Oakland Tribune from Oakland, California • Page 23

BUSINESS NE FINANCIAL SECTION VOL. CXXXV WALL STREET ITS ACTIVITIES By George T. Hughes EXUUWt AMOCtATI WIfE.MOT'. NHITI tt NO. 163 OAKLAND, CALIFORNIA, MONDAY, DECEMBER 15, 1941 NEW YORK, Dec.

15. During times such as these it is Interesting to explore that old question of what it is that LOAN LEADERS BETTER START SAVING NOW makei th elusive difference between and in vestment. "Because we do not need two words for the same thing," as one old-time Wall Streeter put it, there must be some difference." One seemingly simple explanation is that the TO PAY NEW INCOME TAXES By PAUL GESNER and JOHN BECKLEY Morris Plan Firms Merge Combined Groups To Have Resources Of $7,500,000 Farm Income Up Sharply Two Billion Gain Recorded in First Ten Month of Year Mixed Trend Displayed Few Recoveries Shown, but Armaments Climb As Motors Take Drop investor buys for income, while the speculator buys (or sells) for a profit to be derived from price fluctuations'. But everybody has heard of "bar NEW YOBK, Dec. 15.

(WWq World) This going to hurt us just as much as it does you. It's about, taxesi Now is the time to start thinking, talking and figuring gain-hunting investors" flocking to Wall Street whenever panicky mar BEHIND THE FINANCIAL SCENE i Louis M. Schneider kets prevail; so that price fluctua income taxes. Just three months from today Americans must step up and pay nearly $1,000,000,000 in individual income taxes to One of the most important finan Uncle bam. frompt payment of these taxes will help ma- By VICTOR EUBANK NEW YORK, Dec.

15. (rP) War cial developments in the Bay region in many months became known to teriaiiy tne serious business of financing the war. bulletins showed mixed trends In the world conflict today and the stock market, after firine a few tions also must have some appeal to them. Another rule-of-thumb for establishing an imaginary line of demarcation is based on the time duration ef ownership. The speculator is supposed to be a short-swing operator, more or less, taking his profits quickly, flitting from one stock to By contrast, the investor Is regarded as one who holds for a period of years.

Influenced mainly by considerations of safety or In recovery salvos at the start, backed New York How large will your share of this tax bill be? Have you started to lay aside funds io meet it? away into somewhat uneven terri tory. WESTERN ISSUES7 SHOW WEAKNESS Catif. Peeking Gains Points Industrial executives are calm; day with the announcement of the forthcoming merger of the Morris Plan Company of Oakland and Berkeley and the Morris Plan Com. pany of San Francisco. The institution thus formed will be the Mor-ri Plan Company of California, with resources of $7,500,000 and V7 Steels, aircrafts and armament waiting for full Government regu Now is the time in fiffurat VAitr ta.

specialties were, up to a. lation or control production of munitions now on 24-hour basis. ax) and begin putting away" a little oney each we'ek to pay- it You come, selling only when he sees a point, or so but, with motors falling again, considerable hesitancy developed. Fears of taxes, Federal controls Labor, too, showing war-production threat to the value of his equity. may find, when you eome to calcu capital funds of over $700,000.

The merger will become effective at tha close of business on December SI, lata your tax bill, thai it ii much California Packing shares led the and industrial unsettlement through tha shift to war economy, inspired recovery group of the San Fran co-operation. OPM had best locate steel and iron scrap if steel output is to hold present levels. truck production at peak levels; larger than you expected. PENALTY PROVIDED renewed caution in some specu lative circles. cisco.

Stock Exchange today with a 1941. i I The merger became possible as a result of recent State jlegislationj onaiTfia) And if yoa cant pay at least the Bonds were selectively improved. first quarter of it on March 15, it BUT THERE ARE long-term, as well as short-term, professional market operators whom no one would ever think of classing an investors, Speculators who guess wrorig'annia ve to raPPy" ftTeTr "uri-" fortunate purchases for a number of years without seeing daylight, on the other hand, are facetiously dubbed by the Street, ''involuntary investors." meager. Utilitle met new pressure, Pacific Ga and Southern Cali will cost you 6 per cent interest. retail sales show dip.

OPM order to curtail sales of tires largest of its knd in the United States, with offices in 'Oakland, Commodities were snptty. RESISTANT STOCKS Resistant stocks included U.S fornia Edisoa common stocks lost no solution to hoarding; price-fix "Yes," jhu mutter, "but income taxes are so blankety-blanlt complicated. I can't make head nor tail Berkeley and San Franciaico. F. A.

Collman, now president of each, making hew lows, and Steel, Bethlehem, Rail ing would do the trick. Paint the Morris Plan Company of San way, Great Northern, Dow Chemical, Phelps Dodge, Douglas Air The HSners' income from marketings during the first ten, months amounted to $8,752,000,000 thia year as against; $6,698,000,000. last year, an increase ot 30.7 per cent. This, gain wa due partly to the higher price-level and partly to the fact that the quantity of farm prod' ucts marketed during Jh. iirstten months wa the largest on record, acocrding to the Alevander Hamilton Institute.

The farmers' total Income, includ ing both marketings and Government benefit payment, amounted to $9,186,000,000 during the first ten months this year as compared with" $7,315,000,000 last year, an Increase of 25.6 per cent. This gain occurred despite the fact that Government benefit payments during the first ten months amounted to only as compared with a year ago, The farmers totM income during the first ten month of 1941 exceeded the income re ceived in any full year inc 1929. LIVING COST OFTSEi; The gain in the farmers total Income over a year ago, during the first ten months more, than offset the; higher price for goods bought by the farmers. Consequently, the farmers' purchasing power during this period was 20.5 per cent higher than a year ago. The Department of Agriculture estimates that total farm income for the full year of 1941 will total $11,200,000,000.

Farm income this year will thus practically equal the predpression figure ol in 1929, In fact, the farmer' income thf year may be larger than in 1919, since the I'epartment of Agriculture' present estimate appears to be conservative. Even if the farmers' ineome thli production near peak levels; sales average 35 per cent ahead of year ago. air-raid alarms caused of them." Sometimes they ara very tompli Francisco, will become president of It is arguable that, if investors Edison slipped 2 for a new low at 27. Super Mold dropped iy, Standard Oil and a few craft, United Aircraft, Boeing, the institution. E.

B. Brower, presi tend to space their buying and sell public rush for flashlights for black, out use. ink supplies adequate; dent of the Oakland company, will become senior vice-president. All Ing activities in accordance with the full cycles of bull and bear mar other sagged elighUy. cated, but most people' tax returns ara fairly simple.

Thar are only a few general principles which the average person needs to know. 90 per cent of requirements domes ket, instead of with the shorter. other officers and employees of Johns-Manville, Union Carbide and Fajardo Sugar. Chrysler and General Motor dipped to new year's lows. Among laggards ware U.S.

Rubber, Goodrich, Goodyear, Du Pont and East Pushing up, to 1 were Crown Zellerbaoh S'a, Aviation Pa intermediate swings which most the two companies will be taken over by the new company: In fact, These principles ara not difficult tp understand and they will be explained in this series of srticles, cific Lighting and Southera Pacific, Smaller gain went to Lockheed peculators attempt to follow, then the difference lies mainly in the length of the races on which both man Kodak. the same personnel wHl operate each office as at present. There will be no change in operating Vega, Paraffine, Tide Water Oil Subsequent rulings or court cisions may, of course, changa i Brewster Aero, Gulf Oil and Sher are laying their bets. tic made. Building volume this year will establish new record high.

Dip in fine paper demand allows mills to convert output to paperboard for shipping use. Dinnerware prices to be lifted 5 to per cent after turn- of year; factories booked months ahead. rayon prices as good as fixed by OPA. Wholesale rug orders show de and Pacific Gas 6's, among others. Thia difference in the length of policies.

few of them but we'll consider them win Williams were Supported in the curb. Babcock Wilcox and The board of directors will be Transamerica held it ground at 4. as they stand. RULES FOR RETURN selected from the members of the Lake Shore Mines inclined to re treat. present boards of both companies In the first place, do you have to Automotive company shares still were confronted with large inter Stock in the institution is wholly oyned by 330 residents of tha Bay file a Federal income tax return? The answer, to this question de Auto Production Up Despite Quotas the race appears to form the most logical basis for any real distinction between speculators and investors.

The short swings occur very day or used to and the" peculator, therefore, must be in fairly regular attendance upon the market, But the investor save for a constant statistical check on his investments need get down to the real business of selection or disposal only during short intervals between pends on two things and only two: rogation marks having to do with the possibility of. halting the output of passenger vehicles and light cline. fur sales in decline, but lift expected after turn of year. Wholesale food volume 13 per cent ahead of year ago. holiday 1 Your gross income.

2 Whether you were married trucks in the early part of the year. Gross income mean your total DETROIT, Dec. 15. (TV-Dspite impending shutdowns due ta cur iToius on tiovernment contracts, it was suggested, hardly would receipts from all source before any deductions, exemption or credits hosiery shipments show marked volume gain. air-raid alarms and war fail to cut holiday shopping; dollar volume expected to be great region.

WORKED CLOSELY Both the Oakland and San Francisco Morris Plan Companies have worked together closely for many years. In fact, Collman was instrumental in the formation of the Oakland company in 1927, and served as its first president for several years. compare with net' derived from or- tailed quotai, production ot automobiles and truck in the United whatsoever. mary consumers. the long stretches of bull and bear markets; which usually run on for States and Canada rose slightly last IDITY IN RUBBER If you weresingla during tha entire year, you must file a return est in history.

BONDS week to 88,275 units, Automotive The timidity of most rubber com if you had gross income of $750 or Diversify your investments ara more. buy defense bonds for safety and Under the presidency of Brower for the past three years, the Oak If you were married and lived News reports. The survey said thia compared with 86JI17 assemblies during the preceding week, and 120,055 a year ago. year is no higher than the Government' estimate, the farmers' purchasing jjower this year will be 18.5 per cent above the predepres-sion level. This will be due to thef fact that the farmers have been able to buy good this year 'at a attractive yield.

Kansas City pany also hinged on the waning prospects of tirje sales in addition to the fact use of the raw staple would be drastically rationed by the. authorities because of the with your spouse at any time during Terminal 1st mtge. 4s of 1960 amply tha 12 months, you must 111 a priced. held for yield; Walworth turn if the combined grosa income land company has continued its steady growth, having more than doubled its loan volume in that period. In August of this year, the institution completed the moderni stoppage of imports from the Far of you and your spouse added to 1st mtge.

4s of 1955. Detroit Edi son issues amply priced. busi The rise wa due principally to a general upturn at the Ford Rouge plant here. A strike at the plant of itast. gether totaled $1500 or mora.

nessman's risk; Southwestern Power Kails retained many of their If you were married but did not F. A. Collman (abovo) will president of the new loan group formed by merger of the Morris Plan offices of San Francisco and Oakland. E. B.

Brower (below) will be senior Sc Light Deb 6s of 2022. Why take live with your spouse at any time a minor supplier aiigntiy reduced Output at the Packard factory. a matter of one to five years. BOTH INVESTORS and speculators want to buy and sell to as much advantage as possible. Investors depend upon the manuals of statistical information for their guidance, while speculators look to the stock market itself, with faith in the old rule: "Let the market be your guide." That being the case, the speculator tends to concentrate on such matters as when to buy and at what price.

The investor is more interested in what stock and why he should consider buying it. Intrinsic values and earnings outlook concern the investor most, while the peculator is busd wHh such considerations as the technical position friends on expectations some sort of freight and passenger rate in a long maturity when "you can get during the year, you are considered considerably lower level yhan Jn 1929. MORE GAINS BEEN The prospect is that farm Income will show a further expansion in 1942. The outlook is that the prieec of farm product will shtfw a further rise next year and H. i prob zation and enlargement of its quarters at 1763 Broadway.

It opened a Berkeley office in 1936, then increased its service facilities in 1939 by moving to larger quarters at creases would be granted by the the sama as single. WIFE'S INCOME interstate Commerce Commission. Heartening was the comDilation That's all there is to it. In de defense bonds? National Distilling's plan for refunding held up by dip in market. (Central New York Power Gen.

Mtge. 3s 741962 amply priced; same goetjjJtoift'Cleveland Electric Illuminating' 1st mtge 3s of 1970 2151 Shattuck Avenue. of the Federal Reserve Boarr" All Citrus Reports Discontinued Today LOS ANGELES," Dec. Tha Morris Plan of San Francisco ciding whether you must fila a re able that the quantity of agricul showing industrial earnings rose 31 per cent in nine months of 1941 turn, you do not consider your status tural nroducts marketed In 1942 will over the same time last vsur da as head of a family, credit for pendents or any other deductions. and Glen Alden Coal 1st mtge 4s of spite miich heavier taxe: exceed the record high volume in 1941.

Not only will thi year' large harvest provide substantial enpplie Must a wife' income be reported 1965. Tradors active in Warner Bros, pictures. Deb 6s of 1948. All citrus market report Issued by the California Fruit Growers' Exchange are discontinued, effective today, Orange Sales Manager L. H.

Wohlwend announced today. was established in 1916. Collman has been its president since 1924, and the company has earned and paid dividends on its capital stock every year since then. Dividends amounted to $9 a share In 1941. LOANS INCREASE During the past 15 years, its an if is less than $750? for marketing next year, but the CEILINGS URGED ON WAGES, RENTS i of the market, the demand-and-sup-ply situation and various theories IN VESTING Yes.

If either spouse must make a Government ha adopted a program return, all income of both mdst be These include the daily and COMPANIES for interpreting charts of the up and-down swings. reported. under which it i planned to Increase fbotl production to the largest volume on record In 1942. businessman's risk: New York Putnam Cons 4s of 1993; but why take risks when Defense Bonds are safe? Delaware Power Light 1st mtge. of 1969 held for yield de weekly report carried by the Asso For example, John Brown earned ciated Press.

The co-operative of TO CURB INFLATION NEW YORK, Dec. 15. Assn. Securities Dealers. $1400 and his wife Mary earned OBVIOUSLY, there is a time to nual loan volume has increased from less than a million dollars to As th result of the prospective ficial said no report would be released until further notice.

buy (or sell) stocks; as well as a over eight million dollars. Since its higher price-level and the larger quantity marketed, the Department most advantageous price level. Also there is a question as to what is best founding, it has loaned 83 million dollars to 315.000 local residents and of Agriculture nas estimatea mat farm income will rise to $13,000, spite possible call. Kansas Power Light 1st mtge 3V4s of 1969 secure, but amply priced; same goes for New York Telephone. Ref mtge 3Vis of 1967.

Eastern Gas $200. Mr. and Mrs. Brown must file a return because their combined income exceeded $150Q. The $200 received by Mary Brown, must be included in a joint return with her husband or she must file a separate return.

Emsco Derrick WASHINGTON, Dec. 15. spokesman for the National AssO' ciation of Manufacturers urged today enactment of legislation tc business firms. 000,000 in 1942 from $11,200,000,000 While the Morris Plan first be in 1941. To Pay 25 Cents Fuel 1st it Coll 4s of 1956 held for It is probable that vne Mrmarr control prices of all commodities, 1 Erriico Derrick St Equipment Co.

Of course, if they filed separate purchasing power will also hww expansion next year, since tt If yield. war uncertainties restrain buying of Bell Telephone of Canada 1st mtge of 1957 and returns, Mary Brown would take announce a dividend of 25 cents en. -cM venting inflation. only $200 of the joint $1500 personal came known for its success, in making loans to individuals, based on character and earning capacity, thus affording them relief from usurious loan sharks and pawnbrokers, the Morris Plan has since broadened its scope of service greatly. Today, besides making loans to 5s of 1960.

Then why not purchase exemption enough to cancel out doubtful whether price or goods which the farmer buy wffi increase to the same extent a their "The immediate and post per snare on aio.av sntueai 01 par value capital stock, payable December 30 to stockholder of record' December 22. her incomeand leave $1300 tope to buy. Wall Street has discussed for many years whether concentration upon the problems of when' at what price, is more fruitful of profitable results; providing operations are confined to the area of standard stocks, than a method of atrict investment analysis de-aigned mainly to. answer the problem of selection of particular securities or group. Probably this controversy as to the relative efficacy of these two methods of approach to market and investment analysis will never be settled.

Investment analysis is swayed by considerations based, on dangers of inflation arc so great," secure Defense Bonds? COMMODITIES United Slates food lease-lend income. laicen rjy ner nuauanu. SEVERAL CHOICES C. Donald Dallas of New York president of Revere Copper and Well, now that thbsa lucky people shipments to Great Britain average 20 billion pounds daily. war Brass, to'ld the Senate Banking individuals and small business firms, as well as auto loans, loans secured by collateral and financing installment contracts, the Morris Plan encourages thrift by paying liberal Committee, "that price control legis who don't have to file returns have left us, let's get down to business.

But before, you start figuring your POSITION OF THE TREASURY WASHINGTON, Dec. 15 MV-The position of the Treaewjr De in Pacific does not aid wheat export spot prices over loan figure, lation is unfortunately necessary ir tax, there are several choices to be order to guard against serious infla shipments to markets will hold high, cotton crop below 10-year average; only 11 per cent expected in loan. made. interest on funds in accounts and thrift certificates. There are now some four and a half million dollars cember 12, eompared with comparable date a year ago: Dec.

12, 1941 In the first place, should you file judgment as to major market wings; market analysis is not im tion." AMENDMENT ASKED Dee. 40 There's scarcity of oats offer on a cash or an accrual basis? 36,137,632.31 in thrift funds at both companies. mune to the appeal of so-called in ings in spot market and good ship Unless you keep books, you must trinsic values" when prices drop to levels patently below such figures file on a cash basis. That means you include only that income which was actually received and those He asked amendment of the bill passed by the House to make price administration "sufficiently flexible to take care of changing costs," provide for hearings on price changes I 13.572,420.11 44,296,394,648.01 deductions which were actually paid Receipts Expenditure Net balance Working balance included Custom receipts for month Receipts for fiscal year (July 1) Expenditures Excess of expenditures Gross debt Increase over previous day Gold assets BANK, INSURANCE STOCKS NEW YORK, Ttc. 15.

(P) Approximate Quotations furnixhed by Natfonttl, AHSoulation ''of Securities Barley Acreage ping demand. consumer demand for soy bean large. Price ceilings placed on cocoa butter, cocoa, coffee and pepper; are on items in unprocessed state. wool prices to hold; large lot under water in sinking last weckt Scrap rubber prices pegged at December 5 level; export itires and 86.548,861.00 1,942,203,981.37 1,184,802,688.59 13,832,990.68 3,358,605,709.84 9,976,960,638.60 6,618,354,928.78 55,342,001,980.63 20,475,587.52 12,775,075.485.83 out during the year, and removal of what he termed an For example, if a salesman earned a commission in December, 1941, but "unjust discrimination" in the limitation of farm price ceilings it was not payable to him until I 'H Ill Declines Sharply EL CENTRO. Dec.

15. L. Bid Asked January, 1942, he would not include without equivalent limitation of industrial price ceilings. Aetna Fitift Bid Asked Affiliated Inc. 2 6J i'n Assoc- Sland till 4.625 Axe Hoiiichtiiii Ftl 9.38 Fund Inc.

12.31 1 a 24 Broad St lnv 19.1s 20.74 1 Hullock Fund 12.00 Can lnv Fund 2.fi0 3 10 Chemical Fund 8. Ill SI.6S Comwlth Invest 3.11 3,33 Corporate Trust J.S4 do A A 1.82 do Aixum 1,82 do A A Mod 2.1IJ do Ace Moil 2. Cumulative Tr SHrs H.fiji 1 Jilveraifled Trust 4.15 4.70 Oividend Shares t.or, Fund Inventor) Inc 13.48 14.80 Fund Tr Shrs A 2.73 4.47 Croup Sec Auricultural 4.14 4.5B do Automobile 3.05 a. 27 do Aviation (1.34 do Kulldintr 3.7H 4.15 do Chemical 6. si 5.

85 do Foods 3.24 3.58 tl Merchandising 3 4.37 do MinliiK 4.40 4. Si-do Petroleum 4.32 4.7fi do Hit Kifillp. 2.73 S.03 do KH Shares 2.21) 2.50 do Steel 3.85 4.25 do Tobacco 3.17 4.50 Income Kound Kd 1.17 1.28 Ineorp Investors 12.21 13.13 Instl. Sec Hank Group .70 .78 do Insurance 1.10 t.21 Investment Co Am II). 46 17.811 Investors I'd lnc 7.

93 8.1!) Keystone Custodn 1 2i.3 4 do Ft 2 21.42 23.51 do 3 13.84 15. IS do 4 6.74 7.11 do IC 1 13.16 14.41 do 8 2 (UK) 10. do 3 7.25 do 4 2.4!) 2.77 Bond fund 6.67 7.34 Mass Invest Trust 16.07 17.28 do 2d Fd Inc. 7.41 7.ft7 Mutual Invest 7.75 8.47 Nation Wide Sec 2.75 Nation Wide Votlntf 1.04 Natl. Investors 4.61 New Kntland I'und 55.

10.73 do Automobile 3.56 3. US do Aviation'' a. do Bank Stockaa 6.45' 7.1,8 do Wcltf. Hupply 3.06 4.37 do Chemical' 7.50 8 85 do Elec. 5.77 6 J6 do' lRfurTii 9.26 10.18 do Machinery 6 84 7.53 do Oils 7.47 8.22 do Railroad 2.57 3.84 do Rli Equip.

4.61 do steel S.nti B.61 North Am Bond Tr ctfs 37.125 Nor Am Tr Hhrs 1953 1.75 do ms 2.10 Plymouth Fund Inc. .30 .35 Putnam (O.) Fund lt.19 11. 97 Quarterly Income Bh 1.75 4.65 Hpencer Trask Fund 11.23 11.9a Stand ITtll Inc .11 tstate Street Invest (6.50 58.5.0 Super of Am Tr AA 1.81 tTruatee Stand lnv 135 tdo It 1.75 fTrustee 8t Oil Shrs A 4.60 tdo 4.80 Trusteed Arri Bk .89 .48 trusteed Industry tfhrs .63 .70 tubes restricted. jHide and leather stocks show increase; leather There can be effective or it in his return for 1941. Should you report for the calea dar year or a fiscal year? prices pegged to prevent war profi Hawk, chairman of the Imperial County Agricultural Conservation fair control of finished goods prices," Dallas declared, "unless all principal elements of cost are included.

MARKET AT A-G LANCE NEW YORK, Dec. 15. (T" Stocks Irregularly higher, steel Jat' teering. Chicago Mercantile Ex Association, said today that all Again, unless you keep books and close them at some other time, you change voluntarily placed ceiling on This' should specifically include butter and egg contracts. quotas requested by the U.S.

De partmerrt of Agriculture for Im Derial Valley will be attained, ex either prior or simultaneous control must file for the calendar year, That is the year which began Janu Country has sufficient tin stocks for at least one year; imports con of rents, interest rates, farm prices and wages. ary 1, 1941, and will end December selective gains. Bonds steady; U.S. Governments extend recovery, rot eign exchange quiet; generally unchanged. Cotton firm; trade and Wal' Street buying.

Sugar easier; scattered liquidation. Metals quiet; tie, operations rise. Wool tops higher; spot house buying. CHICAGO: Wheat about steady; mill buying, short covering. Oo about teady; fair rHert-demand.

Cattle Steer, yearling l3-85e eept in Barley. He made his esti tinue in good volume. OPA plans 31, 1941. mate-eft the.faasU.e signed, pledges, LEGALITY UPHELD nrice.ceiiing on scrap and secondary If you arelfr tJetobt" on these tjro The Government had asked for load. copper production now on "If It is legal and moral and items, remember this: Nearly every one reports on a cash basis and for Z4-hour production Dasis; win soon go on seven-day Com dressed beef firm.

Higs strong to 25c higher; top. $11-50; dreeeed po4 higher. sound for the Government to put a floor under wages, as it did in the the calendar year. an increase of 20 per cent in Barley but Hawk forecast a decrease of 54 per cent. The reduction is largely' du-to an increases- flax acreageof modities traders cautious on apea Fair Labor Standards Act, when it American 'Alliance Ajiierican KuuttHble American Newark" American ReHer.ve American Surety Hallimore American CVity of New York Continental Caaualty 'irentpn Newark Franklin Fire liHirartVKF.

(llenn Falls (Holie Republic (ireat American Hanover Hartford Fire Home Insurance Homestead J- Knlckerboctcef MaaaacnuSjBtta Bond. MarchantH Mfgrs. National Fire National Ul). New Brunswick New York Fire North Hlver i'hoenlx Pacific Fire f'rov. Waah.

I'aul Revere Security Standard Accident Tn. XL 8. Fire. Westchester ulatiye commitments expect pro-, duction to i)e lifted. SAN FRANCISCO: Stock, bet weaken.

STOCK AND BOND AVERAGES triimiin UTiTiBTtrQ marvawv ivrcar.T 34 per cent, he explained. is'-in the interests of the working-manand the public to do so, then it is equally sound and legal and moral to do so when it is in the interest Hawk said there was a decrease and price ceilings ftll markets. of 300 to 400 individual farmers in Survey Ordered On Oil Transport- Bonds Stocks the valley in the past year, but to of the workingman and the public tal acreage would not be affected to put a ceiling on wages. materially because of the acquisi U.S. TO SPEED UP RUBBER CULTURE "It is unfair and unrealistic to control perhaps 10 per cent of all WASHINGTON, Dec.

tion of larger holdings by big in terests. prices and leave 90 per cent alone, leum Co-Wdinator Ickes has taken step to provide supplementary means of transporting gasoline and especially when tM 90 per cent 50 Ind 20 Rr 20 Utll 90 Stk Dec. IS SO Ind 90 Rr 29 tTtfl 69 88.2;, 24.6 69.4 Today 90.1 60.8 99.9 83 6 88.1 24.4 33.8 69.2 Previous day 90.0 60.5 99.8 88.4 90.4 25.0 .35.8 71.3 Week ago 90.7 61.5 100 7 813 93.2 27.3 37.4 73.8 Month ago 91.0 63.9 101.3 85.4 104.6 28.7 54.4 84.9 Year ago 90.3 62.0 100 9 84 4 105.8 30.9 55.9 86.2 1941 high 91.4 66.0 101.7 864 87.5 23.9 33.7 68.9 1941 low 89.6 88.2 1004 62.9 123.7 89.2 72.0 101.4 1940 high 90.5 62.0 102.3 84 4 86.7 22.2 52.5 71 4 1940 low 834 48.4 96 9 1: 5 130.3 36.8 73.7. 106.0 1939 high 88.0 64.0 103.8 68.8 23.8 59.0 80.9 1939 low 834 97.0 I I enter into the cost of the 10 per WASHINGTON. Dec.

15. P) cent. We cannot stop inflation if other petroleum products to the Agriculture Departmeji officials Pacific Northwest and Alaska. said today this Natnm's rubber Washington, Oregon and Alaska NOTICE OP CALL FOB RIDIMPTION FEDERAL fARH" MOATQAOt CORPORATION Ta Heldert ef pereeirt and 7 aereent Psaeral Farm Merita fa Ceraeraliea Seae IM2-47, mi Others Cearar aesl Public mine la harabr fltea thai tha federal Farae aforttage Cerpttrsiton baa tailed fur redeinp. lloa en January 16.

liHl. all lu eutstandlag I percent toooda at 194-7. Titer will aaaaa ta bear lorereat en that asua. Unleet prevlousls surrShderwi only 10 per cent of the prices are controlled or curbed. Inflation will not be defeated or curbed if the entire problem is not faced realis TV COW PA MR propagation program would be continued despite the war in the 13 12 Ainerex Holding ordinarily are supplied, by tanker ships from California producing areas.

44 47H fjsanKera iruii tically and I am afraid this (House) bill does not do so." Large quantities of propagating Ickes aaid he had been adviied New 1941 low. WHAT THE MARKET DID Central Hanover Chase National Chase National theee bonds will he ttalysbie at par upun presentation at eaf federal Hceerre bank or brancb. ar at tha that war condition might affect Treasury Department. Watblnftoa, IX go and December 15 tanker movements. after Jauugrr 15, VM2.

79U 85 30 43 101 It 744 79H InH 11 40tf Chemloal Bank Trust Continental Cont. Ill Natl. BftT. Chgo. 3.

Public notice la also hereby givao that the Federal The co-ordinator ordered two Mon. 3P5 269 199 83 Fares Morigsee Corporation bee called ror renerop-lion on March 1. 142. all lis outstanding per- Advances -Declines Unchanged i'l Shares 1,110.340 629,310 2,027,960 659,870 December 15 Total today Previous day Week ago Year ago First Boston Corp. Firsa National (Boston) Swift Earnings Highest Since 1918 CHICAGO, Dec.

15. Swift rant bands ar lSsa-47. They eeaes to bear petroleum industry committees to make immediate surveys of the situation. One committee was instructed tb ascertain the amount First National (Chao.) material from the most promising strains in the Eastern Hemisphere already have been established in the Americas, and within the last few weeks a final shipment of 5500 budded trees from the reached American shores. Nearly 15,000,000 rubber seeds have been planted in Latin America since the program started about a year ago, the officials disclosed.

Total Issues; Indiraten, "Not quoted by apon-tore or Issuers." Quotations furnlnhed by National VHHOciation of 8eeurltle DealerD, whioh rttatcn they do not neces-tarily reflect actual trarrnaotion or "Irm bids) or offarv but should Indicate approximate) prices, and unleaa ttherwlite indicated, are aa quoted the aponnore er ixauers. snd today reported earning? for tha fiscal year ending November 1 totaled $17,808,725, largest First National (N.Y.) Guaranty Truat Irvlnit Trust Manhattan Manufacturers Truat NatlonaClty Natl. Hhfcwinqt, Boston New York Trust 2W 359 1227 1310 ,127 tilK 13 '4 14 1H 14 J44 13 7S 29 31 2 of present supplies In the area and to recommend a distribution system to spread available supplies in such manner as to protect them until additional supplies are provided. A second committee was asked to work with proper 'authorities on a supplementary transportation Mavol Stores Interest an that data. Unless preriously surrendered these bonds will be payable at par upon resents -Ilea) at eny Federal Reserve bank or brancb.

or at tha Treasury Washington. J), an and a'tet March i. 1112. Tna Breeeetteltoa and surrender of bonds of those swo lepbes will be governed by the provisions of Treasury Oevaitatant Circular No. 661.

dated July SI. U41. An offering of Interest bearing obligations of the rtnlted Stales soar be made available to holders ef Konds of these two issues, concerning which public will be made byathe Secretary of Ihr reasury shortly after January 1. Dernnber 15, IM1. fKDKKAL FARM MORTGAGE OORPORATIO; ATTK8T: By A -O.

Fllat It. V. Tames, President Heeretary Aagmrted: Henry Morfantbau. Ssiistau of the Treason, Public Title Oiiar ft Tr NT. DOW JONES AVERAGES, DECEMBER 15 30 Industrials (180.5001 High 112.01 Low 109.97 Last 111.13 'i 20 Railroads 62,900) High 25.11 Low 24.70 Last 24 .95 1 15 Utilities (74,800) High.

14.23 Low 13.88 Last 14.07 40 Bond 88.10, up .19. COMMODITY PRIChS NEW YORK, Dec, 13. The weishted wholesale price index Commodities: Today, advanced to 94.94: previous day, 94.67; we, month year ago, 77.52. Range of recent years: (1926 average equals 100) 1941 1010 19 3 ir-XTA High 94.94 78.25 75 2 Low T7.C3 i -Si- sVO.ST ISM KS American Trust, S.P. iinc 1018, compared with last year.

This-was equal to $3.01 per share "lompared With $1.88 last year. Th' were realized as a resu' sales totaling $1,018,989,223, fourf rfiest in the, company's 32 per cent "more than' last yes -sales volume. in was 14.8 icr cent greater than last year. 2R4 IH E3 Qne-thirdwere, jplanted by United Itates commercial interests, the remainder under a co-operative riib-)er program which the department is worked out with 12 Governments. Headquarters for the work are at 'ara.

and Costa Sica. 4 do pftl SAVANNAH, Dec. 15. OP) Ttir-ontine offerlnRS 200; amlea n.450 arallnn; receipts 73a hlp- nts13: atocks llngln offvr-ma ami aalea 252. receipts) 1085; Mock- 85.fl.76.

'Quote? It 2.94; 2.97: I 2 8.: 1.10; WW and ML system to move oil into the area. Bank of America NTASA 7 Ickes, said no restriction on use of, gasoline in the area had been recommended. California Bank. LA. 3V 26 CUIaena Natl.

Bk, LA 23 UM Securlty-lat Natl. Bk, LA 41 44 Union Bk eV Tmat, LA 103i.