Indianapolis Times, Volume 45, Number 60, Indianapolis, Marion County, 20 July 1933 — Page 15

JULY 20, 1933

All. Chemical Am. Smelting Am. Can Am. Telephone Am. Tob. B Atchison Chrysler Con Gas N. Y. DuPont Goodyear

Market Average • mm* Twenty Active Issues Listed on the .V. Y. Stock Exchange.

MflY JUNE JULY _• a i* s i* • i* j ta it S'-~j I f~] fl f n 1- f— • ;;; ■ 4-p-^p^rs i M i IX 1 1 J > h|--4 e . !-— 1 1#1 P 1 BE=;=±=::i * ss —f 1 *■*-•> -i *•* * 571 i :—.—i 1 -EBfe==E=; ! '•;JnfetEE===ES=: 2 7qoLXXI| X . ~ -—J 1r 5 l (HjZj: gp* . j-l .1. -1. XI —!f| >• 2 Biittiiiiiiiiii i5 iiimiiij This doily record of the movements of twenty active stocks, averaged. gives a clear view of the market trend. Long pull movements and daily variations are apparent at a glance.

New York Stocks — ■ fßv Abbott. Ooppln fir Co.l "

Julv so - on*— Prcv High. Low. 11 00 close Amerada ... 38 W 39 Ati Rfe 28 28% Barnsdall 9% 94* 9% 9% Consol Oli 13% 13% 13% 14 Cont ol W ... ... 17% 18 Houston (new.. .. ... *% 8% Houston <old' .. .. ... ... 34 Indian Rfa 3% Mid Cont P-- . 14 14% Ohio Oil ... . 15% 15% 18% 15% Pet Corn ... .■ ■ 13** Phillips Pet 16% 16% Pure Oil . 10% 10% 10% 10% Roval Dutch . . 35% Shell Union .. 9'. 9% 9% 10 Bbd OH - 2 ? • Simms Pet •*, Skellev Oil . • , *’ Sk Vac 14 13% 13’* 14 8 O of Cal . ■ . ■ 37% Soof N J 38% 38% 38% 38% Bun Oil 37 47 Texas Corp . .. . - 28 " 28 : Tidewater Assn 9 9 • Un Oil of Cal ... 21% Steels— . Am Roll Mills 25% 25% 25% 26 Beth Steel ... . . 41 % 42% Bvers AM 37% 38% Col Fuel * Iron 14% 14% Cruc Steel 34% Gulf Sts Steel 36% Inland Steel 42% Ludlum Steel 18 McKeesport Tin 91% ... • . • 50 Rep Iron A- Steel 20% 20% 20% 20% Rep Ir A- Stl pfd . . 48% U S Smelt . ■ , •• • 55 * Vanadium . 32 31% 32 32 Midland - 15% 15% V S Pipe fir Pdv. . 19% 19% U S Steel 63 62% 63 63% U S Steel pfd 100% 100% 100% 100% Youngstn S fit T 34 33% 34 34 NRallt — Atchison ... .. -2% 72% .2 a '* Atl Cst Line . • • 55 BA- O 34 33% 34 34% Can Pac 19% 18% 19% 19 Ch A- Ohio 46 45% 46 45% f?hi A Os W CMA St P 10% 10% ;o% 9% CMA- St P pfd 16*j 16% 16% 16% Chi N W . 12% 12% 12% 13% Chi R Isl . 7% 7% 7% 8 S*la R * I Hud Pld 86% 86% 36% 85% Erie ... j 2 24 2 Or: Northern pf ■ •• 31% 111 Central . . 47% 46% 47% 45% K C Sou ••• ... 22 Lou fir Nash ... • • - ** MKA- T ... 14% 1% Mo Par ® Mo Pac pfd “ “. N Y Cent .52 51 >♦ 52 51% N Y Chi A- St L 32% 21% 21% 21% NYCA-St Lpf 30 29% 19% 30 N Y New Haven 33 32% 32 22 % N Y Ont fir Wes .. . . ■ ,12% Norfolk fir Wes . ■ • 1‘ Nor Tar 31% 31% 31 % 31 * 2 Penn R R ..... 37’ i 38% .7 a 3. Reading • 55 58 Sou Par 34% 34% .14% 34 a Sou R H 33' 32% 33% 33 s Bou R R pfd ... ,4** Union Par .. 125 124% 125 125% Wabash ••• 8 * IV Maryland ... 14% 14 14 15 Motors— Auburn 70 69% 69. <0 * Chrysler 37’* 36* 37% 36 a General Motors 31% 31% 31% 31* Graham Mot , 4 Hudson 14 s * 14% Hupp . ... 6% Mack Truck 42% 42 43 41% Nash . 22 23% Packard 5% 5\ 5% 5% Reo 5 5 Studebaker 6 s * 6% 6% i Yellow Truck 6% 63* 6% 6% Motor Access— Bendix 18% Bohn Alum . . 46% Borg Warner 18% 18% 18% 18'* Briggs 12% 12% 12% 12% Buaa Wheel ... ... 4% 4% Eaton Mfg .. . 15 Elec Auto Lite 23% 23% 23% 23% Houd Hershey . . ... 5 5% Mullins Mfg 8% 8% Murray Body 10% 10% Stew Warner ... 10 10% Timken R 011.... 32% 31% 32% 32% Mining— Alaska Jun.... 28% 27% 28'a 26% Am Smelt 38', 37% 38% 38% Anaconda 21% 20% 21% 20% Cal A- llecla 8% 7% 8 8 Cerro De Pasco 38% 36% 38% 36% Granby ... 13’* 15 Ot Nor Ore 14% 14% 14% 14% Homestake Min . .. . 268 271 Howe Sound ... . . 25% Ins Copper . 8% B'a Int Nickel 20% 19'. 20% 20'. Is Crk Coal 30 Kennecott Cop .. 24% 23% 24% 23% Noranda Cop 33% 33% 33'. 33% Phelps Dodge 17*. 16% 17% 17% Pitts Coal 20% 21 Tobaeras— Am Snuff 47 46% Am Sum Tob ... ... ... 20 Am Tob A ... 86% Am Tob B 90 89 1 a 90 90 Oen Cigar 42'. 42% Lig fir Myers B 93 93 Lornllard ... 23% 23% Reynolds Tob B 49% 48'. 49% 49% Equipments— Allis Cha! 20% Am * fir Fdv 33 33% Am Loco .. 31% Am Mach fir Fdv 19% 19% Am Steel Fdv 22% 22% Bald Loco . 14% 14% 14% 15 Burroughs 19% 19% Case J I 90'. 9% 90% 89 Cater Tract . 23 22% 23 23% Colg Palm P ... ... 19% Congoieum ... ... 24'. Elec St Ba' 48% Foster Wheeler 19% Gen A Tk Car ... .. 41 Gen Elec 27% 27 27% 27% Gen R R Sig 44% Ingsol Rand 69% 70 Int Bus Mach .. .. 150 Int Harv 41 40% 41 40 Kelvinator . 12% 12 12% 11’, Natl Cash Rec 22 21% 2! 21% Proc A* Gamble 43% Pullman Inc 52 52% Simmons Bed 27 26% 27 27 Vnd Elliot 33 West Air P 32 32% Westingh Elec 53 52% 53 52% Worthington Pm ... 32% 33 Ittlitlfs— Am A- For Pwr 17% 17% 17% 17', Am Power * Lit IS 17% |7% 17% A T fit T . 129% 128% 129'. 128 Am Wat Was .. 39*. 39 39% 38% Brook Un Gas.. . 84'. Cos! Gas * Elec 26% 25’. 25'. 25’. Com A- Sou 4'. 4% 4% 4'. Consol Gas 60% 59'. 60% 59% Elec Pwr fir Lit 13'. 13% 13% 13 E P A- L pfd ... 23 23% Int T fir T 19% 18'. 19% 18’. Lou GA E A 21-., 32% Nat Pwr A Lit 19 18*. .8% 18% North Amer 32', 32 >2*. 32% Pac GA* E ... . 30 30 Pub Serv N J 51*. 51’, 51% 51*. So Cal Edison 25% 25% 25% 25% Std Gat 19% 19 19 19 Std Gas pfd . 20% 20% United Corp 12’. 12% .2'. 12% Vn Oa* Imp 23 22'. 22’. 23% T't Pwr A Lit A . 7% 7% Western Union . 71% 89% 71 69’, Rubber*— Firestone 28% 28% 28% 28% Goodrich 18*. 17% 18% 18% Goodyear 42% 41% 42 41'. IT S Rubber 21% 20 II 21% U S Rub pfd 37% 36', 37% 36 Ke! Spring . 4% 4% 4% 4% Amusement*— Crostev Radio . . 10>, Fox Film 4 3’. 3’* 4% Loews Ine .. 29% 29 29 28% Radio Corp 10 9% 10 10 RKO 4 4% Warner Bros ... 7% 7% 7% 7% Food*— Am Sugar ... 64% 65% Armour 'A' 6% 6% 6% 6 1 ., Beatrice Cream . 24’. 26 Borden Prod .... . . 35% 35% Cal Packing 30 29% Canada D O Ale 33% Coca Cola ... 101% Cont Bak "A".. 14% 14 14 14% Corn Prod 8! 81% Crm of Wheat.. 34% 34% Gen Food* 37% 37'* 337% 38 Gold Duct ... 25 24% G W Sugar 36% 33% 36 35% Hershey 63 66 Int Sait 36

Inti. Harvester Johna-Manvllle Nat. Biscuit Pub 8. of N. J. Sears Roebuck Stand, of N. J. Un. Aircraft U. S. Steel Union Pacific Westinghouse

Loose W lies ... ... 39 % Natl Blsnut 54% 55% Natl D Prod 24% 24% 24’* 24’. Purity Bak 22% 21’. 22% 21% S Porto Rico Bug 42% 42 42 41% SUI Brands .... 29*. 29% 29% 29 United Fruit ... 59% 60'4 Wrtgley 51 Retail Store*— Ass Dry Goods. 17 16% 16% 16% Best A Cos 28% 29 Glmbel Bras ... ... s’. Gr Un Tea 8% 9 Hahn Dept St .. 6% 6% 6\ 6% Jewel Tea ... ... 42 Kresge S S 15% 15% Kroger Groc 29% 29% 29% 30 Mucy R H 59% May Dept St 30 Mont Ward .... 26 25% 25% 25% Penny j c 44% 44% Safeway St . 57% 57% 57% 56’. Sears Roeb . 42% 41% 41% 41 Woolworth .... .... ... 47% 47 Aviation— Aviation Cirp .. 13% 13% 13% 13% Doußlass Air 15% 15% Curtiss Wright .. 3% 3*. 3% 3’. Curtiss Wr A ... 6% 6 s . Nor Am Av ... 7% 7% United Aircraft. 40 39% 39’, 40 Chemicals— Air Redue .. .. 91% 92 Allied Chem . 126% 125% 126% 126% Am Com Ale . 60 56% 58% 60 Col Carbon ... 64 63 64 64 Com Solv 38H 36% 38% 37 Dupont 80% 79% 79% 79’4 Freep Texas .... 42 40’, 41% 40% Liquid Carb .. 40% 39 40% 40% Math Alkali 34% 34% Tex Gulf S . 32% 31% 32% 31% Union Carbide 47 46% 46’. 46’, U S Ind Ale ... 73 70 73 70% Nat Dlst 94% 91% 91% 91% Drugs— Cotv Inc . .. 8% 6% Drug Inc 52% 52% 52% 53% Lambert 37% 37% Lehn fir Fink 21% 21 Zonlte Prod 7% 7% Financial— Adams Exp 11 11% Alleghenv Corp 7 7 Chexa Corp 48% 46% Transamerica. . B’, 8% 8% 8% Tr C’ontl Corp 7% 7*4 Building— Am Radiator 17’. 17% 17’. 17% Gen Asphalt 23% 22% 23’. 23% Int Cement 36 35 38 36% Johns Manvllle 54% 54% 54% 53% Libbv Owens Ols 32% 32 32 31% Otis Elev .. . 23% 22% 23% 23% Ulen Const ... 41, Miscellaneous— Am Bank Note ... 25 26 Am Can 92% 91 92% 91 Anchor Cap 30% 28% 30% 30% Brklvn Man Tr . 39% 38% 39% 38% Conti Can 63 62% 62% 62 Eartman Kodak 86 84% 85% 85% Owens Bottle . 86% 85% 85’. 86 Gillette 16 15% 18 16 Gltdden .... 18% 17% 18% 18 Crothain Silk 14’, 14% 14’, 15 Indus Ravon 74 72 74 74% Inter Rapid Tr 8% 8% Real Silk Hose .. ... j% 151,

Other Livestock BY UNITED PRESS v i _ Wayne Julv 20 Hogs—loc oft 2 5®'300 lbs $4 SO: 300-350 lbs.. S4 70. 200lbs . 14.70; 170-200 lbs.. $4 60; 150-170 “b*-. *4“ 140-150 lbs. $3 85. 130-140 lbs.. $3 65. 100-130 lbs $3.15; roughs. S3 50; I* B **- * 2 25 . Clive# $6 50. Lambs—s7.so Cattlf—Stendv. steers, good and choice. 55U550: grass steers, good and choice. $3 ■0 3.30 medium and good. S3 ft 850 fed heifers, good and choice. $4.500 5: grass hellers good and choice. $404 25: medium and good. S3 ft* 4 common and medium. $3 03.50; cons, good ana choice, $2 5003; medium and godo. 5202.50; cuters. $1.75® 2; canners. Sift 1 50; bulls, good and choice $3 i: 3 25; medium and good. $2 50 ft 3; butchers. good and choice. S3O 3.50. EAST ST LOUIS. 11l . Julv 20 Hogs— Receipts. 10.500; 1.200 direct: mantel, mostlv So 10c loner: mgs 100 15c off. top. $4 75. small lots. $4 80 bulk 180-300 lbs $4 600 4.70. 150-170 lbs $4 100 4 60. 130-150 lbs $3.50 n 4.15; 100-130 ibs. so * s *3S"4 Cattle- Receipts! -.300. calves. 1 200; market, steers active; steadv to strong, mixed vearlings. heifers. cons and vealers were steadv: sausage bulls were lOulSc lower: too. 986 Ibs vearlings. $6 85. other steers. $5.350 6 60: mixed vearlings and heifers. ss'./ 6; toj mixed vearlings. $6 60. cows $2 7503.50; low cutters. $1.500 1.85; ton sausage bulls. $3 40. god and choice vealers. $5.75 Slaughter steers. 550-1,100 lbs., good ami choice. s6o 7. common and medium. $3 50 'ft6: 1,100-1.500 lbs . s6.soft 7: good. s6ft 6 50; medium. $4 75 ,i 6 Sheep—Receipts. 2.000 market, not established, few lambs !o citv butchers, strong as $8 25: packers talking steadv: generaliv asking 25c higher: holding better lambs around $8 50 or above. Indications steadv on sheep; iambs 90 lbs down, good and choice $7.500 825 common and medium $3 50 u 7.50: vearlir.g wethers. 90-110 lbs good and choice. $4 75 %5 50: ewes. 90-150 lbs., good and choice. $1 50ft 2 75: all weights, common and medium. Si ft I KANSAS CITY Julv 20.—Hogs—Recetpts. 4.500. including 960 direct, slow 5c mostlv. 10c lower than Wednesday's average, top. $4 55 oil choice. 200-250 lbs . light lights. 140-160 lbs s3.lo'<i4 10: light weights 160200 lbs s3.Bsft 4.55. medium weights. $4 40 ft 4 55. heavy weights. $4 30-.; 4 55: park.ng sows. $3.45 ft 4. feeder and Stockers pigs $2 50 ft 3 Cattle—Receipts; calves. 500; b-es steers and vearlings. strong to 15c higher: other classes steadv to strong: choice 1.225 lbs . fed steers. $6 75. prime. 793 ibs . heifers. $6.35; steers, good and choice. 550-1.500 lbs. $5 50'-,7: steers, com.•ton and medium $3 50 t 5 50 heitcrs. good and choice. 550-900 lbs $4.75 •: 6.25: cowx $2.35 ■: 375 vealers $3.1.5.50. stockers and feeders. $4.2'5.75 Sheep Receipts. 3 000. acitve. lambs 25'<i35c higher: sheer strong to 25c higher, top native lambs. SB. ft;/ 7'tm> special LOUISVILLE. Julv 20 —Cattle—Receipts. 150; Including 42 direct; less active on srassers. mostlv steadv. bulk common to medium steers and heifers s4'.rs: few grassv heifers under $4: better finished fed kinds to around $5 75: bulk beef cows. $2 50 ft 3 low cutters and cutters. $1 50 ■; 2 25: sausage bulls. $3 25 down: plain stockers. $4 down Cahes— Receipts 300: fullv steadv; better grades. $4 50'i5: medium and lewer grades. $4 down. Hogs—Receipts. 1 OOO: 15c lower on best finished hogs more discrimination against unfinished crasser? 185-300 !b$ $4 85 300 lbs up. $4 45. 140-185 Ibs. $3 90: 140 lbs. down. $2 20: sows $3 35 stags. $2 30 Sheep— Receipts. 2 500 fullv steadv. bulk better truck lambs. $7 75 to mostlv $8 choice lone haul and overnight kinds mostlv $8 25 few stnetlv choice higher bucks, mainlv 86 75'iT: light immature lambs. 5s 50 down fat ewes. $1 :2: bulk better stock ewes. $6 7 Receipts Wednesday— Cattle 111 calves. 263. hogs 13(4 and sheep 3 397 Shipments Wednesday—Cattle none; calves. 105: hogs. 515. and sheep J. 167 INDIANA PLANT AHEAD OF 1929 PRODUCTION Boom Period Schedules Exceeded by Belden Company. By T ailed Prm WASHINGTON. July 20—The good old days are back again—for the Belden Manufacturing Company of New Richmond. Ind. C. S. Craigmile. president of the wire manufacturing concern, told the national recovery administration that present production in his New Richmond plant exceeds 1929 levels. Wages, however, are 25 to 30 per cent below the boom period. Craigmiles workers recently got 10 per cent wage increases. Gold crystals, the rarest form of gold, have been placed on exhibit at the Academy of Natural Sciences of Philadelphia.

STOCK SHARES SELL HIGHER IN ACTIVESESSI3N Weakness Again Felt in Wet Group: Mail Orders Up.

Average Stock Prices

Average of thirty industrials for Wednesday high 109 23 low 102 32. last 103 58 oR 5 09: average of twenty rails 58 85 53 08 53 5!- 182 average of twenty ul-liues 38 65 35 88 36 15. off 1 36, average of forty bonds 89 04 oR 03; average of ten first rails 93 51 up .11 average of ten teeond rails 77 60. up 04: average of ten utilities 95 47. oR 14 average of ten industrials 89 57. oR 14 BY ELMER C. WALZER United Press Flnanrial Editor NEW YORK. July 20—Farm equipment and mail order shares were strong in an irregularly higher stock market at the opening today. Trading was active with large blocks appearing on the tickers. Case opened at 90, up 1, and later improved further. International Harvester was at 40%, up %; Deere 6 Cos. 38%, up 2; Sears-Roebuck 42%, up 1%, and Montgomery Ward 26%. up % The wet group met some further selling after the drastic shakeout Wednesday. The first sale of American Commercial Alcohol was at 56%. off 3%; Commercial Solvents. 8.000 shares at 36%, off %: Peerless 6. off \; American Ice 13. off h. and U. S. Industrial Alcohol 70. off %; Liquid Carbonic 39. off 1%. National Distillers met support ana firmed up % to 92. while Standard Brands rose % to 29% on 10.000 share.!. Steel common opened at 62%, off 1% on 1,500 shares. Later It came back to 63. Bethlehem at 41 was off 1%.

Bank Clearings

INDIANAPOLIS STATEMENT —Julv 20 - Clearings $1.556 000 00 Debits 4.854.000 00 TREASURY STATEMENT -Julv 20 - Net baiance for Julv 18 $857 245 255 22 Int Re\ Reels for day 10.397.231.31 Customs rects.. mo. to dale 12.813.752.25 New York Curb ißv Abbott. Hoppin Sr Cos.) —Julv 19Close Close. Alum Cos of Am 83 Lake Sh Mines 44 Am Bev 3% Lone Star Gas. 11% Am Ct P&Lt B 5 Mount Prod . . 6% Am Svan B 13% Natl Bellas Hess 3% Am & For Pwr 11% Niag Hud Pwr 12% Am Gs Sr El . 43 Pan Am Airways 52 Am Sup Pwr . 6’, Parker Rstprf . 63 Ark Ntl Pwr A. 2% Pennroad 4’ Ass Gas A. ... 2 Pioneer Gld Min 13% Atlas Ut Crp . 15% St Regis Paper 6% Can Marconi.. 3% Salt Creek Prod 7% Cent Sts El ... 3% Segal Lock 1 Cities Serv ... 4% Std Oil of Ind 32% Commn Edison 69% Std Oil of Kv.. 18% Cord 13% Stutz 19% Eisler Elec ... 1 % Translux 3 El Bnd fir 8h . 35% Un Founders... 2% Ford of Eng... 6 United Gas ... 5% Ford Mot Can 17% Un Lt ir Pwr A 7% Hudson Bav Mn 11 United Verde . 5 Imperial Oil 14% Woolworth Lmtd 20% Irving Alrchute. 6%Wr Margraves.. 6% Inti Ptrol 18’* Liberty Bonds By l ailed Pre NEW YORK Julv 19—Closing liberty bonds (Decimals represent thirty-seconds.i Lioertv 3%s '32-47( 102 20 Liberty Ist 4%s ■ 32-47* 102. Liberty 4th 4%s 33-38■ 102.27 Treasury 4%s 147-521 110.1 Treasury 4s i44-54> 106 5 Treasury 3%s 146-56' 104.24 Treasury 3%s 43-47• 102 17 Treasury 3%s (41-431 March 102.12 Treasury 3%s 140-431 June 102.13 Treasury 3%s (46-491 100.13 Treasury 3s 151-55* 99.2

Investment Trust Shares

(Bv Abbott, Hoppln fir Cos.) —July fOBid. Ask. American Bank Stocks Corp.. 1.28 1.42 American ir General Sec A.. 5.25 6.00 Basic Industry shares 3.65 .... British Tvpe Inv Tr sh 80 .90 Collateral Trustee shares A . 5.00 5.37 Corporate Trust shares <oldi 2.37 .... Corporate Trust shares tnewi 257 2.64 Cumulative Trust shares .... 450 .... Diversified Trust shares A ... 6.25 Diversified Trust shares B ... 912 9.37 Diversified Trust shares C ... 350 3.60 Dlveisifted Trust shares D ... 5.75 6.00 First Insurance Stock Corp .. 1.71 1.90 First Common Stock Corp .... 1.22 1.25 Fixed Trust Oil shares A .... 925 .... Fixed Trust Oil shares B 4.00 .... Fundamental Trust shares A.. 4.12 .... Fundamental Trust shares 8.. 425 .... Low Priced shares € 62 Mass Inves Trust shares 20 02 21.75 Nation Wide Securities 3.87 North Amer Trust sh 11953. 195 .... North Amer Trust sh 155-561 2.75 295 Selected American shares ... 294 Selected Cumulative shares.. 748 758 Selected Income shares 3 98 4.08 Std Amer Trust shares .. . 325 340 Super Amer Trust shares A . 3.25 Trust Shares of America ... 320 3.30 Trust Std Oil A 5 35 5 50 Trustee Std Oil B 4 80 4.95 U S Electric Lt fir Pwr A .. 16.75 Universal Trust shares 3.00 3.15

Daily Price Index

By T ailed Preen NEW YORK Julv 19—Dun ir Bradstreet’s daily wegihted price Index of thirty basic commodities, compiled for the United Press (1930-1932 Average. 1001 Todav 112.99 Tuesday 113.52 Week ago 110.04 Month age 92 66 Year ago 74.79 1933 High (Julv 181 11352 1933 Low (Jan. 201 67 86 Copyright. 1933. bv Dun A- Bradstreet. Inc.

In the Cotton Markets

CHICAGO —Julv 19— High. Low, Close. January 12 21 11.70 11.75 March 13 40 11 86 11 92 Mav 12 54 12 06 12 10 Julv 11.18 October 11 94 11 36 11.48 December 12 15 11.57 11 69 NEW YORK January 12 13 11 65 11 75 March 12 30 11 79 11 81 Mav 12 44 11 95 12 03 July 11.55 11.14 11.18 October 11 88 11 35 11 48 December 12 09 11 56 11.66 NEW ORLEANS January 12 01 11 73 11.72 March 12 20 12 17 12.17 Mav 11.98 Julv 1108 October II 87 11 30 11 43 December 12 07 11 51 11 64

Bright Spots

Bv I'nited Pri New York. Chicago <fe St. Louis railroad reports June net income of $235 544. against net loss of $504,963 in June. 1932. Motor Products Corporation reports June quarter net profit of $196,333. against net loss of $147,725 in preceding quarter. Corn Products Refining Company reports second quarter net profit of 53.090.117. against 52,042,208 in corresponding 1932 period. Dun dr Bradstreet. Inc., weekly food index rises 5 cents to $2 08. Pennick A: Ford. Ltd . reports second quarter profit of $441,916. against $125,392 in corresponding 1932 period. SEW VORK RAW SI GAR —July 19— High. Low Close January 1.73 i.i l 64 March 1 77 1 6* 1 71 May 1 81 1 71 1.75 July 1 57 1 51 1.51 September 1.61 154 155 December 1.70 1.63 1.63

THE INDIANAPOLIS TIMES '.

INDIANA STOCKS AND BONDS

The following quotations do r.ot reprfaem actual blda or oßenngs. but merely Indicate the approximate market level baxed on buvlr.g and selling inauirles or recent transactions —July 19STOCKS Bid Ask B*lt Rat! fir Stock Yard? com 26 30 Beit Rail fir Stock Yds pfd 6% 45 50 Cent Ind Pwr pfd 7", 13 16 Citizens Gas com 14 17 Citizens Gas Cos pfd 5-7 63 67 Home T fir T Ft Wavne pfd 7% 36 40 Ind fir Mich Elec Cos pfd 7"-.. 69 73 In Gen Service Cos pfd 6%.. 64 68 Ind Hvdro Elec Cos 7% 27 30 Indpls Gas Cos com 40 44 Indpls Pwr fir Li pfd 6% ... 80 64 Indpls Pwr fir Lt Cos pfd 6%T> 69% 73% Indpls Water Cos pfd 5% 88 92 No Ind Pub Serv Cos pfd 5%-“. 37 41 No Ind Pub Serv Cos 6% 38 42 No Ind Pub Serv Cos 70 44 48 Public Serv Cos of Ind pfd 60 15% 18% Public Serv Cos or Ind pfd 70 37% 41% South Ind Gas fir El pfd 60.. 56 60 Terre Haute Elec pfd SO 40 43 BONDS Belt R R fir Stkvds 4s 1939 . 88 92 Citizens Gas Cos 5s 1542 83% 87% Home T fir W 5%s 1955 96% 100% Home T fir T W 6s 1943 98 102 Indpls Gas Cos 5s 1952 75 78 Indpis Rys Inc 5s .'.967 28 31 Indpls Water Cos 4%s 1940... 99 102 Indpls Water Cos 5s 1960 ... 93 97 Indpls Water Cos 5s 1970 92 96 Indpls Water Cos 5%s 1953...100 103 Indpls Water Cos 5%s 1954 ...100 103 Kokomo Wat Works 5s 1958... 75 79 Lafavette Tel Cos 5s 1957 .... 83 87 Muncle Water Works 5s 1939 . 90 94 Richmond Water Works 1957 84 88 Terre Haute Water Wk 5s 1956 85 86 Terre HauU Wat Wk 6s 1949 34 98 Traction Terminal Cos 5s 1957.. 45 49

Chicago Stocks By Abbott. Hoppln fit Cos.

TOTAL SALES 1.58.000 SHARES —July IS— High. Low. Close Abbot Lab 39 Allied Product 17% Asbestos Mfg 4% 4’. 4’, Assoc Telethon-- Util .. % Baxtian-Blessing 11% 10% 10’. Ber.dix Aviation 20% 17% 18% Borg-Warner 19’, 18% 18% Brown Fence Ar Wire B 4 3% 4 Bucvrus-Monlghan Cos 17% 16% 17 Butler Bros 5% 5% 5% Berghoß 16 14% 14% Cent 111 Pub Serv pfd.. 31% 31 31 Cent 111 Securities com i l Cent II! Securities pfd 7% Cent Pub Serv Class A % Cent Pub Util ... ** Cent fir So West 3% 2% 3 ent fir So West ufd 22 20 20 Cent fir So West P L pfd 28 24 24 Chi fir North Western 15V* 13 13% Chi City fir Con Rvs ’* Chicago Corp Com 4H 4 4% Chicago Corp pfd 30 29 29% Chicago Flexible Shaft . . 12% 11% 12 Chicago Yellow Cab 14% 13% 14 Cities Service 4’, 4 4% Club Aluminum ’* ’ % Commonwealth Edison.. 71 68% 69 Consumers *• Continental Steel ?’ Cord Corp 14.% 12% 13 Crane Cos I°% 9% 9’. Crane Cos old 51 50% 51 Curtis Mfg Cos 9 DeMets Inc Pfnce ... 13% Dexter Cos 2% 1 2 Electric Household .... 11% 11 11% Gardner-Denver Cos .... } 2 Godciiaux B 12 10% 10% Goldblatt Bros 24% 24 24 Great Lakes Aircraft.. 1% 1 1 Great Lakes Dredge ... li 18% 16% Greyhound Corn 1 % ' Orlgsbv-Orunow 3% 3% 3% Hall Printing 8% 8 8 Hart-Carter pfd 2 ’ Horir.el tr Cos ,25 24 24 Houdaille-Hershev A. 14 13% 13% Houdaille-Hershev B 5% 5% 5% Iron Fireman 8% 8 8 . Jecerson Elec 13 12 13 Kalamazoo Stove 31% 28% 29 Katz Drug 22 Ken-Rad Tube ir Lamp. 3% 33 Kentucky Ut Jr Cum pfd .. ... 24 Keystone Steel 15 14% 14% Llbbv-McNeil 6% 8% 6% Lion Oil Refining Cos.. . . ... 8 Lvnch Coro 35% 34 34% Marshall Field 17% i6% 16 a McGraxv Electric 5% 4% 4% McQuay-Norrls McWilliam Dredging Cos 14’, 14% 14% Mickeiberry's Food Prod 6V* 6 6 Middle West Utilities.. % % % Midland United Midland Util 7% A pfd 4' Mohawk Rubber ■ Monroe Chemical 3% Muskegon Mo Spec A 8 Nachmann Springfield 8 National Battery 22 National Leather .. .. 2% 2% 2% National Standard . . 21% 21% 21% National Union Radio 1% Noblitt-Sparks Indus In 28 Pines Winterfront 4% 4 4 Prlma Cos 33% 28% 30 Public Service N P 42% 42 42 Quaker Oats pfd 115 Railroad Shares 1% Havtheon V T C 2% 2% 2% Reliance Mfg Cos 17 16% 16% Ryerson ir Son 18% Sears Roebuck 43% 41 41 Standard Dredging Cos .. ... 2% Super Maid S 7 7% Swift fir Cos 23% 21% 21*. Swift International ... 31 28% 28% Thompson J R 11% 11 11 Utah Radio I’* 1% l’i Utility Ac Ind 2% 2% 2’, Utility fir Ind pfd 5% 5% 5% Vortex Cup Cos 9% 8% B’. Vortex Cup Cos A 27 26% 26% Wah! 2% Ward Montgomer? A ... 81 80 80 Western Grocer 19% 18% 18% Wieboldt Stores 12% Williams Oil O Matic. 5 4% 4% Wisconsin Bankshares. 6% 6% 6% Yates Machine 2 Zenith Radio 3% 3% 3%

Produce Markets

Delivered In Indianapolis prices: Hens, heavy breeds over 4% lbs.. 10c: Leghorns, 7c. Broilers: Colored springers. 1% lbs. un. 14c: springers (Leghorni. 1% lbs. up. 11c: barebacks. 7c: cocks and stags. 6c: Leghorn cocks and Leghorn stags. sc. Ducks, large white, full reatnerea and fat. over 4 lbs. 4c: small and colored. 3c. Geese, full feathered and fat. 3c. Young guineas. 20c: old guineas. 15c. Eggs—No. 1 fresh country run eggs. 12c. Each full egg case must weigh 55 lbs. gross; a deduction of 10c per lb. for each lb. under 55 lbs. grass will be made. Butter—No. 1. 28 ft 29c; No. 2 26(fi27c. Butterfat—2lc. Quoted bv the Wadlev Company. BY UNITED PRESS CHICAGO, July 20 Eggs Market, steady, prices unchanged receipts. 9.962 cases extra firsts 15'.i15%c; firsts, 14'a 15c; current receipts 12 ft 13%c. dim*. !l%c Butter -Market, easv, prices unchanged to %c lower; receipts. 15.126 tubs; specials. 25'i/25%c; extras. 24%c: extra firsts, 23%'(i24c; firsts. 22ft 22%c. seconds 20%'021%c; standards. 24%c. PoultryMarket. firm to about steady; receipts. 45 trucks; fowls. 13c; Leghorn broilers. 10% 9 He; Leghorns. 9c; ducks, 7®9c; geese. ®'ft9c: turkeys 10ft 11c; roosters. Bc. broilers. 12ft 18%c Cheese —Twins. 13%ft14c. longhorns. 14%ft14%c. Potatoes On track. 359; arrivals. 96: shipments 337; market, dull Missouri and Kansas sacked cobblers. $2 25ft 2.50: Virginia cobblers, sacked. $3: barrel 55.10: Kentucky sacked cobblers. $2.75. CLEVELAND. July 20.—Butter—Market, firm, extras. 28%c per lb. in tubs; standardsfi 28%c per lb in tubs. Eggs—Market steady; extras. 18c; current receipts, 13%c extra firsts 14c. Poultry—Market, steady; heavy fowl. 13ft 14c; Leghorn fowl. 10® ill;. heav ?„ broilfts. 16 / 18c Leghorn broilers. 10ft 13c: ducks. 7ft 10c; old roosters Bc. Potatoes—Virginia Barrels. United States No. 1. cobblers, $5.25. CINCINNATI. Julv 20—Butter Packing If : No = 3 14 c; butt'Tfat , 23c - Eggs Steadv: cases included: extra firsts. 16%c dozen; seconds. 12 i c: „ nearb ' r ungraded. 14c Live poultry 'Fol,owmg quotations renresent prices for puoltrv in good healthv condition thin ar.d coarse stock sells only at heavy discount i; fowls. 5 lbs and over 11 %c lb 4 lbs and over. ll%c; 3 lbs. and over lie. Leghorns. 3 lbs and over. 8c; roosters. 6c; colored broilers. 1 lb and over. 12c: 1% lbs. and over. 13c: 2 lbs. and over. 15c: colored frvers. 3 lbs. and over 18c: Leghorn broilers. 1 lb. and over ll%c; 1% lbs. and over. ll%c: 2 lbs. and over 12%c: partly feathered. 8c: ducks, under 3 lbs . sell at liberal concessions: white. 4 lbs. and over. sc: under 4 lbs. 4c: colored. 4 lbs and over. 4c: under 4 lbs.. 4c: spring ducks, white 4 lbs. and over 6c: und*r 4 lbs.. 5%c; guineas, old. sc: turkevs. No 1. 10c: No 1. voung Toms, over 15 Ibs . 10c: No. 1. old Toms. 10c.

Marriage Licenses Charles Rav O'Neil. 31. ot 62 Caven street, filling station attendant, and Hattie Stark. 19. of 728 Woodlawr. avenue, housework. Harlan Miller. 22 of 1537 Wilcox street, laborer, and Charlotte Moon. 22 of 1002 South Wzldemere avenue, nurse Harvev Mohr. 51. of 4510 Rockville road. Janitor and Edith Mav Mareison. 44 of 4307 West Jackson street, housework Robert Mark Jones 22 of 5143 Carrollton avenue. aDOrentlce and Marv Frances Barnhart TO. of 5535 WinthroD avenue, housework Eugene L Bess 50. of 549 Cdell street, porter and Catherine Watkins. 20. of 2322 Paris avenue, housework Births Bovs Wilbur and Mane Gibbons. Methodist hospital. Oilie and Edith McKee. 1728 Draper. Paul and Cassie Martin. Methodist hospital LaVerne and Eleanor Bane. Methodist hospital. Dello and Lorraine McWilliams Methodist hospital. Austin and Lora Olliesple Methodist hospital. Giria Leslie and Eleanor Laut. 2658 Napoleon Ward ar.d Frances Mosbaugh. 2925 East Seventeenth Fred and Kathrvn Potter. Methodist hospital. Marvin and Esther Wvrick. Methodist hospital. Deaths Cannie Norman Lewis. 57. 2715 Highland. chronic nephritis. Jimmie Watkins 54. 402 Smith, mitral regurgitation John Hildebrandt. 73. 1033 North Rural, chronic myocarditis Sadie Smith Foster. 49. 3143 Columbia paralysis. • ,

PORKERS DROP 10 TO 20 CENTS AT CITY YARDS Cattle Hold Steady With Vealers Gaining 50 Cents. Hogs moved off to a late start this morning at the yards, buyers and sellers holding different opinions on the market. As finally established the range was 10 to 20 cents under the previous session with most classes off 15 cents. Hogs weighing 160 to 200 pounds sold for $4.60 to $4.65; 200 to 300 pounds, $4 70 to $4.75. some held up to $4.80. Heavier kinds of 300 pounds up brought $4.40 to $4.65; 140 to 160 pounds. $3.90 to $4.15, and 100 to 140 pounds, $3 to $3.65. Packing sows sold for $3.50 to $4.15. Receipts were estimated at 9.500. Holdovers were 432. Steadiness ruled in the cattle market, bulk of steers ranging from $5.25 to $690. Lower grades sold for $5 down. Heifers made the market largely at $5.25 to $5 65. some held above this range Common and medium kinds brought $3.50 to $5; cows. $2.75 to $3.75, with a top of $4. Receipts were 1.000. Vealers were 50 cents higher at $6.50 down. Calf receipts were 600. Lambs sold from 25 to 50 cents higher, ewe and wether bringing S8 to $8.50, with a top of $8 75. Bucks sold for a dollar less. Culls and throwouts brought $4 to $6.50. Receipts were 2.000. Activity was slow in hog trading at Chicago, with asking slightly stronger than Wednesday's average. Few scattered bids were weak to around 10 cents lower than the previous close. The bulk, 200 to 270 pounds, was bid in at $4 65 to $4.70, while best medium weights held at $4 80 and above. Receipts numbered 27.000, including 12,000 direct; holdovers 3.G00. Cattle receipts were 6.000; calves, 2,500; market unchanged. Sheep receipts were estimated at 8.000; market steady.

HOGS July Bulk Top Receipts 13. $4.75ft 4 90 $4 95 8 000 14 4 60ft 4 75 4 75 7 500 15. 4.70 ft 4 85 4 85 2,500 17. 4 80ft 4 95 5 00 6.500 18. 4.80 ft 4 95 5 00 10.000 19. 4.75 ft 4 90 5 00 10.000 20. 4 60ft 4.75 4.80 9 500 Market, lower. (140-1601 Good and choice. $ 390 ft 415 —Light Weights—--1160-180) Good and choice... 460 ilßo-200i Good an dchoice 465 —Medium Weights—-'2oo-2201 Good and choice . 4.70 (220-2501 Good and choice 4.70 ft 4.80 —Heavy Weights—-'2so-2901 Good and choice .. 475 (290-3501 Good and choice.. 4 65ft 4.75 —Packing Sows—(3so down) Good 350 ft 4.15 1350 up> Good 3.25 ft 4.00 (All weights' Medium 3.00 ft 3.50 —Slaughter Pigs—-(loo-130) Good and choice.. 3 OOft 330 CATTLE Receipts. 1.000: market, steadv. (1.050-I.lool—-—and choice $ 5 75ft 7.25 Common and medium 4.25 ft. 5.75 (1.103-1.5001-Good and choice 5 75ft 7 25 Common and medium 4 50ft 5.50 —Heifers—-(sso-750' Good and choice 5 25ft 6.25 Common and medium 3.50 ft 5.25 <750-900' Good and choice 4.50 ft 6 00 Common and medium 325 ft 4.50 —Cows— Good 325 ft 400 Common and medium 2 50ft 3.25 Low cutter and medium 1.50 ft; 2.50 —Bulls (vearlings excluded' Good (beef( 3.00 ft 3.50 Cutter, common and medium.. 2.00 ft 3.00 Y'EALEBS Receipts. 600; market, higher. Good and choice $ 6 00ft 6.50 Medium 4 50ft 6 00 Cull and common 3.00 ft 4.50 —Calves—-(2so-5001 Good and choice 350 ft 500 Common and medium 2 00ft 3.50 —Feeder and Stocker Cattle—-(soo-800 ) Good and choice 4.50 ft 5.75 Common and medium 3.00 ft. 4.50 (800-1.5001-Good and choice 4.50 ft 5.75 Common Hnd medium 3.00 ft 4.50 SHEEP AND I.AMBS Receipts. 7.000; market, higher.: —Lambs. Shorn Basis—(9o lbs. down' good Sr choice $ 7 50ft 8.75 190 lbs. down' com. and mod. 4.50 ft 750 —Ewes— Good and choice 2 00ft 3 00 Common and medium I.ooft 2 00

Other Livestock BY I’XITED PRESS CHICAGO. July 20—Hors-Receipts. 27.000 incUidinu 12.000 direct; slow. steady to 10c lower than Wednesday: 200-290 lbs.. $4 654/4.75: top. $4 75; 300-350 lbs.. $4 50// 4 65; 140-190 lbs . $4-5 4 70; pigs. $3 254/ 3 65. packing sows. $3,804/4.20; light lights. 140-160 lbs . good and choice. $3 85414 40; lightweights. 160 200 lbs good and choice. $4 25 '/4 i0; medium weights. 200-250 lbs., good and choice. S4.BS<V/ 4.75. heavyweights. 250-350 lbs. good and choice. $4,454/4.70; packing sows, 275-550 lbs., good and choice. $3 60'o 4 25. slaughter pigs. 100-180 lbs gool and choice. $3 254/3 85. Cattle—Receipts. 6000; calves. 2.500. most killing classes active. Arm to higher, all tn'erests in trade: light heifers and mixed yearlings 154/25c up; mostly $5.50 /7: trade on steers and vearlings with best weighty steers. $7.50. long yearlings. $7 40; load or so steers with weight held above $7 50: bulls. $3 50 down; venlers. 254/50c higher at $64/7 mostly $5 504/6 50: steers. 550-900 lbs . good and choice. $5,754/7 40: 900-1,100 lbs , good and choice. $5 75''/ 7 50; 1.100-1.300 lbs . good and choice. $5 754/ 7.75: 1.300-1 500 lbs., good and choice. $5.75 417 75 50-1.300 lbs common and medium. $3 504/6; heifers. 550-750 lbs., good and choice. $5 254/6 25: common and medium. $3 254/5 25; cows. good. $3 50 '/ 4 50; common and medium $2 504/ 3 50: low cutter and cutter cows. $1 754/2 50: buils. yearlings excluded good. $3 25 '/ 4; cut’er. common and medium. $2 50'-/3 50: vealers. good and choice. $6 •/ 7: medium. $5 254/6; cull and common. $3,754/ 5 25: stocker and feeder cattle, s’eers. SOO-i.oso lbs . good and choice. $4 504/6; common and medium. $33 4.50. Sheep- Rereipts. 8 000 lambs and yearlings opening 254/50c higher in nc’ive market; advancing In keen competition: good to choice natives. $7 25 4/8.50; choice lambs held above $8 85 slaughter sheep and iambs lambs 90 lbs down, good and choice. $7 25 / 8 85; common and medium. S4 504/7 50; 98-110 lbs good and choice. $64/7; ewes. 90-150 lbs. geed and choice. $1,254! 3: all weights, common and medium sl4/1.75. PITTSBURGH. July 20—Cattle—Re--25: market, staedy Hogs—Receipts. 1.000 market slow. 20'-/ 25c lower; prime 240-300 lbs.. $5 /5.15: heavy mixed, 2^ 0 ‘240 lbs. $5,154/5 25; mediums. 180-216 15*. *S 154/5.25; heavy Yorkers. $54/5 15. Yorkers. 120-145 lbs.. $4 254/ 4 50: lbs - $3 504/4. roughs. $3 50 / 4. Sheep and lambs—Receipts. 1.300: maraettve: lambs, good to choice. 90 lbs. down SB4/8.25; medium. 90 lbs 5® 504/ 72; medium. 91 ibs up. $5 50 06 50 Sheep—Wethers, prime. $2 60S 2 i5; fair to good. $2412.25: ewes medium to choice. $147 1.25. Calves—Receipts. 150: market, steady; vealers. good $6416 50: few at si; medium. $5 504/6; heavy and thin. s4 y 4 50. EAST BUFFALO. Julv 20.—Hogs—On sa.e, 900: mostly 104) lc lower active at 5. ecllr^; .^ 00 -’ 25<) :b5 • $5 10 / 5 30; 170-200 lbs . $5 .04/5 15: under 160 lbs., downward from $4 <5 Cat'le—Receipts. 150: mostly cows, steady fat cows. $3 75 ./ 4 cutter and £wer cutter largely $1,754/ 2 50. CalvesReceipts. 150; fairly active, generally steady good to choice. $6 50 /7; medium. '*6 50; cull and common. $435.50 Sheep —Receipts, 400: active, steady; good to choice ewes and wethers. $8 504,8 75: medium and bucks. $6 50417.50: good to choice ewes. $1.50^2.50. o/JT LBVE ?' ANT) Julv 20—Cattle—Receipts. 200. market steady with demand light: dry fed yearlings. 800 iba up. $6.'a7.50 choice to prime yearling heifers. $5 25 ■: 6 prime yearling bulls. $4 04/5: prime butcher cows. $3 ~3 50 Calves—Receipts. 400; marJ? 5 '*? t *'l* * n *l steady; choice to prime at $6 50 // / 50 and other grades at Wednes- *. P r i c ** . Sheep—Receipts. 600: ir.arekt steady: choice springers selling at $8 iS?Li h . otc *w *2 50413 25: choice sp.ing .ambs. s,so'-/8. others unchanged Hogs—Receipts 1.400 hewvv receipts m western markets and sharp break in grain prices are held responsible for decline in hog marxet of 15 a 25c; thin and unfinished weights quoted at $4 75: ail sold earlv s? ** s - *2 254/2 50: roughs. 3 Vft. *2 504/3 75: thit: hogs 150 lbs. up. $4 75. TOLEDO. July 20.—Hogs- Receipts 250 market. 104i15c lower; heavy vorkers $4 754/ 4 80; mixed and bulk of sales, $4 75 64 80; medium and heavies *43 480 roughs. $3 6 3 50. Cattle—Rereipts. light market, strong Calves—Receipts. light; market atrong Sheep and iambs—Receipts. light; market, strong. LAFAYETTE. July 20—Hogs—Market. 10 620 c lower. 200-300 '.ba. 14 554x4.60 300325 lbs $4 50: 170-200 iba.. $4 40 6 4 50: 140-170 ib., $3 606 4; 100-140 Iba., $2 70S 3 30. roughs. $3 75 down; top calves. $5 50. top lambs. 87£7Ji.

Today and Tomorrow World Agreements Must Wait Results of Domestic Evolutions in Britain, France and U. S. BY WALTER LIFPMANN

LONDON. July 20.—Failure of the London conference has created the impression that the world has become too nationalist to make international agreements. The conclusion easily can be pressed so far as to be quite misleading. For. as we begin to see the events of the last few weeks in perspective to appreciate their significance, we shall find. I think, that to ascribe the immediate outcome in London to 'economic nationalism" is much too simple a diagnosis. It must be assumed, of course, that nations will make international agreements only when

they see in them a national benefit. The kind of internationalism which requires one people to make sacrifices solely for the benefit of another never has been practiced by any government except, perhaps, incidentally and in relatively small matters. Internationalism, to be possible in the world we live in. must be an exchange or a pooling of advantages in which all parties believe they will profit either immediately or. when they are wise, in the long run. ana REMEMBERING this, have we any reason to assume that because the principal nations could not make agreements in June. 1933, that they never again are going to find advantages in making them? The elemental conflicts which developed at London showed clearly, it seems to me. that the confer-

ence got nowhere primarily because it was called together at the worst possible moment imaginable. The three chief parties were the British, the French, and ourselves. When they met in London, what was their position at home? We were and are in tho midst of a gigantic financial and economic

movement only partially completed, and just what the state of affairs will be when it is completed no one in the world knows. No one knows what will be the level of our prices and wages, of our agricultural and industrial costs, and. therefore, no one can at the moment estimate the meaning of a tariff arrangement or of a monetary plan. We could not negotiate internationally because our affairs were moving so rapidly that we did not dare to define our national purposes. ana THE position of France and the continental gold countries was inherently no less unstable. These countries are clinging to the gold parities. But every informed statesman in Europe knows that the continental gold crisis is still to come. It would be rash to prophesy as to whether these countries can stay with gold, but it is certain that the crucial test of their ability to do it has not yet been met. Opinions differ as to the outcome. They are unanimous in recognizing that not later than the autumn the French will either have to balance their very much unbalanced budget or leave the free gold standard. With such a crisis impending. France and the nations which follow her found themselves no more ready than we were to define a long term international policy. The position of Great Britain reflected all the uncertainties and conflicts of all the various schools of thought. As between the city of London and industrial Britain, as between British manufacturing interests and the raw material producers of Canada and the other dominions, there was and is as sharp a divergence of view as between, let us say. Secretary Hull and Senator Couzens. The net result was a deadlock in British policy, which means in practice that the British government dare not commit itself to any positive policy. a a a THE moral to be drawn, it seems to me, is that the moment for international agreements will not and can not come until the evolution of domestic affairs in these three countries has run its course. When it has. as, of course, it must, international monetary and trading arrangements will be possible and will again seem necessary. Until the evolution is completed any international proposal must fail, because no one of the parties really knows where he is and what he wants.

To recognize all this is a very different matter from concluding that nations never will desire an international monetary system and a development of international trade. It no doubt is true that in all countries there is a strong tendency to seek economic and social security through measures of national sufficiency. But no matter how far this tendency is carried, it can not be carried to a point where international relations are abolished. There will be buying and selling across the frontiers, and so the most nationalist states will be making international bargains. That they were not able to strike bargains in June. 1933. is no proof whatever that they will not wish and need to strike them in the relatively near future. (Copyright. 1933'

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Lippmann

IRON MINES TO GET BIS BOOST U. S. Steel Corporation Orders 3.000.000 Tons of Ore From North. Ry T’nilrri Prrtt NEW YORK. July 20 —Tlie United States Steel Corporation has ordered an immediate shipment of 3.000.000 tons of iron ore from Its northern mines, the company reported today. This action will place into immediate service twenty-seven additional ore vessels on the Great Lakes and will result in a corresponding incr-’ase in all mining and transportation activities at the company's plants. The step is expected to Increase employment in several steel districts, the Steel Corporation said.

The City in Brief

FRIDAY EVENTS Exchange Club, luncheon. Waahington. Optimist Club, luncheon. Columbia Club. Sahara Grotto, lunrheon. Grotto Club. Reaerve Officer*' Association, lunrheon, Board of Trade. Phi Delta Theta, lunrheon. Columbia Club. Delta Tau Delta, luncheon. Columbia Club. Kappa Sigma, lunrheon, Washington. Harvard Club, lunrheon. Lincoln. Joseph Burks of 938 West Vermont street, was arrested on a vagrancy charge after a chase near the Mausner brewery at Agnes and New York streets Wednesday. According to police. Burks and another man. who fled, were prowling around the brewery. Indianapolis Institute of Optometry will hold its monthly dinner meeting at 8 tonight at Kernel's lake. Service Post No. 128. American Legion, will hold its annual picnic Sunday in Arnett's grove north of McCordsville, on Fall creek. Bov Scout troops from McCordsville and Oaklandon will attend. Nonnan Hinds heads the committee. Suit for Sift.9oo damages was filed against the city in superior court 5 Wednesday by Alfred Mann, 1811 Carrollton avenue, who charges he was injured seriously when an automobile he was driving struck an unlighted barricade on the safety zone at Cruse and East Washington street, April 3. Lawn social of St. Mark's English Lutheran church will be held tonight at Prospect and Linden streets. Music will be provided by Tilson's orchestra. Contest to “get the goat” of Earl Mush rush, manager of the dance hall at Riverside park will be held tonight ar.d the winner will get a real, live goat, which Mushrush purchased at the stockyards. Struck by a rock thrown by a playfhate, William Elliott Jr.. 7, of 3312 East New York street, was given first aid by police for a scalp laceration.

PAGE 15

WHEAT STAGES RALLY AFTER EARLY SELLING Bullish Influences Ignored at Start: Securties at Upturn. BY HAROLD E. RAIWILLE I nitfd Ptfi Staff ( orrei>nnd?nt CHICAGO. July 20 Grain* opened >ts on the Board of Trade today under a Hood of overnight selling orders and distress selling. Wheat cascaded down another to 2 rents, while rye was 3 to 5 cents lower, corn % to 2 cents lower and oats unchanged to 1 % cents lower. Following the disposal of early bunched offerings wheat strengthened and by the end of the first hour prices of the major cereal were ftactions to a cent higher than the previous close A firmer trend in stocks aided the upturn. Strong Cables Ignored Stocks were irregular early with some further declines. The strength at Liverpool was ignored and other bullish influences, lack of rains and crop reports, were disregarded at the start Provisions followed grains downward The general opinion of gram brokers before the session opened was that Wednesday's reaction, while more severe than anticipated, was long ot %due. The Boaru issued a sttaement attributing the debacle to the break in alcohol stocks at New York which frightened grain holders into dumping. led by eastern Interests who have been the largest operators in the past month or more. Com News Bullish Livepool was about 3'i cents lower today compared with the 6 to 10 cents to be exported from Wednesday's action in North America. Corn was freely sold Wednesday and while the lack of ram sustained prices early, the close was equally heavy with wheat. News was bullish but had little effect The cash situation is depiersing and'storage needs are becoming acute. Oats followed the other grains Wednesday and lacks Independent incentive Barley still is under the limit of 5 cents imposed by the directors. Rye readily responds to action in the other pits, siting new highs Wednesday before breaking 13 cents.

Chicago Primary Receipts —July 19— ' Week i Wheat 2 T l 31V000 S' 0 ™ 2.689.000 2,716.000 ° ats 780 000 674.000 Chicago Futures Range WHEAT— ~ JUIV Prev . . High Low 11 00 Close’ September ... I.oß>. 103 . 1 07*. 1 06‘, December ... 1 IP* 107 1 n i ng'J Mav 1.15't 111 l i/jj. !it * ! CORN— 1,4 113 September ... .66’, 63’* 66’. OS'. December ... 7', 68' j 71*, 70'* May 77' j .74 .77'' 76*4 | OATS— * ! Sentember ... 42'. .39’* 42 4i, i D RYE^ r *** 45 ■ 42 '* 42 ‘‘ 4<3 * 1 September .. .90'* 89 90"* 92'* . December ... .96’* .94 96'. 99' ! i BARLEY—i September 75’* .80’* I December .. .80’* 80 .80’* 85'* BELLIES— I September .. 860 8 10 8 10 870 October .... 890 835 850 300 CHICAGO CASH GRAIN Ro United l‘r< mu CHICAGO. July 19 Cash grain close: | Wheat No 2 red $1 11./ 1 12: No 1 hard. sl.ll**4/1.13'* . No 2 hard $1 106 I.l2'st ■ No. 3 hard. $1,114/11'.,; No. 2 dark hard. ’>l 10/./ l.ii: No. l mixed, si or jfo i ! mixed. sloß'.'. Corn No. 2 mixed. fil ! ,4 ! 62'c: No. 3 mixed 61'.c N' 1 yellow.. 61**4/63'. c: No. 2 yellow. 61' ,1/ 63 >.c; ' No. 3 yellow. 60’ .4/ 62' *c; No. 4 vellow 60-/> i 61'c: No. 6 vellow, 57'</58'.c. No. 1 white, . 63'.c; No 2 white. 63 /64',c. No. 6 white. 57c: sample grade. 464/54'aC Oat* No 2 white 43**4/ 44’*c; No 3 white 42* 1 4/4c; No 4 white 4142 c Rye No sales. Bariev 60 ■/ 82c. Timothy $4 /4 25 Clover —s96 12. • Torino cash grain Ho United Print | TOLEDO Julv 19.—Cash grain close: Oram in elevators transit billing Wheat |—No 2 red $1 03**4/ 1 04‘,; No 1 red. 1 ito 2 c- nts premlurr. Corn No 2 vellow. 64' /'/ 65’ *c. Oats No 2 white. 453 46c. Rve No 2. 92-/93C. Track prices 28'jO Irate Wheat No. 1 red. 984/99'ic; No 2 red 974/98c, Corn No 2 vellow 604/ ! 61r No 3 vellow 59 •/60c Oa’- Vo 2 while 42''/43'iC; No 3 white 41';3 43r. Toledo seed close Clover Cash. $8 October. $8 504/ R 75 Ala Ike -Cash $8 8 75; August. $8 504/9 Toledo produce close; Butter Fancy creamery. 29r Egg' Exj tras. 14/15c. Hav Timothy per cwt . 70c. ST. LOUIS C ASH GRAIN Ru United Prenn ’ ST LOUIS. Julv 19 Cash grain Wheat —ln fair demand 4' ''/12'.r ower on red and hard grader. #4/11' *e lover: Ne. 1 red. $1 11 No 2 red $1 114/1 It". N) 3 red $1 03','/ 1 120 No 4 red $lO6 Mo. | 2 hard $lO4 Corn-In slow i/mand. 14< :4c lower. No 2 white, 59',- Oats In | slow demand, lc lower. No 3 white. 44'*c; < no other sales

Indianapolis Cash Grain

—Julv 19— The bids for car lots of grain at th* call of the Indianapolis Board of Trade, fob shipping point. bais 41'j New York rate* were Whea' Weak No 1 red os-;, 96c; No 2 red. 944/95c. No 2 hard 954/96c Corn- Weak. No 2 w hite. M'/CtSS’-,e; No 3 while. 53'.-'■/54'.-e: No 2 vellow 52', 4/53'aC: No 3 vellow 51','./52 \r %•„ i mixed. 51',3 52',/C. No 3 mixed. 50**4 * 5U iC Oats- Weak No 2 white. 376 38c No. 3 white. 364/ 37c Wheat- No 1 red. 42 cars No 2 red. 16 ears; No 4 red. 1 car No 1 hard. 7 car' No 2 hard. 4 cars No 3 hard. I car No 1 mixed. 7 car No 2 mixed. 8 cars, sample 1 car. total. ,86 cars Corn—No 1 white, 2 cars: No 2 white. 3 cars: No 4 white. 3 cars No 1 vellow, 1 car: No 2 yellow 39 cars: No. 3 yellow. 8 cars No 4 vellow. 1 car No 5 vellow. 1 car. No. 6 vellow. 1 car. sample vellow. 2 cars; No 3 mixed. 1 car total 62 cars. Oats- No 2 white. 6 cars. No 3 vellow, 11 cars. No 4 white, 3 cars, total 20 car*. INDIANAPOLIS WAGON WTIFAT City grain elevators are paving 90 cen 1 * for No 2 soft red wheat. Other grade* on their merits CHICAGO FRUIT MARKET Rii Unit• <1 Prenn CHICAGO Julv 20 Fruit and vege-abla quotations Apples—lllinois Transparent* and Duchess bushel. 75c4/ sl. Raspberries Michigan red' $1254/150 black- tl / 125 Chrrle*-Michigan sour. $l/125: •wee* $1 254/ 165 Bl')eherrie> Michigan. $2 254/2 50 Le'-uce Westerns $3-/ 3 25. Spinach ■ Illinois 75c'/1.10 Cucumbers Illinois. 404/60c Cabbage Illinois. $125 4/175 Siring bean' -Illinois and Michigan. 75c /$1 Celery Michigan, 504/65c. Cauliflower $1 754/ 185 Toma'oet Illinois lug- P 6 125 flats. 75c4/$i io Peaches-- Illinois. $1 254) 135 Csmaloupes 150 flats 50 4/ 75c. Onion Marke* California Yellows, bushel. $13125: lowa Yellow* bushel. 856 3*l. NEW YORK COFFEE Fi ll RES —Julv 19— RIO High. Low. Close. January 7 45 6 80 6 80 March 7 70 6 91 6 9* May 7 70 6 98 7 05 July .! 6 90 6 25 6 25 Septembre 7 12 ► 40 6 49 December 7 50 f 75 6 75 SANTOS March 9 68 9 00 9 00 May 9 80 9 05 9 09 July 8 25 September 9 11 8 50 8 52 December . . .. 9 55 * 80 8 80

U. S. Government Bonds Indiana Municipal Bonds Federal Land Bank Bonds T. P. BURKE & CO. Incorporated SIITE 217-274 CIRCLE TOWER I’M ONE Riley MM