Indianapolis Times, Indianapolis, Marion County, 14 January 1942 — Page 14

WEDNESDAY, JAN. 14, 1942

Will Irwin Succeeds Arthur V. Brown As Indiana National Bank President -

Mothershead Vice President § Of Largest Bank in |

Indiana.

Will G. Irwin, Columbus, Ind, | financier, today succeeded Arthur V. Brown as president of the Indiana | National Bank.

Mr. Brown was elected chairman of the board, a new office created by the directors at their annual meeting yesterday. He had been president of the Indiana National since 1932, at the same ‘time serving as president of the Union Trust Co. Mr. Irwin has been president of the Irwin-Union Trust Co. at Columbus since 1928 and will remain as its head. He is a director of the Indiana Bell Telephone Co., Kingan & Co. the Real Silk Hosiery Mills and several other large institutions. He has been a trustee of Butler University since 1908 and president of the Butler foundation since 1926. He

THE INDIANAPOLIS TIMES

NEW YORK STOCKS

By UNITED PRESS

Last Chi ce | DOW-JONES STOCK AVERAGES i 30 INDUSTRIALS 1 | Yesterday 112.44 Vai Week ARO ...ccceeiiacsccees 11800 +4 Month Ago ....... cersetiees 109.86 1-16; Year Apo 131.51 le, High (1941-42), 133.59; Lew, 106.84. Ty, High (1940), 152.80: Lew. 111.84. Geter 20 RAILROADS + !2 Yesterday ... 28.15 cei EER ABD ...iciiciiiiicieie R84 409Y cee, | Month ARS cciciiisiss 24.58 —0.34 2! Year Age “ 20.08 —0.25 High (1941-42), 30.88: Law, 24.25, High (1940), 32.8%; Low, 22.14. 15 UTILITIES

PAGE 14

BUSINESS

Federal Tax Is Being Confused With State's Gross Income Tax

Net Net Last Change Ya lg

High Low High —A . Ta Abr & Straus... 43 40 Adams Exp ... 7 Air Reduc .. 384 \laska Juneau Sa

Allegh Corp ... & 9 ww Sls

+199 Ji 9.3% pitts coat... 1 —L1.50 Ss Coke Iron § -0.93 oisines . SckB .... 801 00: Sti pi.... 6 Stl p ¢ s Stl 5 pf .. Pitts & W Va.. Plymouth Oil .. Postal Tel pf... Press 8tl Car.. Procter & G .. 51 «© Pub Serv 137% Pub Serv 8 pf.122% Pub Serv 5 pf.. 863: 252 934

Stier esaap rane

a3 7 5 35% — 2p . + Al pa Bt XW 3 w | Aleph Lud Sti. 310s By ROGER BUDROW | Allen. Indust... $ FEN $ i | A MANY HOOSIERS ARE CONFUSING the Indiana 3m Gross Income Tax, which should be paid now, with the Fed- | eral tax which is paid in March. | Judging from questions being asked at the State Gross Income Tax headquarters here, many believe that the exemptions and deductions allowed on the Federal tax are applicable to the State gross income tax. That is wrong, of course. The me

ordinary individual who had more than $1000 income last year = Hf PRICES SAG pay a gross income tax, 1! per cent) on everything 10 CENTS HERE Am Am

over $1000. It must be paid by t Lightweights and Pigs Sell } 25 Cents Lower Than

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High 114 2%

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Arthur V. Brown

TWO PROMOTED BY ‘Madison Ave. Bank

Will G. Irwin

end of this] month unless it! is so large that it is being paid quarterly. Can exemptions

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be made for aj wife or for chil-} dren® No—there| are only a few deductions that Roger Budrow .,,, be made and they affect very few persons, relatively speaking. If a return wasn't mailed to vou. one at the nearest auto license | \ They want your social curity number on the return this vear (the first time that has been asked) to avoid confusion and to be sure you and not someone else with the same name gets credit for pay-| ing the tax Taxpayers are asked to give their home address, not any temporary one. Because so many defense workers have changed residences temporarily, there is apt to be mixups unless this is done. \

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Yesterday.

Hogs weighing more than 160 Am T pounds sold 10 cents lower at the am Tyee F ... Indianapolis Stockyards today. the am Agriculture Marketing Service re- Am W ported. Lighter weights and pigs Am were 25 cents lower. Today's top was $1165 for good to choice 190 to 200-pounders. Receipts included 1386 cattle, 600 calves. 6814 hogs and 3590 sheep.

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is a former Republican national committeeman, Several other changes, all promotions, were made in the staff of the Indiana National, the state's largest financial institution in hoth total resources and total deposits. Wilson

* | Mothershead, assistant to the presi-

dent, was promoted to a vice presiLudwig G. Burck, John W. Keller, Byron D. Bowers and Henry A. Pfarrer were elected vice presidents. Cashier Paul C. Buckler was elected vice president-cashier, Other officers named were Gwynn F. Patterson, William P. Flynn, Harry R. Fuller, Robert B. Malloch, Clarence T. Brady, C. Merle Brockway and Edward G. W. Wischmeier, vice presidents. Named assistant cashiers were John R. Fletcher, Russell F. Peterson, Carl C. Koepper, Frank W.

AMERICAN NATIONAL Aids Re-Elected

Tw ita vi wdents of the Officers and directors of the o assistant vice presidents o : American National Bank, E. Marion | Madison Avenue State Bank were

Lutz and E. C. Randles, were elected | re-elected in the annual meetings vice presidents yesterday. yesterday. No other changes were made in| Directors are G. H. Mueller, the staff of officers or board of di-| George Hilgemeier Jr. Arthur W. rectors. President James S. Rogan| Heidenreich, J. F. Davis, Fred reported to stockholders that the|Quebe and Richard Hafer. No dibank had enjoyed a satisfactory rector was elected to replace the

: A late Chris Brehob. year during 1941, both from the 2 a le standpoint of earnings and growth| Officers re-elected were Mr. Hilge-

: : ier i f the board; Mr. in deposits and earnings assets. meier, chairman o ard; | CDOs were En They Mueller, president; Mr. Heidenreich,

ice president; Mr. Daws, cashier, are J. M. Bloch, J. I. Holcomb, Frank | V A. Montrose, William H. Mooney, an Roy O. Hooks, assistant William J. Mooney Jr., G. Barret| cashier.

fe SBE CON PRICES SAD ON HEDGE SELLING

Taggart and William H. Trimble. Mr. Rogan was re-elected president; Harold S. Cross, vice president; Henry L. Hilkene, vice presi-

CICS C3 sl DG 0S fot $i UY C3 pt CS OY bt 3 et pt Jy C01 CaS CPCI 1S 05 pt et TICS CD CD U1 CS Cad pot ont si

Durgan, Harry H. Wintrode, Lester R. Rahn and Leon J. Boersig. Reelected auditor was J. Kurt Mahrdt. Directors are Roy E. Adams, Cornelius O. Alig, Fred G. Appel, C. Harvey Bradley, Volney M. Brown, . Fermor S. Cannon, G. A. Efroymson, Brodehurst Elsey, Edgar H. Evans, Mr. Flynn, J. S. Holliday, Mr. Irwin, Herman C. Krannert, John J, Madden, Mr. Patterson, Mr.

Members of the armed forces, faerett § tang} : who are from Indiana, are required Packing Sows |B to pay the tax if they had MOre|geea snd Choice— ; than $1000 incom: last vear. But, 330- 300 poungs if they can't pay it, they can defer! . i i s hey have Good it until SIX months after the) | 5% 100 pounds left the service. | 300- 2430 pounds : | 450- 500 pounds The estate or heirs of any mem-/,, ber of the armed forces killed inj 23. action will be required to pay the|

160- 200 pounds 18.75@ 11.40 | Barnsdall 5D Mor cc V+i6

Ir Wks... dent and cashier; Frank E. Cramer, “ Walter J. Hubbard Jr. Robert F. Keller and Frank F. Wocher, assistant cashiers; Charles R. Keogh, comptroller; Eugene H. Iglehart, trust officer; Herbert G. Foy, assist-

ant trust officer. ’

DAILY PRICE INDEX

NEW YORK, Jan. 14 (U. P).—

CHICAGO, Jan. 14 (U. P.).— Grain futures rallied fo recover most of fractional early losses today on the Board of Trade. At the end of the first hour wheat was off ¥%s to 14; corn off ss to %; oats unchanged to off %; rye up 12 to 3; and soy beans off 1 to 1%. Prices dipped at the opening under pressure which was regarded

by Bor o>.»

Studebaker .... un Oil pf A. 12 unshine Min .. 3uperhtr .. ... superior Oil .. 1p Stl

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Inland Sti . Inspiration Cop Intercon Rub . | Interlake Ir ., Int Harvester I Harv pf ..15 , M Marine Min & Chm

| Beth Steel ... i Bigelow San.. 9 | Blaw-Knox 0.35 | Bloomingdale Boeing Air. .... Bohn Al & Br.. Bon Ami B.. 4 Bond Stores ... Borden cana Borg-Warner

BOBS rs

wift & Co ... wift Intl . yming-G

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S00 pounds “et Slaughter Pigs

m and Good--120 pounds

Tenn Corp Texas Co

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Mediu 80-

tax if the income of the deceased was above $1000 last year, i

CATTLE

[email protected]| Brew cp am new

| Bdgpt Brass... | Briggs Mfg..... i Bristol-My_ ...

Mothershead, Norman A. Perry, Charles S. Rauh, Peter C. Reilly,

as largely hedge selling, but scat-

Dun & Bradstreet's daily weigted tered commission house buying

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price index of 30 basic commodities, compiled for the United Press (193032 average equals 100): YESIGrGaY .cceovssrseessnsesee 15375 Week 880 secovssrvienenees 153.16 Month 880 veers etsaecsvesss 149.83 Year ago . 124.94 1941-42 high (Jan. 12, 1942)., 154.24 1941-42 low (Feb. 17, 1941) .. 123.03

{ Stanghter Cattle & Vealers (Receipts, 1388) Steers

Ah | BR U Gas brought a quick recovery in all pits i Bklvn U Gas .. , 1 . ODDS AND ENDS: Army and as | Brown Snoe : hadbd : ! “ozp. ound Bruns-Baike Navy will requisition 300 privately; I30- 500 pounds ... ..I 1300014 { Bucyrus Erie

1 civil | 1109-1300 pounds 3 \ owned airplanes from civilians. . . J 19-1300 bounds | Bullard Army believes its purchase of 700|Good

week

BAG DB

Obie J. Smith, Samuel B. Sutphin and Russell I. White. ————————————— WAGON WHEAT

Up to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $1.20 per bushel for No. 2 red wheat (other grades on their merits), No vellow shelled corn was 75¢ per bushel and No. 3 white shelled corn. 80¢; No. 2 white oats, 52¢, and No. 2 red oats. 52¢.

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GETS SHELL ORDER The Schwitzer-Cummins Co. has received a $150.800 order for 3-inch high-explosive shells, M-42A1, the local office of the Cincinnati Ordnance District announced today.

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Transamerica ,. Trs & Wms Tri-Cont Tri-Cont Traux Tra . 20th Cent-Fox.. 77% 20th Cent-Fx nf 22 Twin CR T uf 27% 27% Twin Coach.... 6% LN) U Aircft pf wii 1003 100% wi

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any s agency, public or private . » Pittsburgh Plate Glass paint division has developed a line} blackout and camouflage”! } ack, smoke gray Good rab and neutral brick. . . . National] Bureau of Economic Research says Che factory employment for the first] 730. . § Good in 20 years has surpassed thej so. War I level. . . . Shipments) “G8 0 ounds on P Common — iron ore, coal, limestone and grain RR Sounds on the Great Lakes set a new allrecord in 1941-162 million!Geod . a § § Mediur abbibbasabatiin tons. . . . Sugar and fats rations Cutter and one have been cut in England because Canner 1 in on shipping (8 ounces! i f sugar a week. 2 ounces of cook-| geet— ing fat). ...d A new plastic is made] JOO1 poreeceeren. of wood wool, water, silicate of soda,| God... it sovbean protein, quicklime and] Cutter and common for.” . . . Agriculture Depart}

Vealers farmers to conserve Sood and cheice © jcen

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Und Ell Fish Union B & PP... Union Carb.... 737% Un E M 415 pf 1071, Un Oil Cal.... 13% Un Pacific Ss; Un Tank .>.. 2 a] Un Aircraft. ... 34% Un Air Lines 111% Un Biscuit nf 105'; Un Carr Fast.. 171, United Corp. ... 33 United Cp pf.. 13 5ia 41,

2 United Drug... Un El! Coal ‘ 2 Un Eng & Pdy 323 United Fruit .. 72 Un Gas Imp . 53% Un Paprbd ... 33; U 8 Freight .. 10', U S Gypsum .. 463; | U 8 Hoffman e S S Ss

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Your Indianapolis Times Carrier Boy Is an Official U. S. Defense Agent for the Sale of HH 10< DEFENSE SAVINGS STAMPS

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C [email protected] | Climax Moly Co . 31% 13.30 Coca-Cola Feeder and Stocker Cattle | Sal & A (Receipts, 600) Col, & So Col Broadcast A 13 : Gas “ee 54 0 pounds [email protected]! Col Gas pf... ¢ sounds sastsreaanaen 1038@1Ls) So Pictures ... 0 \ . x Com Solvenis . Q pounds .....eieeeees 10.00@1100] SOM Solvents Cong-Nairn Common— | Cong | 500- 900 pounds . Le 8.00 C0 : Good and cholce— 500 pounds down eon 1LB0@I380 SONS Mgdivm— Cons : 83) pounds down ........... [email protected]; Cons Oi. ...c : al Revenue Code pro-! Calves (heifers) | Con RR Cuba rf 8 Container . . Cont Bak ... payer shall be computed upon the; 500 pounds down .o.. [email protected] Cont > i H E L. } nt accounting SHEEP AND | Cont

10.00| Coleate-P.P “ee ik oo By Col' & So 1 pf 17% Steers { Colum dS _ievesesesces 103091150) Com Inv Tr... 1000 pounds .....ccve.. 9.00@1028] Som¥ith Edison | Income aX dor Cops Cons i an Consumers P pf 9% tides that the net income of a tax-! 500 pounds dowm ........... [email protected]% ! Medium— (Receipts, 3%)

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basis his annual

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period in accordance with the meth-{ __ and ChoISE od of accounting vegularly em. Migion, dee 'fuia coll ployed in keeping his books; but if lacs and cpiearling Wethers no such method of accounting has|Mediun wer “iibornh

E ce 11 i { Good and choice ....... Saeene been so employed or if the method | Sood an cata

employed does not clearly reflect! LOCAL ISSUES

the income, the computation is to he made in accordance with such Nominal guotations furnished bY toeal | & ¥ : ® : } i Cutler-Ham baci unit of National Association of Securities method as in the opinion of the! Dealers : Bid Commissioner of Internal Revenue Ti Deere & C i u .“- does clearly reflect the income. |B tk n or Blac & w.. The regulations recognize that no! Zt R X fi «+ 1het Poison g Dobbs Netti) com 3 : { Dev A Fa 3 + a obhs-) sil x d . wtform m : od o accounting can ore Ly! ae of Diam Match |. be prescribed for all taxpayers, and Comwith Loan 5% pid ... Diya the law contemplates that each tax- Home T&T Bt Wer Douglas Aire } ow Y payer shall adopt such forms andijnd Qssoe Tel 5% po Dunhill systems of accounting as are in his! Indpls Gas_com Du Pont . " th : Ind Hydro Elec 7% pfd .. judgment best suited to his purpose Ind Gen Serv 6% pid ” : avab bb sIndpls P & CONE... The methods of accounting most ols 2 a Li pid ar ) < - { Indbpis ater 5% Dp “an generally used are (1) the cash re | Inds Water chase a com ceipts and disbursement method, | Lincoln Loan Co 5%% p and (2) the accrual method. The; regulations provide that in order!; to reflect net income correctly, inventories at the beginning and end of each taxable year are necessary © Co com " BR i -i Van Camp Milk pid in every ane in a the produc | Ven Camp MIE Lom ion, purchase, or sale o erchan- Bon hal 8 . {Algers Win'w W RR ¢%s dise is an income-producing factor, American Loan ‘on

and that in any case in which it is| Gent Neswrorn

necessary to use an inventory noSh of Com method of accounting in regard to, Consol Fin 5s 50 surchases and sales will correctly reflect income except an accrual method. Each taxpayer is required by law x ES Ss 8 : 3} to make a return of his true in- 3 ston kas come and under the regulations he!! is uired to maintain such accounting records as will enable him to do so. His books and records! must be kept at all times available for inspection by internal-revenue officers and retained as long as the contents thereof may become material in the administration of any internal revenue law.

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Zenith 93 Zonite HAY) ———————————— ~ 1 \ v U. S. STATEMENT WASHINGTON, Jan. 14 (U, P.).—Government expenses and receipts for the current fiscal wear through Jan. 2, compared with a year ago: This Year Expenses $12.523,540,839 War Spnd 8,964,345,619.74

Stocks Ask Davison Chem . JO.

Newport Ind | New

pf 108 Airbrake.. 3 Central ..

Edison

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Last Year

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9 45,088,005.676.20

East Air Lines 22,035,137,742.42 East Kodak Edison Bros Elec Auto-IL, ..

34 nel Gold Res 22,733,977,393.84 Pacific tm —

Norwich P

Bee. 3a 8% 9 293%

INDIANAPOLIS CLEARING HOUSE

Clearings ............ sedcitinnes § 4,978,000 Debit 11,873,000

FOOD PRICES

CHICAGO, Jan. 14 (U. P.).—Onions (50« Ib. sacks) —Illinois Yellows, $1.85@2. Minnesota Yellows, : Indiana Yellows, $3; ova Yellows, [email protected]; Wisconsin Yellows,

Ohio Oil .. Oliver Farm Omnibus .. . Omnibus pf jf 4 12% Steel 6's

Otis El Otis Owens Ii! Glass 48 * wi

Pac Coast « BY Pac Coast I pf. 20354 Pac Coast 2 pf. 12% Pac Fi Pac

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LOCAL PRODUCE

Springers, under 4'2 Ibs, Barred and white Rock, 18c; colored, 1Sc¢; Leghorns, | C. Heavy breed colored hens, S$ Ibs. and! over, full feathered, 18c: heavy breed hens, under 5 Ibs, full feathered, 16c Leghorn) hens, 12c Vig and over: Barred and

i Roasters 4! | White Rock, colored, 17c. (All No. 2! Eggs—Current receipts, 5¢ Ibs and up

grades, 3 cents.) Cocks, 10c CR Eu

for News of

C341 2)

Semi-Annual

Highest Price Paid For Straw In Stack or Baled Straw In Barn. Address

P. O. Hox 191

Remnant

SALE!

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No. 1. CN. 3

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