Evening Star Newspaper, January 26, 1942, Page 19

FINANCIAL. Increase in American Tobacco Dividends Favored by Hill President to Propose $1 Rate for Common And B Shares By the Associated Press. NEW YORK, Jan. 26 —George W. Hill, president of American Tobacco | Co., today told stockholders he wouid | recommend an increase in the d)vl-\ dend on the common and rommon‘ “B" stocks to $1 a share for the first quarter of 1942 from 75 cents paid in the last quarter of 1941. A divi- dend meeting will be held Jan-| .o ey uary 28. | Ashland 0 & R (.40) Despite a 25-cent boost in the| AtlRayon (.10e) dividend, the rate would still be be- | Auburn Cen Mig Jow the $1.25 a share the company | Automat Prod paid quarterly on the common stocks | Aver¥ (B F) war from 1933 to 1941. | Babcock & W 2.508 Hm said earnings for 1941 would ::;‘:""“-l““" i be slightly above an estimate con- | !m":s"‘h:‘hl 20 100 tained in a letter to stockholders on | geecn aircratt October 25, when he notified them | mei Atreratt (28) _ he would recommend to directors the | Bell Tel Can (hs) reduction in the dividend to 75 cents | Bickfords (1) from $1.25. Bliss (EW) () At that time Hill calculated earn- | Stocks (By Private Wire Direet to The Star.) Stock ana Saies— Dividend Rate. Add 00. High.Low. Close. Aero 8up B .80g 1 54 5% Bl Ainsworth 1 4% 4% Ala Power pf 95k 95% Allied Int Inv pt | Allied Prod A (1.75) 22 Alum Co bt (6) 114 Aluminum Ltd (h8) 2 % Am Book (2) . 20% Am Box (.258' 4 Am Capital (B) 4 | Am Cyn B .60a 374 Am Export 1.50 23% Am Gas & E 1.6 19% 274 174 Am Gen pf (2) Am Hard Rubber Am Superpower Am Superpwr pt Am Writing Pape; Ark Nat Gas Ark Nat Gas (A) 2% 2% S mmaster PR LT Blumenthal (S) | Braz T L&P h 40g _ ings at about $23,658,000, or about Breexs Corp (18) $453 a common share, against $28,- | p oycier o (30 498,051, or $5.59 & share, in 1940. Bl A = In his latest letter, Hill stated: Brill pt “Our business volume continues | Brown P& W strong. Costs and taxes are stead- | Brown PA (L50g) . ily rising, and both items must be BN& EP ot (1.60). met before funds are available ror\ Bint AL D) dividends. | Calamba 8ug (1.60) “You will, of course, understand " Can Clty E ( 80x) that the rate of common dividends | Gort'et G2 o will be dependent upon earnings, and | Cessna Atre (1.95%) with the uncertainties that con-| chigqspt front us no prophecies can be in- | Cities Service dulged in." The tobacco company announced City Auto Stp & boost in price on its leading ciga- | Clev El Ll (2 rette brand on December 26 to $7.10 jev tracior a thousand from $653 but the in- | co| fUt &) ¥er erease later was rescinded by order c,iump o1l & Gi of the Office of Price Administra- gonn Tel& Elec tion. | Consol M & 8 (h1a) | Cons Steel Corp 1 | ContRol & 8 508 . & ‘ Copper Range .508 . 150% Crown Cork A .40% 3 | Cuban At (1.508) . 100 | Det Gasket (1 1 | DetGrayIr (04a) . 2 | Draper Corp (3a) 108 Duke Power (4g) 1008 Durham Hos (B) 1 Duro-Test - 2 | Eagle Picher Ld 60z u; 10% n. BUs Hercules Powder Co. Reports $6,098,712 Net for 1941 : By tre Associated Press Easin G&P 6pf 75k 1005 NEW YORK, Jan. 26—Hercules EG& Pprofi4.50) 758 Powder Co. reported today Con- EastnStspt (B) 2008 solidated net income for 1941 of RecBond&Share. 7 $6,098,712, equal to $423 A COMMON pi. payf war . 2 share. compared with $5807.769, OF p,cparL2dptA . 1508 $401 a share in the preceding Year. gquity Corp 13 The 1941 net was after provision puichid avi.25e . of $500000 for contingencies and FparchidE& A $13.792.591 for Federal income taxes. Falstaff Brew .60a President C. A. Higgins said all de- Fanay Parm 1 partments were working at or near FlaP&Lipf (D) capacity and that while war work ;’1‘" :{:"f{ Y represented a large part of the com- p . ./ oL $3 (361 pany's output the need for commer- | (o 10 n (L cial products showfd no decline. | Gen Out Ad pt (8) _ Paraffine Companies. Ol kidimT s Paraffine Companies, Inc., and sub- | Godchaux Su (B) sidiaries reported net profit for the Gorham Inc (A) quarter ended December 31, 1941, Gorham Inepf ( was $608.116, equal to $1.23 a com- GrtA&Pn-v( mon share, compared with $282.077, g';;g‘: 7‘1’)‘"' or 54 cents a share in the December H:m"ne (;"‘ uarter of 1940 = 4 Norfolk & Western. [ e v elena Rub 2 508 The Norfolk & Western Railway | guyl (Del) 15t f _ Co. reported net income for 1941 of | ) 1, pyr div ct $27.194.003.30, equal to $18.68 & OM- | niinois Zine (.508) mon share. compared with $31,383,- | Ind Svc 7% pf 976.04, or $2166 per share in the IndP&LB5%p! preceding vear. Ins Co N A (2.508 Phillips Petroleum. Int Cig Mach 1.60 _ Phillips Petroleum Co. today ten- i“‘:”‘z"’,‘““ Pl tatively estimated 1941 net Operat-| o pecea: cniy = ing earnings after all charges as Int Pet reg (h1) equal to $3.92 a share. In 1940 the Iry Air Chute 1a company earned net income, after gunsa & Ept (7 all charges, of $11.590.318, or $2.61| Kingst'n Prod 208 - a share. Gross 1941 income was fig- | Lack RR N J (41 ured at more than $142,000.000, | Lake Shore h1.55¢ against $117,000.000 in 1940. | Lenigh Coal (.65g) Directors voted the regular quar- | Leonard Oil terly dividend of 50 cents a share, | Line Material 50¢ payable March 3 to holders of rec- | Lone8tarG 70— ord February 7. JmensATESVTE | La Land&Ex 40 Mc Willms Dred 50% | Manau Bug war Mass Util Assoc | Memphis Nat G 458 Mercantile St M & M ptpf (2 Met Textile (.408) Mich Sugar -15 at 103, 28 | \picromatic (.308) - Middie States Pet (A 3le Mid Sts P B vic 05e Minn M & M 2.40 Molybdenum .50 Mont Ward A (7) Mount City C 258 Mount Prod (.60) _ Nat City Lines 1a | NatP&Lpt(6) __ | Nat Sugar Refin Nat Tunnel & Min New Eng T& T (7). NJZinc (48) - Niag Hud Pwr Niag S Md B (.208) Ozden Corp ©Ohio Edis bt (6) Ohio PSPl A (7) Okla Nat G pt (3) | PacPaLptT | Pantepec Oil Pennroad .25 | Pa-Cent An | Pepperell (7g. | Perfect Circle 1.90g | Phia Co (.208) Phoenix Sec pf (3) Pioneer Gold (h.40) PitisB&LE (1.50) Pitis & Lake E 68 Pitts P1 Gl 5§ Pleas Valley W 30g Plough Inc (.604 . Potrero ggar | PrereHall ( | Pressed Me, Producers Corp Pug 8d $5 pf 1.25k Lincoln (n3) Puget Sd P 23 ot Natl Sav & Tr (14.00) | Pugsd Pulf 2) Pr Geo' ges Bk | i & Tr (1.00) ~24 | Rigsc@ein) a QuAKGrO D16 | ) | fi"f, pfd (5) shington Radio-ENO ws AN ok f et }R\vmdconclt, FTRE INSURANCE | Red Bénk 011 merican (16) | Reed Roll B 1s Rational Union (78) RepiA e = TITLE INSURANCE \ Rio Gr Vall G vte _. | Roosev Field 258 lymbia (k.30 KRt Tn | Root Petroleu mscm.nhms 9 Ryan Agronaut Carpel Corp (2 | Rysn Conso .108 . Garfinckel com (.70) fin'el % cuaev DI | 8t Regis 4 Aanston Monotype ! StRegisPol ofenl °a 50) @ | Salt Dome Ol ler Lino (p4.00) '2 | Schulte (D'A) & | Beullim 8t1 90 | Sezal Loek - Selby S8hoe 509, 33| selected Tndul ev1 of ] | sherwin-w (3a €2% ex-| Sherw W pt 0 '“.*,‘,_mw Singer Mig (6a)___ s 87000, m- Sodur Aire 108 - i 84 1015 1 R 108 208 6 80'a 2508 1 11508 208 Washington Exchange SALES. Capital Traction 1st 5s 1041, Washington Gas pfd.- at 103. 500 at AFTER CALL. Lanston Monotype—10 at 211, Washington Gas pfd.—29 at 103 Capital Transit Co.—40 at 20. 60 at 20. Garfinckel com 'y, 100 at 91y BONDS PUBLIC UTILITY 1 Am Tel & Tel cv deb 3= 1056 107’2 Apacostia & Pot 5s 19 H 3008 s 100 at 9'4. 100 at 3 3 6008 Asked T0R15 Ana & Pot guar - Ana & Pot mod 1 1043 10% 105 103ty 99 109 4% 80 an 3ia Tla e 2014 4 215 99 109 48 80 41 3% T4 9% 20 4 120 o 54 Thao Wash Rwy & Elec 45 1951 MISCELLANEOUS Ter RI&W Cp 1st 4las 1945 102% STOCKS PUBLIC UTILITY 108 508 10 608 3 1008 1008 1 2508 2 58 408 2 2 Asked. Amer Tel & Tel " 103% 680 Wash €as Lt nfd (4 Wash Ry & El com (§30) 580 Wash Ry & EI pfd (5) 11412 BANK AND TRUST COMPANY Amer Sec & Tr Co. (e8)._ 200 =0 Bank of 0 D &' 55\1nx- (¥10.00) Liberty (i6 6350 1 60s 4 100s 1 1 R 3 2 2 (1M 00) 17 42 32 22 1% 87y 67 - 674 —-100s 111 131 111 508 14015 1401 14015 1 2% 2% 2% December 20, 1941. S United Statéd Treasury Position By the Associated Presy position of the Treasury January 23 eompated with eorresponding date & January 23, 814 | 1963, THE EVENING STAR, NEW YORK CURB MARKET (Slight Decline Due Stock and Sales— Dividend Rate. Add 00. Solar Mfg Soss Mfg Co.. South Co: 80 Penn SCEdptB1. ao Spalding AGGo.... Spalding A G 1st pf. 120 Stand Stl 5p 1.50% - Starrett vte - Sterling Alum 1.258. Sunray Oil(.10g) Swan-Finch.90; ‘Trans-Lux (.05 | Transwest o1 | Tri-Contl war_ Unexcelled Mfg .258 | United Chemical __ | Utd Elastic (.858) - United Gas United Gas pf 9g. Utd Lt & Pwr pf Unit 8h M (2.50a Tnited 8h M pf 1.50 10 s United Bpecialties 1 | U 'S Foll (B) 4 3 | U S Graph 1.258 - 1008 US Plyw pf 1.0 2508 U S Rub Reclaim __ 3 3 ‘ Utd Wall Pa (.10 Univ Corp vtc 2 Utah-Idaho §.15¢ 20 Util Equity pf 2.508 508 Valspar Corp Venezuela Petrol Va Pub Sve pf Vultee Aircraft Wayne Knit ( | Wentworth .50 Wichita Riv Ol 8 b ‘ Wright H (h.408 2 24 2 Unit of trading. 10 ehares. rIn wank- | | rupicy or receivership of beins reorganised | Under Bankruplcy Act. or securities as- sumed by such companies. Rates ol divi- | | dends in the foregoing table are annual disbursements ba on the last qu-nerl! nlhll fl!t]lrlllan Unless ol.b!l’- cial or exira dividends are xdEx’ dividend, . xrEX Tights. & Also extra or extras. dCas | stock.” e Paid last year. fPayable in nock & Declared or paid so far this year E e s uinds K Accumulated | dividends paid or deciared this year. } High.Low. Close. 1 1 l 2% 34 274 1 17% 18' LY 5l 2 27% 'é ls “ Sl 2 4 5 8604 | 8 | 1 | ol 4 b ’flu 4 13 2 13 21 21y WASHINGTON, In Steel Production ‘. During Week Output of 1,607,600 Tons Seen With Rate At 97.3 Per Cent BY the Associated Press. NEW YORK, Jan. 26—The Na- tion’s steel mills this week will pro- duce 1,607,600 net tons, representing 97.3 per cent of the industry’s capac- * | ity, compared with 1614200 last week, or 97.7 per cent, the American Iron & Steel Institute today. Steel circles attributed the decline ainly to difficulty in getting enough "applles of steel and iron scrap. A month ago output was at 96.1 per cent of capacity, equivalent to 1,587, 800 tons, and a year ago 97.1 per cent, or 1,567,100 tons. CLEVELAND, Jan. 26 (#).—The transition from peacetime to war- time production is gaining speed in the steel industry. Deliveries of all major producers are becoming tighter. The dearth of scrap metal | continues. These reports came today from | the magazine Steel, which said in | its weekly review: “Momentum of war buying is so heavy that reorganization of Gov- ernment control agencies under the war production board has proceeded far without efsect on steel de- | mand, which has reflected no hesi- tation because of expected changes. |Compenles engaged on purely com- DOMESTIC— 3 B SENT S a = > Ben T sl 33 B | ell Te C 53 0 C 5% | A 00% > 100 45 101 Aoy | N3 S0 Ry Cities Sve b8 50 Citles Service 53 58 104 i #0 : Rova El Py & Lt Emp Dis El 3 Florida P & o 1043 3 10850 100 R51 i o 1003 P 414 9993 1053 E Midlan vfm.u u 5 Miss River P 5 - .| New E ol A New Or P8 6 m A Penn 108s 95 alosn | 10: umu‘ 103 0213 10215 ) 102131 P&L 4%atae 50 DT 106" il awal B 110 | ‘m in New York open market. 1 s, xw Without st (stp) Stamped. New York Cotton BY the Asrcciated Press. NEW YORK, Jan. 26 —Cotton fu- tures advanced more than a dollar a bale today to new 12-year highs on broad buying which included active mill demand. Expectation of the House passage of the price-control bill in its pres- ent form stimulated inquiry for con- nNew. « | tracts. Late afternoon values were 75 cents to $1.40 a bale higher, March, 19.32; May, 1947, and December, Futures closed 05 cenis to $1.45 a bale higher. open. ow IS5 i 19, 10 19 2 19 A 1 E) 198 & Ja 5 Middiing spot, Cottonseed Oil. Bleachable cgttonseed oil futures closed | unchangeg to A¥higher. sales. 5% contracts. | Maseh 13.95%; My, 13.98b; July, 13.06b b New Orleans Pric NEW ORLEANS, Jan. 26 (?.—Cotion fu- tures rose approximately 1.50 w vAic peie ? | today. There was buving based on the strong spot situation and favorable extile | reports. _ All_months “made seas: TIRRe" The marker closed very steags | to 27 points net higher. Open, M 1038 1981 1981 Cottonseed oil closed firm. Bleachable prime summer Y!Hu' unquoted. Prime ) 3.56b: 12.50-8 January. A 1368 M.y _)3.650; Juiy, September. 1.6 BB n Nominal ? ©. I'm-planning to 7 buy-a home; who will-take my mortgage? 2 | State WEAVER WASNINGTON BLDG.. DISTRICT 8308 REALTORS SINCE 1838 | mercial work are pushing harder than ever for rearmament work. In the meantime deliveries of all major steel producers are becoming tighter. Even in other products than plates | and bars, which are most in demand, most mills offer little hope of ship- ping much tonnage in the lower priority brackets of in non-rated | tonnage. Many producers make-no promises of delivery in spite of heavy pressure. Expected increase in freight rates is a factor in this | pressure. “Scrap scarcity has not been re- lieved sufficiently to allow resump- tion of steel production in hearths in condition to operate. | Some method is being sought lO\l.s. obtain the potential scrap existing in automobile wrecking yards * * * | considered the most source of hrge Ionnue New York Produce NEW_YORK, Jan. 6 uP. K days’ receipts. 28,361 | faney to_extri promising No. 1, premium _marks. 34 of a ; to fancy Mediums, . nearby and to extra fancy. 3fle mediums, 1.197.625 than v ays' receipts. unsettied, | Creamery. score and premium marks. g score (cash market). 2. RR-D1 seore, R5-87 score. 3113-3%13 Chiosee. tuo dage: receipte Sig ’539; firm whole milk flats, held 1940. % 9% frosh arass. 2 higher 353, Fore|gn Exchonge NEW YORK. Jan 26 change Zates forow (Great dollars. others in cents) Canada —Ofcial Canadis. _Late foreign Britain in Control Board | rates Tor United States dollars. buying 10 per cent premium. selling 11 per cent pre- mium. equivalent to discounts on Canadian doliars in New York of buying 991 per cent. seliing 9.09 per cent. Canadian dol- per_ceft discount or United States cents, down ie cent urope—Great Britain. official (Bankers' Foreign Exchange Commitiee rates), buying 402" selling 4.04. open market. ' Cables, omcial Brazil Mexico. 8600 America—Argentina ree 23 66, down .04_cent 6.05n; free. B5.18%n in spot eables unless olherl‘xu Nominal. Rates indicated) n Baltimore Stocks Special Disgatch to The Star, BALTIMORE. Jan. 26 TOCKS. Ho Arundel_Corp %5 Baltimore 1103 Balto Tr pid 3 Pw n 400 £ort Bue ' 90 East ‘Sug ot 50 Pidel & Depos 50 Pidel & Guar 48 Humphries Mfs Co 50 Mercantile "Trust w U 8 Fidel & Guar BONDS $4.000 Bal Tr deb 4a A B1% Money Mnrket NEW YORK. Jan. A (¥ —Call money fleady. | per cent prime commercial paper. Der cent Time loans sieady. 4> 4-6 months. 113 per cent cediances” Unchanged: A0-60 days Der_gent:, 4 months per cent: Bk er cent. Rediscount rate. Row Yorc Reserve Bank. 1 per cent. 1 Freight Lcudings NEW YORK. Jan. 26 (# —Carloadings handled by railroads reporting today for the week ended January 24. included: Jan ame wk. Same wk. Prev ;o The Lions Club of Havana has| appealed to Cuban radio broadcast- | ers to improve their programs. estimated | idle | D. C, Banking Predicts Real Test of U. S. Work Capacity Magazine Sees Full Use of Production Facilities Ahead BY the Associated Press. NEW YORK, Jan. 26.—Banking, official journal of the American Bankers' Association, asserted today the one basic fact overlooked con- cerning prospective production and the general business outlook is that “our industrial and agricultural capacity has never been put to any real test such as now appears inevitable. “The simple truth,” the publica- | tion said, “is that we have barely started to produce because we have never made anything like full use of our manpower and brainpower.” Business and labor have a the- oretical choice between two roads, the magazine said in its monthly business survey. They are: 1. Longer hours of work for every | | one, with little or no increase in | wages, and the addition of new | millions of persons to factory rolls. | 2. A perlod of constantly rising | wages and profits, substantial over- | time pay and bonuses, including con- ‘ venient pre-war working hours, short lweeks and restrictions of various kinds on the employment of new | workers. “The chances are that we shall try this (latter) one at first and shift over to tie other one later,” the survey stated. It will take more than the con- | version of plants to war production to show what can be produced, thy pubncnuon said, adding: “There must also be a conversion to the ‘old time religion’ of hard | work involving nothing less than lhe | sacrifice of our tradition of hours | ‘convemenl. to labor and output! restricted to market.” Chicago Livestock | __ CHICAGO. Jan 28 # (United States Drnlnm:nl of Agriculture) —Salable hogs. 21,000: total, 25,500 market 15. hAIhPY than Priday on all weights and sows. good and choice 180-300 pound: 1.50-85: t0p, 11 90: 160-70 pounds. 114 und sows, 10.65-1] abie sheep. 6.000: total, b market not established | weights 95 pounds and up . trictly rhon‘! 92 pounds d down bid 2.50 or steady. one double 128- ! steady at 6.75. no 75000 fat 25 lower. | * Salable cattle, R000: calves. 1.000 erel trade not very active market still sluggish demand en- dressed beef nd Eastern shipping NATTOw: sieers and yearlings, in Jearling helfers. strong o = er pro LeRt more. becatise of SHATDIY rmucmpw ceipts than any other reason: yearlings and light steers showed most upturn: de- mand remainicg marrow on fed sieers scal- largely 11.50-13.50 top. 14 25 early: weighty steers. pounds. 13 and heifer yu’r" yeariing some “held Bisner. "t | 12.00-13 50: choice 1 mixed vearlings to 1380 lin Wanted “however fairly “iberal supply, canners, 6°5 down lo S‘U\ according 1o we'ght: bulls and 15.00 paid spa Eiy: ook ‘eattic slow Baltimore Livestock BALTIMORE. Jan of Agriculture) —1 Cattle. 1.17 ing be duli: ain "cows and bulls liitle chan | best part load 1 0:10-pound ye 5 teers. 11 10:00-11 00: cows. 8.00-9.0 mostly 8.25-K 00 downward to § 50 helly 1ig bulk meditm: and §004 e bulls. 9.00-10.50. M Eales 80, " Mostiy steads with Pri- bulk good to choice vealers at tical top of 15 00: few head higher nd medium around 11.00-14.00 o HOES—1 KO0 1 i packing bout steady with Priday 100016 choice AN pound “wooled Jambs. | 13.50-14.00; limited numbers. 14.28. U S. Treasury Notes ORK. Jan 26 . —Prices quoted | nd thirty-seconds. Month. Year. Mar. 194 to Federal taxes, State_income_taxes but “not “to TRUST MONEY ® Low Rates | ® Prompt Service | |} Monthly Payment Loans as | A low as $6.33 per $1,000 per | fA nonth. | BOSS & PHELPS MORTGAGE CO. Loan Correspondent John Hancock Mutual Life Ins. Co. 1417 K St. N.W. va. 9300 National Permanent Loans ./4” Su‘/'ecl 30 Our DIRECT REDUCTION PLAN Under which you pay interest only on the actual unpaid balance of your loan at time of payment. This means a decided saving, because, as your interest payments decrease, the difference is applied on the principal, thus liquidating the loan that much more rapidly. NATIONAL PERMANENT BUILDING ASSOCIATION UNDER SUPERVISION OF 719 TENTH STREET. N. UNITED STATES TREASURY W. NATIONAL 0254 Member of Federal Home Loan Bank System OVER-50 YEARS OF HOME FINANCING 75 good 360- | bids on | MONDAY, JANUARY 26, 1942. No. 22—Income of raisers, fruit and truck xrowers' poultry raisers and operators or| plantations and ranches, are liable for Federal income tax returns pro- vided their income is sufficient to require the filing of returns. Pri- marily, due to the reducton in the\ credit for personal exemption, many | farmers will be liable for returns and to the tax for the first time for the year 1941. Farmers may maintain their rec- ords and file their returns of in- come on either the cash receipts and disbursements basis or on the accrual basis of accounting. A con- sistent method must, however, be employed. If a cash basis is used, Form 1040F, “Schedule of Farm In- come and Expenses,” is required to | be filled out and filed in conjunc- tion with Form 1040. Use of Form 1040F is optional in the case of farmers who report income on the accrual basis. A farmer who re- ports income on the cash receipts and disbursements basis (in which no inventories to determine profits are used) must include in gross in- come for the taxable year (1) the | amount of cash or the value of mer- chandise or other property received during the taxable year from the sale of livestock or produce which were raised, regardless of when raised; (2) the profits from the sale of any livestock or other items which were purchased, and (3) gross | { income from all other sources. | Under the accrual basis in which inventories are used to determine N ' the profits, farmers’ gross profits War Rlsk Rates Rlse For Australasia b the Associated Press. NEW YORK, Jan. 26.—Increased | Japanese military and naval activ- \ ity near Australia resulted today in | a sharp boost in cargo war risk in- | surance rates to $7.50 per $100 from $4 for Australasian shipments via Panama and across the Pacific, ef- fective tomorrow. ‘The rate for the cargoes moving to the remainder of the Far East was continued at a stiff 10 per cent. Insurance for cargoes traveling to that troubled section of the world across the Atlantic and around the African Cape of Good Hope re- mained at 5 per cent. Visible Grain Supply NEW YORK, Jan. 26 (& .—Visible | supply of American grain showed the following changes from a week ago (In bushels): Wheat decreased 1,866.000, corn increased 987,000, oats decreased 389.000, rye decreased 142,000, barley decreased 262,000. Failures Decrease | NEW YORK, Jan. 26 (® —Busi- ness failures numbered 241 for the week ended January 22, compared with 260 a week ago and 307 in the comparable 1941 week, Dun & Brad- street said today. 24 | Steel Quotations weights | NEW YORK. Jan. 26 per 100 pounds fob; Pit sbai sheets. base price. 210 350 steel bars —Steel prices Hot-rolled ized <heets. FINANCIAL. Your Income Tax— Farmers Parmers, which include livestock | are ascertained by adding to thr‘, inventory value of livestock and produce on hand at the end of the | year the amount received from the sale of livestock and produce, and miscellaneous receipts of income during the year, and deducting from | | this sum the inventory value of livestock and produce on hand at the beginning of the year and the cost of livestock and produce pur- | chased during the year. All live- | stock, whether purchased or raised, must be inciuded in inventory at |t their proper valuation. Livestock acquired for draft, breeding or dairy purposes and not for sale may be included in the inventory instead of heing treated as capital assets sub- ject to depreciation, provided such practice is consistently followed. If farm produce is exchanged for merc dise, groceries, or the like, the market value of the articles re- | ceived in exchange is to be included | in gross income. The value of farm products which are produced by a farmer and consumed by his fam- ly does not constitute taxable in- come. Rents received in crop shares | are to be returned as income as of the year in which the crop shares are reduced to money or the equiva- lent of money. Proceeds of insuf- ance, such as hail and fire in- surance on growing crops, are re- quired to be included in gross in- come. Amounts received as loans from the Commodity Credit Corporation | may, at the option of the taxpayer, be considered as income and in- cluded in gross income for the taxable year in which received. The election made with respect to the calendar year 1939, or for the first year thereafter for which a return | 1s required t6 be filed, is binding for all subsequent vears unless the com- missioner approve a change to a different method of accounting Amounts received under the Soil Conservation and Domestic Allot- ment Act, as amended; the Price Adjustment Act of 1938, section 303 of the Agricultural Adjustment Act as amended, and the Sugar Act of 1937 constitute taxable income to the recipients for Federal income tax purposes. * . for YOUR Savings plus Extra Income! Start on that happy road right now — the insured way to Safety. Open a savings account here, watch your sav- ings grow—and be sure to buy U. S. Savings Bonds and Stamps. NQRTHWESTERN SAVINGS & LOAN ASSH. RE. 5262 1337 G N.W. Bronch Takoma Park *: X A-17 Washington Produce score. tubs, 38: tH BUTTER—: | prints, 38%5: Ye-pound prinis, 125 mund Drlnfl 1,5IVESTOCK—Caives, 15%%: spring lambs, From _Agricultural Marketing Service. Prices paid net f.0.b. Washington EGGS_—Ma; tea extras. mediums, standards, large trades. current receipts, some of better auality. heavier welghts up to 14 cents colors. mostly cents” Recelpts Government graded e 384 cases. LIVE POULTRY——Market steady colored. 4 pounds and ur.. hens. 3'; pounds and up. 14- 10. ' Roosters. 14-15. Chickens Rocks. broilers and fryers o 3-14. Delaware Rocks and crosses. broliers and fryers sizes. 21; No. 4: Reds, 19-2 Capons. 5-6 pounds. 25: 7 pounds and u 2. Turkeys. young toms. 16 pounds and young hens. 10 pounds and up, No. 25 and undersizes. 1% all sizes per pound. old, Crude Oil Prices TULSA. Okla. Jan prices: ~ Midcon Oklahoma-Kar i) Fowl, Leghorn No. 28, Virginia all sizes, 21: 28, and Maryl scale. Rocky Moun:ain area. s;‘ Creek. Wyo., sravity scale, 46 to | Eastern area ford-Allegheny Southwest_Pennsylvania erade in Eurexa grade (Brad- grade in same 13k, 14, Corning. MCRTGAGE LOANS Favorable Rate FIRST DEED OF TRUST ONLY 613 Indiana Ave. N.W. Nat'l 0850 Regularly and you'll Save Wisely Interstate is conveniently located to save you time— and pays liberal dividends on savings. Your account is protected by insurance up to $5,000. Stop in for complete facts. Under Supervision of the United States Treasury BUILDING ASSOCIATION Washingten Building 15th $1. & New York Ave. z HAD SHE NOT BORROWED ... 1f Queen Isabella of Spain had not borrowed the funds to finance Columbus's voyages, the destiny of America may have been changed. Today, when faced by either an opportunity or an emergency, you may find it equally advantageous to borrow. American Security offers many types of low-interest loans to meet the needs of individuals and business concerns. Stop in and tell us about the loan you want. AMERICAN SECURITY & TRUST COMPANY Member Federal Deposit Insurance Corporation MAIN OFFICE: FIFTEENTH STREET AND PENNSYLYANIA AVENUS CENTRAL BRANCH: 7TTH AND MASSACHUSETTS AVE., N. W, SOUTHWEST BRANCH: SEVENTH AND E STREETS, S. W, NORTHEAST BRANCH: EIGHTH AND H STREETS, N. E Buy U. S. Savings Bonds and Stamps NORTHWEST BRANCH: 1140 FIFTEENTH ST, N. W,