 1bs., $4. 60 + @5; pigs. $4.75 down; roughs, 3: 25 ‘down; lambs, $8@s.

FOREIGN EXCHANGE

NEW YORK, Jan. 31 (U. P.).—Following are noon cable rates on major onpeshsies.

: Ya | England (pound)

No. JT top af. nih Pennroad .. Pepperell Mfg i. Un Gas Corp... Un Lt & Pwr A

Chi icago Stocks -

Hin LR Close Allied Lab os “as on 20% 201 Belmont Radi «4% Go 43, ] . ’ 10% B — 2% 7 273 83% 26's 32 17% 35% 12 16% 12%; 14

Chgo Corp cv pf Comwlth Edison Decker & Cohn . Dixie—Vortex A Dodge Mfg Gardner-Denver

Canada ee [000%

Holland (guilder) . Sweden (krona) ....... Norway (krone) .... Denmark (krone) . Japan (yen)

FOOD PRIC ES

CHICAGO. Jan. 31 (U. pol Of Michigan Mackintosh b> [email protected]. Sweet Potatnes—Tennessee bu., [email protected]. Celery — Michigan crates, 90c@$1.15. Spinach—Texas bu., [email protected]. Ca flower—California crates, [email protected]. Carrots—California crates, $2. 3B@2. 65. market (50-1b. sacks): Mickigan yellows, 65@80c. Illinois yellows, 65c@$1; Idaho Sweet Spanish, 82'2@90c, Colorado Sweet Spanish, 85c.

TUNNEY NOMINATED NEW YORK, Jan. 31 (U, P). —

v2| Gene Tunney, retired heavyweight

Mid West Corp

- Perfect Circle |

LOCAL ISSUES

The following quotations by the Indianapolis Bond & Share Corp. do not represent actual! price offerings, but merely indicate the approximate market level based on buying and selling quotations of recent transactions. Stocks Bid Ask Agents ih Ce com 2 9 Be 83%

‘ng 15 53%

1t Stk Yds Belt RR & Ctk Yds pfd Cent 18d POW 2. To pie. raseees 8 Tugs Ld e T&T Ft Wayne 7% pfd.. a nd & yen Flee 1% pid. 10914 Ind 1 Serv Ine

elevators are payinz 4 92¢, subj ject to market L es on eir merits EL ig ow shelled, 51l¢; Mo. S65; Nov 2 White ¢ oa ats, 3c

Mga ain for N Fed wheat

| champion, has been nominated to

the directorate of Aviation & Transportation Corp., formerly Cord Corp.,

stockholders’ meeting Feb. 9.

WASHINGTON Jan. 31 (U. P).— Official Agriculture Department reports disclosed today that a Government “squeeze” on corn has forced prices up to a point where it is unprofitable for farmers to feed the grain to livestock for market. Commodity Credit Corp. loans were said. to have created an artificial corn scarcity instrumental in forcing prices upward despite an all-time record supply estimated by the Bureau of Agricultural Economics at 2,066,000,000 bushels. During the past 12 months corn prices have advanc&l approximately 20 per cent, while hog prices declined 30 per cent. Beef and lamb prices have remainédd steady. Corn is now worth more in the crib than “on the hoof.” : Although the total supply of corn on Jan. 1 was 195,000,000 bushels larger than a year earlier, the amount outside of Government holdings was 45,000,000 bushels smaller than on Jan. 1, 1939, the Bureau reported. - The Bureau estimated that the carry-over of old corn next Oct. 1 will be “over 650,000,000 bushels,” a record high, Corn owned by the Government, or under seal on farms as collateral for Government loans, will “approach 500,000,000 bushels,” the Bureau said.

7.75- 8.75 a

i Firestone

to choice light stocks S

and will come up for election at a|l

and Purdue University.

17.99 tons

Net Last Change 69 2 46 77% 50Y2 6%

Abbott Lab ... Acme Steel .... 3s

lea Mills Am Airlines ..

im Chicle . Tr & pt. in ener Am Pwr&Lt

Am Rad&SS 8 9% + 10%

Beth Steel 5 Bt Blaw-Knox Borden Borg-Warner

Wheel .. U8 Es Te M.. 19% M

Case J 1 Ches & Ohio .. 33%: Ch z Nw Ry.. Ie Col & So 1 p Sh Broadcast A 28% Colum Col Gas ot A. Col Carbon ... Com Solvents .. Comwlth & So.. Cons Eason i ns Oil . .

pf... 112%

C Coty Inter Crane Co ” Cream ‘Wht ..

23 oa Zeller pf 90

Cub-Am Sug Curtiss-Wr ..|. Curtiss-Wr A..

6% 103s 28% PY Dome Mines .. 223% 22% Dow Chem . "'150% 15034 Dresser Mig oon 16 16 si RE 16% 5

28%

Edison Bros ... End Johns ...

—F 1934 33

T ...

‘ 1934 Freept-Sulphur. 33

Gen Electric ... 38%

Thtre .... a “Paige . . 127%

Gt Nor Ore ..

oa Wat , A 35%, Ham Watch pf.105 Herc Pdr 89%a

wr le

35 105 105 89%

Inland Stl * 821; Inspiratn' Cop.. Interlake Ir . Int Hyd El A Int Nickel Int P&P Int T&T

EEE Alb bid

5 ., | Keith-Al-O 0; | Kennecott

| 33%

Kresge SS 25s

Loft, Eine Lone Star Cem. ai Lorillard 24% 24% a 29 15% 4% 13% 38% 51%

Macy R H Moc, Ry m gtd. iL arine Mid .... Ts Marshall Fid V aru (Glenn) .

Melville Sh . Midland Stl Minn Hny ..... Mo-K Tex: +....

ash-Kelv . at Acme at Biscuit .... at Dairy pf B. iio at Dept St.. at Gypsum . wal) at Lead pf B. ‘148 148

iy A of. 109% 1094 YNH&H . y

Norwalk T

Ohio Oil ......

Pac T&T

packard Pan Am Arwys 182 Paramt Pict Park Utah .... Pathe Film ....

The total surplus next Oct. 1 wil mid-Ja

Phillips Pet -

Phoenix H pf. <. B3

Corn Prices Attributed To Government ‘Squeeze’

be approximately 90,000,000 bushels larger than last Oct. 1, the report said. Government holdings, however, may cut the supply of “free” corn to an unusually low figure. of 150,000, | 000 bushels.

Corn and hog prices work as a balance on each other, Bureau officials|said. Low corn prices and high meat resulted in a record increase of 20 per cent in hog production last year. The balance now has swung the other way. “The current unfavorable livestock feed ratios probably will tend to curtail livestock production and feeding during 1940, just as favorable ratios were an important factor in the sharp increase in hog production and cattle feeding during the past two years,” the Bureau said. “Present indications are that the 1940 spring pig crop in most areas will be smaller than that of 1939. The number of cattle going into feed lots during the last half of 1940 may also be reduced.” The Bureau said. local market prices of most farm . products reached the highest level in two years on Jan. 15 and were 99 per cent of the 1910-1914 level. The average was 5 points higher than a year ago, ot 3 ints under the| 9.

8 | Procter&G ..... " Pullman ...

4{ Young Stl Dr.. 23'2

_ |pared with a 8

prices in 1938 and early 1939|3; GE

Otis Underwood (left), Tinton, and Robert Carter, Forest, have been named Champion and Reserve Champion of the Indiana U. S. Won Tomato Club project for the tomatoes they grew during the past season. The project is sponsored by the Indiana Growers Association

Both men are to be given medals for their achievements. at a dinner next Wednesday night at Lafayette. Mr. Underwood, 28, produced 18.02 tons of tomatoes per acre as compared with Mr. Carter's per acre. Mr. Underwpod’s tomatoes graded 83.23 per cent No. 1 and Mr. Carter's crop graded 5288 per cent No. 1.

N. Y. STOCKS

By UNITED PRESS

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

Yesterday Week Ago Month Ago ....... -+1.3% Year Ago . —1.33 High (1939-40), 155.92; Lows 121.44, High (1938). 158.41; Low, 98.95. 20 RAILROADS

—0.63 ~+1.51

+0.03 -+0.67 + 0.38 —0.36

Yesterday Week ARO cvvcssesvensrsnses Month Ago ....... Year AZO .c.conane atic nity High (1939-40), 35. 90; Low, 24. 1, High (1938), 33.98; Low, 19.00. 15 UTILITIES

4 | Yesterday

Week AZO .....veveces Month Ago Year Ago 23.29 High (1939- 10), 27.10; Low, 20.71, ‘High (1938), 25.19; Low, 15.14.

Net Last Change S31 —

esse

High Low 68% 68% 27 2 PN, « 5%° «193 «91 68'2

57% 19% 91 68%

5% 13%,

68%

Radio Repub Repub Repu

Stl pe.. b Stl pf A.

Seabd Air L....

£ Sudebaker

Tera corp sae

Tide W A Oil.’ Transamerica. .. Trans > va: ath Contr xt : 3 Union B & ke 1 10s 80%

Yniop oan oF, 80Ya Oil ve

Un Air Sy Yhhed Cp pf.. Unit wo TL “8 9. 2E

738 pt’ 18752 Univ Bict a TS We West, Uhion coo 2313 23 WwW Vv P.. 16 LA Br i Willys Over’d pf Woo worth ina art 4074 Ya 23%

STRATFORD HOTEL HERE IS PURCHASED

Dr. S. B. Friedland, Indianapolis

+ dentist, has purchased the Stratford

Hotel, 136 W. Market St., for $60,000, it was announced by Ed R. Lane of Bmil C. Rassman, Inc, realtors. Dr. Friedland, who bought the Michigan Hotel, 127 E. Michigan St., last May, said the same manage-

:2 | ment policies would be used at the

Stratford Hotel as have been put in practice at the Michigan Hotel. More than $40,000 was spent in improving the Stratford Hotel a year |? and one-half ago by the Stratford Realty. Co., owners. The hotel has 50 rooms and baths, an early American design dining room and bar. V.

. L. Wise is manager.

U. S. STATEMENT

WASHINGTON, Jan. 31 (U. P.).—Government expenses ‘and receipts for the current fiscal vear $hroush Jan. 29, comyear ir

nses ..$5, Reber . 3,03 ) Gross_ Def. 198.51 51 1. 49 157.42 8.55

,620.79 [062.00

Customs

INDIANAPOLIS CLEARING HOUSE For The Day Lloasing Vite dissent a tad 215 ,000 DEBS... ed K i For The Month 8,800 Clearing ......................% % 94,367,000 Debits 238 33,795,000

Incorporations

a North Mopuish Bldg. Corps Indianapoli a of resident agent to W E. Shumaker, 629 Circle Tower, an 2p is K. Tire Service of Columbus, Inc., 218 scien St., Columbus; agent, ank Herold, same address: 100 shares no par value; general tire service business and dealing in and servicing radios, refrigerators and other electrica equipment; Prank Herold, Agatha Herold, Chas, E.

Vas r Glove Co., Ing, H. sper Gi , value;

Jasper; agent, L. asper; 500 shares of $100 par manufacturing ane selling gloves,

etc.; Sturm, Virgil ein,

g! Corp. Indianapolis: agent, E. A. Braunse, same address: 600 shares common and 300 shares preferred no par value; uniform and linen ly and service business; David PF. Tal Jeb Charles D. Albright, Edward M Pierson Lumber Co., Inc., Terre Haute: amendment ingreasin ta ital shares common g P Stock to 300 shares debenture stock "0 ate ank o S ment. of erticies. of ICTs: Indiana Truckers Assn., Indianapolis Blvd.,, East Chicago: no capital stock: promote interests of persons

vehicles in fonnestion with

M. OC. Welsh Ferre, their business;

elsh, T. PF R. Bihiman,

See Final Edition of the Times for Closing Stock Quotations

and. Other Late News

STOCKS DRIFT

‘executive secretary;

Indian- .

engaged in operation of trucks or motor|

AIMLESSLY IN QUIET TRADING

Loft Highest Years as Low-Priced Shares Lead.

: By WYITED PRESS The New York stock market failed

to develop a definite trend today

and drifted aimlessly in quiet dealings. Most trading was centered in low-priced shares. Loft was the individual feature, pushing up 621% cents to a new top for several years at $25.25 in fairly active trade. Seaboard Airline sold

: lin blocks ranging up to 25,000 shares {at 25 cents a share, unchanged, and

heavy turnover was recorded in United Corp. at $2.12%, off 12% cents; Continental Motors at $4.25, up 25 cents, and Studebaker at $10.50, -up 25.cents to a new high. Steel leaders generally had small gains and motors narrow losses. U. S. Steel in 1939 had net income of $41,226,039 or $1.83 a share, against net loss of $7,717,453 in 1938, it was reported yesterday. Inland Steel gained $1 on a favorable earnings report. Among higher price shares, Allied Chemical was up $1.50 and American Can down a amount. Some higher-grade preferred issues had fair gains.

Rails Firm

Rails generally were firm and utilities barely steady. Iron Age reported that except for the probability of automobile buying next month “there is nowhere convincing evidence of a broadening of steel demand in the immediate future.” Electricity output for last week dipped again, although holding well over a year ago, while gasoline supplies mounted to a new record high. World currencies ruled steady in terms of the United States dollar in quiet foreign exchange dealings, Bonds Steady = Cotton futures set up gains ranging to 55 cents a bale, then lost half the advance on a reaction in the Liverpool market. British Government bonds were active and firm on the London Stock

Exchange, but other sections of the

LOW-COST HOUSING CONFERENCE TOPIC

Times Special BLOOMINGTON, Ind, Jan. 31— A mortgage conference to study low-cost housing financing will be held at Indiana University here

1. | March 5.

The Savings & loan League of Indiana, Federal Home Loan Bank

of Indianapolis and State DepartA ment of Financial Institutions are

sponsors. Fred T. Greene, president of the Federal Home Loan Bank of Indianapolis, is conference committee chairman, He is assisted by Ivan Cooprider, Savings & Loan League Homer King, savings and loan supervisor of the

1, State Department of Financial In-

stitutions; Prof. Edward E. Edwards; Prof. John F. Mee and Dean Arthur ‘M. Weimer of the Indiana University business school. Speakers will include Warren Jay Vinton of the Washington office of the U. S. Housing Authority; Maurice R. Massey of the Federal Housing Administration and Ralph Richards, president of the Federal Home Loan Bank of Pittsburgh.

DAILY PRICE INDEX

NEW YORK, Jan. 31 (U. P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday. ...ooc000 0050... 119.66 Week Ago 150408800 00080s08s 120.73 Month AZ0 .....ieeeeseeeses 123.13 Year AS0 ........ «.iroeeses 105.65 1939-40 High Dec. 18) .....:. 124.19 1939-40 low (July 24) ....... 10140

LOCAL PRODUCE

Heavy breed hens, 5 lbs. and over. 12¢; under 5 Ibs., 10c; Leghorn hens, Tc; Barred and White Rock roasters, 4 lbs. and over, 30 under 4 Ibs., 9c: heavy breed stags, Leghorn stags, 6c; Leghorn broilers, 2 os] and over oc; LAPONS, Ibs. and over, 18¢c: bs.- and o No. ! strictly Ofer country eggs, 20c; each full case must weigh 55 lbs. a net deduction of 14 cents for each tail Base i > 1bs.. will be mad Butter: : Ha 36¢: No: 2. 34c; batterfnt Ko. » 30c; No. 2, 29¢c.

NO. 3

from personal services. In general,

to demand, by the taxpayer until receipts and disbursements basis,

The names of all employees

the, Uni

in Several |

similar

Clinic Speaker

Horace T. Mathews, C. -P. A. with the accounting firm of Herdrich & Boggs, will lead the cost clinic of the Indianapolis Chapter of the National Association of Cost Accountants at 7:30 o’clock tonight. Mr. Mathews will speak ou “Appraisals, Plant and Property Records and Depreciation” at the first of a series of eight meetings to be at the Indiana University Extension building here.

BRITISH ADDING T0 ‘WAR CHEST

Nearly $900,00¢ 000, 000 in Gold Shipped Here Since Sept. 1.

WASHINGTON, Jan. 31 (U. P).|°

—The British Empire, bolstering its “war chest” in the United States, has shipped nearly $900,000,000 of gold here since the war began five months ago, a United Press survey showed today. From New Zealand, from Honduras, from South Africa, in fact, from the most remote of Britain's possessions, the gold has flowed into

this country at an unprecedented rate despite the war’s disruption of normal shipping. Shipments from the: British Empire accounted for 75 per cent of the $1,200,000,000 gold imported into the United States since Sept. 1. A large portion of the remaining 25 per cent represented gold sent here for safekeeping by European neutrals. The heavy inflow has boosted the Government’s monetary gold stocks, as of Jan. 26, to $17,905,609,680. All of the gold which has come here from the British: Empire has not been sold to the Treasury. The unsold portion probably has been added to the hoard of gold which foreign countries have under e; rk, or on deposit, with the Fedefal Reserve Banks. Earmarked gold is handy for the British to have in this country because, whenever they need dollars quickly to pay for purchases, they can get it by selling the metal to the Treasury at $35 an ounce.

LA GUARDIA TO AID FIGHT ON STOCK TAX

NEW YORK, Jan. 31 (U. P.)— The New York Stock Exchange was assured today that Mayor Fiorello La Guardia will support its fight for a reduction of the state tax on security transfers. Officers of the Stock Exchange advised the Mayor that markets in other cities have been increasing their odd-lot business at the expense of local firms because most states outside New York either have no transfer tax or only a relatively small levy. While Mayor La Guardia admitted that he had no definite plan of action in mind, he expressed himself eloquently on the subject in a telegram to Mayor Angelo Rossi of San

Francisco, who declared yesterday

that a reduction in New York state’s transfer tax would be taking business away from San Francisco. The Mayor's telegram read:

“Dear Angelo: You stick to your|

artichockes and oranges which we will buy, and let me keep the Exchange, and you buy your stocks and ‘bonds through us. (Signed) Fio-

Your Federal Income Tax

Personal Service Compensation Should Be Re-

ported in Year Received. When to Report Income

Of the millions of income-tax returns that are filed annually, the vast majority are from salaried persons and wage earners

compensation for personal services should be.reported for taxation purposes in the year it is received or unqualifiedly made subject to demand. Compensation credited to the account of or set apart

for a taxpayer, without any substantial limitation or restriction, and which may be drawn upon by him at any time, is subject to tax for the year during which so credited or set apart, although not then actually reduced to possession. If the services were rendered during the year 1938, or even prior thereto, but the compensation was not received, or made unqualifiedly subject.

is taxable in 1939 when the taxpayer is reporting on the cash individuals in reporting net income.

over a year are made must be reported by their employers. The information returns should be made on Form 1099, accompanied transmittal Form 1096. These returns should be filed on or before Feb. 15, 1640, with the Commissioner o Internal Revenue, Returns Distelition Section, Washington, D.C

All of the various types of compensation, unless specifically exempt by statute, should be included in the taxpayer's return: of gross income, such as salaries, wages, fees, commissions, bonuses, . tips, honorariums, prizes, awards, retiring allowance for past services, etc. Where services are paid for in whole or in part with something other than money, the fair market value of the thing taken in payment must be included as income. Other items subject to tax are fees received by ministers of the gospel for funerals, baptisms, masses, and like services; executors’ fees; directors’ fees; jury fees; and prizes received in contests of various kind. ~The salaries of.officers and employees of the United States, including the President, judges of courts of the United States, the + Vice President, and Members of the States Senate, are subject to in

rello.” ’

whose income is derived

the year 1939, the entire amount which is the basis used by most to whom payments of $1000 or

House of’ Representatives and

{WIRE at 8 o'clock. . . . And that

‘|theme: ‘Hello, Ma, it was a great

|The Aluminum Co. of America is

betterments in the bauxite, alumina

ON THE

. TONIGHT ] 6:30—Burns and Allen, WFBM. 8:00—Fred Allen, WIRE. 8:00—Star Theater, WFBM. 9:00—Kay Kyser, WIRE. 9:30—Indianapolis Symphony Concert, WFBM.

Joe Louis meets John Sullivan tonight in a no-decision go on NBC-

isn’t fiction, either, for. Fred Allen was born John Sullivan (of the Boston Sullivans) as you probably have learned before now. Young Mr. Louis has always commanded a wide radio following, although most of his microphone endeavors have been short and to the point. | Verbally, he nevér has been any great shakes as a broadcaster, confining himself to variations on the

fight.” But tonight he’s going to stand up and trade gags with a perennial contender for the air comedians’ crown. Joe will be the “PRerson You Didn't Expect to Meet.” From his training camp in Radio City, Fred issued the announcement foday that “I'll moider that guy.” He also hinted that tonight’s bout was simply a warmup for a forthcoming encounter with a . fiddler from Waukegan, Ill. Incidentally it is stated on reliable authority that this fiddler (chap name of Benny) has an ardent fan in the person. of Mr. Louis. Pred isn’t expected to make an issue of it tonight.

2 nN 8 : Both NBC networks have sched-

uled-a five-minute summary of an ” 2 8

INDIANAPOLIS WFBM 1230 (CBS Net.)

Kathleen Norris Golden Store Hollywood Scatlergood

Billy & Betty edda Ho apper V. Kaltenborn European News

INDIANAPOL WIRE 1400 _ (NBC-MBS)

- Girl Alone Midstream Dick Reed O’Neills

Lady Luck Dessa Byrd Bible Questions Hoosier Sports

Pleasure Time Mystery Treasure Hunt Dick Reed Playhouse

Red Skelton ”» ”

o3| 882 Rung aR] suns]

New: Tom and Abner Burns & Allen

oo ve se

Al Pearce Dr. Christian Star

Theater

Glenn Miller Public Affairs Indpls. Symphony

Fred Allen ” - “

Kay ”»

nba «3

Kyser | ‘» ”»

Amos and Andy News

222 | 02000 | Xnnn| vaca saan awn

News 3 Baskethall Hoagland’s Or, Dick Jurgens

Paul Sullivan Berrigan’s Or. 30 - Vincent Lopes

Recordings » » Phil Harris

INDIANAE ATOLIS

(CBS Neo) Early Birds

408 (NBC-MBS) Dawn Patral Markets

Dawn Patrol

as 58

News Freddie Miller Go Morning Ensemble Miss Julia

Kitty Kelly Hiliton and Marge

Basonology News

City Toda Air, Kitcpen

Man Other Plain

ooo

Wife ill Stenanther

Editor's Daughter Foctiizuts 1 Married

Woman in White Words en Musie

address by Pope Pius XII at 7:10 a. m. tomorrow. The address will be broadcast to the Eucharistic Con= gress closing tomorrow in Welling=~ ton, New Zealand. The English

summary, to be heard here, will be. given by Philip MacKenzie,

Scheduled on tonight's broadcast by Fabien Sevitzky and the Indianapolis Symphony Orchestra are the “San Francisco” Suite by the late Henry Hadley, and three excerpts from Glinka’s opera, “A Life for the Tsar.” : ® 2 ”

A new series hits the air at 10:18 o'clock tonight on NBC-Red. Titled “The Next Step Forward,” it will discuss, in dramatic form, pressing

problems of current living. Question for tonight’s opener is “Where Does the Food Money Go?” Other scheduled subjects are “Who Pays the Taxes?”; “Can We Do Without the Middle Man?;” “Are Sales Taxes Fair?” . 2 8 3 ‘At 2:30 p. m. tomorrow, WIBC will present a dramatization, “The Story of Victor Herbert,” commemorating the 81st anniversary of the late composer’s birth. There will be a liberal supply of Herbert music durs ing the half-hour.

hl Gale Page, the radio star turned movie actress, will be back before the microphone this evening to play opposite Charles Boyer in “The Man From Yesterday’ ~NEC-WIRE at 7 pm 8

THIS EVENING

(The Indianapolis Times is not responsible for inaccuracies In ments caused by station changes after press time.)

Program announces

Is CHICAGO WLS-WENR 1730

(NBC Net.) Radio Neighbors

CINCINNATI (NBC-MBS) I Deame

Jack eo mstrony Serenade

Fred Kirby Baker oi Denton Robert Duane Lowell Thomas Pleasure Time News Arnold’s Or. Inside Sports Hollywood

Red, Skelton

Anthony Charles Sears Barron’s Or. Stories Bud Barton Tom Mix

Easy Aces ost Persons’

News Grace Wilson Johnny Presents Quick Silver Concert

Ted Weems Horse, Buggy

Fred Allen »

Good Government Photography

Kay Kyser :

” ” ”» ”

Peter Grant Rs Science James

10 O'clock Final

Kassel’s Or.

Schnickelfrit Al Jahn's a Band Gene Krupa

Mogn Bier

THURSDAY PROGRAMS

INDIANAPOLIS WIRE 1

INDIANAPOLIS WIBC 1080

Devotional Musketeers

Breakfast Jam ” ” ”

CINCINNATI (NBC-MBS) Mornin®

Time to Shine

» Gospel” Singer ” Little White House Carava Clem & Maggie

we ootlights Cotton” Queen

Melody Lane Man 1 Married De Swine Other Wife Plain Bill

Kitty Keene

8| 5853 5863] 585

David Harum

Life Azainst Storm Guiding Light

Singin’ Sam Dr. Mal

Marv Taylor Life Bezins Big Sist Jenny’s tories

Kate Smith Girl Marries Farm Circle

Sa{weoe WWW | arerarer

> [= we

Linda’s Love

Farm Hou Markets. eporter To

Jetty

Memories

River Keene Home Cirele

Lanny Ross I Joyce Jordan Youth Program \ My Son & a Church Hvmns

Society Girl Mary Marlin Four ah men Ps perkins oe Air, Sehro Vie & Sade

- bo md Seke |=] 2293

po E223 GE

853

um ond fd fs I C3 oi

Wold sang

32%]

Hits an Niuiam pyres Lorenzo rr

' Widder Brown

Ran Weather Home Folks

‘Three-quarter TimeBackstage Hite > nd Bits Stella Dalla

L inda’s Love

a A ainst Storm uiding Light

Happiness 0’ eile :

Friendly House

Public Library Varieties

Noonday Rhythms.

Woman one CourageCheckerboard TimeFarm Hour ii

” “

Ellen Randolph ditor’s Dauzhter

ch Boys

Jones Tommy Sutton

Mus sicale, r

Community an Haven of Rest

Piano Mood; Roy Wallace Herbert Birt day

Peter Gran Betty and Bob Grimm’s Daughtes Valiant Ladv Church Hymns

Mary Marlin

Vic & Sade O'Clock ii Backstage Wife Honoisto Stella Dallas

iss Julia Today's "Musto Beautiful Life

Gir! Alone Midstream Dice Reed O’Neills

Kathleen Norris Golden Store Hollvwood Scattergood

ani | 650505 36 5353 5353

NBC-RED—WEAF, 660;

Streamline Swing Blues Chasers Aroun Town

Kitty Keene Midstre:

Jack Armstrone : Invitatio \

KEY NETWORK STATIONS (Subject to change): CBS—WABC, 860; WIR, 750; WHAS, 820; KMOX, 1090; WBBM, 770. MUTUAL—WOR, 710: WHK, 1390: WHKC, 640; CKLW, 1030; WSM. 850. NBC-BLUE—WJZ, 760; WOWO, 1160; WLS-WENR, 870: KWK, 1350. WTAM, 1070: WWJ,

920; WMAQ, 670.

POSTAL TELEGRAPH COMPLETES CHANGE

NEW YORK, Jan. 31 (U. P).— Postal Telegraph, Inc., was established today as a completely independent company, with its own independent stockholders and board of diréctors, to carry on Postal’s 59-year-old business. This new board ‘of directors took the necessary action to take over ownership and operation of the domestic land line system of Postal Telegraph. Edwin PF. Chinlund, president, presided at the meeting held yesterday.

designated an executive committee. The operating personnel, consisting of 14,000 employes servicing the Postal network throughout the United States, will carry on under the new corporate structure. The meeting was preparatory to a final transfer of assets and signing of document which was scheduled today in the offices of the Corporation Trust Co. in Jersey City.

ALUMINUM CO. PLANS 30 MILLION OUTLAY

PITTSBURGH, Jan. 31 (U, P).—

inaugurating a $30,000,000 expansion program with, the starting of work on the new metal-producing plant in Vancouver, Wash., Roy A. Hunt, president of the company, announced today. The new program is in addition to the $26,000,000 spent since 1937 in a development campaign which included new works in Mobile, Ala.; Lafayette, Ind., and Los Angeles, Cal. As the demand for aluminum is at an all-time high, the company revealed it is’ spending $18,000,000 for

and metal-producing divisions of the company, and $12,000,000 will be used in balancing facilities in the company’s fabricating operations.

The board elected officers and

New Business Books Available at: Library

The following new business books are available at the Business Branch of the Indianapolis Public Library:

BUSINESS CYCLES, by J. A. Schunpeter, 2 vol. — ‘Analyzing business Tycles means neither more nor less an analyzing the economic process of the capitalistic era.’

MODERN MARKETING, by C. W. Barker and M. An shen— "How things Jou buy are brought to you, how Toes ories are supplied wi h raw materials and the work of the v, rious concerns engaged in distrikutioh.

MANAGEMENT OF MUNICIPAL PUBLIC WORKS, by D. €. Sione— Government does not have the spur to effective management that the profit motive provides and must discover new incentives and means of measuring accomplishments.

SELLING IS A GAME, by Jack MeCord—The author draws non all _ kinds of sports and Sammes for illustrations and inspiration for selling.

INDUSTRIAL RESEARCH LABORATORIES OF THE UNITED STATES, 3, eomp., - by National Research ouncil.

ROBBINS NAMED AS FOOD SALES HEAD

i Jan. 31 (U. P). — The election of William M. Robbins as. president of the General Food Sales Co., Inc., th, succeed Austin S. Igleheart was announced today by Colby M. Chester, chairman of the board of General Foods Corp. Mr. Robbins formerly was vice president and national sales. mange ger. Mr. Igleheart, executive vice prese ident of the corporation, will cone tinue as a director, of both the corporation and the sales company and

‘has final discretion over all markete

ing ac activities. ; 4

TORINO

IAA REA

Oldest Loan Buouers in the

The CHICAGO Store.

146 EAST WASHINGTON ST.

on on Everything!

Diamonds, Watches Watches, ~ Autos, Cameras,