Indianapolis Times, Indianapolis, Marion County, 24 February 1941 — Page 5
MONDAY, FEB. 24, 1941 .
LC BUSINESS
Yield From According
Common Stocks Improves, to N. Y. Exchange Survey
By ROGER BUDROW MILLIONS OF DOLLARS HAVE LANGUISHED in
bank vaults during the past few years—idle, uninvested money. And as these deposits climbed higher and higher
interest rates paid on it fell lower and lower. Bond prices have risen so high that the return on such
an investment have fallen considerably also.
But a com-
pilation of the New York Stock Exchange shows that the common stock of corporations brought a greater return to the investor last year than in any of the past eight years.
There are 829 common stocks listed on the Exchange. Some of these pay dividends and some don’t. Last year $2,098.952,388 was paid in cash dividends to holders of these stocks, including both paying and nonpaying stocks. That means an average yield of 5.7 per cent, ac- : cordme to Exhange figures. Roger Budrow This yield is based on a total market valuation of $36,664,095,250. It compares with a yield of 4.8 per cent in 1939. The 1940 rate of return, the Exchange said, was the highest since 1932 but the reason yields were so high in 1932 was because stock prices were so low. That was the year when Chrysler sold as low as $5 a share compared with about $66 today while American Telephone & Telegraph dropped to $70.25 compared with more than $157 at present. Of the 829 stocks, there were 577 or 69.6 per cent that paid dividends, while 299 preferred issues or 74.6 per ceni -returned dividends—a greater number than ever before in the Exchange's history. The amusement companies, as a group, showed the highest yield last year. There were 14 companies in this category with common stocks listed on the Exchange having a total market value of $157,889,063 and eight of them paid $12,382,651 in dividends or 7.8 per cent of the total valuation. 2 2 ® THE PRICE WAR between refrigerator manufacturers may ne over. At any rate, three of the leading ones have boosted prices $5 to $10 on this year’s models. These companies are Frigidaire, General Electric and Kelvinator.
2 82 »
NOT ONLY INDIANA but Utah and Washington also repealed in the November election state constitutional provisions imposing double liability on holders of stock in state banks. Five states still have double liability—Arizona, Iilinois, Minnesofa, Oregon and Vermont. In 1933 voters in Oregon refused to repeal the requirement and Illinois turned thumbs down in the last election. + In 20 of the 43 states not requiring double liability, exemption is available on fulfillment of certain
requirements, nn 2 = ODDS AND ENDS: Baltimore & Ohio today started a six-car “soybean special train” on a five-week tour of Indiana, Ohio and Illinois in “recognition of the marked increase in soybean production.” . The Office of Production Management warns that if tin shipments to U. 3. are disrupted (probably by war embargo) Government will take over supplies and allocate them to manufacturers. . . . N. Y. Wool Top Exchange Service says there may not be enough woolen goods for civilian use in 6 to 8 months because of defense orders and adds many mills are refusing to take contracts on civilian worsteds until large Government contracts now pending are actually awarded. Shipping rates from eastern U. s. ports to the Far East may be boosted soon. . . . Heretofore sharks caught in nets of Pacific Coast fishermen havefjust been a nuisance but new are valuable. as a new source of vitamin A, processed from their livers.
LOCAL ISSUES
-. ‘The following sJuiations by the Indianapolis Bond & rp. do not represent actual price of offerings. but merely indicate the approximate market level ased on buying and selling quotations of recent transagtions.
Stocks
Agents Finance Comp com. Belt Yds com.
Bid Ask 9 58 104 102%; 16'2
53 112
: 141; 7% pfd 50 108
co Ft Wa Ind Aste Tel Co p. Ind & Mich Elec 7% pid Ind Gen. Serv 6% pfd .
m ne
N Ind Pub Serv Lik, Progress Laundry co Jil bie Pub Serv Co of Ind 6% va Pub Serv Co of Ind 7% pid... So Ind G&L 4.8% pid.. *Terre Haute Elec 6% pid....
Xan Camp Milk p Van Camp Milk com Bonds American Loan 5s 51 .
e T&T Ft Wayne 5%s ... Crapb- Reynolds-Taylor 5s 42... 9 Home T&T
ter Nat Silk Hoslery 5 N Ind Pub Serv 3%s 69
WAGON WHEAT Indlanapoiis grain elevators are naying : for 1 whea Toc subject to market ly other andes on their merits. Cash carn; new No. white shelled corn, 57c: new No. 4 yellow shelled corn, 53c; No.
2 white oats 32c
STEEL MAKERS TRY PRIORITIES
Fear ‘Avalanche’ of Orders If Lend-Lease Bill Is Passed. NEW YORK, Feb. 24 (U. P.).—
Steel mills are adopting their own|4
priorities control over new business in the expectation that passage of the Lend-Lease bill will release aR ge “avalanche” of British orders that
may further disrupt production schedules, the Iron Age magazine reported today. The journal stated that congestion of orders at steel plants is increasing steadily in spite of the recent let-down ¢n British buying, asserting that some private steel users are asking for an “astonishing” amount of steel. In these instances, it said. the mills are insisting that the inquiries be reduced. ve “Steel companies,” the magazine said, “are taking advantage of every opportunity to supplement their output even to the extent of buying raw or semi-finished steel from|p other companies that have any to spare.” Operations” Decline
Iron Age reported that inquiries for third-quarter delivery are in many instances outrunning secondquarter business and that, while most producers are maintaining a
“satisfactory” shipment rate, the use of priorities is beginning to have a more marked effect on production schedules. ' This week’s production rate was estimated at 96 per cent of capacity, down a point from the previous week, but the trade journal ascribed the decline to “strikes and mill breakdowns” rather than to any relaxing of pressure on the mills. Scrap Prices Recede_
Steel scrap prices “tend to recede,” the Iron Age said, although an adjustment in the Pittsburgh quotation raised the scrap composite price 8 cents this week to $20.00 a ton. ; Commenting on the recent tightening of Government controls over defense industries, Iron Age suggested that the most important development from this quarter has been the price-fixing measures adopted for second-hand machine tools. These measures, the magazine said, foreshadow similar action|® in other products where necessary “to protect the public interest and guard against profiteering.”
5 MILLION-DOLLAR FURNACE PLANNED
MIDDLETOWN, O. Feb. 24 (U. P.) .—Construction of a new $5,000,000 blast furnace with a daily capacity of 1000 tons of pig iron, at the Ashland, Ky. plant of the American Rolling Mill Co., Was announced today by Charles R. Hook,
president. Mr. Hook pointed out that much of the pig iron output would be|w made available for defense purposes, while the remainder of the metal will be used at the company’s Butler, Pa., plant. Work on the new furnace, which will be one of the largest in the industry, will start soon, and is expected to be completed in one year. A railroad storage yard capable of ‘holding 200 cars, and a 400,000ton ore storage equipped with ore bridge and car-dumping equipment, is included in the construction. No coke ovens are contemplated at present, as the company will continue to purchase coke from outside sources already established. Opera-
2 | tion of two other blast furnaces op-
erated by the firm at Ashland in conjunction with its open hearths, and continuous rolling mill will be continued.
ELECTED VICE PRESIDENT NEW YORK, Feb. 24 (U. P.).— Louis F. Malkovsky has -been elected a vice president of the Sperry Gyroscope Co., it was announced today.
MEETING DATE SET
NEW YORK, Feb. 24 (U. P.).— The 50th annual meeting of the American Iron & Steel Institute will be held here May 22.
HEADS HOTEL EXECUTIVES NEW YORK, Feb. 24 (U. P.)— George W. Miller, resident manager of the Hotel Lexington here, has been re-elected president of the Hotel Executives Club, Inc.
YOUR NEGLECT in preparing
that every legal requirement is your attorney.”
revised can easly defeat your intentions.
Our Trust Officers wil gladly outline the advantages of this Company as Trustee of your Estate.
THE UNION TRUST COMPANY ‘Capital and Surplus $3,000,000.00 Member—Federal Deposit Insurance R onporation ©
a Will or having an old Will However, to be sure included, enlist the service of
Oldest Loan Brokers in the State
The C
LOANS.
HICAGO
146 E. CHICA ST.
on Everything!
Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Etc. JEWELRY CO. Inc.
1925 1926 1927 1928 R29
Bureau of Business Research. trade and distribution.
1930
1931 932 1933
THE INDIANAPOLIS TIMES
Indiana Business Dips Slightly
1934 1935 1936
40
1937 1938 1939 1940 1941
Business in Indiana during January made a 2 per cent decline, according to Indiana University’s The vast strides made in many industries were offset by a decline in retail The bureau said the “slight dip” in January is only a “temporary hesitation” in the upswing of business in the State.
Net Last oN Allis chal Am Airlines Am Enc Ti Hide&L 3a Rad'& 88 . 6% Roll Mill pt 86 T&T 159
33 3% Ris 1- 33 1-32 Ee
« 143%
Aviation Cp
14% 22 34%
Bald Loco cb. Bath Ir Wki 1. Bendix Avn Beth Sfe¢l 1% Blaw-Enox .... T% Boeing Air .... 15% I 1 : 19 19 Bo ree 32Y2 32V2 Budd. Wheel vee Ya 6% Clee
Callahan Zine... In Can Pacific Celanese pr “nt: die Chrysler
Com ny Comwith Edison 38% Long-Nat ni... Cons Edison ... 2078 Cont Bak E . 1116 103%
Cont Ins: ..... Crane Co cvpl Crown Zeller ..
udahy Curtis Pub ....
27 17
. 9 9 L123% 123% iPr
. 30'2 £123 Va
Diam Match vor Dist 8eag .i... Dixie-Vorte: tl Dow Chem .
27 nr
30% 28Y4 5
Eaton Mig
g Pu Evans Prod ..
Fid Phen ..... 35'2 35%
Gair| Robt pf.. 1 Gen | Electric Gen Foods .... Gen Moto TE ve Gimbel Bros .. Goodyear Greyhound Cp... Grummén Air E 14 sf
«re 7-16
—
Hupp Moior 7-18
Interlake Ir ... 8!a 83% int [Nickel .... 24%2 24'2 Int 'T&T L....v 2 2 WEL oes Kennecoti | ..... 323; = 32% Kress 22" 227%. lp . 35 Ys 372 2% aM Market iit Ry pr 8 Marshail Fld Martin (Glenn) 25% Melville Sh .... 292 Mengel lst pf.. 23% Mident: Pet .... 13%
L-O+F ‘Cdass . Libby McN&L Lone Siar Cem. -Long | Bell A...
35 5% 372 2%
14 147%
Nat Acre 19 Nat ' D#iry e... Nat Gypsuni ...
Incorporations
The Selective Service Legion, Inc. 825 Odd Fe Hows Bled South Bend; no capital stock; Rote Milroy, Julius DeVolder, Everett B ar Cleveland- Ciifts Coal Sales Co., Illinois corporasion: _ deali ing in coal, coke and other fuels. x [Pie Co., registra-‘trade-mark ‘Pellar’s nad design American Builders Corp., 3538 N. Meridian St. Indianapolis: agent, H. L. Sears, 3027 N. Shriver St., Indianapolis; 500 shares preferred of $100 par value an 500 shares common without par value; constriction business and operation of apartment buildings; R..C. Cashon, H
Sears,” A. Ginther. Ie, lh: Fase § Sts Indinnspoiis: ‘agent, olmes, address: 996 shares Lk: A Ds me $100 par value, and 4 shares Class B commgn of $25 par value: dealing in automobiles, | ‘tractors, trailers, etc.; Harold Ea Kiopfer stein, J. Lloyd Brodie, L.
Ra nial Baking Co. of Indiana, 1nc., Indianapolis; change of address of principal [office and agent to 2465 Winthrop Ave.. [ndianapolis. : American Security Co. of Bedford; amendment ory capital stock to 1000 snares & per cent cumulative preferred. 1000 shares 5 per cent cumulative referred and 1000 shares common all of 100 par value. Nu-%ay Service Stations, Inc., Michi an) corpotation; admitted to indiana toin petroleum product The Peru al Association, Siuy Fall, Peru; no capital stock; civic; H. cGravw, C. D. Kessler, John Vi d a others. Pike Mining Co., Inc., 610 Tribune Bldg., Terre Haute; agent, "Ernest Butiermag, same, address; shares ne far val ue; to operate coal mines; Eyed L ller, Erapps. orp., Ohio cor-
nest Butterman, G. R. Industrial Brownhorst amendment of aTtigies of %noor111 8. E, 5th
poration; poration. A. Krietenstein, Evansville; 100
Clearing, Ill; wrapper,
Inc.,
Inc,
The Nash Salles. Toe. Evaniville; agent, Fred 1514 We. St., 3 $100 par value; to sell automobiles, accessories and parts; Fred A. Krietenstein, Frank Krueger, Louise Krieten-
in ¢ New Albany Sentinel, Inc., 232 E. 5t.. New Albany; agent, William B. Tisch endo: f, same address; 500 shares no value; newspaper publishing business; B. ‘Tischendorf, Martha G. Tischendort. Helen Colem Grien ver Bridle Club, Inc., 806 Hulman Bldg. Evansville; agent, ank G. Stein, 810 Covert Ave., ASV 1000 sharés cor mon no par value; social and spor{s club; nk G. Stein, A. Burkhart; Nicholas: aglaris, Edmund. at Ort-
meyer, A Body Co., Inc., Union City: amenament changing gapital stock to 1000 shar¢s preferred par value and 2 shares common no par Value and othe! amendments. Atlantic Commission Co.. Ine. ' New York corporation; change of agent to E. C. Cat230 &. Pennsylvania Bk Indianapolis. MBeariess Pottery, Inc. oir St. Joseph Ave. Evansville; agent, Harry F. Weaver, same address; 500 shares BE Yorsod of $50 par value and 750 shares common no par value; to manufacture pottery and ceramics and particularly sanitary pottery; Harty <F, Weaver, Laurel A. Lundquist, Henry B! Walker Jr.
Canadian
‘I'he publication reported new record highs in Canadian and United States exports and in United Stites production, with Canada’s oulput at the second highest level on record. At the same time, it stated that imports to the United States from Europe dropped to about half the average of the past five years. It was emphasized that most of the deliveries from Europe came here in the early :months of 1940 and that after the invasion of Scandinevia these arrivals dropped to “literally nothing.” United States production for the year was placed at a new high of 9,007,000 short €ons, air dry weight, a1 increase of 28.8 per cent over the 1839 figure of 6,993,334 tons. TU. S.
| exports boomed 244.3 per cent to a peak of 480,362 short tons from
[59.504 in 1939.
4 Friday ........ 3 Week Ago ..
. { Quaker St Oil .
. | Walworth ,.....
G. | included
N. Y. STOCKS
By NID PRESS
DOW-JONES STOCK AVERAGES
30 INDUSTRIALS +0.25 0.63 +0.07 —0.28
Week Ago ..... Month AZO ...ccovevveneasss 120.03 Year Ago ..... can vsdane vers 146.44 High, 1941, 133.59; low, 117.66, High, 1040, 152.80; low, 111.84. 20 RAILROADS Friday ...ccoceveveses Week Ago ..... Month Ago ....... Year Ago . High, 1941, 29.73; low, 26.54. High, 1940, 32.67; low, 22.14. 15 UTILITIES
eessessss 119.18
27.15 26.79
19.00 19.04
Sess cssensancs
Month AO «.i.vovesvcncnnns Year Ago High, 1941, 20.65; low, 18.81. High, 1940, 26.45; low, 18.03.
Net : High Low Change Nat Steel ...... 56 56 N Y Central ... 12% 12% N Y Ship ... 26 26
Ohio Oil «.vev.. 687%
67% Otis Elev ...... 15% 2
15%
Pac G Fi El. Packar 7 Pan ne Airway 12% Paramt Pict .. 102 Parke Davis ...
Serv ...... . 261,
9% a Radio ...coi000. 4p Rayonier ...... 13% epublic St] ... 18%; ichfield Oil .. 8% — Savage Arms .. + 38% Seabd Air L .. % Sharon Stl see 13 Fell, 2g 11 So . i
South: ER bh
4s 13%, 181% 8%
Ge On SAATAN IAD
STOCKS STEADY IN SLIM TRADE
Steel Industry Operations Rise to 96.3 Per Cént Of Capacity.
NEW YORK, Reb. 24 (U. P.).—
: 330- 34 Stocks were firm through most of [Mg§ium.-
today's session. Volume tightened substantially. A few leading issues made gains of a point and more. Others fluctuated narrowly with gains in the majority. Douglas Aircraft was up 1% points at 673%. American can gained nearly a point. Steels were steady as operations of the industry advanced. : The American Iron & Steel Institute
week at 96.3 per cent of capacity, up 1.7 points from the previous week ‘but still off 0.8 point from the year’s high. Copper issues held small
i gains.
Automobile issues, chemicals and mercantile stocks had small gains.
. | Rails and utilities were mixed. Most .,, | oils were firm.
Loew's eased in the amusements. The rise in Douglas was traced to its report showing deliveries and profits at new high records for the
. | fiscal year ending Nov. 30. 8
"RYE LEADS DECLINE
IN GRAIN MARKET
CHICAGO, Feb. 24 (U. P)—
wheat market on the Board of Trade today in quiet early dealings. Oats displayed a steady tone while other ‘grains lost a fraction of a cent. At the end of the first hour, wheat was off 's to 2c, May 80%zc.
‘Corn was off lic; oats unchanged;
rye off 3% to 7sc, and soybeans off 34 to ac. Receipts of moisture in the winter
..._ |wheat belt over the week-end in-
U S Steel .. 51% U 8 Steel pf ..117 —_—W— 5Y; 54 08% rpf 23
Willys er and 17% Wilson & Co .. 4%
5 17% 108%s 23
1% 41
Wayne Pump .. Weivaco wil
42
FREIGHT LOADINGS HIGHEST THIS YEAR
WASHINGTON, Feb. 24 (U. P.). —Revenue freight loadings on the nation’s railroads totaled 721,176
cars in the week ended Feb. 15, the|to highest for any week this year and ; ; the best for any comparable week 5
since 1930, the Association of American Railroads disclosed today.
Total for the latest period, which the Lincoln's Birthday holiday, represented a contra-sea-sonal gain of 10,980 cars over the previous week's figure of 710,196 cars. It also was slightly better than had been expected since private estimates had placed the total at around 720,000 cars. Loadings in the corresponding 1940 week were 608,237 cars, and in the corresponding 193% period 576,645 cars. For the year through Feb. 15 there was an aggregate of
4885790 cars against 4,451,231 in|3’ the corresponding 1940 period and joo 7
4,014,844 in 1939.
=. AWARDS PRESENTED
T0 BOY SCOUT BAND
More than 50 members of the Boy Scout Band were honored yesterday afternoon before parents and friends at the Third Christian Church where the organization presented its annual concert. Awards for outstanding service were given nearly every member. Among those who took top honors were Richard Brock, junior band medal for outstanding service;
Gerold Bramblett, James Buckner, Delmar . Woerner, Moffett Ulrey, Noel Kelley, William Colliver, Robert DaVee and Lloyd Hill, all of whom were awarded merit certifi-
cates.
1940 Was Boom Year for U. gs
Pulp Producers
NEW YORK, Feb. 24—(U. P.).—North American wood pulp producers enjoyed a boom year in 1940 as a result of the almost complete stoppage of supplies from Scandinavia, although prices, apart from a moderate advance early in the year, were maintained at a steady level, according to the annual review issued by the Daily Mill Stock Reporter.
4,887,000 tons, an increase of 20.4 per cent over the 1939 figure of 4,058,897 tons. Last year's output was topped only by the 4,994,490 tons produced in 1937. : Exports from the Dominion, meanwhile, rose to a new high of 1,068,490 tons, up 51.4 per cent over the 1939 total of 705,515 tons.
Total imports into the United States for 1940, the publication said, dwindled to 1,224,569 tons from 2,026,413 in 1939, a decline of 39.5 per cent. It was said that Canada accounted for 828,306 tons of the 1940 U. S. imports, with Eygope supplying only 396,263 tons. Canadian shipments to this country were up 288 per cent from the 1939 figure of 642,381 tons, while the European shipments
were down 71.3 per cent from 1,384,-
Canadian outppt was reported at 032 tons
fluenced selling, partly credited to
= | professionals and elevator interests.
Offerings were absorbed by broker-
Business, - however, was restricted,
2 | traders apparently awaiting de-
velopments in the international
situation. Other domestic wheat markets worked fractionally lower with Chicago. :
OTHER LIVESTOCK
CINCINNATI, Feb. 24 (U. P.).—Hozs— Salable, 3000; total, 3325; holdovers, 450; barrows and gilts scaling from 180 lbs and up, unevenly steady to 10 cents Es er than rveighi 160-180 1bs., 10 cents lower, lighterwei ts and packing sows steady, and choice xrades gilts, 225-250 1 ) ; 100-140 Ibs., °%8 I most good grades packing Sows,
Cattle—Salable, 1200; total, 1450; calves, 400. General steer trade as much as 25 to 50 cents lower than last Monday kinds grading medium down to about steady: bulls weak: several lofts medium and good grade heifers, $10.25@ 10. 50, load 770-1b. weights at outside and two loads 750-1b. averages, $10.35; occasional 12701b. steers, $10.50; park load good 1240-lb. averages, $11.50; few shoice a vnd $6.50 @8; cutter. cows, [email protected]: mostly, strong weight canners, [email protected]; sausage bulls freely at $7@8, but only occasion higher; good and choice vealers steady to weak, others dull and unevenly lower: good and choice vealer offerings, $12.50 @13.50, common and medium around $8 @11, culls downward to $6 and occasionally to $5.50 and under. Sheep — Salable, 500; good and choice grain fed range lambs at Sto. 50@ 11; 98-1b. averages included at $10.50; few common and medium, $7@8; a? scarce, steady.
FT. WAYNE. Feb. 24 (U. P lps
240- EE 1bs., $6.8
0% lbs., = $6.10; ughs, $6: 5: fog Mo ostera i tio [email protected].
DAILY PRICE INDEX NEW YORK, Feb. 24 (U. P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Priday ......ceveccennsnssees 133.65 Week Ago ......ciiveennsesis 123.03 Month ASO ..cecseeasscesess 124.05 Year Ago sssnetesves 11031 1941 High (Jan. 9)... .eeee.0 123521 1941 Low (Feb. 17.......... 123.03
U. S. STATEMENT
WASHINGTON, Feb. 24 (U. P.).—Government expenses and receipts for the current fiscal year through Feb. 20, compared with a year ago: This Yea Last Y $7, 932. 215, 260. 35 $3. Bet. 781, 832 25 3.706,883,292.85 416,141,647.7 3528, 840: 185. Ts 0 2,508,277.485.19 2,406,295,919.68
Expenses . Receipts .. Gross Rev. Net D
18,103,130.686.28 '214,176,720.16 230,830,949.40
CLEARING HOUSE $4,298,000 9,152,000
Customs ..
INDIANAPOLIS Clearings Debits
Why Our Prices Are
go into the glasses we sell . furnish you w on prescription of licensed Doct
CREDIT I 5-DAY
IF DESIRED NO EXTRA CHARGE
Listen every Mon., Wed. and Fri. of War Commentary,
convince you
ance, enable you NEAR. y
to
estimated *steel operations for this],
Small losses were registered in the Sutter
age houses and milling interests.| oq:
; | last week's close or low time,
PORKER PRICES UP 5-20 CENTS
Advance Confined to Hogs Weighing Between 200 And 280 Pounds.
HOG PRICE RANGE Top .$8.25 ‘35 .40 oes 8.30 wis 3.25
Receipts
w 2
er BoRIaan® 2 &
mmm na g23
Po 4
Hogs weighing between 200 and 280 pounds sold 5 to 20 cents high-
er today but other weights remained at the same prices paid Saturday, according to the Agricultural Marketing Service. The top rose to $8.10 for good and choice 210 to nders. Vealers were 50 cents lower with a $13.50 top.
HOGS
Barrows and Gilts to Choice— 140 pounds se...s. warns $ PoOUNAdS se.ceeanes .or
S9aa@aae0 Woo DODIND wo = 10090933 © OHAN==OOND UOMO UUIOUMO
@
180- 200 pounds
Packing Sows Good and SL
300- 330 pounds 330- 360 pounds
Good— 360- 400 pounds .. 400- 450 pounds . 450~ 500 pounds Mediu 250- 500 pounds
Slaughter Pigs
Medium and Good— 90- 190 pounds
CATTLE Cattle & Vealers (Receipts, 1935) Steers
5.50@ 6.35
Slaughter
Choice— 750- 900 p 900-1100 1100-1300 1300-1500 00d— 750-' 900 900-1100 1100-1300 1300-1500 Medium— 750-1100 pounds . 1100-1300 pounds .. Common— 750-1100 pounds Steers, Heifers
Choice— 500- 750 pounds Good— 500- 750 pounds Heifers * Choice— 750- 900 pounds ...ec.os000.. [email protected] 000 ~~ 2 900 pounds ... [email protected] 500- - 900 pounds ....eea00000. 8.50@ 9.75
Com 500- 900 ) pounds 7.00@ 8.50
DT pounds pounds ...
JaT-1=3 Oren hbo Sooo ocoumw
[email protected] [email protected]
7.75@ 8.75
[email protected] [email protected]
tsetse
PAGE 5.
No. 2, Your Federal
Deduction Is Allowed
For gonvenience, such allowance
preciation.
payer as his personal residence.
” #”
number of rcoms in the building.
conditions, however, come the rentals received,
Property Used in Business or Trade.
The International Revenue Code provides for “a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.”
In claiming a dedkiotion for depreciation several fundamental principles must be observed. The deduction must be confined to property actually used in a trade, business, or profession, and to im=provements on real property, other than property used by the taxIn general, it applies to the taxpayer’s capital assets—buildings, machinery, etc.—the cost of which cannot be deducted as a business expense.
A lawyer, doctor, or other professional man may not charge oft as a current expense the cost.of a library used wholly in his profession, this being a capital expenditure and the library a capital asset; but he may deduct an allowance for depreciation based upon the useful life of the library. If part of a professional man’s residence is used by him for office purposes. a proportionate amount of the depreciation sustained may be deducted, based generally on the ratio of the number of rooms used for such purposes to the total
taxpayer rents to others a portion of his residence. the taxpayer must include in his gross in-
Income Tax
for Depreciation of
usually is referred to as de-
2
The same principle applies if a Under such
PATROL SPONSORS SUPPER FOR FUND
A benefit chili supper will be given by the White Shrine Patrol of Indianapolis Shrine 6 from 5 p. m. to 8 p. m. Thursday in Castle Hall to help send the patrol to the supreme sessions of the White Shrine in St. Louis in May. The patrol, which has drilled throughout the United States and Canada, will present an exhibition drill at the sessions. Mrs. Irene Faust is werthy high priestess of the Indianapolis Shrine and Heze Clark is watchman of the shepherds. - Members of the patrol are Mrs. Katherine Armbruster, captain; Mrs. Dessie Mae Franke, Mrs. Nita Harris, Mrs. Phoebe Jane Cross, Mrs. Blanche Wurz, Mrs. Mathilda Tschudi, Miss Eva Morgan, Mrs. Bessie Hensel, Mrs. Lucille Sweet, Mrs. Lorine Gronaur, Mrs. Lydia Hunt, Mrs. Gertrude Martin, Mrs. Nettie Betterly, Mrs. Charlotte Hodson, Mrs. Helen Reddick and Mrs. Charlotte Callon, president.
PLANE EXPORTS ARE 311 MILLION DOLLARS
WASHINGTON, Feb. 24 (U. P.). —Aeronautic exports during 1940 totaled $311,757,326, almost half the value of all such shipments since 1911, the Commerce Departme
@ 8.00 Medium .;.......ccocvee 5( Cutter and common ..... Vealers
Good and choice.
Common and medium 8.004 12.00
6.00@ 8.00 Feeder and Stocker Cattle Steers (Receipts, 642)
Choice— 500- B00 pounds 800-1050 pounds
Good— 500- 800 pounds ... 800-1050 pounds ...
sesees [email protected] cessesinnne «+ [email protected]
rerssseass [email protected] [email protected]
8.25@ 8.75 7.50@ 8.25
um— 500-1000 pounds Common 500- 900 pounds . Calves (steers) “Good and choice— a govnds down
Sssscsvssnene
Mediu 500 Sounds down 8.50@ 9.75
Calves (heifers)
Good and choice— 500. pounds down
[email protected] Medium— 500 pounds down 7.50@ 9.00 SHEEP, LAMBS (Receipts, 1078)
Lambs
Good and choice Medium and good
Ad bt DO DOO LOO
Yearling Wethers God and choice Medium
ow SS
Ewes (wooled)
Goo and choice .= Common and medium
CHICAGO LIVESTOCK
Hogs—Receipts 13,000: opened slow; closed fairly active; mostly steady with Friday's average; only few spots 5c to 10c under best time: top, $7.90; bulk good and choice 180-240 Ibs., $7. [email protected]; 270-l1b. butchers, [email protected]: averages generally [email protected]: 509-1b. pRcking sows, $6.65@T; heavies, $6.5 Sheep Receipts, 10,000; practically no early trading on fat lambs: bidding $10.50 @10.65 on lambs held at $10.85 and above; fat sheep steady; small lot good to choice fed Western ewes, [email protected]. Cattle—Receipts, 15,000; calves, 800; fed
ee ©3 I)
on won oO
extreme
., | steers and yearlings around steady with which is
weak to 25: lower than the general market Thursday; shipping and order buyer taking most cattle on early rounds, with good and choice grades getting best action;
$5.85. BO $11@13 mark?t early; strictly choice ; | medium weights held above
$14.50; not much done on common and medium grades valued $10.50 cownward to $9 and less; liberal run cows and heifers here: both classes siow, 15¢ to 25c lower; few
loads choice heifers steady. best kosher, $12.25: mostly [email protected]; heifer trade; vealers weak to 50c lower; practical top, $13.50; bulls weak to shade lower than Thursday; best weighty sausage type, $8.25 ———————————————————
FOREIGN EXCHANGE
NEW YORK. Feb. 24 (U. P.).—Following are noon cable rates on major currencies. Cable Rates Net change England ound) $4.
Canada (dollar) —.00'% France x(franc) Italy (lira) .. teense Finland (markka) ... Switzerland (franc) ... Sweden (krona) p Japan (yen) Mexico (p XTransierable only under U. 8. Treasury
licen, LOCAL PRODUCE
Heavy breed colored hens, 1l4c; No. 2 colored hens, llc; Leghorn hens, 10c; No. 2 Leghorn Ry 7c; broilers, 3 lbs. and over, 19¢c; White and B rred Rocks, 19¢c; colored breeds, 18c; cocks, E ggs—Grade A large, 15¢; orade A me- , 13c; Grade A smail and No. 2, 11c; no grade, 12c. Butter—No. 1, 32'2@33c; No. 2, 30'z2@ 31c: butterfat, No. 1, 30c; 2,
We have taken profiteering out of glasses. There is no reason why glasses should cost so much. See our fine modern glasses complete with genuine engraved ‘gold-filled’’ rimless mountings and perfect TORIC lenses, at our new low factory price.
Because we operate the largest chain of optical stores in Ameri . we operate our own optical factory where we make all lenses, Pi, wa . are able to save you the with fine glasses at such reasonable prices.
A 15-day home rial ¥i quickly ow glasses will improve your ts
Money Back Guarantee
Radio Station WIRE for a complete analysis of the war today
NATIONAL OPTICA]
C t ick i ot d ge th (Country ye up prices. quote y e Wadley Co.)
| Don’t Pan High Prices for Glasses |
) 7.50 | @ 7.00
Fecurives so. [email protected] |
.|for the corresponding period last
ported today. Great Britain took the lion's share, buying $134,543,037 jn aeronautic goods. France bought $75,463,921, Canada $33,994,473, Australia $15,887,718, China $11,087,467, and the Netherlands Indies $6,128,729. Shipments during the year included 3064 land planes with engines, 72 land planes without engines, 26 seaplanes and amphibians, nine gliders and lighter than air craft, besides large quantities of airplant parts to be assembled abroad. Aircraft engines shipped abroad numbered 4986, while instruments, propellers, parachutes and accessories amounted to more than $65,~ 000,000.
FEDERAL SPENDING EXCEEDS 7 BILLION
WASHINGTON, Feb. 24 (U. P.). —Federal expenditures for the fiscal year exceeded $7,000,000,000 on Feb. 18, the Treasury balance sheet showed" today. On that date, total outlays for the fiscal year amounted to $7;000,182,011. Receipts were $2,545,483,905. Largest single expenditure was for defense—$2,635,133,129 — which was more then three times the figure
Utility Tax Bill Rises $3,730,437
NEWARK, N. J, Feb. 24 (U. P.), —Total taxes paid by Public Service Corp. of New Jersey in 1940 amounted to $28,041,528, an increase of $3,730,437 over the 1939 tax bill, the company’s annual pamphlet report disclosed today. The report showed that total taxes exceeded the previously reported 1940 net income of $23,188,«
424 or $2.42 a common share. Net income for 1939 was $25,822,729 or $2.88 a share. Increased Federal income taxes accounted for $2,701, 620 of the $3,730,437 tax increase.
SUN FIRM BUILDING FOUR NEW SHIPWAYS
PHILADELPHIA, Feb. 24 (U. P.), —The Sun Shipbuilding & Drydock Co., a wholly owned subsidiary of Sun Oil Co. is building four new shipways, in addition to the eight already in use, hecause of heavy pending orders for ship construction, it was announced today. The company reported that at the end of 1940 it had under construc=tion three destroyer tenders and three seaplane tenders for the U. S. Navy, to cost $78,000,000. It was also building at the year-end eight cargo vessels, four passenger-cargo vessels
nt.zes and 32 tankers costing $114,000,000.
Durnig 1940 the company completed and delivered three cargo vessels, seven tankers and two ocean sea-trains (carriers of freight cars).
FIRST STEP TAKEN TO SIMPLIFY A. G. E.
NEW YORK, Feb. 24 (U. P.).— The first major step toward simplification of the complex ASsocCi= ated Gas & Electric Corp. system has been completed by the trustees with the elimination of Eastern Power Co., a wholly-owned subholding company, it was learned here today. Eastern Power was the holding company through which control was exercised over the $58,000,000 Virginia Public Service Co. and the $16,000,000 Eastern Shore Public Service Co. Eastern Power, in turn, was a direct subsidiary of Southeastern Electric & Gas Co. which is owned by General Gas & Electric Corp., the major sub-holding company under the A. G. & E, Corp. thesia Electric, as a result of the trustees’ action, has taken over the assets of Eastern Power and becomes the direct parent company for both Virginia Public Serv ice and Eastern Shore, thereby advancing these units one step in
year.
the A. G. & E. system.
LADIES’
NOVELTY SHOZS $1.00, $1.41
KINNEY’S
138 E. WASHINGTON ST.
USE YOUR CREDIT at
IVIOISIESINNES
CLOTHING COMPANY
131 W. Washington St. Directly Opposite Indiana Theater
MARILYN FURS
A Better Fur Coat For Less Money!
2440 N. Meridian St.
WHILE THE REST OF
THE TOWN SLEEPS HAAG'S ALL-NIGHT DRUG STORE 22d and Meridian
KNOERLE TIRE CO., Inc.
2421 N. Meridian St. TA. 337
Distributors for
U.S. TIRES ~ “OUTFITTERS TO MEN, WOMEN and CHILDREN : ’
THE MODERN CREDIT STORE
129 Ww Wash. Indiana Theater .
IS OPEN SAXOPHONE $ Instruction
INDIANA MUSIC CO. 115 E. Ohio St. — LI-4088
Per Lesson
USED TIRE BARGAINS ......00000e
15¢ GOODYEAR SERVICE STORE
Delaware at Walnut KI-1436
Men’s And
Is Opposite Us. ELINED EPAIRED EFITTED | Women’s
LE ON TAILORING CO.
LOWEST Factory PRICE
Reasonable
ca ause middleman’ that s pro Al glasses ground
. Broken lenses duplicated, frames repaired and replaced. Oculists’ prescrip tions filled. - Lowest factory prices.
out JTC niation . tomorrow.
124 W. Washington st.
Open Lg oe Thurs. & Sat. Eves to 9 P. M. Stores Ty Prine inal Cities unded in 1892
TRIAL!
ese to SEE FAR OR
Exacting . . . WATCH REPAIRING AT LOWEST PRICES
STANLEY JEWELRY CO.
113 W. Wash. Lincoln Hotel Bldg.
235 Mass. Ave. Make Woodworking Your Hobby.
DELTA MOTOR DRIVEN TOOLS Exclusively at
VONNEGUT'S 120 E. Washington St.
Use
FUR COATS | OTE ANA LAT in the State
INDIANA FUR CO.
29-31 East OHIO St.
GEO. J. EGENOLF
MACHINIST (81/, W. South LI-6212
+ Exclusive Pat‘terns in Men’
NECKWEAR 50¢
YOUR HATTER
+