Market Slump Amid Broad Selloff Then Late Rally In Rails
The New York stock market fell on heavy selling across accounts with several motors and weak spots supported late in the day. Total turnover topped two million shares as rails showed some bullish action, while declines hit many industrials and utilities. U S Steel reported quarterly earnings of 53.50 million with a large dividend, and several rail stocks moved erratically amid ongoing merger speculation and financing concerns.
MENTIONED IN THIS ARTICLE
New York
Steck
Lalerate Gamne
Philadelphia
Hayes
Norfolk and Western
U.S Steel
United States Steel Corp Ration
S. Steel
Wheeling
Lake
Erie
Tehigh Valley
New York Central
Atlantic Yongst
New Haven
Pere Margrtte
Pittsburgh
Canadian wheat crop smaller in 1928 total yield is 46,269,000 bushels
Ottawa reports 46,269,000 bushels total wheat for 1928, from 21,888,095 acres of spring wheat, a drop from 1925 and prior years. The Dominion Bureau of Statistics notes four year average yields and compares 1928 to earlier figures, with detailed acreages and production notes.
MENTIONED IN THIS ARTICLE
Ottawa
Ont
Canada
Dominion Bureau of Statistics
Curb Market Slips Amid Broad Downturn on Jan 26
New York traders saw overall downward price movement in today's curb market with heavy volume led by professionals. Estey Welte A stock rose to 23 1 2 after a high of 26 3 4, while B stock gained to 147 8. Banks and brokerages formed a pool to shield holdings after a Philadelphia sponsor failed.
MENTIONED IN THIS ARTICLE
New York
Estey Welte
Philadelphia
Oita
Standard Oil
Indiana
Kentucky
Lone Star
National Fuel
Lehigh Valley
Lehigh Coal and Navigation
Rand Kardox
Warner Bros. Pictures
U. S
Union
United Tobacco
Gillette Safety Trazer
International Silver
Philip Morris
Happiness Stores
Cdarm
Tax treatment of earned income in partnerships and credits
The 1926 revenue act allows a reasonable earned income allowance for personal services in trades mixing capital and service. The allowance cannot exceed 20 percent of the taxpayer’s share of net profits, with examples showing how to compute earned income credits for partners. Where capital and service both matter, salaries of partners are added to net income to determine distributive shares, and 20 percent applies to the resulting amounts unless the partnership primarily renders personal service and capital is incidental.
Income tax filing rules for individuals and couples
Single filers with net income 1500 or more or gross income 5000 or more must file. Married couples with net income 3500 or gross income 5000 must file. Filing period ends March 15. Collected by the district collector where the person lives. Instructions on Forms 1040A and 10, plus law and regs. Tax rates 1.5 percent on excess over exemptions up to 4000, 3 percent on next 34000, 5 percent on remaining net income. Surtax on net income above 10000.
MENTIONED IN THIS ARTICLE
Internal Revenue
Shipping News Arrivals From Major Ports Leak of Vessels
Arrived: Voiendam at New York from Rotterdam on Jan 26. American Trader reached New York Jan 25 from London. Majestic arrived in New York Jan 25 from Southampton. Auonia sailed to New York from Plymouth Jan 24. Estonia in Hamburg Jan 24. Salled: Manuel Arns from Cadiz Jan 24 bound for New York.
MENTIONED IN THIS ARTICLE
Voiendam
New York
Rotterdam
London
Majestic
Southampton
Auonia
Plymouth
Estonia
Hamburg
Manuel Arns
Cadiz
Treasury Balance in Washington Reveals Large General Fund
The U S Treasury reports a balance general fund of 194 749 600 20 dollars as of today in Washington. The upbeat statement highlights a substantial available balance for federal operations and funding commitments.
MENTIONED IN THIS ARTICLE
Washington, Jan
U. S. Treasury
Bond trading shifts from French issues amid broad gains
Demand for foreign securities remains robust but investors rotate to other assets. Domestic bonds hold firm with notable buying in rail and Italian issues, Latin American loans, and Erie railway convertibles. Public utilities show weakness while government issues stay flat. new issues from Narragansett Electric and American Investment Corp noted amid market activity.
MENTIONED IN THIS ARTICLE
New York
Erie
Servision
International Great Northern
Baltimore and Ohio
Chicago
Werner Luger
Narrangansett Electricing Company
Isue
American Investment Corpo
New South Wales
Boston Firm to Buy Brockton Gas Share
Brockton Mass January 26 The Charles H Tenney Co Boston has completed negotiations for the purchase of controlling interest in the Brockton Gas Light Company Tenney owns similar holdings in Fitchburg Springfield and other Massachusetts cities.
MENTIONED IN THIS ARTICLE
Brockton
Mass
Charles H. Tenney
Boston
Brockton Gas Light Company
Tenney Company
Fitchburg
Springfield
Massachusetts
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