Indianapolis Times, Indianapolis, Marion County, 3 February 1941 — Page 15

BUSINESS

Refugee Interesting Mixups Abroad — By ROGER BUDROW MILLIONS OF DOLLARS IN REFUGEE CAPITAL

from Europe are beginning to

cording to Business Week. Since the outbreak of the war| more than 25 millions have entered Brazil alone. Some of the money is coming from southeastern Europe but much of it is from Holland, Belgium or France. « tina probably has received as much as Brazil and Maxico,

despite the attacks on capital

received the next largest share, the magazine reported.

Some Belgians who fled ahead of the Nazi invasion have opened a great tannery in Brazil. Although they were compelled to leave behind a big factory ..and well-estab-lished business, they had enough money ‘deposited outside Europe to build the new tannery with which they hope to supply their old U. S. customers and find some new ones. Anohes BelRoger gian refugee Budiow from Antwerp has just re-established himself in the ‘diamond-cutting business in Rio de Janeiro. A long-established Belgian-controlled iron works in the Brazilian capital is being expanded now with capital brought from Belgium shortly before the invasion. Both Buenios Aires and Rio de Janeiro attribute a part of their recent real estate activity to buying by refugees. Another aspect of the foreign fund situation in the U. 8. is attracting considerable interest. German investments in U. S. securities were estimated (by American bankers in Berlin) in 1939 at 476 million dollars. Should the dividends and "profits on these securities to the German owners of the Stoo as in the past or should they b paid into a fund in Washington?

The Washington fund is sug- F

gested because American investment in Germany (about 714 million dollars in 1931) have paid al‘most no royalties, profits or dividends since 1931. It is argued that * the U. S. ought to pay the Americans what is due them before sendLing dividends to Germany. 2 2 ” FOUR NEW YORK banks with combined resources of 11 million dollars have formed a coalition to co-ordinate and speed up national defense financing. The move had the blessing of the Defense Commission and Reconstruction Finance Co The banks are Chase National Bank, largest commercial institution in the world; National City Bank of New York, second largest; Guaranty Trust Co. and Bankers Trust Co. The “big four” will pass on the credit status of any manufacturer who may want to borrow because of a defense contract and will either advance the money or arrange for a loan from a bank in the borrower’s own territory. If the banks cannot approve the loan it will be referred to the RFC. :

os 2 o AIR LINES in the U. S. have 332 glant transport planes, most of which could be made available on

one day’s notice to transport over-|*733."g50

"night 5000 troops from bases in the Southwest to the Panama Canal area, according to T. B. Wilson, board chairman of the Transcontinental & Western Air. 8 8 8 ODDS AND ENDS: The Army may buy as many as 10 million cans of salmon this year (soldiers call it “goldfish”) compared to about two . million last year. ... Writing in the .40il and Gas Journal, Interior Secretary Harold L. Ickes‘denies he wants to place the petroleum industry under Federal control but thinks some centralized supervision would be a good idea. ... A 25 per cent increase in cargo rates on freight from the Far East is expected in shipping circles. . . . Westinghouse Electric's Sharon, Pa., works went on a 48-hour week today (they have 400 defense orders) paying time and a half for all over 40 hours. . . . 390 leading industrial corporations had a combined net profit of 856 million dollars last year, after all taxes and charges, a 32 per cent increase over - what they made in 1939, National City Bank of New York says. ...Indiana’s corn production in 1940 averaged 37 bushels per acre or 8.8 bushels above the U. S. average, ace

cording to Middle West Soil Im-|yR%, Co

provement Committee.

DAILY PRICE INDEX

NEW YORK, Feb. 3 (U.P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Saturday ..ceveccve0cesssses 123.42 Week ago ssssssssscsssssses 124.05

MOND 820 cecerrrerrerrenss 13403102

€ar 880 eesesssccscssssesse 118.96 1941 high (Jan. 9).eeseeceees 125.21

1941 low (Jan. 29) .ceceeese.s 123.39 3

This week's Excursions

IROL A ey

GOING SATURDAY CLEVELAND . . « « . » $5.50

be sent|J

Capital Creating

show up in Latin America, ac-

Argen-

by the Cardenas regime, has

PRIGES ON HOGS ADVANGE HERE

Quotations Marked Up 10 To 15 Cents as 9215 Porkers Arrive.

Hog prices rose 10 to 15 cents at Indianapolis stockyards today, the Agricultural Marketing Service reported. Hogs weighing 160 pounds or less did not change in price but those weighing between 160 and 230 pounds were 10 cents higher than Saturday while weights above 230 pounds advanced 15 cents, The top was $8.40 for good and .choice 220 to 230-pounders. Vealers ‘were steady with a $13.50 top. A total of 1896 cattle, 523 calves, 9215 hogs and 793 sheep were received. HOG PRICE RANGE Ton. LER] 8008000008000, .$ 8.50 24 .. cers 8.78

Barrows and Clits Good 3» to (hoice—

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5333555383 [SESE SSS SSN

23:33» ® NI000000-3 SS 388 2 2333382828

Packing Bows | Good to Choice— . 270- 300

LURE Unboeotttuidie Deottiieg $30 360 sesestseerereresseres |

Seer OS OO

19S]

2 0 in

0- 400 ccesscsceesssnsoscece |

303

S93 S333

450- 500 genet] 0

a 2 - -3 a =

***‘Sisughter Pi Medium and G y 000~ or rn | 00200 ooiierraseieheriiil) |s.15@ 6.00

CATTLE

Slaughter Cattle & Vealers mo 1896)

Steers Choice

sec0ct cesses enne. 0000000000000) 000 00

ssesecvcen, s0000000000 ®0ssceescsenenssece

g 8888 Fa

0000000000000 0000008 | | 4.78 10.50 J 8000000000000 00000, wot 8.75 10.50 CF50-1300 tien | 3.15010. {]

Choice— 500- 780

* ‘Steers, He! ®00ccss000e veennanes| ds0a 8.78 sesesecs) | 9.715Q11.50 , rs {4

vessl [email protected] 750 900 1.eesses sees rad [email protected]

300.500" 0000000000000 8.25@ 9.7% : 1.00@ 8.25

i HE

900 cee0000 0s a seesessece rod seven

Medium’ iid and sommon she

00- 900 coccscoe. Su oh 635

s ulls (Yearlings excluded )

ner [ER ENE REN NX] re

Beef 7.235@ 8.00 Sausege=—

Soom ied ign 13

6.00

Vea Good and choice Voaiers 139 Common ad medium ,.ec000s 1g

eee . $08 4004000080

Feeder and Slo Stocker att

i iv} Chotse.— (Receip ig 528)

0- B00 .ovurrrovucenesnnres$10.00Q10.76 800-1003 000000000 0c0 000 Lo 10.75

Good— 788102

8.50@ 9.00 1.500 ab

000000000000 00000006 00000000000) 0000000 ie

500-1000 _resenssscisianseceniie Comin 6500- 00 seeesesereporenesaie Calves (steers) | Good and choice 500. AOWR cvesessssposscncsis 10.00011.50 Medium 0 di sesss.iresseceeie [email protected] Calves (heifers) Good aa choice 500 dow! 9.00210.75 Med! aI | 500 down ....... cosine 1.500 9.00

SHEEP, LAMBS (Rec:ipts, 793) Lambs Good and 20 ice. ....

um and good At hi 2330 #818 on . : 8.00

Yearlin Wethe:r's Good Sd choice % bu Me diu LN ‘By 1 led) os wen (woole Good and choice

Common and medi um ..

tosses ®eece0000 00000

ssceecassioe

CHICAGO LIVESTOCK

Togs — Receipts, 13,000; opened slow, closed fairl eine Blf zood under 240 ibs. bulk good and choice 1 0: most 240-270 1Ibs., Y . averages generally $7.60 packing SOWS, down id 450-550-1b. kinds usually $6.7 ttl Receipts ,000; calves, rs and Ts packers very focal’ and hibpers aco 50c down; meager Iy ‘sold on early round ‘vent mostly to order buyers; hardly enough done to rane a market but general undertone very bearish and a grade: under severe pressure; few load [email protected]; best yearlings early. § $13, , ul several loads most o $id larg and ’ ini steers held i largely steer Sian elfen steady lower; medium to "weigh ty 15nd ® Hons decl: ne: Just ich, we he fed heifers early, $12, mostly cows very scarce; undertone b, k but market about steady due to limited su ply; bulls and vealers fully steady; a y sausage bulls to $7.75; seletted vealers to $14: stock cattle weak. Shee Receipts, 12,000; fat lambs slow; v bids fully 45¢ lower on lambs held around Feeadys asking $10.50 or hE to choice handyw AF ctor Bulk early bids, $.0 75 1b. Colorado spring lamps sold - $12; no early action on sheep.

RETAIL SALES

-|cent short of their 1929 average.

820(1929 peak.

a shade under the previous close.

GAIN IN STATE

’39 Census Reveals Indiana Has 47,317 Stores; ‘Employment Up.

WASHINGTON, Feb. 3 (U, P.).— The Department of Commerce today reported that retail sales for Indiana in 1939 amounted to $1,066,383,000, up 38 per cent over 1935 sales but still 11 per cent under the

dollar volume of 1929 .when prices were higher. According to the recent business census, the number of stores in the Hoosier state increased 20 per cent during the 10-year period after 1929 and at the end of 1939 there were 47,317 stores operating in Indiana. The number of filling stations showed the greatest increase—4816 units—while eating and drinking establishments increased by 3590. The number of persons employed in retail stores—123,192—was 28 per cent higher, the report. showed. However, payrolls still were 9 per

‘General Store’ Declines

Food stores increased 17 per cent in number but decreased 15 per cent in sales between 1929 and 1939. In the last half of that period the same stores showed an increase in dollar volume of 30 per cent, indicating a sharp recovery after 1935. The old general store classification declined steeply, losing 73 per cent in number and 79 per cent in sales during the 10 year period surveyed. However, much of this loss resulted from reclassification of many of the stores of this type into

SSE

It looks like the gun turret of some weird super-super-dreadnaught. Apparently, at upper right, is a battery of pom-pom anti-aircraft guns such as British use. The workmen are standing on what looks like huge mortars. But all that “artillery” couldn’t fire a shot. The photo shows the upper half of an 80,000-kilowatt turbine shell being built at the General Electric Co.'s Schenectady plant. But it will generate power to keep the wheels of industry turning for national defense.

the food, meat and other categories. Automotive estdblishments;, including parts and .supply stores, increased 27 per cent in number and

N. Y. STOCKS

33 per cent in sales over 1935 but fell somewhat short of the 1929 dollar volume. Sales of new cars in 1939 were 32 per cent higher than

in 1935 but 22 per sens below the Allegh Lud Stl. 20% m

Bloomington Leads

Sales in Indianapolis stores during 193¢ amounted to $188,553,000 or 0841000 5 1095; Bot 16 per eons on | A n u per cent be- |Ansconda low the 1929 peak of $220,628,000, |4iliur Il vr vf 54% The largest five-year increase in t retail volume for any city was reported for Bloomington which advanced 85 per cent over 1935. Vincennes showed an advance of 82 per cent, Elwood 62 per cent, Frankfort 60 per cent, Evansville and Gary 48 per cent each. Only one Indiana city over 10,000 population, Hammond, showed a volume increase over 1929. The volume of retail business there was up 7 per cent over 1929 and 32 per cent over 1935.

GORN, WHEAT SELL HIGHER AT CHICAGO

CHICAGO, Feb. 3 (U. P.).—Whest prices on the Board of Trade moved moderately higher after showing an easy tone at the outset. Extreme gains ranged from % to % cent net. Corn and soy beans showed fractional gains while oats and rye were

Am Roll Mill . Am Roll Mill pt 8 Safe Razor.

Cons Laundries Cont Bak B...

( Copweld Steel. Crucible

het

: 18%

oo 2

P= 5 Ne Rr

Bio Moi: 8% Boshler D Cast 21% las Airc.. 68% ont pf. cer124 1

cl 26 360%

Af the end of the first hour, wheat was up 1% to 4c; May 81%c. Corn VAs up 3% to %c; oats unchanged | 39 W off %c; rye off i to %ec, and soy beans up % to %ec. Wheat started steady to easy under scattered commission house pressure, but buying interest was sufficient to steady the market. Br Later, local and commission house demand, which was followed by short | my irbanks pf. covering operations, lifted prices Freept-Sulphur. 00| above previous resting spots. Some traders. were inclined to base the buying on the theory that the market was entitled te some kind of a qg| rally after the steady downturn of last week.

Bast air Lines..

8 3%

Gen Cable A.... 13 G¢n Cigar | Gen Electric... 32% Gen Motors .... Gen Refract... +A Gn Té&R.... 11 Gillette S R .. Hy

ga a d Cp.. eyhoun |inat Sug «ceo 1% Indianapolis STain elevators are pay for No. 1 wheat, bis subject to mork n their merits. Cath ? Solow shell corn, te shelled corn, 67¢;

No. 7

Hipp Motor sos change; other grades New No. 1

corn: a new No. 4 . 2 white oats, 320.

Jud RAYON «.eee a t P&

RIBS

phos

High Low —

20%

dh WII ND

FERIEERRRREE

- ho

Fas

wee Haas er We Fade =

Ct pt Oooo

8 217 18

10% 3

85% 21%

68% 24 2 14 i i 27%

8% 34%

8 327%

Sa »

By UNITRD PRESS Net Last Change 20% + %

30 INDUSTRIALS sevesnssnsssanssees 1238.28 Week 880 ..cecoesccnsocesss 120.08 Month 880 ....cco0ceesesees 182.88 Year 8g0 ......e0ue ceseses. 145.00 High, 1941, 133.504 low, 123.28,

High, 1940, 152.80; low, 111.84, g 20 RAILROADS Saturday ..

Week ago .. Month ago .. Year ago ..c...... High, 1941, 20.73; low, 28.08, High, 1940, 32.67; low, 22.14. 15 UTILITIES Saturday ecceccceccenccecees Week 880 ..ocococosvccenes Month ago . esvesscnses 20.05 Year ago ....cc.e0000 ceseess 34.68 High, 1941, 20.65; low, 19.58. High, 1940, 26.45; low, 18.03.

Saturday

- row : dN

FISFHEERRSRNEE

REVS 2B Fb)

Erpires

Fo ac Nanas .e 1. os oe

DOW-JONES STOCK AVERAGES

.| holding near the recent record rate.

REMAINS FIRM

Steels Generally Higher; Du Pont Sets Aside 10 Million Dollars.

NEW YORK, Feb. 3 (U. P.).— The stock market was firm in afternoon trading today following a inte morning rally, volupgie was ligh

Steels were generally higher with | steel operations of the nation

The American Iron & Steel \Institute reported scheduled operations this week at 96.9 per\ cent of capacity, a slight reduction from last week's rate of 97.1 per cent, which

output. A few shutdowns for repairs caused the decline. Chrysler was up nearly a point. Small gains were distributed over American Can, Consolidated Edison, Douglas Aircraft, International Harvester, Southern Pacific, U. S. Rubber and Woolworth.. Loew's gained nearly a point on a rise in net profit. Du Pont held at the previous close after declining a point from its high for the day on publication of the 1940 report showing a reduction in net after the company set aside a $10,000,000 contingency fund. Business news generally = was favorable, but traders continued cautious. London's stock market was firm on further British successes in Libya.

MONARCH MACHINE TOOL CO. EXPANDS

CLEVELAND, Feb. 3 (U.P.)— President Wendell E, Whipp of the Monarch Machine Tool Co. today announced a $650,000 expansion So the company’s plants at Sidney, O., that will increase employment for production of lathes by 40 per cent. The addition, third for the company in 18 months, will be completed and major cquipment installed in eight weeks, Mr. Whipp said. Training of employees who will operate the new equipment already has begun, he said.

BUSINESS AT A GLANCE

By UNITED PRESS Gulf Coast Lines 1940 net operating income $2,204,659 vs. $2,467,862 in 1939. Gulf Mobile & Ohio R. R. Co. 1940 net operating income $1,505,525 vs. $2,154,857 in 1939. International-Great Northern R. R. Co. 1940 net operating deficit $34,528 vs. $204,174 in 1939 .

High Low

Int T&T cesses 2 2Y Intertype cesses Mi Va

8 Err = ae

BELLI

n O Sou pf.. Raley Hayes A IH Bennacoty 1 resge SS

25%

. . . »

Ee a go pa

+ HEE

Nash Kelv .... Nat Biscuit .... Nat Daily “case Nat Distillers .. Nat Gypsu

+++ EEE

Ea 2%

Ohio OIl ..... Otis 4 Steel sevee 9 Outbo

3 Owens is Glass

Alr Paramnt Bet. bara Pic 2 armel

e Oil stsceen

BIC Lo «TAR

Nr RE ++] |

ssnnted Radio-K OF Reading | 1 Fo Tr Rd p WW. Mot vtec .. Republic 568 oe

SBS

Ba FER ORF

| f

Gross Income.

net incomes. .

This brief statement should serve to help to that end.

of 4 per cent. The

the rate is 4 per cent of such excess.

"of $8000. 10 per cent of the combined normal tax and surtax.

taxpayer being single and without (lependents:

Your Federal Income Tax

Federal Tax Is 4 Per Cent of Net Income, Not

Income taxes for 1940 are nalc on net incomes and on surtax A study of the iistructions that accompany the income tax forms will show how tu compute the tax on such incomes,

The Internal Revenue Code provides for only one normal tax rate, and that is 4 per cent of the net income less the allowabl personal exemptions and credits for dependents, and an earn income credit of 10 per cent of the amount of the earned net income but not in excess of 10 per cent of the amount of the net income. For instance, if the net income is $3000, no more than $300 earned net income credit would be deductible from the net income, net income is $4000 or less, there is paid only the normal tax rate

personal exemption and credit for dependents are also allowable as credits against the net income for the purpose of the surtax, the resulting net income being designated “surtax net income.” The surtax is imposed on surtax net incomes in excess of $4000. The rates increase as the amount of the surtax nef income increases. On a surtax net income of $4000 or less there is no surtax. On a surtax net income in excess of $4000 and not in excess of $6000, The surtax upon a surtax net income of $6000 is $80, and upon & surtax net income in excess of $3000 and not in excess of $8000 the rate is 6 per cent of such excess in addition to the $80, or a surtax of $200 upon a surtax net income

‘The defense tax, which the present tax law imposes, is a tax of

The following example will show how to compute the tax on a net income of $8500, all of which represents earned net income, the

Net INCOME ceveseccnceccsssssncsopossssssscossssssssssscess $8,500.00 Less personal exemption ei NN00000000N000000QOCCNOIINSRIOTIIES .00

Balance (surtax net income) 070000000000000000000000000008 7,700.00 Earned income credit 000000 N0ORNNNNONRORRRNRRRRNOIINIRINNDS

Safewa

. =343 ~J0

.e . aa «Ww » 100 CABIN +000 DID 0 ~36) ~J00 DN BIUT 4 0 00 DI ©

00TH 3 FESaRFEE COBIs FF NFRERERSS HE HELE i LH HLL)

Superior . Oil .. Sym-Gould ww

Tenn Con

FESRRSTE SG

—

If the

U 8 Steel

Vest Air Bke..

still heel Steel hite

20 94

1 18011 001i WOIul

orthing ot B. 85

Yellow Tr ..... 14 14 Young Sheet .. 35% 35%

FOOD PRICES

+2 85

CHICAGO, Feb. 3 (U. Michigan Jonathans, bu. Si MoXionn lies, '$3.05@ 3.25. b Caulifiower—Ca

Lettioer Satori Potat es “Tennesse

850.00

Net Last Change

Hoo

ea,

“oe eve esse evs ese

Se La

Hitt

1 re a

. . . .e . . .

FTE

SEs EEE

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1+ SFE

.e >»

A les -— 1 135.” Celery Toma:

anich Texas, | 1935, all had gone back to the par ifornia crates, Carrots—Cali ola Teas

a 5¢ ion, 7 (50-1b ois 3 i i Bui s, 50@175¢; cui ¥s tie

% i Bx i %

FEN >

U. S. STATEMENT

WASHINGTON, Feb. 3 (U. P.).—Government expenses and receipts for the current fiscal year Through Jan. Frogmpated a

8 year ago: penses ..$6, 253, 513. 903. i $5, 480, Yor 413, 89 Receipts .. 3,264,340 923.64 3,058, 178, ,042, 30

Gross De Net Def

Res. .221 . ‘216. Customs .. ‘101, 815,521. 527.61 '213.405.930.45

INDIANAPOLIS CLEA CLEARING HOUSE Clearings .

FOREIGN EXCHANGE

NEW YORK, Feb. 3 (U. P.).—Following are noon cable Toles on major curcies: Cable Rates Net Chg. und) . .00.84.08% +. (dollar) . 82 13-161.00 1.16

set the all-time record for tonnage |

pens Meeting

Charles T. Coats . . . will preside.

” ” i” ; Farm Mutual Insurance Companies Convene Thursday.

More than 400 representatives of 66 farm mutual insurance companies are expected to attend the annual two-day state convention of the Mutual Insurance Companies Union of Indiana opening Thursday at the Claypool Hotel. Several nationally known authorities on insurance will speak during the convention at which Charles T. Coats, of Indianapolis, association president, will preside. Convention delegates will hear Harry P. Cooper Sr., of Indianapolis, secretary of the National Association of Mutual Insurance Companies; J. H. Kelker, of Chicago; Artemas H. Myers, of Noblesville, and Frank J. Viehman, Indiana insurance commissioner. The banquet will be Thursday night.

LOCAL FOUNDRYMEN WILL HEAR KAYSER

J. A, Kayser chief refractories en-

gineer of Laclede-Christy Clay Products Co. at St. Louis, will be speaker at the Wednesday night meeting of the central Indiana chapter, American Foundrymen’s Association. Mr. Kayser will discuss the manufacture and application of refractories commonly used in the foundry industry. He will also show a few slides relative to the manufacture of refractories. The dinner will be held at 6:30 p. m, in Hotel Washington, followed by Mr. Kayser’s discussion and then an open forum.

Egry Register Co.

Moves Office

The Egry Register Co. of Dayton, O., has moved its Indianapolis agency from the Underwriters building to 1031 N. Pennsylvania St. W. Reginald Howe is manager.

LOCAL PRODUCE

Heavy hens, 12c; bareback hens, 1lc; Leghorn hens, 8c: bareback Legh orn hens, 7c; Barred and White | Rock springers, 13c; other colored heavy breed springers, 12¢; h 1c; bareback Pg.

c. A large eg Bs: diana Grade A medium eggs. small Grade A and No Ay

de, 13¢ Br ati 33@33%ec: No. 2. 31@

InSkt

n (yen) 46 Mexico peso) “eseanns 22075

campaign recall World War days, masses of people directly advanced

Bonds were sold in hectic publicity drives mounting to a climax as the war neared its end. The first drive came in June, 1917, two

months after war was declared. Four million people subscribed almost two billion dollars. The second came in November of the same year, and more than nine million people stepped up with nearly four billions. The third was in May, 1918, with more than 18 million people offering more than four billions. A peak was reached in October of 1918, when almost 23,000,000 people subscribed a stupendous total of nearly seven billions. The war over, a final “Victory Drive” brought out almost 12 million subscribers for another four and a half billion. More than 35,000,000 other Americans also lend the Government more than a billion dollars additional by buying Thrift Stamps, War Savings Stamps and Treasury certificates. This plan was similar to the Savings Bond plan now in operation, but in much smaller units, such that it took a whole sheet of stamps to make a $5 or $10 certificate. This popular response to the Government’s need for cash has never been equaled in any country or time.

(Tt was stimulated by public meet-

ings, advertising, speeches, and every known means of publicity. Interest rates ranged from 3%: to 4% per cent, tax-free except for estate and inheritance‘ taxes, The bonds fell in value after the war to the lower 80s, but by the time they were refunded, between 1933 and

100 or above. The Treasury drive to raise cash will probably proceed along similar lines except that it is proposed not

to include tax exemption. Interest

In the four Liberty Loan and final Victory Loan drives, 66,281,900 subscribers offered the Government more than 24 billion dollars. this more than 21 billions in bonds were actually allotted.

Butter 31%5¢ oR 1, 28¢; No. 3, 7c. ( OUntry pickup prices quoted by the Wadley Co.)

'Buy a Bond' Campaign Recalls|: Liberty Loan Drives of 1918

By WILLIS THORNTON Times Special Writer I WASHINGTON, Feb. 3.—Treasury plans for the «Buy a Bond” fas

when for the first time the great money to run a war,

rates, because the going money rates are far lower today, will probably also be lower. But the World War lessons of how to realize the widest|® possible popular base for loans will

12¢; no| pup

STEEL THT

$25,000,000 Firm Financed

By Government and U. S. Loan.

RIO DE JANEIRO, Feb, 3 U. P.).—President Getulio Vargas has signed a decree designed to create

|a national steel trust in further-

ance of his plans for a Brazilian “industrial revolution.” The action, taken yesterday, authorized creation of a committee to form a stock corporation to be known as the National Steel Industry Co. with a capitalization of 500,000 contos— approximately $25,000,000. The. new corporation will be charged with constructing and operating a modern steel plant to built at Volta Redonda, about 80 miles from here. Last fall the Export-Import Bank of the United States granted Brazil a $25,000,000 credit to organize the steel industry and build the Volta Redonda plant. President Vargas decreed that the com will be considered a public utility and of national inter= est insofar as its nation-wide operations are concerned. He disclosed that he also had approved a plan to provide from the national treasury whatever funds may be needed to complete the company’s capitalization—tantamount to government financing of the project. The new company properties, services and operations will be free of all state and municipal taxes.

PAPER BOX MAKERS T0 ELECT OFFIGERS

Members of the western division: of National Paper Box Manufactur« ers’ Association holding its annual convention at Hotel Severin will elect officers tomorrow and tour the National Starch Products (Piel die vision) plant in the afternoon. Representatives this morning heard addresses by Edward PF, Hager, president of Service Paper Box Co. St. Louis, and Dean M., O. Ross of Butler University’s busi ness school. W. Clement Moore, association cost and tax consultant, spoke in the afternoon. William R. ‘of ladelphia, association secre« tary, repo: on the Wage-Hour law's effect on the industry, fole lowed by comments by Allen K, Schleicher of F. J. Schleicher Pa~ per Box Co. of St. Louis. The ‘convention will close tomor« TOW.

LOCAL ISSUES The following a oy Ad —

apolis ‘Bond & sen} ac aStusl ries oo

based », Dive Ying &

ecent Erandacifons, ** gt

fAsrnts Re & Sk gore ot Bd

Belt BR

8 Wavde i% Ga 0. Yb otd. seeeed

8% otd. deranl

fae Ind ind El 5 *N In BS 7 q.. Vv $e ng 5 i G&L 4.89, pfd.......103% re Haute Elec 6% pfd.... Union Title Co co Van Camp PL cevececens Van Camp Sem a is 2

American Loan Bs BE

1 Co 3%s TC... BRD us Li 8 .....

Pub Tel Co 4%s Hehmond Water

PEx-divid

Incorporations

Farmers State Bank, ment JDoreasing of capital stoc

be applied once again.

DPAr Industrial En Ineerin Co Amen ment increasing, ¢ cap! ltl ee 1500 shares Class shares Class B Ry 0 or By

AFTER-HOUR

Instailation

located at the left of our trance.

THE PEOPLES

Member Federal Deposit

Announcing Our New

of an’ “AFTER-HOUR DEPOSITQRY” provides our customers with a safe place for the deposit of funds on hand or collected after banking hours and on Sundays or holidays. It is conveniently

We Invite Your Inspection

Any of our officers will be glad to discuss the use of this new equipment.

130 E. Market St.

DEPOSITORY

electrically - protected

main Market Street en-

STATE BANK

Insurance Corporation

SENSATIONAL Glasses on 10-Day J |

EE — NEW POLICY! Free Home Trial?

i" lf "

IF I.

Net income subject to normal BXereeoosscssssssscccsssssnse 6,850.00

OTHER LIVESTOCK

INCINNA Jobs U. -- Hogs Salah 000: te tel, 3.5%: F wp, “i Jog higher’ IT a, atrday: 4B 38s 0

and choi 25 Geli on, (0a

SOWS, [email protected]; sta Cattle-—Balnble, 250; steers.slo

Leave 10:00 p. m. or 10:50 p. m.

TOLEDO « « + « « « « « $4.25 DETROIT fs 5s 8 8 0 8 & 5.26

Leave 10:00 p. m.

GOING SUNDAY

SHELBYVILLE _______$ .15 BATESVILLE ________ 1.50 ; Leave 7:45 a. m. GREENSBURG _______$1.25|% CINCINNATI

Leave 4:20 a. m. or 7:45 a. m.

Surtax at 4 per cent of amounf of surtax net income in ‘excess of $4000 but not over $3000, & per cent on $2000...... Surtax-at 6 per cent on amount of surtax net income in excess of $6000 but not over $3000, 3 per cent on $1700.¢...:

80.00 102.00

182.00 274.00

Total surtax 0000000003000 0000000000000 00000000000ReNR Normal tax, 4 per cent on $6650 00000000000 sc000000b00c00

¢ Total normal tax and SUIrlAX se sssesssscsssssssssacsnss 456.00

Defense tax, 10 per cent of $456 00000000000 0000000000000000 45.60

Total normal tax, surtax snd defense taX..cceseetesess 501.60

The maximum surtax rate is 75 per cent. On a surtax net income of $5,000,000, the surtax is $3,597,780. When the surtax net income exceeds $5,000,000, the 75 per cent Sale is applicable to such excess, in addition to the ‘surtax of $3,597,780 Taxpayers are urged to read carefully and understandingly all the instructions accompanying the income tax forms before preparing their returns. If they need any help, they can get it without cost by consulting the nearest collector of internal revenue, deputy collector, or intemal revenue agert.

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