davidaulloa/AmericanStories huggingface dataset:
Evening star., 1949-09-26
Produce Markets

~ Ralsimose alt aqotations furnished By the
onitsd states Department nn, Of Agriculture
and 1sass es.s ~f1s's so
MARYLAND, Delicious, 2h-inch up. I.75-
zoo; New New jersey, Delicious 2alnsh up
40; Pen Pennsyivsnia, i; Delicious. 3sa sh-ineh nI
seors 2ss5o ea arimss nasn salGl So Sp s5 isI
inch an uP s9 ocasa Josathshs Dseogs ne6 RM
tosh. 2h,ineh up, i.25; cortIands. ~
5o nch smokeban,a nn 8S RamnGs 1p 25-
land, boxes wrapped Delicious, sss-15Os,
.00-25; Golden Delicious, 1O0-15Os, 2.75-
Potatoes-Market barely steady; 100
pound sacks, q. s. No. size A, @ un-
washed. Pennsylvania, new and used
So se'k Cents so0P!s1s Rstshdn So5o jogs lev NJ
as 2.S5; fair quality, 1.50-75: 50-pound
paper sacks Katahdins. 1850; 15-pound
paper psI q SACKS, &C 42 cents; Delaware. Kstah-
rs. ''' Ne" 'efSe'' Aa'an0ihs' @'io-
Sweet ,potstoes-Market barely steady;
kets doden Fgai ashsd Sushsl Iss
quality, 75-1 90: Porto Ricans, best, $50;
fair quality. 1.75-2.O0; nearby k-bushei
hampers, Goldens, 1.00-10.
Poultry Quotations.
on fowl receipts light; trading very Sehsia: iisht:
some stock carried from last week; fryers,
3c4 pounds, fair to good quality, few,
29,32: fowl. too few sales to quote; light
S.nsi Ss5shti Hesn05ns horns. fsv IS turkeys
~ pounds and UP, "a.
Grain Market. y
Flour-Receipts 9o2 100-pound sacks
none; stocks .5.s78.253 bushels. No. Z
red winter garlicky. spot, demand, 2.09hi
Corn-Receipts.. 1871 bushels; ship.
mepts. none; stocks. 1.7s1 .s27 bushels.
soteks; 7o,s2s bushels. No auatations.
,oIs BARLEY , - Rscsipts none; shipments
stocks, 25S S41 bushels.
Soybeans - Receipts, none; shipments
none: stocks, 1904 bushels.
Millfeed-Receipts, so tons.
Butter and Egss.
Eggs--Market about steady: receipts
| light; demand light; Wholesale prices: A
large, 1913; A mediums, 60-63; A small,
4l-45; B large, $500; current receipts.
| insufficient to quote.
Receipts 70 days)s- Butter, 42,O4s
pounds; eggs, 512 cases.
Evening star., 1949-09-26
81 Pct. Of u. 5. Debt
Held by Reserve and
Commercial Banks
BY the Associated Press

NEW YORK, Sept. 26.-The
Treasury's most recent statistics
of the ownership of the public
debt disclose that commercial
banks and the Federal Reserve
Banks owned, as of June 80, $82,-
500, 100000 of the then $252 2,800,-
100000 debt outstanding.
The bank held debt was a little
more than 80 per cent Of the
total. Since March the holdings
Of the commercial banks have
risen only slightly. while the por-
ton owned by the Federal Re-
serve has been sharply reduced.
The diminishing proportion of
bank-held debt, both in dollar
volume and as a percentage Of
the whole, shows that the Treas
ury has been successful in con-
centrating its redemption of op-
erations in recent years in Sc
curities known to be chiefly bank
owned.
The peak period for bank hold
ings of the debt was January,
1916, when the commercial and
Federal Reserve banks held $116,-
700, 100000 of the $279, 300 100000
then outstanding. That was more
than Al per cent Of the total.
Since then the debt itself has
fallen $27,oo0,0O0,00O, chiefly
through redemption of overbor-
rowing during the final victory
loan and the amount held by
banks has fallen $4,000, 900 900.
Holdings by individuals, savings
banks and local and State gov
ernments, as well as those held
by Government investment ac-
counts, have increased. Holdings
by insurance companies and by
corporations generally have de-
creased.
Evening star., 1949-09-26
Business Briefs
Steel inventories of metal wo,

Steel Inventories of metal work.
ing plants are large enough for
those companies to feel fairly Sc
cure" despite the threat of a steel
mill strike.-Steel magazine. Con-
sumers' stocks have been increased
by protective buying" and re-
duced production, the magazine
said.
Paper Production in the United
States in the week ended Sep
tember II averaged 93.8% of Ca
pacity VS.. 74.1% in the previous
week and 97.5qo in the like 1948
week-American Paper Pulp As
sociation. Mills producing news
print exclusively were not in
cluded.
Freight Loading in the Allegheny
region are expected to be 22.4%
below a year earlier In the fourth
quarter Of this year Allegheny
Shippers Association. The region
includes western PENNSYLVANIA,
eastern Ohio, northern West Vir-
ginia and western Maryland.
Telephone Service in areas
served by the Bell System has now
been extended to 66% Of the
families in those areas, compared
with 400 eight years ago-Bell
Telephone Magazine. The pro-
poration for the entire nation is
500.
West Penn Electric Co. Offering
of 856,895 additional shares OF
common stock for subscription OF
exchange has become effective
Common holders are being Offered
468.621 Of the total at $23.62k g
share on the basis Of one new
share for each five held.
Budd Co. will build $1,50O, ,O0e
foundry at Philadelphia to furnish
grey iron castings to all divisions
The new foundry will double the
company's capacity for grey iror
castings. The Detroit foundry i.
working at capacity.
Philc0 Corp. is supplying micro
wave relay equipment for a new
communications system on the
Chicago, Rock Island & Pacific
Railroad.
May Department Stores earned
IS, 1874 900 or $1.55 a share in siz
months ended July 81 VS.. $6,475,.
600 or $2.1l year earlier. Net fol
IL months ended July 81 was
$18,296, 900 VS.. $17,155,00 in the
previous year.
Rice Silk, Inc, reported deficit
of STAT ,187 for three months ended
August 81 VS.. profit of $3l7,512 ir
the same 1948 period. Profit for
nine months ended August 81 was
$181 .686 VS.. $1,654,712 a year
earlier.
Gulf, Mobile G. Ohio Railroad
earned $2,622,397 in eight months
ended August 81 VS.. $3,90o, ,662 in
the same period last year.
Wabash Railroad net income fol
eight months ended August 81 was
$2,172,747 VS.. $6,504,831 in the
same 1948 period.
Delaware, Lackawanna & West
ern Railroad earned $812,884 q
48 cents share in eight months
ended August 81 VS.. $3,441,817 OF
$2.04 year earlier.
Manati Sugar Co. profit for /:
months ended June 80 was 1854.
452 or $1.93 vs.. $1,579.7 .722 or $3.5t
in the preceding fiscal year.
Oppenheim, Collins g. Co. earn
ed $301,310 or $1.51 in IL month";
ended July 81 VS.. $685. ,482 or $1.8;
in the previous year.
Club Aluminium Products Co
profit for IL months ended JUNE
80 was $282.916 or 81 cents VS.
$534.143 or $1.65 in the preceding
fiscal period.
Jewel Tea Co. sales in four weeks
ended September 10 totaled $12.-
SOL 1853. a gain of $3.50 from 9
year earlier: in SO weeks ended
September 10, $13.815,716, a rise
~ m om
Evening star., 1949-09-26
New York Cotton

NEW YORK. Sept 90 R,.-cotton fu-
lures turned steady in forenoon trading
today dominated in evening up operations
| in nearby october. Mill buying con-
| tinued active and readily absorbed II.
|, quidation and hedging.
One leading spot firm was estimated
to have sold close to 5000 bales OF near
| by October against purchases Of Decem-
| ber 1949 delivery at difference of II
points. The weather in the cotton belt
| was generally clear.
| bale higher than the previous close. Oc-
| tober 90 70, December 90 90, March 90. go
Evening star., 1949-09-26

Hourly Sales ON the Exchange To-day:
11:00 am 2so COO 1900 noon 4So 600
100 p.m.- 63o 600 400 pm. 900 600
fUnit OF tradino 10 shares. sIn bank
under the Bankruptcy Act or securities
assumed by such companies: Rates Of divi-
dends in the FOREGOING table are annual
or semiannual declaration. Unless other
wise noted, special or extra dividends are
not included. CID Called. Ex dividend
stock dividend. Cash or stock Paid
last year. Payable In stock. estimated
clared or paid so far this year. b Declared
or paid after stock dividend or spljt-up.
< Declared or paid this year. an accumula-
tive issue with dividends In arrears. . Paid
this year, dividend omitted. deferred or no
action taken at last dividend meeting.
r Declared 194S payable In 1949. , Liqui-
cash value undetermined on declaration
Evening star., 1949-09-26

VI uEulSucO "
FOREIGN /;
Australia IS 81 3
az6hs27 b7st 5
Brisbane 6s so 10
Canada 3As 81 10
Chile 2-3s 93 2
Italian lst 3s77 )
Mx4s1 0NSm asd
Norway As 63-- 3
Peru LIST 6s 30 2
SaoPCity6HsB7 s
SerbsCtsSl 1852.
DOMESTIC 1
AmAirlines3s66 A 9
Am&F P 5s2030 8
Am TIT 3 Kas59 IL
Am T&T 2As57 10
Am TIT 2As61 1o
Am T&T 2Assu 9
AmToba cco3s69 10
B & o 6s 95 J 6
Balt&O5s2000K 5
B&O CIV 4h2010 4
BaJt&Oh 4s75A 9
Beth Stl 2As 10 10
Can Nat 4Has51 10
Can Pac As perp 8
Cn RR NJ IS ~ 6
ChI&E ] Inc 81 ,
CMStP4hs2019 3
CMStP4 hs2044 4
Chi&NW4hs99 4
CRIPin4 hs2Ol9 s
Col G&E 3Ms7l 1c
Con Ed cv 3s SO II
Cons P 2hs rs 1c
Det T T 4 US FL &c
DUO 1t 2As n 1c
GenRe&Ut 1859 G
Hud Coal IS 62a 8
Hud&M # 6s57 {
Hud&M in 6s57 Z
I C As So, 1911 &c
I c 4As Co., q
l c IS 66 &c
IntHydroEl6s44 &
Kan c Sou 4s75'1C
Evening star., 1949-09-26
Odd-Lot DeuIinas

The Securities and Exchange Commits
sion reported today. these trancations b.
cialists on the New York Stock Exchang
for September %: 3,597 purchases in
volving 109,705 shares; 1884 sales in
volving 129, 9,306 shares, including At shor
sales involving 1,616 shares.
Evening star., 1949-09-26
N. Y. Bond Markell
LIST INCLUDES ONLY SELECTED ISSUES
FURNISHED BY the Associated Press.)

. Associated Press.)
5 ILehV4 4hs2003st 37h
. 4LehVal4s2003st -
Z Leh Val RR 4S
1 D2003 wi 27A
I'M X T IS az A 72A
adj 5s67 II
4 Mo Pac 6hs 80 25A
elMo Pac IS n F 67N
AlMo Pac IS 78 G. e7N
h|Mo Pac IS 81 / 90
mo Pac gn Is rs an
S4h
Int etTkT2MsSe o7N
5 N o T M 5ias54 oSH
p N o T M 4has56 94rs
lNYC RI IS 2013- 6z'h
% NYC 4as2O13A S6Z
aIN Y C con A. 9S 54Ss
q NY Lew 4kas73 75
A NYNHinc4hs'2z 39ih
4 NYNHH 4s20O7 6oiA
\lNor Pc 5s2O47D esM
lNoPac4as 2O47 79A
q IOhio Ed 2As rs 1oo3
al nnCtAir31aso( 73M
PennRR gn5s6s 1ooh
al PennR g 41as66 -
A h|PennRRg4AsS1 e6H
b PeopGL&C 1858 116
IQuakerO 2%s64 1o2N
AlStLSF 4ks2022 55h
Al StLSanFrn4s97 00h
70 lSocony-V2Has76 oeX
ISoPacific4HasSl 06
n So Ry gn IS So 1o1h
Sou Ry g Is So e5N
vi StdOilNJ2sss7l 97N
Texas Corp 3s651o6
b Third Ave s. 60 1874
" On Pac 2hs 81 0SN
V Va El&P 2As7b1o1N
AtVa Rail 3H s73 lo5A
West Sh 4s 1891 -
al West Md IS 81 9o1h
h West On IS 90. 6oZ
West On 4has 6O1oo
" WstElcv2. .66s73 1o24
iWisc Cent As 10 7AN
Evening star., 1949-09-26
Market AVERAGES
STOCKS.
BONDS. 20 10 10
FOREIGN Exchange

NEW YORK, Sept. 26 P.-Foreign
dollars, others in cents): Canadian dollar
in New York open market, 10 per cent
discount or 5000 q. S. cents, UP ID Of a
Europe: Great Britain (pound). 2.s0A
uncbanged; Great Britain 30-.day futures,
futures, 2Sl unchanged; Great Britain
e0-day futures, :2.s1sa unchanged: France
(franc), .2S34 of q cent UNCHANGED; Italy
Gira) September fixed rate .001 739; Au-
gust, .0Oi739; Sweden krona), 1910. un-
changed Switzerland France) dree),
2290, off 80 of q cent.
Latin America: Argentina tfree), 30 .92n,
unchanged; Brazil (free), 800, unchanged;
Mexico, 11.57, unchanged.
Evening star., 1949-09-26
Communicable Edison

commonwealth Edison Co.
elected Willis D. Gale to the newly
created position OF chairman OF
the finance committee of both this
firm and Public Service Co. OF
Northern Illinois.
Butler Brothers elected John Fl.
SchWarten, jr., treasurer.
Evening star., 1949-09-26
Washington Exchange

Potomac Elec Pwr COMO at 14H.
Virginia Elec g. Pwr com-5O at 1875.
Potomac Elec 5000 pfd A-5O at 46h.
virginia Elec & Pwr com-15O at 1SK.
Natl MTG g. Inv pfd-4OO at 7.
Capital Transit 1st rig 4s-S5,OOO at 96h,
$1,000 at 96h.
Virginia Elec d Pwr com-20O at 1Sb, Is
at 1875.
Evening star., 1949-09-26
Metal Quotations

NEW YORK, Sept. 20 tP,.-spot non-fer
rous metals prices today: Copper, 17ss q
pound, Connecticut Valley; lead, 15b q
East ct Iouis
Evening star., 1949-09-26
Dividends Announced

NEW YORK. Sept. 20 ap.-Dividends
declared:
Rate. riod. Record. able
Evening star., 1949-09-26
N. Y. Curb Market


Am Nat G BOZ
Am Superpower
ArkNatGsA .3us
Ash Oil&R 1.2O
Braz Tt LIP y
Breeze Corp
Brown-FDLst.S0
an Marconl
Carr Cons Bisc
Catalin Am .l6e
Cit Service Ia
Claude Neon
| colts MIG
cosden Petro--.
! Croft Brew -
Crown Drug
Derby OIL 1.05R.
El Bond&Sh hae
Equity Cp .15g-
Eureka c Ltd
| P'childE&A zoe
FansteelMet We
Ford M Fl .05R
FordMLtd.212g.
| Golddeld Con -
Hart Ray Corp
Imp Oil Ltd N,
Katser-Frazer
| Lake Sh Min 70
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04

good for cows and will cause them
to "dry up" In many cases where
such unfavorable results have oc-
Cured, the trouble has been traced
to overfeeding of this palatble
succulent feed.
In some cases, this has been
caused by the unfavorable results
when cows have broken into or
chards or have had access to guam
titles of apples and have eaten
more than was good for them,
Some animals have even died from
choking caused by an apple be-
coming lodged in their throat, but
this does not justify condemning
the use of apples.
Experiments conducted at other
experiment stations indicate that
a moderate amount of clipped or
sliced apples may be satisfactorily
fed to milking cows. Apples
probably have their greatest value
as conditioner or appetizer feed.
Our Want Ads Get Results
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04
Date Set For New
Road Hearing

Ottawa County Commissioners
Monday morning reviewed the pro-
posed right-of-way for new road
to be established in Danbury
Township, as petitioned by resi-
dents of that area.
The proposed township highway
would be over the former road
bed of the Ohio Public Service
Company, which was abandoned
several years ago when the power
company discontinued it's interur-
ban service between Toledo and
Marblehead.
Proposed road would extend
from Barnholt's Crossing, Route
16S east of Lakeside, eastward tt
Lakeside, near the shore line Of
Lake Erie. Date for hearing tn,
petition has been set for Monday
Nov. IA.
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04
| J0TTlNGS =.
| OFF the CUFF
BY RAY SPERBER

DAVE CASsETTA, Put-in-Bay,
is the young man you noticed
in the business district Friday
the fellow with all that black
spinach bristling from his chin
and cheeks. Dave hasn't shaved
in seven weeks as he's determined
to win a bet with three fellow
crew members of a lake freighter.
The four sailors decided to grow
the boards on a dare. First one
who breaks down and shaves must
pay each of the other three men
SIS, and must foot the bill for the
best steak dinner (and inciden-
tals) at the best hotel in Buffalo.
Cassetta, who is the son of the
Rev. and Mrs. D. A. Cassetta,
Put-in-Bay, isn't the type to lose
bet, especially when a beard
should be warmer in the winter
months.
CONGRATULATIONS to Charles
"Tink" Knight who last We'd
nesday was admitted to the Bar in
Washington, D. C. "Tink" sue
cessfully passed both the Ohio and
Washington, D. c., bar exams
earlier this fall Bill Crohen
reminds us that there is only one
street in Port Clinton which does
not have an official name-it's the
portion Of Route 2, across the
Portage River bridge, which ex-
tends to the city limits west OF
Naft Auto Wrecking property
Crohen suggests Lake Shore
Boulevard" and we doubt if a
more appropriate name for this
street could be offered. Residents
of Lake Shore Boulevard" are
seeking city mail delivery, but
this will not be granted until side
walks are placed in front of their
homes.
MRS. GLENNA MEYERS, per-
sonable teacher in the Erie
township school, Lacarne, was pic
tured in the Toledo Blade Satur-
day when she was attending the
NWOEA convention Portage
Block Company, Route 2, has been
named local distributor for RoS
Cement Paint, the modern mir
acle of chemistry, which seals
seepage and dampness out of ma
sonry walls and is being used ir
the construction of several new
buildings here.
-JOT-
WHILE Robert D. cowep, sr.
w. Lakewood, was duck hunting
near here Saturday forenoon, he
was notified that his son, Robert
D. Cowen, Jr., had been killed
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04
Gull Apples Can Be
Fed To Dairy Cows

Apples are greatly relished by
cows and make a good feed when
properly used in moderate
amounts. Cooperative experiments
between the dairy department and
the horticultural department at the
Ohio Agricultural Experiment Sta
tion indicate that the dry matter
in apples have a feeding value
equal to that of corn silage.
However, because apples con-
tain approximately twice as much
moisture as corn silage, their value
on the ton basis is approximately
ane-half that of corn silage, re-
ports c. L. Monroe. The cows ate
little over 80 pounds of the ap-
pies day, which had been cut
by running them through a root
cutter.
There are more or less com.
mon belief that apples are not
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04
Pheasant Film
Seen By Rotaria11s

A Winchester Ammunition
Company film of pheasant hunt
ing in South Dakota was pre-
sented by program chairman
Ralph Corbin at the Port Clinton
Rotary Club meeting Tuesday
noon. Vice-president William
Rofkar presided at the meeting.
Introduced as Junior Rotarians
were five high school seniors,
"Scotty" Franck, Bill Fritz,
Charles Carr, John Braun and
Royce Boss, who will be club
guests for the month of Novem-
Der.
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04

5. Holiday on Ice" comes to
Toledo on November 16 for a 12-
day engagement.
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04

Guaranteed watch and jewelry
repair at Philips, jewelers.. 7-tf
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04

WHILE Robert D. Cowen, Sr.,
w. Lakewood, was duck hunting
near here Saturday forenoon, he
was notified that his son, Robert
D. Cowen, Jr., had been killed
Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1949-11-04

pess YOUR A&P sive YOU
oood food at low prieesf
Yes, That 10 why millions
40 American families 90
Al, their food shoppina ~
ASP.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27

Taneytown-A certificate of in
corporation for the Taneytown
Recreation Association, Inc, has
been approved and recorded by the
State Tax Commission. Property
has already been purchased by the
association for a playground-park
to provide recreational facilities
for both young and old of the COM
munity. The association was or
gained especially to eliminate
control by any individual, other
organization or minority group.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27

Upper Marlboro = With an in
crease of more than two million
dollars last year, Prince Georges
County's annual financial state
ment reveals the fact that the
county's bonded Indebtedness has
reached an all-time high Of 3d.
100000. More than $6,5O0,OOO for
school bonds is by far the largest
item of the bonded indebtedness.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27

THE INCOME TAX
Income derived from the sale
Tor exchange) of property is tax
able to the extent of the net gain
realized therefrom. Such a gain is
termed a capital gain" If you
suffered loss in the sale of your
property, such a loss would be
termed a capital loss"
CAPITAL GAINS
Actually, capital gain is any
money received from the sale of
capital asset property owned
by the taxpayer, whether or not
connected with his trade or bust
ness) and were it not for the fact
that there are special provisions
in the Internal Revenue Code deal
ing with capital gains, they would
be taxable to the same extent as
salaries or any other income re-
quired by the law to be included in
the taxpayers gross income. The
law requires tax only on net
gains as distinguished from the
entire amout realized from the
sale. The net gain is the difference
between the amount realized from
the sale and the Taxpayers cost of
the property. The expense incurred
in the sale and the cost of improve
ments to the property made by the
taxpayer since he acquired the
same may be deducted from the
gross amount received from the
sale of the property. For the pur-
poses of taxation, the law differ
entiates between long-term and
short-term capital gains. Long
term capital gains are derived
from the sale of property held by
the taxpayer for a period of time
exceeding six months. Short-term
capital gains are derived from the
sale of property held by the tax
payer for period of time less than
six months. Special treatment is
provided for long-term capital
gains. The law provides that only
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27
Blind Man Builds House

Tampa, Fla.-Blind since 1881,
Melvin F. Jones recently completed
the home he built for himself and
his sightless wife. The job required
ten years but the frame bungalow
which he built would do credit to a
man with sight. The house is wired
throughout for electricity has
modern plumbing and is furnished
attractively.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27

Baltimore-Five Baltimore nler-
chants were fined amounts rang
ing from $120 to $500 last week
after being convicted of failing to
pay sales taxes to the State. They
were tried by Judge Robert France
in the Criminal Court of Baltimore
City. All of the defendants, except
one, were also given 30-day sus-
pended Jail terms.
Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1949-01-27

500 of the net long-term gain
shall be taxable and that the tax
on the portion of the gain shall not
exceed 500. 1t is sometimes said,
therefore, that the tax on a long
term gain is $50 of the net gain.
This is popular misconception,
for actually that is the maximum
rate that the. Government may
charge and that maximum is not
reached until the aggregate
amount of all the taxpayers net
income is such that it reaches an
amount where the combined nor
NAL and surtax rates equal % Z.
Net short-term capital gains de-
rived from the sale of capital as
sets held for period Of time less
than six months are taxed at regu-
lar rates and are taxed in their
entirety. So, it is important to ac-
curately determine the holding
period of your capital asets, for
an error of only one day may con-
vert long-term capital gain into
short-term capital gain and the
difference spells a 500 increase in
taxes.
1t is important to know Just
what constitutes a capital asset.
The law defines a capital asset as
property held by the taxpayer
whether or not it is connected with
his trade or business except the
following: (1) depreciable bust
ness property (2) uncomfortable
assets (3) property held for the
purpose of selling to customers in
the ordinary course of business az
real property used in the taxpay-
er's trade or business ~ short
term Misunderstanding govern
ment obligations issued subsequent
to March 1, 1941. So, the most
usual types of capital assets which
fall within the capital gains and
loss provisions of the income tax
are: (D personal possessions (2)
stocks (3) securities az your per-
sonal residence. Personal posses
sions would include home furni-
ture, automobile, jewelry, clothing,
etc. The gain derived from the sale
of your personal residence is tax
able as either long-term or a
short-term capital gain depending
upon the length of time the tax
payer has owned his residence. The
regulations, however, do not permit
the taxpayer to deduct as capital
loss any loss that he may have
suffered in the sale of his personal
residence.
CAPITAL LOSSES
Capital losses are ordinarily de-
ductible from your gross income
and are computed in the same man
ner used in calculating capital
gains; that is to say, capital loss
may be either a short-term or .
long-term capital loss and as in
the case of long-term capital gains
only 500 of a long-term capital
loss may be deducted, whereas
short-term capital losses may be
deducted in their entirety. There
is, however, limitation on the
amount that may be deducted from
your ordinary gross income but
that deduction must not exceed
100000 in any single year. The
law provides, however, that if an
excess remains after the deduction
of the 100000 maximum then that
excess may be carried over and
used in subsequent years for a
period of five years.
1t is interesting to observe in
this connection that under the
Maryland Income Tax Law, capital
gains are not taxable and are not
to be included in your gross in
come, nor are capital losses deduc-
tible from your gross income.
RIind Man RuildS HOuSp