Indianapolis Times, Volume 45, Number 64, Indianapolis, Marion County, 25 July 1933 — Page 11

JULY 25, 1033

W all Street Stock Market Break Not an Indication of Weakness in National Business Recovery Program BY RALPH HENDERSHOT Time* Sprsial Financial Wrt.r

The impression may get about that the break in the stock 1 ek tit '• a reflect! of Wall Streets attitude toward President Roaseveit . new deal" legislation. Such Is not the case. Th<- recov'-ry program not being discussed in the financial district at all in connection with the slump in values. Wall Street merely washing its own linen. It had seen fit to speculate excessively, *nd it paid the price From all indications. Washin.;: on had as little to do with the market break as Wall Street had

with the business legislation which has been enacted in 1 Mart h 4 Cntii tens had passed back and forth between tnc two cities, and Wall Street had attempted to make capital out of Washington's recovery efforts, bir a .de from that, each appeared to let the other severely alone. There :s every reason to believe that Wall Street bankers were responsible for the break initially. They refused to make loans on the alcohol stocks based on their hign spots When brokers were obliged to ask for higher margins and explained why the inference was very obvious that the best authorities on values in the Street thought these stocks were selling too high. a a a Many Stop-Loss Orders in Market A large portion of the capital stocks of the alcohol companies > is held by speculators when the crash came Many of these speculators had placed stople. orders below the market to protect their profits in hi event of a reaction. These stop-loss orders

Italph llendershot

became market orders automatically when prices dropped to their levels. With uch a situation it. was not surprising that a rout developed on the first -igns of real weakness. Speculation had become quite heavy In the general market, too. and r was more or less to be expected that holders of those shares should become nervous when the alcohol issues began to break. The rush of frightened hold rs to dispose of their shares was enough in itself to carry the market down to current levels. a a a Business Outlook Good But trade returns indicate very definitely that the "new deal” business legislation is taking hold much better than had been anticipated. Corporate officials have been hesitant about raising wages of employes, but this has been primarily to their inability at the same time to raise prices. The new blanket code is not immediately conducive to larger corporate profit.-., but in thr long run it should work to the advantage of all if it results in greater employment at higher wages. The new code would seem to have one important weakness, however. It puts the issue more or less up to consumers in that it requests them to buy only from concerns which have accepted the President’s proposal for shorter hours and a minimum wage scale. The public paid little attention to the "buy now" campaigns which were conducted several months ago, and it is likely to continue to where it can get what it regards as the best values irrespective of whether or not the seller has accepted the code The proposal is but a temporary arrangement, however, and the forced adoption of codes of business practice appears to be going ahead as rapidly as possible.

New York Stocks — 1 “ (By Abbott. Hot/Din & Cos.) 1

—July 25 1 P M. Prcv. Oils— High Low E I) T Close. Mid tout Pet . . 12'. 12% 1212'* AM Klk . . 25 % 25'* Hurn.sduil 9% 8% 9% 8% Consol Oil 12' 12 12% 11% Com of I>*l ... 15' a ... Houiti n new ■ . . . s', 5% Houston toldi ... 27% 27% Mid torn Pet 12’* 12 % 12 N 12% Ohio oil . 13*4 13 1 j Pit Com ... IP* 10‘s Phillip Pi t 14% 14*. 14', 13 >4 P ir • OH . . . 9% 9 Slid 0:1 23% 23’. SI ell Unkm . . 9 8% 9 8% Simms P t .. B*4 8' i S.-.el!i • Oil .. . 7 Soi Vat 12M 12% 12’ a 12% S O id C 1 . .. ... 35'n S O id Kan . 21'a 5 O : N J 36'4 3ti14 36% 35% Sou Oil .... ... ... 44 Texa:> Corp .... ... ... 23% Ttd*- t iter Assn . .. ... 8% <’4 Un OH of Cal . .. .. 20% 20 Am'h'oU Mills 20% 20 It Steel . 38‘4 38 38’* 37 •% liver A M . 32’4 29*4 C ... K-,,] <v i ron ijij 11*4 11 -■ 10% Cru. Steel ... ... 26 Guilt Sis Steel . . ... 30 1 .uiun. S’eel . 15 Mt’K' e , ott Till . 86 84 V. . ,-iieei 45'4 44*4 43’4 44*4 Hi. h.. 32 Steel 18% 18% IB'a 17% I & Srnelt 78% 77% 78% 79*4 Vi,;,. O 26*4 26% 26 V 24% Miul.l.id 13 12% 13 11% II S Pipe ,v Fdv 16% 10 % *6% la VSs' el 55*. 54 * 55% 54% U S Steel pfd 97 116*4 Younvstn SA: T 27% 26% Vi 1 ,2 ti-% Rail,— A: chi. n . 64 63% 64 62% Ati t t Line ... . 47 46% B .v b 20 29 Can Pat 17% 17% 17 % 16% Ch At Ohio . . 42% Chi .v Gt \V 5% 5% a% a C M V St 1* 10% 10 4 10% 9% C M St P pld 15% 15% l’% 12% Chi N W . .. 11% e l.i 1.-l ... • 4 7 ’ 1 6% De.a .V Hud . . 76 “a 1 , 16 *5% Eue . . .. 32 22 On Northern 27% 27 2i% 26% 11! Cental 46% 46% 76% 46-% K C Sou . . 19% Lou .V Nasii .'B% 57 a8 , 56% If K V r 13% 13 13 12% Mo Pi ! J 4 Mo I'.. lid ... 10% •% 10% 9% N V Cent 44% 44% 74% 43% N Y Clu A- Si L 21 20% NY C .V Si L |il 26 .N Y New Have;: 27 .7 27% N Y On! A West 10% 10% 10% 10 4 No. li'i:. A Wes. . 160 Nor PuC .26*4 26% 26% 2>% pun. ii H . 36 35% 35% 3a 4jj % Sou ltR 28 27 4 27% 27*, Union Pac 115 114 114 113% M at a ii . 5% 4% w Maryland 12% 12% 12% 11% Motor*— Auburn ••• •’*% 54% 6 11 rv .er ... . 32% 31-4 Oen Id. tors 2*% 29% 29% 23 Grah.uu Mot . . . 4 3 4 Hudson . • - . 11 Hupp 6% *% % 5% Mack Truck. . .. 3h 3a-4 Nash ■ • I|. Packard 5% 5% 5% 5% Reo 4% 4-2 4% J^S Studebaker <> % 6-, Yellow Tiuct 5% 5% s*, 5% •lolor Access— B* mlix 16 13*4 U. hr. Alum 39 j 38% 39% 38% B.t; Warner 15% Brims 10% 10% 10% 10% Bull Wheel 4% 3% Eutcn Mtg E'.ec Auto Lite 19% 19% 19% 18% Hou.! llershev 5% 4% Muir.:-.' Mfe . . •% ■% Murr .' Both ft 1 ,8% 8 * 8 * Su ' Warner 9% 9% 9% 9 Tim* <- Ro! 28 27%. 27% 27% Wininr — . Anaconda 18% 18% 18% II Cal A- Hecla . .. '% : Cerro lie Pasco 33** 33 33_ 3. a Or hi: . v J• * ** '* Gt Nor Ore 14 13% 14 13 Horn- stak< Mm 230 Kow Sound 23 22 5 , it* %'• 18% Is! Creek Con! . 24 Kcr.oecott Cop 21 20% -°% 20 • Noranda Cor 32%• 32% 32'; 31% i> p.-.,'. ;e 15-’, 75 ' • IS 1 , 15** P t a I*% 15 Tobaccos — ... Ant Sum Teb 20% 19% .0% li% Am Tob A 84 80% Am Tob V 86% 83% Gen Clear 4C% 39% 40% 39% 1 A Mvers B B 9’.% 90 91% 89*, I rrP' rd 22 21% 22 21% R. Tos B 47% 47% 47*, 46% All I' C iiultr.er.' IS 5 , 18% 18% 17% An: Car A- Friv 28% 27' . 27% 26% At" Loco 26 25*j. 26 25% Am Math a Fdv 17% 16% Am S'eel FMv 18 % Bn'c Loco . 12 B irrottsh* 16% 15* Case .1 1 72 71% 71% 69% Cater Tract 23 22% 23 22 Co'.sat Palm Pert 16% C u’. it oleum 20* Fe er Wheeler 16% 15% 16% 15 Oen \tr. Tk Car 34% Oen E’er 25 24 * 25 24% Oen K H Slg 38% 37 Iraso! Rand 55% Int Harvester 36% 35% 36% 35% Ke’.'inator 10 Natl Cash Reg . • 17% 1Proc At Gamble . 41% Pullman Inc 48% Simmons Bed 21 % Cnd Elliot 29*4 29 West Air B 38 27 W much Elec *s’* 44"* 45% 44** Worthing ton P 26% 27% 27% 2* riditir* — Am a For Pwr 13% 13% 13% 13% Am Power .V Lit 14% 14% 14% 13% A TA- r 125 124% 12 1 % 123% Am Wat Wks 31*, 30% 30’. 31 Brook Un Gas 85 Cos! On' A E.ec 22 b 22 22 21% Com A Scu . 4% 4% 4*, 3% Consol Oas 55% 54*4 Elec Pwr A Lit 11 0% 10% 10% E P A- L pfd . 17 lint T A T 16% 16 16 15% L*U GAEA 21 1 .- 20*4 Nat Pwr A Lat 18% 18 North Amer as*, 28% 28 . 26*, P*c O A F 28*4 28% 28%. 27% Pub Serv N J 48*. 46*, So C. 1 Edison 24 23% 24 23% Std Oas 15‘* 15% IS*, 14% Std Oas pfd 16*4 United Corp ... 10% Un Os* Imp 21% 21% 21% 21*, lit Pwr A Lit A S’. s*. 5% 5% Western Union 63% S3 63 62% Rubbers— Firestone 25% 25% 25% 23% Goodrich ..... . 16% 15% Gocdvear ...... 38% 37% 38% 37 U 8 Rubber ... 19 18*. 19 18 U S Rubber pfd 31 % 31% 31% 31 Kel Spring .... 4% 4% 4% 4%

Amuxrmrnts— Crosley Radio .... ... io‘ 9’. Fox Film ... ! 3.; 31* L". s Inc 24>, 23 T . 23'. 24’. Radio Corp . .. 9 B’* 9 8‘• HKO 3'* 37. 3’* Warner Bros ... 6‘* 6 6 5 * Itllills Am .SiiKar 63 62 63’ 61' Armour A .. s’. s•■*5 •■* .4’, S', Beatrice Cream. 20® 20'* 20® 20® Borden Prod 33.'. 32 * Cana Dry G A.e 32® 30 32 29® Cora Cola . . ... 95® Cci.t B.ik A 12’* 12® 12® 4® Corn Pro 76 . Crm of Wheat 30® 30 Gen Foods .... 16® 35 Gold Dust 22® 22’* 22® ... G VV Sugar .. 33® Hershev 57 4 Int Salt ... *O3 Loose Wiles . 37® N. I Biscuit 54® 54® 54® 54® Natl D Prod .22 21', 21 ® 21® Pet Milk . . . ‘ fo*f Purity Bu k 20® 20 .S Porto Rico Sur 38® 38® <8 * 37® Stu Brunos 27 ■ 27® 27® 'M United Fruit 58 55® Ward Bak A ..... ... . 14 Wnpiey .. ... 59 1 4 1 Hr tail Stores— A .so Dry Goods , . 14^ 4 14*. Best A: Cos ... ... ®g 25 Gtmbvl Bros 5. 4-* Gr Ur. Tea . 7® 7 Halm Dent St.* . 6® G® 6’ 6 Jewel Tan Kr. s;e S S 'l4 531, Kr"B ,-; Os c 28® 28® 28® 28® 1 M acv K n c 53'j 53 1 Mav Dept St . . 2.4® Mont Ward 22’* 22® 22’* 22 Pemiv J C 44® 44® 44® 41® | Safeway St 54® 55 ' Sears Roebuck . 36’* 36 36 36 Wcolworth 45® 44® Aviation—--1 Aviation Corn .. 11® n® n* n Douglass Air . 13® 13® 13® 12® ; Curtiss Wright.. 3® 3’* 3® 3® Curtiss W right A .. . .. 5® Nor Am 4v 6’* 6® 6® 6’* United Aircraft 34® 33’* 34® 33® Chemical*— ! Air Reduction 86® Allied them 118® 116® 117® 114® I Am Com Alcohol 45 43 44 42 : Cos! Cnrbor. ... .. 51® Com Solvents. . 33® 33® 3.3® 32® Dupont 72® 72® 72® 71’* Freeport Tex . . . 38® Mould Curb 33’* 32® 33’* 32 Math Alkali 32® 32® rex Gulf Silloh 29 29 t'nio:- Car bld 44’* 441* 44® 44® D S rndu* Alcoh 56® 55 55'. Net Distil .. . 79® 77® 77® 76® Drugs— Cotv Inr .... 6 s'* 5® .. ; Dri’2 Inc . 5C‘ 49', 50 48® ■ -tnbert . 34** 34®. 34® 34® ' Tehn A- Fink ... . . 20® . . Zone ■ Prod . 6’* 6 6 6 Financial— Adams Exp 9’* 9® 9® 9® Allegheny Corp 6® s’* 5® s'. Ch-sn Corp . 41 40® 41 39 • Transamerlca 7® 7 \ 7® 7® Tr Conti Corp . 6’* 6® 6® 6® Building— Am Radiator . 15® 15® 15® 15® ! Gen Asphalt 20® 19® 20 19 Int Cement. . . 32® tohn.s Manvilie 47® 46 46’* 46 Llbbv Owens Gls 29® 28'* tg'. 28 Otis Elev 19® 19® 19® 19’* Ulen Const 4 3® 3® 3® OtUreltaneous— Am Bank Note 23® 21® 23’* 21' • Amer C'an 86 85 85 85' * Anchor Cap 26® 24® 25® 23® Brkh n Man Tr . 33® 32' ■ 33’* 32 * Con - 1 Can 63 61®. 61® 61® , Eastman Kodak. 78® 78® I Owens Bottle 77® 76’* 77 * 75® l-t® MS 14S 14® lOlidden 16® 16® 16S 15 Gotham Silk 12 11® Indus Ravon 67 S3® 67 62 Inter Rapid Tr 71. 71, Real Silk Hose . 13® 13® 13® U’i New York Curb B\ Abbot;. Hopin V Cos - Julv 24 Close Clote 1 Mum Cos of Am 68 Irving Airchute. 5' - Ain Bev 2’* Int! Ptrol .. 16® ' p Ss L B 4 Lake Sh Mines. 43® Am Cvan B 11® Lone Star Gas 9® Am & For Pr 9 Mount Prod 5® Air. Gs A- E'. 37 ® Natl Bellas Hess 3 Am Sup P r 5® N'.ag H - d Pv r 10® Ark Nr: pwr A 3® Pan Am Almya 46S Ass Gas A 1® Parker R. tprf’. 59® Atlas Ut Crp 12’. Pennroad 4® 'x' n 50 Pior. Old Mines 13 Braz Tr 81 Ll . 14 ®St Regis Paper 6 , ran Marconi 2® Salt Creek Prod 6® vent S® E! 2® Std Oil of Ir.d 30®Cries Serv 3® S'd Oil of Kv. 17S ’ Commn Edison 65 Sturz 16 Cord p® Trnnslux 2® Fis. r Elec 1® United Founders 2® El Bnd A - Sh 26'* United Gas 4® Ford M Er.g 5® Un It A- Pwr A 6® Ford Mot Can. 13® United Verde . 4 Hud Bav Min 10® W'rt Hargraves. 7 s * Imperial Oil .. 13 Liberty Bonds Rh f Hi ted f'r.KK NEW YORK Julv 24 - Closing Liberty Bo:. 1> decimals represent thirtv-secondsi 32-47 102 24 liberty Ist 4®s 32-47. ... 101 26 Liberty 4th 4®* 36-38' 102 23 Treasurer 4>*s 47.52> 110 2 Treasury 4s 44-54 106 10 Treasury 3®s 40-56) 104 23 Treasury 3®s 143-47) 102 20 Treasury 3®s 40-43* June 102.13 Treasury 3®s 46-49) ... 100.12 Treasury 3s 'sl-55' 99.1 Other Livestock BV UNITED PRFSS FT WAYNE Juiv 24 —Hogs—Steadv: ' 250-300 lbs $4 85 30f.-2.50 lbs $4.75: .00-250 lb. $4 75. 170-200 Ibs $4 65 150- : 0 lbs $4 2S 140-150 ibs $3 90 130-140 ' I’-S $3 6’ 100-130 lbs $3 20. roughs $3 50 uown stags $2 25 down Calves $6 .ambs *" 25 Cattle—Steadv good and 1 choir- 85 " 5 50: grass sttvra good ar.d *N :re P 350 medium and good *3 •• ’ ' ted heifers, good and choice $4 50 n 5 ■ts ' helf-rs good and choice $4 425 Te-ium aid good $3 /4 common and m-dimr S3 3 50. coos good and choice $2 sft’l 3: medium ar.d c - *: : - ’■ -- rs S’. 7 - -‘"2 - earners $1 ’0 bulls cood and choice S3 "3 25 medium and *<■■■©•* '2 50.; 3 butchers good ar.d light till 3 :o NEW YORK COFFEE FUTURES —July 24 RIO High Low Close .March 626 625 636 Mav 644 632 632 ; Ju’-y 5 69 September 587 580 580 December 615 06 6 06 SANTOS March 850 835 838 May 160 $.42 843 Juiy 7.71 September goo 79 79 1 December a.35 $.23 1.34 i

STEADY BUYING CARRIES STOCK MARKETHIGHER Rise in London Reflected Here: Dollar Holds Firm. Average Stock Prices Average ol thirtv ir.du*trials for Mondav. high 94 75. low 90.63. last 94 23 up .*s_ Average of twenty rails 47 6. 45 16. if 27 UD ~ Average of tventv utilities 32 .5 36 50 32 13 up 2 55. Average of forty bonds 87 59. up IS. Average of ten first rails 93 15 up 30 Average of ten • cond rails 74 87 up 27. Average of ten utilities 94 56 up 20 Average of ten industrials 87 79. up 28 BY ELMER C. WALZF.R United Pres* Staff C orroponilent NEW YORK. July 25 —Stocks advanced at the noon opening on the Stock Exchange today, following a substantial rise in American issues on the London Stock Exchange. Commodities ruled steady, as did the dollar Brokers reported improved sentiment before the opening on the Roosevelt speech urging co-opera-tion of the nation in the national recovery act to speed employment and increase purchasing power. A fair amount of buying orders came into the various houses from all sections of the country. These orders touched off at the outset were bunched into large blocks. Radio opened on 10.000 shares at S'.. up ■ l ,. Railroad issues were higher, as were communications, the latter featured by American Telephone, which rose 14 to 124® on 1,500 shares. Auburn Automobile jumped 3 points to 57’g on 1.000 shares at the expense of a short interest. Industrial Ravon spurted 24 points to 644.

Bank Clearings

INDIANAPOLIS STATEMENT —July 25 Clearings $2,423,000.00 Debits 4.437.000.00 TREASURY STATEMENT —July 25 — Net balance for July 22. 5837 082.506.75 Int Rev Herts for dav 2 310 605 24 Cutsom rects . month to date 16.912.136.61 Daily Price Index By l 11 if I’d Frets • NEW YORK. Julv 24.—Dun A Bradstre fs dailv weich'.ed price index of thirty basic commodities, compiled for the United Press (1930-1932 average. 1001 Today 104.55 Saturday 104.41 Week ago 112.79 Month ago 94.87 Year ago 75.37 1933 high 1 Julv 181 113.52 1933 low 1 Jar. 20- 67.86 (Copyright. 1933 bv Dun A Bradstreet Inc. 1 Investment Trust Shares (By Abbott. Hoppin A Co.l —July 24 Bid. Ask. American Bank Stocks Corp 128 142 Amer A General Sec tA>. 525 6.00 American Invest Tr Shares. 3.65 British Type Inv Tr Sh 80 .90 CoUaterui Trustee Sh 'A' ... 500 5.37 Corporate Trust Sh <old 1 37 .... Corporate Trust Sh (newi . 257 2.64 Cumulative Trust Shares . 450 Diversified Trust Sh iA' . 625 .... Diversified Trust Sh fßi 9 12 9.37 Diversified Tr Shares >C> . 350 360 Diversified Tr Shares iD- 5.75 6.00 First Insurance Stock Corp .1.75 190 First Common Stock Corp 1.22 1.35 Fixed Trust Oil Shares iA' .. 925 Fixed Trust Oil Sh iBl 400 .... Fundamental Trus' Sh (A... 4 12 Fundamental Tr Shares iß> 425 Low Priced Shares 6.62 Mass Intes Trus* Shares... 20.02 21.75 Nation Wide Securities . . 3.87 North Am Trust Sh. ■ 10531 1.95 North Amer Tr Sh r 55-SSV 275 295 Se’ectcd Amer Shares 2 94 Selected Cumulative Shares... 748 7.58 Selected Income Shares 398 408 S’d Amer Tr Shaers 325 340 Super Am Tr Shares Ai 325 Trust Shares of America 320 330 Trustee Std OH ■A 575 550 Trustee Std Oil >B' . ... 480 495 V S Electric Light At Pwr 1A * 16 75 Universal Trust Shares 3.05 3T5 Other Livestock BY UNITED PRESS CHICAOO. Julv 25 Hogs Receipts. 26.non. including 9.090 direct: slew 10 120 c lo ver than Mor.dav; packing sows fullv 25- OfT. 200-290 las . ?4.;4 50 top $4 55-140-130 lbs $3 755.' 445 rugs $3 i 3 50 : most packing sows. $3 60 .1 3.90: smooth ItejM weights up to $4. light lights 140160 lbs good and choice. $3 60s.- 4 35 : light weights. 160-200 lbs., good and choice. s*lo o 4.50. medium weights. 290-250 lbs good and choice. $4 40:4 65; heavyweights. 250-350 lb' . good and choice, S4 25 " 4 50: packing sows. 275-550 lbs. good and choice. 83 40'u4: slaughter pigs. 100 •, 180 Ills good and choice. S3 ■■■ 360 Cattle - Hererpts. 7.000: calves. 2.500 largely a specialty market on fed steers and yearlings: strictly good and choice yearlings and choice medium weights and weighty steers selling about steady at Monday's decline but lover grades all representative weights weak o 23c lower: rarlv top medium weight and light steers. $7.50. choice 1.460 lb averages. $7 10; best light heifers. ,$6 25: realers. 25w 50c lower; other killing classes mostly steady, shipper demand narrow: slaughter cattle and vealers. steers. 550-900 lbs. good and choice. $5 75 u 7 50: 900-!.ion ibs , good and choice. $5 75 ■: 7 50: 1.100-1.300 ltis . coed and choice. $5 75*r 7 50. 1.300-1 500 lbs . good and choice S6 .1 "25 *SO-1.300 lbs., common and medium. S3 25 6: heifers. 550-750 lbs . good and 1 choice. 55 25 :6.25 common and medium. [s3 25:5 25 cows. good. $3.50 a 4.50; comI mon and medium. $2 65 03 50 low cutter and cutter. 51.75'u2 65. bulls. 'Yearlings excluded' good beef $2 35 :4 cutter, common and medium. $2.75'-f3.25: vealers good and choice. $5 50 :6 50. medium. $5 u 5 50: cull ar.d common. $3 75W5 stocker and feeler cattle, steers. 500-1.050 lbs . good and choice. $4.50.9 6: common ar.d medium. S3 .: 450 Sheep—Receipts. 8.000: fat native lambs, strong to mostly 25c higher at $8 •:8 25 sparingly to City butchers at $8 75 or above, few vearilr.es held above S6 rangers absent: sheep weak, slaughter sheep and lambs, lambs. 90 lbs down, good and choice S7>YSSO: common and medium. $4,25%7 25 ewes. 90-150 lbs. good ar.d choice, $1 2Svi3 all weights, common and medium. $1 y 1.75. CLEVELAND. July 25.—Cattle—Receipts. 250. market, slow and steady; prime dryfed yearlings. 800 lbs up. $6 So'n7 25; cows and bulls, unchanged: choice to prime yearling heifers. $5 25 it 6. calves, receipts. 400 ma’kct. steady; choice to prime. $6 50 9 7.50. and other at Monday's prices Sheep-Receipts. 600 market, sneht.y lower due to poor quality of receipts; choice spring lambs bring top of S7 75: choice [wethers. $2 50 93 25 medium to good ! spring lambs. $5 9 6 50; common and cull. 5 down Hogs—Receipts. 1,200: market. ' active but 15c lower on ail hegs. pigs roughs and stags sleadv: heavies. S4 45: choice butchers. 220-250 lbs . c 4 85 choice porkers. 150-180 lbs $4 85. *op and as iow a $4 60; thin and common hogs. 160 ibs up. $4.60. EAST ST LOUIS Julv 25 —Hogs—Receipts. 4.500 including 400 through and direct: market, very slow: opened. 25'u35c lower. Inter bids off more sows 35 9 49c : lower: early sales 170-220 lbs. $4.40 :4 50 1 top. $4 50: extreme heavies $4 10 few’.On lbs rig* $2 50: sows $3 15': 3 50. largely. 83.25<03.40 Cattle—Receipts. 4 500; : calves. 2 200 markev trading slow, steers I ir. fairly liberal supply: early sale* of I Chicago light steers steadv; otherwise ! lower undertone prevailing prospects 25c or mere lower on mixed vearhr.gs and heifers: others classes open about steadv one small lot of steers $7: one load at 56 85 cows $2 S' I '.-3 25; !ow cutters. $l5O :165: sausage bula. *2 50 13 35 good ar.d I choici $6 725 comrror. ar.d mediums $3 50 -6 1 100-1 503 lb choice. $ 50 : 72' good y* :6 5? medium $4 75'9 8 Fh'erv Receip'.s 5 SC-o market opened ,stcadv: desirable lambs to citv butchers. $3 sh-j!! lot nt $8 25 buck lambs $1 less ttirovMtta $3 ‘0 fat ewes. *2 75 down: lambs. 90 lb down good and choice $7 50 iS2S c'urm-R ar.d medium. *3 50 750 y-vrllnc 90-UP !t g-ved ar.d choice $4 25 ; 5 so ,wes oo.vso ;bs good and cbo -e si 50 .-2 "5 all weights, common ar.d rr*d:-im *lw2 Plumbing Permits C A Johnson. 523 Highland drive, two f.\ ire McNabb-Matthew, 828 Rilev three fixtures. R Schrretner. 2301 North Meridian, three ; fixtures O T Totum. 1900 South East, one flx- ! ture. Mason-Schenek. 424 East Twenty-eighth, three fixtures. A. I. Owen 968 Moreland, one fixture 1 A. Bremer. 327 Gladstone, nine fixtures.

THE IXDIANAPOUS TIMES

INDIANA STOCKS AND BONDS

' The following Quotations do not represent actual bids or offering*, but merer. - ; indicate the approximate market level I baaed on buvlr.g and selling lnouirle* or recent transactions. —July 25STOCKS Bid. Ask. ! Beit Rail Ar Stock Yards, com 26 30 ' Belt Rail i: Btoclt Yds Dfd 6 45 50 Cent Ind Pr pfd 7 ® 11 1* 1 Cit.rens Oas com 1* U ! Citizens Gas Cos pfd 5". 63 67 Home TiT Ft Wavne pfd 7 i 36 40 Ind A Mich E.ec Cos pfd . 69 72 In Gen Sorvic- Cos pfd 6®.. 64 68 lad Hvdro Elec Cos 7 "'<• 27 30 Ir.dpls Oas Cos com 40 4 4 Ir.dpls Pr Ar L - pfd 6 0 .. 60 64 No Ind P ;b Sen - Cos pfd 6' 64 68 No Ir.d Pub Serv Cos pfd s®G> 35 39 Indpls Water Cos rfd 5 88 92 No Ir.d Pub Serv Cos pfd 5 - .- 33® 37® Ind Pub Serv Cos 6 35® 39 - * No Ind Pub Serv Cos 7 .. 39’.. 42® Public Serv Cos of Ind pfd ( 7 . 14 17 Public Serv Cos of Ind pfd " , 35 38 South Ir.d aGs A: El pfd 6", . 56 60 Terre Haute Elec pfd 6® 40 43 BONDS Beit R R * Stkvds 4s 1939.. 88 92 Citizens Gas Cos 5s 1942 .... 84 88 Heme T Ac W s®s 1955. 96® 100® Home T Ac T W 6s 1943 98 102 Indpls Gas Cos 5s 1952 76 79 ladpis Rys Inc 5s 1967 28 32 Indpls Water Cos 4®s 1940 .. 98 1 a 100® Indpls Water Cos 5s 1960.... 93 97 Indpls Water Cos 5s 1970.... 92 95 Indpls Wa - er Cos s®s 1953...100 103 Ir.dpls W.ir/*r Cos s®s 1954 ...100 103 Kokomo Wat Workrs 5s 1958 . 78® 82' 2 , Lafayette Tel Cos 5s 1957 .... 83 87 i Muneie Water Works 5.: 1939 . 92 96 Richmond Water Works. 1957. 85 89 Terre Haute Water Wk 5s 1956 83 87 , Terre Haute Wat Wk 'is 1949. 93® 97'* Traction Terminal Cos 5s 1957.. 45 49 Chicago Stocks .. ... gy Abbott. Hoppln Ac Cos. TOTAL SALES. 92,000 SHARES —July 24 High. Low. Close. ' Abbot Lab .. ... 36 : Acme Steel Cos 28 Adams Mfg 10 Assoc Telephone Util .. .. ... ® Batman-Blcsslug . .8 6® 8 Bendix Aviation 15® 14® 15® 1 liorg-Warner 15' a 14 15* a Brown Fence A- W 'B- 3® 3’* 3‘* E L Bruce Cos 20 s * 19 20 Butler Bros 5 4® 5 Borghofl 13'-* IU, 13'a ! Cent 111 Pub Serv pfd 24 ! Cent 111 Securities pfd 7 I Cent Pub Util ® Cent & So West 2® Clit Ac North Western.. 10’* 9>4 10'* Chicago Corp com 3‘* 3 3'* 1 Chicago Corp pfd 35'* 25 25® .Chicago Flexible Shaft.. U’* II 11® : Cities Service 33 3® Club Aluminum ® H ’ i Commonwealth Edison.. 64® 63 64® ' Cord Corp 9® B’* 9* | Crane Cos pfd 44 ; Curtis Mfg Cos 9'* . Electric Household 8® 7 8 : * Godchaux 'B 9 Great Lakes Aircraft ® Great Lakes Dredge .. 14'* 13V* 14* . 1 Greyhound Corp ® A* ’* ! Kamalazoo Stove IT’* 16 171, ; Kellogg Switch, pfd 25 ; Ken-Rad Tube & Lamp .. ... 3 Keystone Steel |j Lindsay Light 2® j Lindsay Nunn Pub 3** : Lion Oil Refining Cos ... 6® 57, 6'* i Loudon Packing . 13 Lynch Corp N 26’* 24® 26® Marshall field ...... U 12® 13® McOraw Electric ....i! . 4 4 Mickelberry's Food Prod 4 3*- 3*. Middle W Ut’l 6 r pfd A .. . ® • Midland United !'l 11* I Midland Uti! 7" A pfd ... 3-* 1 National Batters - -2 I Nat Union Radio I 1* 1 1 Noblitt-Sparks Ind Inc 25 24 25 North American Car 5 [N W Bancorporatlon.. 7'* 6’* 7'* 1 Prima Cos 24’* 22*2 24® Process Corp . 3*, Public Service N P .... 36 35 35 Public Ser - . ice 7 r 7 pfd. 78 Quaker Oats 138 133 137 Railroad Shares ... 1 Rath Packing 20 1 -* 20 20* Reliance Mfg Cos 12'. 11 11'* St L Nat Stk Yds 40 ! Seaboard Util Sh ® Sears Roebuck 341* 34® 34’* Stand Dredg Cos 1® i Stand Dredg Cos pld .... ... 3 IStude Mail ... a, % '* Suner-Maid 4’* 4 4 s . i Swift & Cos IS 18 19 j Swift Internac 23® 234 23’* I Tel B & S (At 2' 2 Thompson JR 10 95* 9’* I Utah Radio . .. ... I'j I Utility & Ind 1® ' Utility Ac Ind pfd 4® 4® 4’* VoVrtex Cup Cos 7* 7® 7'2 ; Wahl l’* i Falgreen Cos com 17 18’ 17 I Ward. Mont (At 69 I Wavne Pump com l' i Yates Machine ... I'* . Zenith Radio 2® In the Cotton Markets —July 24 CHICAGO , High Low Close Januarv 11.05 10 82 11.05 March .. 11.22 10.93 11 22 Mav 11.35 1108 11.22 Julv 10.47 October 10.77 10.42 10.77 December 11 00 10.62 10.97 NEW YORK January 11.00 10 69 11.00 March 11 20 10.90 11.19 Mav 11.30 11 04 11.30 Julv 10 42 10.24 10.32 October 10.73 10.40 10.71 December 10.95 10 60 10.91 NEW ORLEANS j January 10.84 10.68 10 68 March 11.00 10 87 11.00 Mav 11.13 1100 11.13 Julv 10 44 10.08 10.29 October 10.69 10.36 10 63 December 10.87 10 67 10.80 CHICAGO FRUIT MARKET Hi/ l 11 ited Hri kk CHICAGO. July 25—Fruit and vegetable quotation? Apples Michigan transparent*, bushel. 90c4isi 15. duchess, bushel. 81'u $1 50: Illinois red bushel. $1.25 w; 50 Raspberries—Michigan red. 812 s'.i 2. Cherries— Michigan sour. 81 10-11 15: sweet. $ 125A 165. Blackberries Michigan. 81.35 - - 1.50. Blueberries Michigan. s2'" 2.50. Canteloupes—lndiana. $1.25'" 1.50: flats. 50 " 75c. Cauliflower -Illinois. 60'<i85c. Carrots—lllinois. l'g'.i 2'aC. Beets—Hanoi*. 1' .:'•/ 2c. Radishes—lllinois. ’* " lc Lettuce—Westerns. 82 50: Illinois. 10 u 20c Turnips—lllinois. l'.c Spinach Illinois. 75,- Ul. Cucumbers Illinois. 50' / 75c: Micliigan. 81. Cabbage--Illmoi*. 81 50'<2 25. Stnna beans Illinois and Michigan. Si'ul aO. Ce’erv— Michigan. 40 Bsc Corn—lllinois 60c •• 81. Tomatoes -Illinois lugs. 50c - /81.25: Michigan, 75c : 1 Currents- Michigan. 51.754i 225 Gooseberries Michigan. 12 4; 2 25. Onion market California, yellows bu , sl-/1 !0: whites, bu . $2: Indiana and yellows. bu.. 50 (i 90c. w hites. $1.25 ' 1.50.

HORIZONTAL Answer to Previous Puzzle with Henry 1 and 6 Name of ID AV I D bLIJ OP D AN! ~ ? picture. 2 5 Ventilating. 14 Packer. Li A Satiric. 1 1 . 6 ! c u,ure - lAiSgpfaMDS^E 1, Ocean. t"nkMR held. 19 Promts. p.B I JORDAN ASIPE Q si Sesame. 21 Stared. R _____ D 33 White poplar*. 23 Pair (abbr.). noRALBA W IIBIJ ENT" 35 Greek letter. *4 Sun cod P.A VnMS P O I IIPA D Si 37 Suitable. 26 Tunicated. lAC JMITE AN T O EAj 39 Spiteful. 27 Fern root. IM EL P. £> E RTH QQV£ R[ 41 To hark. 29 Lone live. 52 Sorrowful. VERTICAL 43 Speakers 32 Age. 54 Imitation 2 Translated 4 v Cone-shaped 34 Goddens of pearl. (abbr.). ca Ppeace. 57 Southeast 3 Very warm. 49 To acknowt 36 Provided. 5S Like. 4 Common to edge. 35 Kimono sash. 60 Brother of both sexes. 51 Molten rock. 40 90. pictured lady, 5 Cotton fabric. 53 Gift of 42 Brother of famous star. 7 Like. charity, lady in pic- 62 Idiot. 8 Long grass. 54 Units, ture, famed 64 By way of. 9 Beam. 55 I am. for character 66 Legal claim. 10 Giant 56 A great lake, acting. 6S One who II Bone. 59 Thus. 44 Antelope. wires. 12 Corded cloth. 61 Pronoun. 45 Lava. 70 She is one of 13 To merit. 63 Mesh of lac*. 46 To warble. our leading 15 To peruse. 65 Preposition. 47 To secure. ? IS She was 67 Northeast. 50 War flyers. 71 Ether. leading lady 69 Second note. nnn 3—r ~LFTT _T T I" r p ~r Lpixti' 7 _ 40 41 'l4 c 4^ i 1 ! rW" 4 1 " l§n - t>4 b 5 jNSNbfo (J w I tB~ 1 L, LJ 1". J in i 1 b^A

LARGE SUPPLY FORCES SWINE PRICES LOWER

Choice Steers Steady With Others Weak: Sheep Unchanged. Early biddm? was 25 cents lower on hogs at the city yards, with the market late in establishing itself. Indications pointed to a lower range with the range around 54.60 down and as4 65 top. Receipts were estimated at 12.000. Holdoveres were 290. All slaughter classes were slow in the cattle market, largely on account of the liberal supply on hand. Bidding was 15 to 25 cents off on all classes except choice steers. Numerous loads of best steers were here to sell above 56.50 Receipts were 2 200. Vealers were 50 cents lower at $5.50 down. Call receipts were 700. Sheep were steady, the bulk of ewe and wether lambs selling for ST.SO to Sfi Top price was $8.25. Bucks brought a dollar less. Culls and throwouts sold for $3.50 to 36. Receipts were 1.800 Activity was slow in the hog market at Chicago, with a few scattered bids around 10 to 20 cents lower than Monday's average The bulk of good to choice porkers, scaling from 200 to 250 pounds, was bid in at 54.50 to 54.55. Receipts numbered 26.000. including 9.000 direct: holdovers. 5.000. Cattle—receipts were estimated aa 7.000: calves, 2.500: market weak. Sheep—Receipts, were 8.000; market steady. noos July Bulk Top Receipt? 18. $4 8041 4 95 $5 00 10.000 19. 4.750 4 90 5.00 10,000 20. 4.Bo''* 4.75 4 80 9.580 21. 4.75'd 4 90 5 00 5.500 22. 4.70@ 4 85 4 90 4 000 24. 4.7004 85 4 90 9 900 25. 4.45 </ 4 80 4 65 12.000 Market, lower. <l4O-1601 Good and choice ...S 3.75® 4.00 —Light Weights—--1160-180* Good and choice. .. 445 1180-2001 Good and choice ... 4 50 —Medium Weights—--1200-2201 Good and choice.... 455 i2OO-250i Good and choice .. 4 55® 4.65 —Heavy Weights—-'2so-290' Good and choice ... 4.55*7 4.65 '290-3507 Good and choice..., 4.45'" 455 —Packing Sows—•3sfi down' Good 335 400 '350 UP' Good 3 00 *1 3.75 'IOO-130' Good an dcholce ... 2.50'" 3.15 —Slaughter Pigs—-(loo-130) Good and choice 2.50® 3.15 CATTLE Receipts. 2.200; market, steady. (1 050-1.100) Good and choice $ 5 75® 725 Common and medium 4 25® 5.75 (1.100-1,5007 Good and choice 5 75® 72* Common and medium 4.50® 5.50 —Heifers—-(sso-750) Good an i choice 5.25® 6.25 Common and medium 3 50® 5.25 (750-900' Good and choice 4.50® 6.00 Common and medium 3 25® 4.50 —Cows— Good 3.25® 4 00 Common and medium 2 50® 3 25 Low cutter and medium 1.50® 2.50 —Bulls (yearlings excluded' Good ' beef) 3.00® 3.50 Cutter, common and medium.. 2.00® 3.00 VEALERS Receipts, 700; market, lower. Good and chouse 8 5 00® 5 50 Medium 3.506? 5.00 Cull and common 2.00® 3 50 —Calves—-(2so-5007 Good and choice 3 5<7®5 00 Common and medium 2 00® 3.50 —Feeder and Stocker Cattle—-(soo-Rool— —and choice 4.50® 5.75 Common and medium 3.00® 4.50 (800-1.500) Good and choice 4.50® 5.75 Common and medium 3.00# 4.50 SHEEP AND LAMBS Receipts. 1.800; market, steady. —Lambs. Shorn Basis—(9o lbs down) Good & choice.B 7.25® 8.25 (90 lbs. down) Com. and med. 4.00® 7.25 Good and choice 2.00® 3 Os) Common and medium 1.00 u' 2.00 Other Livestock BY UNITED PRESS LAFAYETTE. July 25—Hags—Market, lower. 200-300 lbs , $4.45*/4 50; 170-200 lbs. 54 30® 4.40; 140-170 lbs.. $3 50® 3.90; 100-140 lbs. 82.25® 3.10: roughs. S3 50 down: top calves. $4.50. top lambs. 87 25. FT WAYNE Julv 25.—Hogs— 3bc off: 250-300 lbs . $4.50: 300-350 lbs.. $4 35 200250 tbs. 84 170-200 lbs. 84 30: 160-170 lbs.. 84 10: 150-160 lbs.. $3 90; 1- 0-150 lbs.. $3 60: 130-140 !hs . 83 40. 100-130 lbs. $3 roughs. S3 25; stags. $2 Calves—Receipts, $5 50: lambs. 87.25 Cattle— St"ady. sieers, good and choice. ss'" 5.50; grass steers, good and choice. *3® 3.50; medium and good. 83® 3.50; fed heifers, good and choice. $4 50® 5. grass heifers, good and choice. s4® 4 25; medium and good. s3® 4. common and medium. S3® 3.50; cows good and choice. $2 50'-/3. medium and good. S2'"2 50: cutters. 81.75® 2: earners. Sl® 1 50; bulls, good and choice, S3®3 25 medium and good. 52.5C®3: butchers, good to light. $3®3.50. EAST BUFFALO July 25 —Hogs—On sal. 90*7: (airlv active: mostly 5c lower bulk. 180-200 lbs.. 85.15® 5.35: 160 ibs. down to S4® 4.75. Cattle—Receipts 200. slow: nominally steady; fat cows. $3 25'./ 3 75: cutter and low cutters. 81 50/2 50. < a’.ves—ReceiPis 100. slow, steadv: good to choice. 564 6.50; medium. $5.50® 6: cull and common. $3.50® 5. Sheen—Receipts. 200; holdovers. 3CO. slow, steadv. best ewe wether lamb? held up to 58 75: medium. 1 $7 i 7 50; culls. 86.50 down.

—Todav and Tomorrow—w The Administration Must Make Up Its Mind to Manage the Dollar. BY WALTER LIPPMANN

LAST Weeks decline on the stock market, as measured by the Her-ald-Tribune’s index, erased all New York gains since the lotvs of June 16. This may be more than an interesting coincidence, for it was during the week of June 10 to June 17 that the administration and the delegation in London began to fumble the task of monetary management. It was in that week that the first attempt at stabilization was made and rejected, and following that incident the administration became more and more impatient with proposals for monetary control In rather rapid succession, statements were issued which not only rejected stabillzaiton. but went on to reject with increasing vehemence

all projects for discouraging speculation against the dollar. That this policy of refusing to exercise any monetary - control was the chief cause of the speculation which cracked up last week can scarcely be doubted. Nor can it. I think, be denied that thpso responsible for monetary policy In Washington were the victims of a confusion of mind, having failed to distinguish between immediate stabilization and a de facto return to the gold standard, which were neither practicable nor desirable, and the sober, orderly management of the money, which, for a country oil the gold standaid. is indispensable. bob THE trouble has not been that the administration refused to stabilize, but that its method of rejecting stabilization was not balanced by measures to

control a speculation in the dollar which reflected itself in stocks and commodities. The refusal tc stabilize the dollar became identified in the minds of speculators with a refusal to manage and control the dollar, whereas in a well-conceived policy ihe decision not to stabilize should have carried with it an inrrpn.vrf HptprrvirvYHrkn

to manage and control. While the fundamental cause of the extremely unhealthy speculation has been the indecision and indetermination of the administration monetary policy, an important contributing cause was the excessive efficiency with which American markets are organized to encourage the deep speculative instinct of the American people. Our love of speculation has its roots deep in our history. A nation that has expanded as we have expanded upon the richest natural resources in the world is naturally and inevitably bullish. There is no reason to be astonished that speculation is easier to incite in America than anywhere else in the world. On the whole, speculation for a rise always has seemed to justify itself.’ 808 BUT this instinct to speculate has cost much in the past. In the present, when the economic machinery has become so intricate, speculation is by wty of becoming a dangerous vice. That is the reason it has become necessary to seek out measures to restrain it. It is not easy to devise such measures and even less easy to have the Courage to employ them. But the main facts are perfectly clear. It is altogether too easy to buy on the exchanges and much too easy to borrow in order to buy. The trading mechanism is so efficient that, with the large public participation in the markets, the ordinary man scarcely realizes that he has bought into a property when he telephones his broker to buy some shares or that he has gone into debt when his broker sets up a margin account. Wien to this you add the fact that really understandable information on which to base judgments of value is not available to the ordinary man. so that he really buys blind, on tips, under pressure of salesmen. on superstitious hunches, and under the invisible influence of pools, you arrive at a condition where, to the large public, the stock market is a gambling casino. It is no exaggeration to say that the average small speculator knows less about hLs stocks than the man who bets on horses at a race track. The horse he can at least see. but his stocks are abstract symbols communicated to him on the ticker. B B B IF all that happened on the exchanges were that the lambs were shorn, one might say that gamblers must take their losses. But this form of gambling which we indulge in is far more dangerous than norse racing, or roulette, or poker, or the national lotteries which are common in other countries. Our gambling is inextricably entangled with business and agriculture. and whenever it becomes serious it endangers the whole system by which men earn their living. It is so thoroughly infectious that when the fever is on banking and business and political judgment are I betrayed, as they were on a grand scale in 1928-1929. on a smaller, seal* in the last thirty days. For it might as well be admitted that the same fear of "hurting business" which prevented the Coolidge and Hoover administrations from acting in time has in some considerable measure prevented the! Roosevelt administration from taking contr# BUB THE lesson of this crackup is clear. The administration must make up its mind to manage the dollar. All its other projects are important. but unless there is firm, intelligent management of money they will be insecure and will in the end be defeated. Over and above the recovery which natural forces here end abroad have produced, the great recent advance in the United States has clearly been due to monetary influences. These influences are the central and dynamic port of the movements since April, and nothing else is much worth doing unless these influences are wisely directed. • 'Copvrißht. 1933/ Bright Spots B Unitrd Pres* Union Carbide and Carbon Corporation reports second quarter net income of $2 642 744. compared with $2,254,997 in like 1932 period. Dun & Bradstreet, Inc., reports business failures last week numbered 366. against 636 in like week last year. Missouri Pacific railroad shows June net operating - income of SI 131.857. against 5476.077 in June, 1932. Crosley Raido Corporation reports June quarter net profit of $104,911. nganist net loss of $77 698 in corresponding June quarter of last year. Illinois Central railroad reports June operating income of $2,211,786. against $260,495 in June last year. NEW YORK RAW SUGAR FUTURES . High Low C.ose January 156 147 1.56 M*rcfa 1.60 1.51 160 May 1.66 1.56 1.66 Julv 1.41 140 1.40 September * . 1.47 1.39 1.47 December 1.54 1.46 1.541

* *

Walter Lippman

Produce Markets

Delivered in Indianapolis prices: Hens, heavv breeds over 4*. lbs.. 10c: Leghorns. *c. Broilers: Colored springers ibs. Vi 1 I 2 C springerh Leghorn*. IJ,.l J ,. lbs up. * 1 c. barebacks. Tc: cocks and stags. Cc: Leghorn cocks and Legnorn stags. sc. Duck* large white, fuli xcatnerea and fa: over 4 lbs 4c. small and coiored. 3c. Creese, full feathered and tat. 2c. Young guineas. 20c; old guineas. 15c. Eggs—No 1 rresh country run cites. 12c. Each full egg c # s^A m i ’ lb*, cross: u deduction of 10c per lb for each lb. under 5.4 Ibs. swill he made Butter—No l 26 i 27c ' 25 £. Butterfat—2oc. Quoted bv the Wadlev Company. BV UNITED FRFSS CHICAGO. Julv 25 —E^ps—Market easv prices unchanged to ‘..c lower; receipts.’ .'~V‘ cns< ’ ! ‘- extra firsts, 13>.®13’.c; firsts 1- / / 13'*c. current receip - .., H®ll’.c dirties 9’*c Butter Market steady, prices unchanged to '?c higher, receipts 1. 859 tuba; specials 23®23**c. extra flrs's J®22c; firsts. 20’, /21c. seconds. 19" | 19®c. standards. 22'.c. Poultry Market. steady, receipts 39 trucks, fowls. 10‘. 11' 3 c. Leghorn broilers, ll'.-c; Leghorns., 8'-C. ducks 7'n 10c. geese, 7®9c turkeys 10" lie. roosters. 8c broilers, l! 1 "17‘ac I Cheese Twins. 13 1 * 14c longhorns. 14'. 'l4‘jC Potatoes On track 294. arrivals, 1 46; shipments. 171; market weaker Missouri ar.d Kansas sacked Cobblers. 52 65® 2 75: New Jersey sacked cobblers 83 1(7 / 3 15; Idaho sacked Triumphs, $3 50® 3 S3; ' Maryland and Virginia bbl cobblers. 85 05 CLEVELAND July 25—Butter Market. I firm: extra* 26'.-c. standards. 2'-ie Eggs I —Market, steady, extras. !7c. current receipts. 12c extra firsts. 12' *r Poultry Market, weak, heavy fowl. 13® lie; Leg-! horn fowl. 9"I0c. heavy broilers. 14/ lfc: Leghorn broilers 10 ■/ 12c. roosters old. 8c; ducks. 7'//10c Potatoes—Virginia United States No 1. Cobblers $5 15 t 5 25 barrel: ?3 per inO-lb . sack New Jersey - : 83.10® 3. IS per 100 lb sack NEW YORK Julv 25 Potatoes—Dull; Lor.- Island. 82" 3.50 barrel New Jersey. S3 aft® 4 barrel; southern. $2 " 3,75 barrel Sweet potatoes" Quiet; Jersey baskets. $1 25® 2 50; southern basket... 95c® >2 75 Flour—Quiet; springs, patents. 86 80'" 7 s irk Pork- -Firmer; mess. S2O barrel. Lnrd j Dull: middle west *po’ $5 Ro® 590 100) ibs. Petroleum- Firm; New York refined. 17c: crude Pennsylvania. 81 32"! 85 barrel i Grease-Steadv; brown 3V,3’.c lb vel- i low 3’.®3’*( - lb white. 3’ti4'jc lb Tallow- Weak, special to extra. 3V" 4c lb. I Common hides—Dull: city packer firm native steer*. 15c hi; -- brands. I4‘*c: Colorado.-, tic Dressed poultry—Steadv "' ke' . 13 •< 30c: chickens 9® 25c: broilers, 13® 20c. fowls. 10® 17c Long Island ducks. 20 "25c Live poultry Dull, geese 0® 8c: turkeys. lOilSc. roosters lOr jisicks. 7 line; fowls. 9® 13c. broilers 10" 21c Cheese Firm: state whole milk, fanev 20"21'jC: young America-. 15'* / 18' -c. Butter—Receipts. 20 926 packages 1 inarice' firmer creamerv higher than cxi ra- 23’,"2) ! .c ex'ra. 92 score. 23'jr firsts. 90-'M score. 22V"23’.c first gg-ao score 22 " 22'jc: seconds. 21'. /21’*r Kegs —Receipts. 32.252 case*, market Iriegulnr. ■peela 1 packt rs. including unusual hennerv ‘electlons. 18® 21c: standard./ 16" 17' -c firsts, 15® 155,c. seconds. 14® 14'jc: me- ■ ( ' l! ms. 12'a"l3’*c. dirties. 12'?® 13cchecks, ll'tfll'jc. - |

Indianapolis Cash Grain

__ —July 24 The bids for car lots of grain at the call of th- Indianapolis Board of Trad<- f o b. hipping point, basis 41® New' York rate, were: Wheat—Weak: No - . 1 red 80-:/83e. No 2 red .9"82c; No 2 hard. 77 ■/80c Corn—Weak: No 3 white 45'. 17c. W- 4 white. 43 "45c; No 2 yellow. 43'./4at No 3 yellow. 4l "43r No 2 mixed. 41'/43c: No 3 mixed. 39 /41c. Sample mixed. 28'". Oats—Weak. No 2 white. 29''/30c. Hay—Steady. (F. o b. country points taking 23®c or less ra'es to Cincinnati or Louisviile ■ No 1 timothy. $6 /6 50 No 2 timorhv $5 50)" 6. —lnspections Wheat—No 1 red 9 cars No 2 red. 12 cars: No. 1 hard. 9 cars No 2 hard 15 cars; No. 1 mixed. 3 cars; No 2 mixed. 3 car sample. 51 cars. Corn—No 2 white. 9 cars. No. 1 yellow. 2 cars: No 2 yellow 14 curs. No 3 yellow. 10 cars. No 4 yellow 6 cars; No. 5 vellow. 1 car. total 42 car; Oats—No 2 whUe, 22 car: . No 3 white, 16 cars: No 4 wh!*e. 1 car. total. 39 cars. Births Girl. Frederick and Edelia Hocker. 2743 Barth George and Leaiv Lewis. 805 South Pershing Mitchell and Lvdia Armi-tead 862 Roach John and Oladvs Auker. Coleman hospital Fr inces and Catherine Dean Coleman hospital Lawrence and Nina Crim Methodist hospital Ravmond and Lorena Stafford. 1151 North Tibb Roys Charles and Jeannette Easterdav. 2845 North Sherman dm - - Frank and Katherine St John. 443 South Gtav George and Irma Perkins. Coleman hospital Harry and Olive Tavior. 2105 North Meridian Deaths George W Hvatt 42 Christian hospital. ! peritonitis Abraham J Monn. 43. Central Indiana hospital, bror.cho pneumonia Loulla M Barker. *8 Centra’. Indiana hespua: genera! paralysis. Richard De'ano Rydell 6 months, citv hospital, broncho pneumonia Charles A Ormtbv. 60 4644 Broadway, chronic myocarditis. Frank P Eaton 79. 826 Carlvle place apoplexv. Emma E Boltus 59 1327 Broadway ! mural insufficiency Georg- Garvin Swain. 79. M 7 East Twenty-fourth, angina pectoris Frances Root 86. 1659 Central, hyposta'ic pneumonia Anna Turner 47 846 West Twentyeich’.; chronic m - . ocardltis Mattie Lou Edmonds 43 251 South State, lobar pneumonia, Ejia Clark 66. 4119 East Michigan cerebra. hemorrhage Otto A W;enke 76 1 607 Pleasant, artenosclerosis Ella Kr-itleln. 78 829 Broadway, chronic myocarditis i Rober'a Ellen Jones. 6. 845 East Southern. streptocctc meningitis.

Lnited States, Federal Land Bank and Joint Stock Land Bank Bonds, have maintained price levels in face of falling markets on other securities. Land Bank Bond Shares Issued by National Bond Depositor Corporation _ 808 Representing- shares of beneficial interest in a trust fund comprised only of United States, Federal and Joint Stock Land Bank Bonds held in trust by The Louisville Trust Company of Louisville. Kentucky. B 8 B Priced at the market Detach and mail this coupon for further information: Name Address W illiam E. Shumaker & Company, Inc. INDIANAPOLIS Isoß Circle Tower Lincoln 8354

PAGE 11

GRAIN FUTURES SHOW GAINS ON STRONG CABLES

Traders Cautious Pending Definite News From Washington. BY HAROLD E. RAINVIM.E t'nitrd PrrM Staff ('orrrspomlrnt CHICAGO. July 25.—Strength irt foreign markets gave wheat a good tone a.* the Board of Trad- opened today Prices were unchanged to 1’ .■ cent higher with only September holding to the minimum level. Regaining their confidence, traders were in a buying mood but. again proceeded cautiously pending some indefinite statement from Washington Corn lagged at the minimum set. being unchanged while barley continued to drop the full amount allowed. 5 cents, in righting its position with the other grains. Oats was \ to ’* cent higher. Cash Market Active Winnepeg had an unevenly steady to firm opening but quickly advanced and was mors* than a rent higher when Chicago opened Liverpool was slightly unsettled by fluctuations in the exchange rate but closed unchanged to ! cent lower The cash market was fairly active with early sales of 10.000 bushels while only 3.000 bushels were booked by the country Receipts were 70 with cash prices indicated slightly firmer The country withdrew its offerings of cash corn, but traders were still hesitant to take strongly to the buying side so long as the large holdings of distressed grain, held by an eastern house, overhung the pit. Trade Is Smaller Trading was smaller than Monday. Shipping sales were 15.000 bushels early. Cash prices were about steady with receipts smaller at 267 cars. Oats again showed independent strength and was almost as active as wheat early. This pit had none of the distressed grain that burdened the others and the tone was strong Poor threshing returns were a factor. Rye was firm with wheat. Provisions were sharply higher, but barley was weak Shipping sales of oats were 20,000 bushels early Cash prices were firm. Receipts were 25 cars

Chicago Primary Receipts —July 34Week. Todav Ago. Wheat .. 2 317 000 2 416.000 Corn 2.444 000 3 175 000 Oats 830 000 1.205.000 Chicago Futures Range —Julv 25WHEAT— Prey. High Low UOO close. Sept 93% 92% 93% 92 Dec ... 97 95*4 98% 95% May 101% 100% 101% 100 Corn— Sept .. 53 .53 Dec 57% 57% 57% 57% Mav ... 6.1% .63 . 63% .63 OATS— Sept 37% 35’, 37% .35% Dec 40% 38% 40% .37% RYE— Sept 69', 67*4 6!1% 67% Dec . . .75% 73 75% .73 BARLEY Sep 1 65% 703% Dee . .. .70*4 .75% BELLIES— Sept 7 25 7 25 Oct 7 30 7 25 7 25 7 25 ST. I.OUIS C ASH GRAIN By Unit 1 il l’n ST LOUIS, July 24—Cash grain Wheat —ln good demand, tone steady on red and 24/2%c higher on hurd h'o 1 red. 90-./9O' ;C: No 2 led 89% . 90- c. No .1 red. 89'9 90c. No 4 red. 8e No. 5 red, 87c: No 2 red garlicky 80%c; No 4 red garlicky. 78%c No. 2 red smut tv ?B%c; No 1 hard. 86%c. No 2 hurd H7'oa7%c; No 3 hard. 85%c. No 2 mixi-d, 80 :87%c. Corn—ln fair demand. 1 '92c 'ower No. 1 yellow, 48r No 2 vrllow 47'<48%r No. 3 yellow. 47c: No ’ white sbc No 2 White. 50c; No 3 white, 49c Oats In fair demand, %'ole higher No 3 white, 34c No 4 whit,;. 32 %c. No. 2 mixed, 32 'a 34c CHICAGO UASH GRAIN BIJ f'tlili if /’rex* CHICAGO. July 24 —Cash grain close: Wheat No 1 red. 89*,e No 2 red 88%% R9*,c No 3 red B%c No 4 red 87%'9 88c; No 1 hard. 90'091r: No 2 hard, S%'9 30c No 2 hard, weevtlv 87c, sample grade. 82c. No 2 yellow hard. 89c. No 1 northern. 91 %r n., 1 mixed 89c: No 2 mixed 88*. iH.ir. No. 5 mixed, 81%c. Corn No. 2 mixed. 47%c No. 2 white in color at 49c. No 3 mixed 46%c. No 4 mixed. 430 No 1 yellow 48 9 48 1 ,c No 2 yellow 48% 49%C- No 3 yellow 47f: 47%c. No 4 yellow. 451; 46c. N-J 5 yellow 45c. No 6 yellow 41'43%c No' 2 white 48' ' 49c' 'ample grade. 28"29e Oat No 2 white. 33i34>4f No. 3 white, No. 4 ■white 30*131c R". No 1. 68c No 2 68c. Barl-v 56'9 71c. Timothy—*4%4 25 Clover —BBB 12. TOLEDO CASH GRAIN B’t T nltnl Fri ** TOLEDO Julv 24 —Cash grain close: Grain In elevators transi- billing Wheat —No 2 red 91 92c No 1 red 1 :I% C premium Corn No 2 vellow. 53%'0 54%c ? a, i k n -I'i 2 whl’e 37%'9 38 %c Rye—No! T.e_ * iC Trrri: prices. 23 , iC rate"hP"l—l red. 83-nß4%r No 2 red 82 ', c < 7? rn 2 yellow 49./ 50c No 3 ,*' f' Oats No 2 White 354s 36c. No 3 white. 34'.,35% c Toledo seed —Cash. 18 50. October $6 75. A.vke -Cah. 18 85 August. $9 Toledo produce riote Bu'ter P’nr.cv creamery 28c Eggs Extra 14'14%c. Hay -Tim! othy per cwt. 70c INDIANAPOLIS HAGON WHEAT for L K T n elevators .re pavtr.g 75 cent* .J 1 . 0 ., i, 'L 0 ! 1 rcd *ht. Other grade* or* T r.**:r merits We Buy and Sell fltiihliiiK cni Lo.*m Company ■shi r*** un*l Puid.l ii ifnrk T. P. Burke 6c Cos. Incorporated SUITE 217 -724 CIRCLE TOWER PHONE Riley X.',16 LOANS AT REASON AISLE RATES FOR ALL WORTHY PURPOSES The Indianapolis Morris Plan Company IJelatsare and Ohio St*. RI. 1638