Indianapolis Times, Indianapolis, Marion County, 9 April 1941 — Page 21

WEDNESDAY, APRIL 9, 1941

BUSINESS

Mallory Profits Rise 32 Per Cent And Federal Tax Bill 252 Per Cent

By ROGER BUDROW

P. R. MALLORY & CO. is a good example of a large Indianapolis manufacturer with the dual task of supplying its regular commercial customers and making defense prod-|

ucts at the same time.

The company has direct Government contracts amounting to about $1,500,000. These include airplane parts, control assemblies and bomb shackle releases. Mallory has developed a new metallurgical process for bonding dissimilar|

March 28 March 29 March 31 April April April ¢ April April | April

PRICES ON HOGS

RISE 25 GENTS

Top Lifted to $8.80 Here as

Receipts Fall to 4255 Head.

HOG PRICE RANG Top .. $8.15 sessvanssancessss 8.00 5.90 cesssrsrecanensseces 1.95 8.05 8.10 8.30 8.10 8.95

Receipts 7,209 3,015 13,325 7,345 8,511 10,918 12,795 2.5300 5,466

seven

“asp estearterstann

Sesesser nares lanes EI Sets errrancrsrantan “terse rt ersten

Pht Nec est anata

(Last of a Series)

By JOHN T. FLYNN Times Special Writer

The most important problem confronting American business—and for that matter the nation—is that of taxation. It must be remembered that the boom which is developing is the result of one big customer coming into the market. That customer is the Government. And the Government has no money. The Government can get the

THE INDIANAPOLIS TIMES

Flynn Believes Defense Taxes Will Halt Most Long-Term Private Investment

money it spends in only one way, and that is from the people. It| can tax them, it can borrow from them. And if it borrows, in the

will be spent in the coming two fiscal years. And almost all of this money will be borrowed. However, there will have to be some increase in taxation. How

‘much this wili be it is difficult to

say. Government officials are talking about an increase of $1,500,000.000 a year for the next two years— which, while seemingly large, is but a drop in the bucket. However, these bills must be met, and people probably will yield to them without murmuring. The serious side of the tax problem is not so much the burden on individuals as the effect on our economic society as a whole.

Let me give an example. Mr, B|

the effect on Mr. B. Look at it this way: Mr. B has saved $50,000 in spite of the taxes. It is lying in the bank, He wants to invest it. He can get an industrial bond which will pay him 3 per cent. That will

give him $1500 a year. But that extra $1500 will be taxed at a still higher rate. On that $1500 he will have to pay 68.2 per cent or $1023 in taxes. He will have for himself

per cent interest.

Now, why should he invest money at 1 per cent when he can invest it in a public bond which will yield him from 2': to 3 per cent? In fact, he would probably not be willing to invest his money at 1 per cent at

only $477. That means less than 1

Studebaker Aid

PAGE 21

STOCKS LOWEST SINCE FEB. 20

War Fears Cause Renewed Selling: Many Steels At ’41 Bottom.

NEW YORK, April 9 (U. P.).— Stocks fell to the lowest levels since Feb. 20 today on renewed selling caused by Balkan war fears. Losses ranged from fractions to more than

a point. The list developed some. resistance in afternoon trade and many leading shares recouped part of the early losses.

Many leading steels set new 1941 lows, including Bethlehem Steel, U. S. Steel, Midland Steel Products and Crucible Steel. At mid-session U. S. Steel steadied at 53, off 7, against its low of 523, and Bethle« hem rallied to 74!'2 from 74's. Chrysler, International Harvester, Boeing Aircraft, Caterpillar Trace tor, North American, Consolidated Edison, Commonwealth Edison and Westinghouse Electric preferred set new 1941 lows, Douglas Aircraft, which lost more than 4 points yesterday, sold off a point and then recouped most of the loss. Some shipbuilding and rail shares met support and held around previous final levels. Favorable mid-week trade news was offset by war developments.

CANADA PLANNING THIRD WAR LOAN

OTTAWA, Ontario, April 9 (U, P.).—The Canadian government will borrow $750,000,000 from the public next June, it was learned toe day. It will be the Dominion's third war loan and will help to meet an expected budget of about $2.000,000,« 000 for the coming year. With current taxation yielding a little more than $1,000,000,000, $750,« 000,000 to be obtained through the war loan and about $125,000,000 available in war savings certificates, Finance Minister J. L. Ilsley is exe pected to seek no more than $100,« 000,000 in new taxes. The government, in floating the loan, will attempt to get into cir culation a part of the estimated $1,500,000,000 now frozen in savings accounts in the Dominion’s chare tered banks, it was said.

DAILY PRICE INDEX

NEW YORK, April 9 (U. P).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press: (1930-32 Average Equals 100) Yesterday ...iieseireisresies 13899 WEBKE ALD 10vve sees cover +o 12063 Month AO ...esvveresecene 13608 Year Ago 1941 High (March 29) [1941 Low (Feb. 17) .

| April April !

pr a that can be handled only by is an executive with a salary of all, for there is always an element | taxation. It must tax today or tax | $100,000. He must pay a tax on of risk in private investment. A] Hog prices advanced 25 cents at | tomorrow. : {that of $44,844, That is a heavy drop of three or four points in the Indianapolis today, lifting the top| Lhe amount that will be spent is tax. But after all, he will stil have bond would rob him of his interest P |very great. I have tried to follow left $55,000 for himself, so we need for three or four years. The upshot to $8.80, the Agricultural Marketing ! the Government's appropriations waste no sympathy on him. Hav-|of all this is that Mr. B is out of Service reported. and authorizations for defense. They ing said that, the average advocate| the market as a private investor, The increase in prices was shared amount to about 30 billion dollars|of soaking the rich dismisses the] Therefore we must not look for by all weights as receipts fell to |fOr ourselves and seven billion dol-| matter. | very much long-term private in- ; p lars for Britain. These huge sums! But the important thing is not' vestment during the war period. 4255 head. The top was paid on good and choice 200 to 2100-

BE NEW YORK STOCKS

Vealers were steady with a $12 top. The marketing service reported By UNITED PRESS 842 salable cattle were received, 534 calves, and 113 sheep. DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday

Week Ago Month Ago .. Year Ago High, 1941, 133.39: low, 117.66. High, 1940, 152.80; low, 111.84. 20 RAILROADS

metals which several airplane makers are using in their| motors now, Another improvement for war-|—

plane motors is still in the experi- STANDARD OIL

E. E. Richards has been appointed assistant to President Paul G. Hoffman of Studebaker Corp. The 36-year-old aid had been with the industrial department of Lehman Bros, investment banking firm, 13 years before joining Studebaker,

PRICES FOR WHEAT TUMBLE ONE CENT

CHICAGO, Aprii 9 (U, P.)— Wheat futures on the Board of Trade tumbled more than 1 cent a bushel in an active trade today. Soy beans trended sharply lower, 2 |{while other grains were mixed. At the end of the first hour, wheat was off 1 to 1%c, May 89'4c. Corn was off 4 to 'sc; oats unchanged to up 3c; rye off 1% to 17:¢ and soy beans off 1% to 17c. Further liquidating sales, apparently influenced by reports of German successes and further weakness in the stock market, accounted for the downward trend in wheat. Around 87'z cents for the July delivery resting demand appeared and this halted the decline.

WOOD WINS BATTLE IN NORTH AMERICAN

CHICAGO, April 9 (U.P.) —Gen, Robert EB. Wood last night was elected to head the directorate of the North American Car Co. replacing L. H. S. Roblee and ending an intensive corporate proxy battle. Directors dropped from the former poard were R. M. Jenkins and Charles S. Davis, president of BorgWarner Corp. Gen. Wood announced that the North American Car Co., would not be sold, merged or consolidated. He had asked that a “more capable and aggressive” management be elected on the grounds that “the operating performance of the company should be improved, and the way paved for the elimination of preferred stock dividend arrearages and the resumption of common stock dividends.”

U. S. STATEMENT

WASHINGTON, April 8 (U. P.).—Government expenses and receipts for the current fiscal year through April 7. compared with a year 330:

T $9, 125, 355, 558. 05 $7, 361. oun 038. 84 . 5,492,474,410.00 4, 328 762.92

Net Change W

High Low Last 152 15% 153% Pon Pac Am Pish. 7° Pac Coast 2 pf. 5's Pac G&El .... 26!2 Pacific Ltg ... Be Packard .

Net High Low Last Change wn B—

. 37%

. 181% «19% 11

Otis Elev —2.43 +-0.1% —0.08 -f.72

Air Reduc A Ta 5% 262 35 234

T™% 5% 26'%2 35% 29,

‘a8 oo 2% 46

“IID NNN QOUOVODD

Patino Mines. Penn RR Pere Mqt pf.. Pere Mqt pr pf Pfeiffer Brew.. Phelps Dodge.. Phillips Pet .

Yesterday Week Ago

Loos & SSIHHIJH2N A1IHIIHNIHD

PRBHBOB B11 P PHPBB BHBRBN

co Mch x Pdy 12% Pr 1'2 Rad & R & Ss pf 155 Roll Mill ® Rl M cv pf 65

Year Ago High, 1941, High, 1840,

®o DD OOD

1200 pounds Packing Sows

| Good and Choice— 70- 300 pounds 300- 330 pounds 330- 360 pounds

Net profits | Good— p of the company and B00c 400 pounds

its subsidiaries for 1940 amounted | 400- 450 pounds 450- 500 pounds to $33,597,342 or $2.20 per common Medium -

share, compared with $34,142,643 or | 250- 500 pounds ; $2.23 per share in 1939. Med Sager Pigs Gross operating income aggre- |" ag. 130 mennacot gated $358849,354 compared with CATTLE $344.450,441 in 1939. Taxes, includ- | slaughter Cattle & Vealers (Receipts, 812) ing Federal income and excess pro- |

-3 SD 3

20.75; low, 32.6%; low, 15 tho

Stores T&T ..: Woolen

Yesterday Week Ago ..... Month Age Year Age Righ, 1941, High, 1940,

xx ~13930 23 SIN OO

«| Pure Oil 5 pt. 87 Purity Bak ...

Radio

- eT =3

20.65; 26.45;

low, low,

18.81, 18.03,

-1

a =!

ev. 1 Repub Stl pf 100% Reyn Met cv of 8 Revn Tob Rustless I&Stl..

Wow awe

Net High Low Last Change

Hershev nf.....109 109 Homestake .... 46% 465g Hupp Motor.... 7-18 7-16

@ 7.45| Atlas Corp _p

Aviation Corp. 3'a

DI1+:s

198,

It & hio . 32 | Ba & S pf 3% LX it Agphal 8'2 Ir Wks . 22 Beth Steel « HY Boeing Air 14 Bohn Al & Br. 27 Borg Warner... 17% Bdgept Brass . , Briggs Mfg .« 19%4 Bruns Balke .. 21% Budd Mfg Butler Bros pi. 20

197% 11%

St Jos Lead ... Schenley Dist. Scott Pap ... Seabd Air L . Sears Roebuck Servel In .e Shell Un ot’ “ Smith A O .... Snider Pkg Socony Vacuiin

-~a

‘III Cent pf .. Insshs cts Md. Interlake Ir .. Int Agric...... jn Harvester. .

| .

Stats Sans on

sess ssternen

Pt bd fh tk ok pt 0 0D OOD paren == OOS « -

» =n

sectesennan

5 8 8's 13 0G " 6 23 3 1

2 1 6. 333, 282

8 ‘2 ‘

ty »®

Int Silver .... Int Silver pf. 102 Island Cr Coal 281% wie Jo . 56% Ke | Kalamazoo el 111% Kroger G&B ... 257:

FLEE

fk fot kh kf ft fk pt © SO BREN Lone NY Ooty g-1-au NO OODVW ID

id ono

cesseen

> 8 ©5 6953 Syed

Cal Packing... Canada Dry Celanese ...... 21% Cent Viol ug.. 5' Cerro de Pasco. 30% Certain-teed . Hh Ghes hig . hio .

Chrysler Climax Moly Co Sas Colgate P P 12'%= Col Broadcast B 11% Colum Gas .... 3% Com Credit . 28 Com Solvents .. 10's Comwlth So pf 58'a Comw'th Edison 2

5 5 0|C 75

Johns-Man 56%

BRN AN

. [email protected]

. 10.25@ 11.25 Sunshine Min.

Swift & Co.

$2 HEINE:

234 38 11.25@ 12.00 « 10.25@ 11.25

a | Texas Co 37 + | Tex Gulf "Prod Thermoid Thermoid pf. 4 | Timk-D Ax.... Timken R B. 20th Cent- Fox.

. 21 a S . . 33% 14a Libby McN&L . 52 va | LigR & My .... 8 8.75@ 10.25 Ligg & B... 85% Lima Loco ..... 23% verve IMA

7.50@ 8.75

Con "900 pounds .....uue arias

Loft Inc 57

“i Ya a | Union Carb . 8512 | Union E Mo bf 1131 *| Un Tank

75a Macy R H .... 2¢ 4 | Maracaibo aR 1 4 {Masonite Corp . 229 | McCall Corp ... 1", kd McKess & Rob Vs 3 Ys |Mengel 1st pls . 23% 19% | Miami Cop .... 7 7 15 «| Mident Pet .... 14, 141% 47 - al Midland Stl 302 30% oe 3 5 ‘rus | Mo Pac pf "ae % Ya . 12% Ya {Mont Ward .... 38 36 37 37 1 or & Ess .... 25% 25'% a [sine pt . 50 50 13a ’

8'a il Binet oo D iseui . oe Cyl Gas .. he Dairy ‘eine . 14% ja 69 455 45

1 2234 1% . a reese 12066

(Yearlings excluded) 123.03

Cont ol ao . ) Copwe teel .. 8.50 Corn Prod .. 8. 25 | Qrown. Corp . [Crown Zeller Crucible St . {Cub-Am Sug .. Curtis Pub .... {same

ress ssn

FOREIGN EXCHANGE

NEW YORK. April 8 (U, P.),—Following are noon cable rates on major cure rencies: Cable Rates Net Che. England (pound) .. 54.0 Canada (dollar) ‘' *France (franc) Italy (lira) Cuba (peso) Finland (markka) ... Switzerland (franc) . Sweden (krona) '“ Japan (yen) Vies Mexico eso) .2068 —.0002 “Transferable only under U. 8. “Treasury

| seus 22 us Rub 1 pf... 3

3ni US Steel

Wabash pf Sa Walk HOLW ‘pf 13% Walworth 4'2 * | warner Bros West Dhioh . West El In. 34 | White Mot h a> | Willys Qvetiand Wilson & Woodward A Woolworth

'W 00 od A t 0 3 0 | Nat

Ys | Nat

Acm 17% oe 17 Expenses .

20% 14% 60

0 Feeder and Stocker Cattle Steers

|Deere. ="% ‘hi | Dev . (Receipts, 531) De Manes oo: 10.25 11.00 | Douglas Aire.

f Dunhill . [email protected] BURhH one ue 9.25@ 10.25 a [email protected] East Air Lines., + 300s 8.50@ 9.25 Elec Boat .. 147%

Elec > & Lt. 2 .50@ 8.25 [Eng P S 6 pf... 87 r

Fed D St cv pf 94% wn Ci 1la2 161% 4's 84 31% 41% 12 .e In C . 8% Gimbel Bros .. 86!4 Gobel. Adolf... 1% Grand Un xects Ra Gt W Sug of..140 Green +s 81 Grevhound Co 17% Grumman Air E 1 Gu M & Oh of 13%

LOCAL ISSUES

The following quotations by the Indianapolis Bond & are Corp. do not represent actual price of offerings. but merely

mental stage but, "if success-| ful. will Provide | great improve- | ment in motor | ~ PROFITS ITS LOWER pe Svein h comyg eves. Although the Increased Vanes, Interest $1,500,000 in di- ya 3 rect Govern - Offset Sales Gain In ment defense . . : work, very little Indiana Unit. HOGS : of this was in- Barrows and Gilts Roger Budrow cluded in its an- CHICAGO, April 9 (U. P.).— Good and Choice— TORS BOE dering ts ts Standard Off Go. of Indiana avd] if months and soared sharply in the its subsidiaries reporte. a larger last three months last year when [Volume of business in nearly alll defense demands and new plants|departments in 1940 but increased | $6,323,571 compared with $4,900,536 | the previous Pare an increase of OFFSE}, gains in berating rome, | $1,423.034 or 29 per cent. Edward G. Seubert, president, told | The company made a profit of shareholders in the annual report $612,242 last year, a 32 per cent in-| today. crease over $463,643 in 1939, the annual report shows. But while sales Were increasing 29 per cent and profits going up 32 per cent, the company’s tax bill from the Government spurted 252 per cent. Mallast year compared with $107,688 the year before. Despite this, $1 dividend was paid on each share of stock ($288,860 altogether and about (fits levies of $9,451,720, amounted Cholces twice as much as in 1939), $323.382|to $22,196,059 contrasted with $17.-| 900-1000 pounds ......... was added to the surplus account|270.705 in 1939. 1300-1500 pounds which, with a $500,000 bank loan| Mr. Seubert reported that during Good— and some working capital, was used | 1940 the company expended $48.- 150-900 ona: to pay off the mortgage debt, and [000,000 for new properties and [1100-1300 pounds ..... finance additions to the plant. |equipment, including drilling of 431 5% oun The company sold in January this |new oil wells, '“ its original plant at Port|miles of new pipeline in Texas, |L90-1300 pounds ...... Chester, N. Y., unoccupied since the Kansas, Missouri and Illinois and| 750-1100 pounds . aes busiress was moved here in 1929 |additions to its fleet of towboats. Steers, Heifers This decreased its investment ac- barges and truckers. In 1941 the |Ro'*er, POUREAS «vuuvvuisns count by $27,105. |company contemplates construction Good * of additional pipelines, Seubert said,| 300° 730 pounds ” 5 | from Council Bluffs, Iowa, to Sioux |chorce ODDS AND ENDS: Cotton | Falls, S. D., from Burlington Junc- | _750- 900 pounds growers are to be permitted to grow | tion, Mo., to Des Moines, Towa, and | 730- 800 pounds peanuts to be used for oil on any {from Whiting, Ind., to Indianapolis, Sins POURHS +s, part of the cotton acreage allotment Commenting on suits brought | National Bank of Indianapolis ranks | 367 other oil companies by the din 94th among the 150 largest Amer-|Government, the report stated that cutter and common ian. British. colonial i . the aim of the litigation is drastic Conner i ana dominion ',,,q jf gained would render the banks, with deposits of $144,777.787! company and the industry “impo-|geet— as of Dec, 31. according to the Cali- tent to function economically and Sod fornia Bank (Los Angeles) compila- to serve the public efficiently. >» oak tion. Indiana Bell Telephone | The suit* against Indiana filed | Medium oe seaeanas Co. has installed an eight-cylinder some time ago by minority stock-|{ Cutter and RA ¥ueeres Diesel engine (weighing nine tons) holders of the affiliated Pan Amer-/ entry a in its sub-basement here ‘as the|ican Petroleum & Transport Bo.1¢ m YOIOR sucvsivnn 7.50@ u power supply.” It is independent | testing the right of a majority 3 of electricity, gas or water utility | stockholder to guide the manage- choice— - 3 service, is started by air stored up|ment of a subsidiary. | 20, 800 Boum Pub. Debt. 47, by a battery-operated compressor, As of Dec. 31, 1940, current assets Good - pe cooled by water from the deep well|of the company amounted to $240,- TR 200 Boungs under the building.” Similar en-|115, 775, including cash of $65,880. | Medium— : gines have been or will be installed 045, compared with $226,010,256 and | 500-1000 pounds . at other large Indiana Bell offices, $70,975,895, respectively, a Year| 300-600 pounds ............ : the company’s Indiana Telephone earlier. Current liabilities were Calves (steers) News says. $48,566,799 against $39,172,806. Goo. and eholce— 2) 2 5% 7 7 2

Gold Res. Customs

170, 22,408.612,747.47 18, 504.143.919. 83 274,700,797.14 273,817,649.80

WAGON WHEAT license. Indianapolis grain elevators .re nrvine fo ro Ne. 1 wheat, 82c; subject to market gon new No. 2 white shelled corn, 68c: w No. 2 vellow shelled corn, 64c: No. 2 white oats. 33c.

26'2 14'2

2 87

Heigt

Yale & T

| Yellow Tr INDIANAPOLIS CLEARING HOUSE

Clearings Debits

The Indiana National Bank

of Indianapolis Statement of Condition April 4, 1941

Ohio Oil ‘ah | Oppen Coll

Ta 1a ' Zenith Rad .

company has, were ready for use. Net sales were taxation and heavy interest charges | lory paid $379.566 in Federal taxes construction of 496 750-1100 pounds year not used for cotton. , . Indiana against Standard of Indiana and 1 ] Common and choice first step in providing an emergency and still pending, was explained as 500 pounds down ............ [email protected] [email protected]

Medium— 500 pounds down Calves (heifers) Good and choice— 500 pounds down

- >

| Gair Robt “ Gair Robt bf ar Wd Ind nw Cable

4 20 2 7

= =

Gen of. Sen Gen Gen Gen Gen

NAN

9.75@ 11.25 Medium— 500 pounds down 8.00@ 9.75 SHEEP, LAMBS (Receipts, 284)

mA Dt TID rt tr Bf Ft

oh —- EE

» a

American National Bank

at Indianapolis atement of Condition April 4, 1041

RESOURCES

Oash on hand and on deposit with Federal, Reserve Bank and other banks ‘esans United States government securities .......... Other bonds and securities sisasneeses Stock in Federal Reserve Bank. ......ceeeeeee. Loans and discounts Bank buildings and equipment Customers’ 1 ialijiey account acceptances and letters of cred Accrued

_ is

Good and choice 1085@ 11.25 Medium and good 10.00@ 10.75 Common .“ 9.5

8 x NN) ARMING N re

RR MMI

Ewes (wooled) Good and choice

8 8.50 4.90@ 5.50

CHICAGO LIVESTOCK

Hogs —Receipts, 10,000; market slow, uneven, around 10 io 15 cents higher on weights 240 Ibs. and down; some sales heaiver weight strong: general market | steady on hogs. 240 Ibs. and over; good {and choice 180-240 lbs. [email protected]; top, |indicate the approximate market level 188.90; 240-270 'hs,, $8.50 8.75. 270-330 lbs, based on buying and selling quotations of |$8.30@ 8.60; sows steadv to strong, scarce; recent transactions. good 400-500-1b. weights, $7.50 7.85; Stocks Bid Ask | ight °r weights to $8 and above Agents Finance Co. Sheep— Receipts, 3,000, late Tuesday; fed | Agents Finance Co. [lambs closed slow, mostly steady to 15 Belt RR & Stk Yds eom..... 5 / {cents lower; extreme top, $11.35 for 92-1h. {Belt RR & Stk Yds pfd...... § 7 |averages to city butchers: bulk 92-104-1b. Central Ind Pow 77, pfd 7 ks terns, [email protected]; some 102-115.1b. |Comwith Loan 5°. pfd |offering, [email protected]; 93 and 94-1b clip- |Hook Riug Inc com | pers, $8.90 and $9.50. respectively few na- Home T & T tPF Wayne hi 77, tive ewes, $7 down: today's trade; all|Ind Asso Tel Co $5 pfd .. | classes opening steady: around five loads | Ind & Mich Elec 77 pid... fed wooled Western lambs averaging J?%-|Ind Gen Serv 67% d | 108 Ibs, [email protected]; no Western ew.s Indpis Gas com on sale; odd head natives $7 down Ind Hydro Elee 7 Cattle- ~Receipts, 8500; calves, 800; im- Tndpls P&L 5'47 pfd proved action in fed steer trade; even |*Indpls P&L com medium weights and weighty good and | Indpls Water 57% pld Lena choice steers getting better action on |Lineeln Nat Life Ins com .... shipper and order buyer account; general |(*N Ind Pub Serv 5'27% pfd.. |trade steady to strong with instances 10|*N Ind Pub Serv Bon pta .“ {to 15 cents higher; iargely [email protected]|*N Ind Pub Serv market: numerous load sold early at $11.25 | Progress Laundry a | / [up to $13: $14 paid for medium weight |Pub Serv Co of ind 67 pfd. vo 8 7 (as well as long vearlings; some held above | Pub Serv Co of Ind 7% ple. | $14; most medium grades, [email protected]; [So Ind G&L 487 pfd 10 {several loads, 800-1000-1b. kinds at that |Terre Haute Elec 67 pd. . {prices; heifers, 10 to 15 cents higher; | Union Title Co com {prime heavy heifers at $13.25; no criterion | Van Camp Milk pfd [in ‘rade; bulk selling at [email protected]; Van Camp Milk com | weighty good to choice Colorado making, |$11.65; cows steady to weak; bulls fully steady, however, with with weight, $8 258.40: vealers, 25 to 20 {cents lower, at $12.50 down to $10.5 | medium lights selling around $99.50.

OTHER LIVESTuCK

CINCINNATI. April 9 (U. P).—Hogs—! Receipts, : active, generally | oy Road, 3% choice |

: | 300 | "'300-350 lbs. [email protected]: |

NNN re pt SaaS 3 pd

RESOURCES

Cash on hand and on deposit with Federal Reserve and other banks $58,392,370 25 U. S. government securities.. 67,582,530 60 Other bonds and securities....... reves teen. Stock in the Federal Reserve ban.......... Loans and discounts........... tesessnsnnees Bank building and equipment. . Other real estate owned Accrued interest Yecsivable and other resources

a annuum

ns 074,

few |

NNN NN

Inc.,

theses stsnenn

sess nnsrene

26,096 81 124,861 86 192,535 48

$162,785,423 47

$45,680,221 89

In High Gear

LIABILITIES

Brolerred SHOBK +.ovivsecrescesenrnrasirsnne $d Smen stock Undivided profits Reserve for dividend payable in common stock. Reserve for vetirement of preferred stock... .. Reserve for taxes, interest, contingencies, ‘ete. Acceptances and letters of credit outstanding. . Interest collected but not earned ............ Deposits

$45,680,221 89 Member of dhe Federal Deposit Insurance Corporation

LIABILITIES

.. $4,000,000 00 5,000,000 00 3,018,807 73

53 $

2 £33333 23334338

TARE AN se RtEREN NNR RAR RRRREEY Saphal SPIRE rea

_ MN © J.

Pests NNte reset seas.

$ 12,018,807 13 1,500,000 00

seen

NWN

Unlike a single machine, the nation cannot Onde S| - Interest, taxes and other expenses accrued

Zhe

rt CA SK

change its tempo overnight. A whole economy

EEE EE EE EE EE EE EE EE EE

Depos epost He abilities. SAAR NNR NNN NNNNRINNNN $162,785,423 47

shifts into high gear only through gradual

Sand 352 9h

ie .

stages. Production schedules, payrolls, ship-

0 American Loan 5 51 .... American Loan 5s 48 Consol Fin 5s 50 Citizens Ind Tel 44s 61 ..... Home T&T Ft Wayne 5'as .. rabb-Revnolds-Tavlor 5s 42. |Home T&T Ft Wayne 6s 43. Ind Assoc Tel Co 312s 70 Indpls P & L 3 Indpls Railway | Indpls Water Co 325 66 . .. | Kokomo Water Works 5s 53. Kuhner Packing Co 4's 49, ! Morris 5 & 10 Stores 5s 50 .... Muncie Water Works 5s 65.. Nat Silk Hosiery 5s 42 N Ind Pub Se

N Ind Tel 4'zs 55 . Pub Serv of snd 4s 69 Pub Tel Co 4'35 55 Richmond Water We $5 57. Trac Term Corp 5s 57 *—Ex-dividend.

FOOD PRICES

CHICAGO, April » i P.).—A Michigan, Jonathans, Tomatoes Mean Ings. Spinach Texas -California, a "$1 k 2.15. A oer California, crates, $2. Re .50 Lettuce— Arizona, crates, [email protected] ro Potatoes , Tennessee, bu., $l. Ma Onions (50- ; sacks) Illinois Yeliows. [email protected]; Micha Yellows, [email protected].

ALSE TEETH

DENTUR. zs, the Bn faihion plastic,

make loci DNs wai po ly oly for

wot 4 pas. Economical » bie det a oe today! At your drug counter. 98¢

DENTUR-EZE

FOS "he Drug Stores.

ping arrangements, and plant expansions of

Member Federal Deposit Insurance Corporation

sausage offerings

private business are the result of a long period

\ NIN

NAR

of careful planning.

Financing, also, requires careful planning so : 1041 .100 100 L104; 97 1072 58 106'; 100 .. 1041 70

60- \ 160- | Ibs.. $8.75: medium and good 140-160 $7. 90@8. 35; most good grades packing sows. [email protected] Cattle-—Receipis. 425 mon and medium steers and heifers. $8@ 3, % part loa medium _880-1b. steers, $9.40 and cational 710-790-1b. heifers and Steers. [email protected]; individual sieers up to $10.50: cows and bails steady: cutter and common cows. $5.75@6 75: sausage bulls. 5: at Ss vealers steady and medium, $7.50

Sheep--Receipts, 100: spring lambs in narrow demand but steadv: bulk eariv arrivals comprised medium grades wool skins at $9 down: few :1b, spring lambs on | sale but no action

AYNE, Aptil 9 1 200-220 1)

NAN

that it shall be geared to production needs. In

Fletcher Trust Company

Statement of Condition April 4, 1941

BANKING DEPARTMENT

Resources

Cash on hand and with Federal Reserve and other banks nited States Securities te and Municipal Securities. her Securities sesversntnres k in Federal Rawrve BANK. cosecctcnssss s and Disco treet Bank Buildings ® 8) and Pquipment. reesesrene Other Real r

The Merchants National Bank

of Indianapolis

the development of the Defense Program, Os a aives —J om-

American National sees part of its own contribution as an unceasing effort to make its

AMMMIMIDINIY

complete banking service keep pace with the common

increasing requirements of industry.

A N

Statement of Condition April 4, 1941

NAN NN

Business men are cordially invited to call U.P) . $8.60: 180

80-200 bs .

SRR ENNNNRI RN $1

RESOURCES

Cash on hand and on deposit with Federal Reserve Bank and other banks tees. .$18,851,101 38 United States government securities........... 10,386,479 28 Other bonds and securities ........co00vveeee. 4,164,811 10 Loans and discounts .......coeeesesnecescnsss. 10,404,558 91

$44,707,040 67

NN >» a oo

YF 3

upon American National's experience,

sees nrensenen

NN BN -3 Cd

resources and genuine desire to aid them in

| 130- 140 Ibs. $7.60° 120- 30" 1bs., $7. 35: (00 120 lbs, $7.10; roughs, $7: stag Calves, $12. Fed Western Lambs, $10. well ————————————

LOCAL PRODUCE

Heavy breed colored hens, 15¢: No. 2 ecolored hens, 12¢; Leghorn hens, 12¢: No. 2 Leghorn hens, 9c: broilers, 3 Ibs. and over, 19¢; White and Barred Rocks, 19¢; colored breeds, 18c; cocks, 7c. Eggs, 1 Butter—No. 1, 3512 36c¢; 34c; butterfat, No. 1, 31c: No (Country pickup prices quoted by Wadley Co.).

LOANS =

w2¥ The CHICAGO

Brokers in 146 E. WASHINGTON ST.

the State

a 28 Re a -J

NN NN

performing their part in the huge task ahead.

NN rn

52335882

2 I. o> El

FRAN NNN

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ate

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$47,968,113 32

AMERICAN NATIONAL BANK

al Indianapolis

Liabilities Capital Stock

Preferred Capital Detennures. Surplus and Profits

Reserves Accrued Interest and Taxes... Deposits

No. 2, 33%: @ 2, 20c. the

LIABILITIES

Capital verre st seers averse sass ensa inl 1,250,000 00 Surplus TEENIE IRNRRINRNRRRNIRNRYRRNINRNNNY 1,250,000 00 Undivided profits SINE IR III ERRBNNNNNNRNNRIRONS 1,308,770 aw Reserve for taxes, interest, etc......o0venevee.. 243,798 87 Deposits CPR NNN R RIN RIRRNRRIINRIS. 40,666,471 34

$44,707,040 67

,000 00 260,140 77 § 3,410,140 TT 41 87

NNN

180,437 78 43,887,070 90 47,008,113 33

TRUST DEPARTMENT Trust Funds Invested..... $20,576,589 24 Trust Funds Uninvested...

926,012 03 tomers’ Securities...... te Trusts. ....va0ee al Estate Trusts

2,344,217 48 Member Federal Deposit Insurance Corporation -

ese EBI EI essa nte

on Everything!

Diamonds, Watches, Musical Instruments, Cameras, Clothing, Shotguns, Ete. JEWELRY CO, Ine.

PENNSYLVANIA AND MARKET STREETS

A Branch Office is maintained at College Avenue and 42nd Street

ala 312 a Member Federal Deposit Insurance Oorporation

Y SIIBIIII ISIS SII RII IIPS IAS AF PISS AIIS SFP IIOP mi Si 77

G47 7% 11m no Fedeval Deposit Insurance Kb