Indianapolis Times, Volume 45, Number 67, Indianapolis, Marion County, 28 July 1933 — Page 25

DULY 28, 1333

W all Street.

Gains in Corporate Profits Under Blanket Code May Be Slower Than Has Been Anticipated. BY RAI PH HEN’DERSHOT Umn SpeeUl Flninrlil Wrier

Some people In Wall Street have begun to worn- over the prospect* for industry under President Roosevelt's recovers- program because of his request that selling pricey kept unchanged, even though wages are Increased and hours of labor are shortened. They believe this will result in much smaller corporate earnings than would have been possible had selling prices kept pace with operating costs Th; reasoning would to be fairly accurate, except for one factor. There would be no special point In raising prices if the buying power was not there to sustain them. By building up buying power it should be possible to sell more units, and the increased activity should

go a long way to offset Increased total operating costs. General Motors increased its earnings tremendously in •he second quarter of this year compared with 1932 without any advance in prices. The jump was due to greater sales. Speculators took a little too much for granted, perhaps. when they assumed that because of inflation or inflation prospects industry would benefit from the double leverage on corporr-te profits of greater activity and higher prices# They assumed that because President Roosevelt refused to have anything to do with currency stabilization he was ready to sponsor anything which looked like inflation. a a a Wants to Built Solidly The latest developments in the political-industrial situation indicate that the Chief Executive is looking a little further ahead than indications had led the man in the street to assume. He Ls determined, it

Ralph Renders hot

seems, to build solidly, even if somewhat sensationally. He apparently is ra.er for all the people to benefit from such inflation as is authorized or ordered. It is becoming increasingly doubtful, however, whether the new blanket rode i.-. to be a success as it stands Many concerns have agreed voluntarily to get in under the wire, but by far the majority of these are small and of relatively little consequence. Unless a change occurs—rather doubtful that it will—it probably will be necessar- to drop the voluntary feature of the measure. B B B Competition a Factor It probably would lie unfair and inaccurate to say that industry, generally speaking, is not willing and eager to carry out the wishes of the Preside!.-, despite his requests in the way of prices But it is rather dangerous for them to comply, because of the competitive feature. One corporation might sign the rode only to find that its competitors had seen fit to tay on the outside. Thai would mean that they could and probably would undersell it either openly or otherwise. In the event the blanket code is not, adopted voluntarily, however, there is reason to believe that it will become an order instead of a request. And. while the speculator may not find such an order quite to his liking, there is no reason why it should not appeal to investors. Corporate earnings may not increase as sensationally as has been anticipated by some, but such increases as are made should be much more permanent.

New York Stocks ” 1 1 (Bv Abbott. Hoobln Si Cos.) "

—July 28Prev O'l*— High. Low II 30 close Amerada . 34** 34 = * 24>*331,4 1 , Barnsciall 3 3 * 9 COn.Mil 041 . 11* 11 s * Co.it of I>l 14 1 2 14' 14’ „ 15 Houston i new i. s', 5 Houston 'oid> . .... 26'* Indian Itfg 11 1 * Mid font Pel ... 12' 2 12' i Ohio Oil I-’ l / 12** Pet Corp 13' Hi ', Phillips Pn 14 1 U OH ... 9’* 9’. Rov.it Dutch . . 33 FilU OH 23’* 23 1 a 23’, 24** bhrll Uiiinn . 8 1 , B’a Simms Pet .. ... 9'* Skcilev Oil . .. . 8 Boc Vai 12 ll 1 * 12 12' i S O of Cal .. 35 = * 35’, S O of N J 35', 35 3 * 35’. 36 Sun 011 45 Texas Corp 23 3 23‘* Tidewater Assn 8 ! * 8* a l’n Oil of Cal 19'a Si cels— Am lti.h Mills 22'* 21‘, 21'. 22 3 , Beth Steel . ... 43'* Byers A M 33*. 32** Cos! fuel a: Iron . ... 11 Cruc Steel 20 23 Inland Steel ... 38 = a ludium Heel 16 Me Kr. port Tin .. 84'. Natl Steel 41'. 44'* Hep lion .V Stl 18'a lb'* 18 = * 18 s , Rep Ir A- St pfd 4 l'j 41‘a V b Smelt . ,5 74', 74'* 74 =.- Vanadium . 26 J 25’* 25* a 26‘* Midland ... 14', Is Pine Fdv 16'a 16 s , C S Steel 54’. 54=2 54'* 56 U S Sti. 1 pfd P" 1 * You: c tn S .v T 27 = 3 27', 27‘, 28 R a ilv— Atchison ... . . 63', 62 s , Atl Cst Line 4h 3 , B k O . . .. 23'* 30 Can Par 15‘. 14* 15'. 16 3 , Ch A; Ohio .. . . . 43' Cnt A* Ot W 5". 5'2 C M A St P 10>. 10 10 10‘, C M A Si P Pfd ... 16', chi n w . - ir* Chi It Is! 7‘. 7 Dela A Hud 75*2 Erie 2 Grt Northern 28 27 3 2. 3 * 28 111 Optra! 44’, 43‘a 43'* 44 K C sou . 19', 19 1 a 19 J * 19 s * Lou A- Nash . . . • 56-* M K A T 13 Mo Par 7>, i= Mo Pac Did 9\ 9'* N Y Cert I 44 44 44 44', N Y C hi A- St L ... - 25 N Y r A St L Pf . 28 . N Y* New Haven . 2o' 26'; N Y Ont A Wej ... 11 ’ N'ortolx A sVex . . ■ . I^o Nor Pnc • •. • - 26'* 2a 3 , Penn R ft 36 3*'** Reading • • 4n Sou Par 2. . -8; So i R R 29 = . 28’, 29 i 28;, Sou R R pfd 37 s . 37'. 37>a 38'. Union Pac .. . . . 113 3 * YValiash •' * 3 * W Marvland ... . ... 12'a Motors — Auburn 98', 36 56 58 Chrysler 33', 33 s * 33 1 * 34'* Gen Motors 31 30= * aO l * 31 Oraham Mot . ... 3’ Hudson • • • >r* Hupp 6‘, 6 Mark True* 35 s * 35=j 35'a 3a * Nash • 20'* Packard ss,5 s , s'* Reo 4=2 4*2 Mudehaker 6'* 6', Bs,8 s , 6 3 Yellow Truck ss,5 s , s’* 5= * 5Motor Access— Bendtx . : 15'. 16 II \ . 39=2 41 Boil! Winter 15‘, 15** Brices . 10’ 10', , |V 4-, Eaten and: 12', 12’* 12’* 13 Elec Au' Lite 18'. 13 Houd Hersite’ 4 , 5 Mullins Ms . 7', Murra’ Rodv .. 9 Slew Warier Bs,8 s , Tim xen Ro! 27* a 28 Mining— Alaska Jun 26** 25= * 25*2 27 Art- Smelt 34 33*, 33** 35'* V 16', ’6-'. 17', Cal A CcD . 6*, Cent IV Pasco 31 . 31 s , 31 s , 33’, C.ra: bv 12 12 12'* Ot No- Ore 13', Hoiv s' se Mtn ’4O 235 235 230 24 | Ins Capper 7 7 Int N -.el 18’. 18'-, ’B*. 18 s , Kennecott Cop 21 * a 21 21 21 Ncranda Cop ... 32 Phelps Dodge 15 15' 2 Tobacco*— Am Sr.uff ... 45', 45 Am Sum Tob . . 20 20 Am T'c A . f2>. 82 Am Tobacco B 35*. 85 Gen Clear . yoi, 40’, I :gg .V Mvers B . 90 89 Lornllard 22 21 s , 22 21 ** Reynolds Tob B 49’, 48 '■ 1 48 = 2 49 Equipment*— Allis Chs.mers 11 3 , 18 = * 18** 18'* Am Car A Fdv 28'2 28 28 28 Am Loco 27 27', Am Mach A Fd> ; 6*. igt. An: Steel Fd’ 21 20 20 21 = , Bs-d I 'to 18 3 , 126 12 s * 13 Burroughs . . _ la*. 15* Case J I .1 *7O = * 70>, . 72', Cater Tsac: 21 s . .1 ; 11 . 21'* Col Talm Peet . 16*, jgi. Oongoleum 21 s , 21*, 21‘, 21** Elec Star Bat . 43 s , Foster Wheeler is Oen Am Tk Car . , .. 3;, Gen Elec 24’, Oen R K Sig . .. 38 37 Ir.gsol Rand -B*, s’, Int Bus Mach . . 140 = 2 14C Int Here*tet 3 s . 30, >4H 35-.. Kr.v.na'.or 11 s , 11 n n s , Na'. Cash Res 18 17 3 * 17 s , ig Ptoc Gamble . 43 Puilman Ir.c 4g 471 Simmons Bed . 22 • 21 = * 21 = * 22 5 ! Ur.d Elliot . . 27*1 West A.r B 2*** 23 = , 25 = 2 2*', Westtneh Elec 44*, 43=* 44 4*", Worthington Pir.c . 26 5 , Utilities— Am For Par 12 3 12 = 2 12 s , 12>* Am Power Lit 13 s - 111. AT T 125=2 124=2 124=* 12s Am Wat Was 29’- 29:, 29*. 30 s . Brook Un Gas a*:’ Col Gas Elec 20", 20*• 20*, 21’. Com A Sou 3-! 4 * Cor.se: Gas *4 Elec P r A- Lit 144* E P A L rfd t ls * TANARUS, * X 1S, * I*’ 3 IS * a Lou GAEA Nat Pwr A Lit, ’=. j 6 North Amer 26". 2*j 26 = . 27‘. Pac a A t 27*2 5: s J Pub Sarv * j 14* i 471! So Cal Bdtsrn jji' S3 8W Gas , Is*, H*, 14** 15 Lmted Con> . io** io, Ln Caa Imp ill. 21 21 20’* If Pr A Lit A s>i ss,5 s , |k gsi Western Union .62 i*, *2 63 Rubbers— Tires tone 28*, 28', 26 = , 26 GOOdnett .. isti t2i_ 7H J*i 38*1 37 s ’ U 6 Rubber Igs. so:. V 6 Rub pfo ... jjti Kal Spring >N , | 4% 4%

Amus>-nirnt<i— Fox Film ... 3'* 3', Lee;.' Inc 24 \ 24', 24‘ 25 Radio Corp B'.. 8' 4 8' 4 h'z K° 3 3 4 3 s . 3, 3 3 4 Warner Bros . ', 4 s’. 6> 6‘ 4 Foods— Am Suzar . ... . tn Armour A .. 'ki 4 Beatrice Cream. sj Burden Prod .. 33 33. 4 Cal Parkins jrtJ Cna Dry U Ale 29' 4 29> 3 2V X 30 Coca Cola . <lsl. Cont Biik A *’2 , !2' 3 Corn Prod . 78'I Crrn 01 Wheat 30'. .10 *3O 30 1 . Gen Foods 36' 2 36' 4 36< 4 36', Gold Dust . 21 G W Suzar .. ‘ 331. Hcrshey ’tf , 33 4 Int Sait 235. Loose Wiles . . .. jig., 4 Natl Biscuit 55 54'. *4', 55 D Prod Hi Dak . .. . 10' 4 S Porto Rico Sug ' 36 I 26 ‘‘ 26 26 26>, United Fruit ... 57 * Retail Stores— A.sso Dry Goods. 14’ 14* a MU u r . Best A: Cos >s’! =6 Or Ull Tea 71, 7. Hahn Dept Sts 6‘, 6‘. Jesel Tea 35 38 Kresz- S S 131, 13 ', Kroner Otoe 27' 2 26’ 26 7 27 U Macv R H si May Dept St j* Mont Ward 22 22 22 22 Penny J C ... 413. Safeway St 5453 u Sears Roebuck 36 35' 35' 39', Woolviorth ... . 4j3„ 4g A\ iat.cn— Aviation Corp io' 4 Dcuclas* Air 131. ■ Curtiss Wneht 3'-, 3’ 3‘ 3'f Curtiss Wright A . . S’* 53, Nor Am Av 6\ United Aircraft 33 Chemicals— Air Reduction.. ... ... 90 Allied Chen: 117’. 116’, 116’, 117 M Am Com Alcohol 42 44 J , Col Carbon 541 3 C cm Solvents 33’s 31 ! j 33'i333,2 3 , Dupont 711 2 72 Freeport Tex .. 38’, I itjuid Curb 33' 32'j 32'- 343, Math Alkali. 33 s . 33‘j T-x Ouh Sulnh 27', 27'. 27', 27 s . Union Cerbid- . 41' 43 s 4 U S Indus Aicoh 5.6 54' 2 .65 55M Nr t Distil 78 75'- 7g 731, Drucs— Coty Inc S’. ss.5 s . Drue Inc 48 s . 49'. Lambert 33 32' a 92 M 32 s * Lehn A* fink 21 u ;i' 4 3*l, 21', Zonite Prod ... ... 6’, 6' F.nanriat— Adams Exp 9 s . 9'j 9 s . 9'j Aheghanv Corp. s'j s'i ss,5 s , 12'; 42u 42 '2 43 Trar.samcrica ... 7', 7> Tr Conti Corp 6 s . 6 s . Am Radiator .* 15 s . 14’, 14" 15 s , Gen Asphalt .7. ... 19' 2 lnt Cement . 31 s , 32 Johr. Manville 45‘. 44'j 4 1 4MI, Libbv Owens Ols 28', 27 s , 28’, 29 Otis Kiev 18 17 s , 17 s . IE Ulen Const .. ... ... 4 Miscellaneous— Am Bank Note . .. . ... 23 Am Can 87', 86' 87 s , 87 Anchor Cap 26'. 26 26 26 Brklvn M.in Tr. 33'e 32M 33 33'j . Conti Can 61 60's 0O' : 61 Eastman Kodak .. 77 Owens Bottle 78 77 77 77 s . Gillette . 13 s . 13 s . ’3 s . 14 Gltdden 15 s , Gotham Silk ll' 11 11 11 s , Indus Rnvon 66 65 5 . 66 65’s Inter Rapid Tr .. 7', Real Silk Hose . 13'j 13M

New York Curb Bv Abbott. Hoppin Si Cos. -Julv 27Close Close Alum Cos of Am 71 Imperial Oil 11'. Am Ct P& Lt B U, Ir>. inc Airchute 6 Am Cvar. B 11 s , Inti P'rol 16' Am A- For Pw 8 lake Shore Mm 4's Am Os A- E! 36’ • Lone Star Gas 9 s , Am S . Pw r 5 s - Natl Bellas Hess 3 Ark Ntl Pw A 2 s , Niae Hud Pwr 10'. Ass Gas A I s , Parker Rstprf 61 Atlas Ut Corp. 14 s , Pennroad 4 s , Axton 55 Pioneer Gid Min 11', Braz Tr .v Lt 13 s , St Reels Paper 6 Car. More 3 ! .Seza: Lock .. ll' Cent Sts E 1 3 s , Stutz ..14’; Com Edison 66 Std 0:1 of Ir.d 30'j Cord 10 Std Oil of Kv. 17 Derby Oil 2 Trar.slux 2M E:s>r El‘>c I s , United Founders 2 1 , E! Bnd Sc Sh 27 United Gas .. 4 s , Ford of Er.e ss,5 s , United Verde .. 4", Ford Mot Can. 1.6', Util Pwr A- L' . 2 Hud Bav Min 10 Wrlsht Harzrvj 6*. New York Bank Stocks B>- Abbott Hoppm A- Cos. 1 —July 27 Bid. Ask Bankers 65 H>l Brooklyn Trust 118 135 Central Hanover 144 145’ a Chase National 29'a 30 Chemical 36 : j 37 National City 33 33'i Corn Exchange 68 s , .69 s , Con':p.ental 15 Is‘j Empire 30' 1 21 Guaranty 314 315 Irving 20 20'. Manhattan C) 29 s . 3C. Manufacturers .... 18 16 s . New York Trust 97' 3 99 Public .... 32‘j 33’a Liberty Bonds By Vnited Prt* NEW YORK. July 27—Closing Liberty bonds: (Decimals represent thirty-seconds'. Liberty 3’;* .32-47' 102 22 Liberty first 4',s 32-47' 101 30 Liberty fourth 4',s 33-36..... 102 27 Treasury 4',s <7-52. no Treasury 4s 44-54 106 4 Treasury 3,s 46-56. 104 20 -• ** 41-47 102 12 Treasury 3 s .* 4-43' March 102 11 Treasurr 3’,s 49-43 June 102 7 Treasury 3-,s '46-49' 100 8 Treasury 3s .51-51 .. 98 25

Daily Price Index

By l nifed Prri YORK July 27-Dun & Bradstreet s duty weighted price index of 30 . commodities compiled for the United Pres* 11930-1932 average. 100' S, 0 <* av . 107.68 Wednesday 105 66 JJeej ago 196.14 Yiwft ago 789 IMJ High (July 18' •. 113 52 1933 Low (Jan. 67 86 Copyright. 1943. by Dub and Bradstreci. lac.

STOCK VALUES MOVE DOWN ON RISE IN DOLLAR Tobaccos Show Strength Due to Cigaret Price Hike.

Avsrage Stock Prices

Average of thirty industrials for Thursdav. h:ah. 97 28. low. •; 12 las' 96 03 up 0 98. a-ui of twenty rails 49 36 -it 43 48 .11 up 1.08 average of utilities. 32 90. 31 89. 32 21. off 004 average of lortv bond.' 88 zy up 0.17. average ot "on .':rst rails 88 24. up 0 17: average ofter. second rails 76 32 up 0 85; average ofter. utilities 95 00. up 0 09: average of ten Industrials £8 21 off 0.31 By Uni'ed prff NEW YORK. July 28.—Regular trading hours will be resumed on the New York Stock Exchange Monday for full sessions, but Saturday operations will be eliminated until Sept. 9, the Exchange governing committee ruied today. BY ELMER C. WALZER, United Press Financial Editor NEW YORK. July 28. Stocks opened irregularly lower, influenced by a sharp rise in the dollar, a $2 a bale break in cotton and a 4-cent drop in Winnipeg wheat. Trading was fairly active. Tobacco shares stood out as firm spots, aided by a rise in cigarette prices by several large distributors. Liggett &z Myers B opened 1.000 shares at 90. up 1: Reynolds B 49 up on 1.700 shares, and American Tobacco B. 85\, up s . Steel common dipped to 54’*, off 1 ! 4 on the first sale, and held around that level in the early dealings. Steel preferred firmed up M to 99 \. Other steels were slightly lower. Bethlehem broke 4 points to 39 ! 4 on a worse than expected second quarter report. It rallied in later dealings. Railroad shares were mixed with C. & O. up a point at 44’-, and B &O. down 11,l 1 , at 28 \. Small gains were noted in New York Central. Pennsylvania. Southern Pacific and Lackawanna. Wet issues also were irregular. Gold minings issued eased off. Utilities were about steady with American Telephone at the previous close at 125 ! 2. Case dipped 14 to 71 ; in the farm equipments. Coppers were irregular in a narrow range.

Bank Clearings

INDIANAPOLIS STATEMENT —July 28 Debit's"*’" SI. 430.000.00 uewt * .4.424.000.00 TREASURY STATEMENT —Julv 28 - Net balance for July 26 ..$840,245,285.03 lnt. Rev. Reel.-, for dav 28.177-038 53 Customs rects. mo. to date 19.613.769.05

Produce Markets

s°'!. lv ! red J a Indianapolis prices: Hens, heavy breeds over 4’ 3 ibs.. 10c: Leghorns im 1 ? rollers: Co l° r ed springers l* 3 ibs’. up. 13c; springers 1 Leghorn 1. l’j lbs. ud. |joh r r^ re^ ar u S - ,c - coclts and stees. 6c; Leghorn cocks and Leghorn stags, ic. ove C r lti, a 8 7 hllc - teatnerea and fat. tos. He. small and colored 3c Geese, full feathered and lnt. 3c Your a guineas. 20c; old guineas. 15c. Eggs—No l iresh country run eccs Ur. Each full egg o? Se in? U nk W iK 1 * ! l 55 los k *, r i )ss; a deduction of 10c per lb for each lb. under 55 lbs zros swill be made. Butter—No. 1 26 27c *&: {ir*}??*. Butterfat—2oc. Guoted by the \\ adlev Company. BY UNITED PRESS CHICAGO. Julv 28 Egg Market, steadv prices unchanged: receipts. 10.275 cases extra firsts. 13',*il3‘ic. nrsts 12 s , 13’,c E' receipts. 11*; 11 s ,c; dirties 9 S V. Buttei Market, steadv, prices, unenant.-d receipts, 14.394 tubs specials 21 , ■.■22-ic’ ?5S ra * i 2, 1 ’* c - extra firsts. 20’...21c, nrsls'. o?? 4^' 20 0‘ c: .. serono-v 18 ; 19c: stanoards. T* Poultrv- Market, steadv; receipts Lnl;. 25 ,, t . ruck i t?*’ ls lO ’ric. Leghorn broilers. 11 ’ 2 c. Leghorns. B' 2 c: ducks 7-. 10c; geese. 7 :9c; turkevs. 10 .; lie: roost- " 1 ‘e: broilers ll'jftnc Ch. ese—Twin*. —DelaVed C: Lonehornf 4 v;l4',c. Potatoes CLEVELAND. Julv 28.—Butter—Market, ateady; extras 25 ; ,c lb rn tubs: standards. 25 -c lb. in tubs Eggs- Market, "eak. extras. I,c current receipts 12c extra firsts. 12',-c. Poultry—Market weak; heavy fowl. 12 ; 13c; Leghorn fowls. :c: heat v broilers. 14 ; 16c: Leghorn broilers 10 v 12c: old roust.-rs ,8c: ducks 7*; 19Poiatoes Virginia and Maryland U S No. 1 *5 10*15 25 barrel. S2.‘IC 3 100 lb sack: New Jersey *3*; 3.15 100-lb sack. NEW YORK. Julv 28 Potatoes—Quiet Long Island. *4 .; 4.25 barrel: New Je; = ’v’ •4'5*4.25; southern. *175 .1 barrel. Sweet potatoes—Quiet. Jersey basket *1.25 :175 Southern basket. 75c*;*2.50 Flourstrong. springs, patents. 57.60.i7 60 .-arßt Pork Dull: mes. S2O barrel Lard Firm; middle west spot. 56.95'<;7.05 100 lbs. Dressed poultry—Dull; turkevs. 15 3(c chickens. 9*;25r. broilers. 14-18<: lowis. 10'i!6' 2 e; ducks, lfiill'-c. Long Island ducks. 13c. Live poultry- Dull: geese 6*; 8c: turkevs. 10 a 15c: roosters. 9c: 7*;lse: fowls. 9*; 14c; broilers. 10.20 c. Cheese—Steadv: state whole milk fancy to specials. 20 :21'.-c: voting America. 15’.*, 18' 2 c Butler Receipts 12.155 packages, market, unsettled: creamery, higher than extras. 23',*;24c. extra 92 score 23c: first 90 to 91 score. 22's'S 23 ! ,c. firsts. 88 to 8j score. 2*;22',c: seconds 21-,*;21 s ,c. Eggs —Receipts. 13 7*B cases: market iregular; special packs, including unusual henr.erv selections. 18 .- 21c: standards. 16 ; I7' 2 c. firsts. 14';'e 14 s ,c. seconds. 13' 2 *;14c: mediums. 12*; 13c dirties 12;i12' 2 c: checks 10 * 2 sr 11c

In the Cotton Markets

—Julv 27 CHICAGO High. Low. Close. January 1141 11.18 1141 March 11 55 11.33 11.55 May 11 72 11 48 11 72 October 11 14 10 81 11.12 December 11.36 11 08 11.36 NEW YORK January 11.35 11 05 11.35 March 1153 1124 1152 May 11 68 11.38 11 68 July ii.eo Oc’ober 11 04 10 73 11 02 December .. .. 11.25 10.92 11 25 NEW ORLEANS January ... ... 1124 11.10 11.26 March 11 47 11 25 11 42 Mav .... 11 60 11 36 11 60 October 11 01 10 67 10 97 December 11 23 10 88 11.18 Other Grain _ .. ST LOUIS CASH GRAIN By Z nitrd Pr, ST LOUIS. July 27—Cash grain: Wheat —ln good demand. 6 ; 2 8' 2 c higher cn red and . s < :10c higher or. hard. No 1 : and *102'... 103; No 3 red SI 00 -*. M. 016: No. 4 red 99c. No 5 red. 9scmustr snjnplv 92c heating. No. ! red. garlicky. *lO2 Ugnt • No 2 red. garhekv. 93c .*l,Ol. No A red garlicky. 95c. No 4 red. calrickv. 83 -'c No c red c■ r N *l.ol‘llof 3 No 3 hard *; No 5 hard JSC- No 1 mixed *lOl No. 2 mixed 99c , *101: No 3 mixed. 99c rSI 01 Corn Ir. good demand. 4 5c higher No 2 mixed 54c; No. 3 mixed. 54c sample mixed 41c No 1 Vfllow. 56c No. 2 •-eliO" 56c No 2 vellow 55c No ’. white. 57'.c OgtS-In good demand. . j -tc higher No 2 white 42c: No 3 white. 41c: No 4 white. 37’ n 40c. rnustv: No 2 mixed 41ft41' 2 c; No 4 mixed. 39c: No. 3 red 38’;C. CHICAGO FRUIT MARKET By l nittd Press CHICAGO. July 28—Fruit and vegetable quotations Apple—Michigan Transparents bushel. 75c *; *1 15 Illmois i.r.d Michigan Duchess. 85c*; *1.25. Rj.pbe:r:es Michigan red. *! 50*; 225 Cherr.es Michigan sour. 75c .. *1 15: sweet. 1 25 . 1 75 Blueberries—Michigan *2*: 2. (5: B’ackberries. *1 25 ft 1.75: Ooosfberrtes—Micbigan. *1.60 .2. Currents—Michigan _> : Cante.oups Indiana ste.ndards. *1 50 r,: . no;*. 85c .*1 Cauliflower—l: . no:.* 25 i 30c Carrois—lllinois. l‘ 2 t2<" B"e-* Illinois. li2c Radishes—Himes 69 75c Lettuce—Westerns *2*;? 25. Spjrach— Illinois. *U2S >l5O Peaches—r.lmc.s ar.d Indiana 7*c .*1 35 Cucumber*—flimots 40 ; .sc. Michigan. 75c -;S1 Cabbage— Illinois. *2*; 2 50. Beans-m.net* and Michigan 50c -:S1 25 Ce’er* I'licmgan 40’; .5c Corn—llhno 75 85c. Tcmatoes —Illinois lugs. 40 : 50c Mir.-igan 40>. 85c Onion marke- -Cahforr. a *eliow S bushe. 90c :*1 10. whites bushel, *1.75'; I*s I.isnois yellows bushel, Vi 75* Indiana and M:*oun whites bushel. *1 60 NEW YORK RAW SUGAR FUTURES —July 27 1 55 1 54 1 54 Max 1.64 1 63 1.64 Jalr ■ 1.69 158 1.69 September 1.47 1 46 1 47 December x.s* 1.53 ij*

THE INDIANAPOLIS TIMES

INDIANA STOCKS AND BONDS

Th* follow fr.g cuotaU.or.s do not represent actual t.ds or offerings, but nere.v indicate the approximate market level cased or buying and seUiag lsouirles or recent transactions. —July 28— STOCKS Bid. Ask. B*!t Rail Sc Stock Yards, com. 26 30 B-.t Rat: .V Stock Yds cfd 6% 45 50 Cent Ind ?mr ofd 7'- 10 13 Citizens Ga.* com 14 17 : i (us Cos ofd S '1 H Ho me T * T F‘ Warn e pfd 7“ *6 40 Ind Si Mkh Eiec Cos pfd 7 f 68 72 Ir. Ger, Service Cos Ofd 674.. 64 £8 Ind H dro Elec Cos 7, 27 30 Xndpla Gas Cc com 40 44 Ir.dpis Pwr S: Lt pfd 6 . 60 64 Indp! s Pwr Si Lt pfd >,' 67 71 No Ind P.b Serv Cos pfd 6 64 68 No Ind Pub Serv Cos ptd 54% 344 384 Indpii Water Cos ofd 5 .. 88 92 No i .and Pub Serv Cos pfd 5 4 - 33% 37 4 Ir.d Pub Serv Cos 6 35 i 35 a No Ind Pub Serv Cos 7 ...... 334 424 Serv Cos of Ind ofd 8'- 14 17 Public St rv Cos cr Ind pfd 7 ' 25 38 South Ind Gas Ac El Old 6' 58 62 Terre Haute idee pfd 6% 40 43 BONDS Belt R R Si Stkvds 4s 1939.. 83 92 Citizen.-, Gas Cos 5s 1542 ... 84 83 Home T Sc W 54s 1535 56-a 1004 Home T & T W 6s 1543 58 102 Indpls Gas Cos 2s 1952 76 7.9 Indp.3 Rvs lac 5s 1967 23 32 Indpls Water Cos 44s 1540 .. 68 4 100 4 Indpls Water Cos 5s 1960 — 93 97 Indpls Weter Cos 5s 1970 92 95 Indpls Water Cos 54s 1953...100 103 Ir-dplx Water Cos 54s 1954 ...100 103 Kokomo Wat .Vorkrs 5s 1958.. 73 4 £24 Lafavette Tel Cos 5s 1957 83 87 Muncte Water Works 5s 1939.. 92 96 Richmond Water Works. 1557 83 89 Terre Haute W„ter Wk 5s 1958 83 87 Terre Haute Wat Wk 6s 1549. 934 974 Traction Terminal Cos 5s 1957.. 45 49

Chicago Stocks Bv Abbott. Hoppln Ss Cos ——

TOTAL SALES 66.000 SHARES —July 27 H.gh Low. Close. Acme Steel Cos . 5? Asbestos Mfg 44 44 4% Associates Inv Cos 46 Back; av-Welt 5 Hastian-Blessir.s 54 64 9 Bendix Aviation 17 19 164 Borg-Wrrner .... 164 i54 16 E L Bruce Cos 21 194 21 Butler Bros . 44 Berghoff 134 124 13 Cent H! Puo Serv pfd 264 Cent 111 Securities com . . 4 Cent Pub Util 4 Cent Sc So West . 34 34 34 Cent Sc So West P L pfd ... 25 Chi Citv M Son Rvs . . 124 11 114 Chicago Coro com 34 34 34 Chicago Electric Mlz A . . 3 ( Chtcaeo Flexible Shaft .12 11 12 Chicago Yellow Cab 13 Cities Service 3’* 34 34 Club Aluminum 4 Commonwealth Edison. 66-, 65 4 65 4 Community Telephone 2 Cord Coro 101,l 01 , 94 104 Curtis Lighting .. 104 8 104 Curtis Mfg Cos .. Murtts Mfg Cos . 10 Dexter Cos .. . 74 64 <4 Godclinux B 94 9 9 Gold!-latt Bros ... 194 Great Lakes Aircraft . .. ... ' Great Lakes Dredge 15' i 15 15 4 Crevhound Corp ...... 1 4 1 Grtgsbv Orunow 34 33 Hall Printing Illinois Brie!: . ... 14 Jefferson Elec ... 124 Kalamazoo Stove 25 4 25 25 Ken-R id Tube tc Lamp 3 LaSalle Extension Univ .. . . 4 Libbv-McNell 54 54 54 Lindsay Light .. 24 Lynch Corn 28 4 28 23 Marshal! Field 144 14 14 McCord Rad Ai . . 10 Middle West Uiilitie 4 Middle W Util 6% p A . . 2 Moditie .. ... 11 National Leather , . . . 2 NaMcna'-Standard 194 Nab’it -Sparks Ir.du Inc . ... 24 Perfect Circle 24 Pines V,'interfront .. . 34 Prima Cos .32 274 32 Public Service N P 364 354 354 Sangamo Eiee; Com . 7 Sars Roebuck 37 4 36 4 364 Studebnker Mail .. . .. 12 Studebaker Mail A. ... 4 Swift A: Cos 204 19 4 204 Swift International 254 25 4 26 It S Radio Si Tel 164 144 IS 1 1 Utah Radio 4 ... 14 Utility A- Ind 14 Utility Si Ind pfd 44 44 44 Vortex Cup Cos . 74 Walgreen Cos., com . 18 174 174 Ward. Montgomery A 724 72 724 Yates Machine. . ... 14

Investment Trust Shares

(By Abbott. Hopplr. A Cos.) —July 27 Bid. Ask. American Bank Stocks Corp 117 1.30 Americana General Sec "A" 5.25 525 Basic Industry Shares .. 329 .... British Tvp ■ int Tr Sh SO 99 Collateral Trustee Shares "A" 4.50 4.75 Corporate Trust Shares 'Oldi 218 Corporate Trust Shares mewi 234 241 Cumulative Tru-i Shares 4.08 Diversified Trust Shares A' 612 Diversified Trust Shares B”. 8.25 Diversified Trust Shares "C".. 3.03 218 Diversified Trust Shares -D". 495 5.05 First Insurance Stock Corp.. 160 179 First Common Stock Corp 110 122 Fixed Trust 0:1 Shares A' 6.73 Fixed Trust Oil Shares B " 6.10 Fundamental Trim Sh “A" 412 437 Fundamental Trust Sh 'B' 390 394 Law Priced Shares 5 62 Mass Invex Trust Shares . 18 57 20 37 Nation Wide Sectirties 3 43 North Amor Trust Shares 53 182 Nrrtn Amer Trust Sh 55- 56 247 270 Selected American Shares 2 63 Selected Cumulative Shares 6.87 700 Selected Income Shares 363 373 Std Amer Trust Shares 298 302 Super Amer Trust Sh A" 295 | Trust Shares of America 305 315 Trustee Std Oil A 485 515 Trustee Std Oil • B .. . 425 450 j L S Electric Light A- Pow A 15 25 universal Trust Shares 2.75 2.85 Other Livestock BY UNITED PRESS EAST ST LOUIS. 11l July 28.—Hog*— Rceeim* 10.500: including 30 direct markc : weak to 10c lower: later bids ofl bulk :Tn " 26o ls 84.60 " = b= S3.’■O',: 4.40: 100-150 lbs . S2 65413.3*; sows, mostly $3.50 • 3.75. CatiSi,' 1 ! 0 .? steers here to make a market: cows and yealers steady, heifers and bulls * catch-as-ca tch-car. btsis: heifers, ti sni’ co "‘ 82.50.13.2.'-. low cutters. Sla0.:185: s.risaac buils. 82.50 m 3.15: good -Pn , C s l P^ C< ’,,' < ' a! ’ rs - s5 - 50 Slaughter steers 050-1 100 l.s good and choice vealers. s, fbrs 550-1,100 lbs., good i. ccmomn and medium. $3.25 i a 50. 1.100.1.000 lbs cholc- 56'./7' common and medium S3 25 5 .50- 1 1001.500 lbs . choice 86.50 .: 7: good 85.75 n 5 oirrhum 84.50 m 5.75. Sheep - Receipts 2TCO: market, not established: asking steadv: packers talking weak: holding better lambs upward to 88 iambs 90 lbs oovyn. gcod and choice S7 25'u8: common ®vsa S3 50 7.25: yearling wethers. 90-110 lbs. gcod and choice 64.25'': 5 50e”_cs 90-150 lbs good and choice SI 50'.i 2.ia. all weights, common and medium SI i 2 CLEVELAND Julv 28—Cattle—Rece.D’s. 1.3: market. ?low and draggv. receipts com. mon; choice s ers 750-1 000 lb> $6 50'/7gcod. 600-1. 00 lb: heifer.-. 85.50'.) 6.25: for wee: market 25c lower Calves—Receipts 400: active and steadv with native calves predominating market fullv steadv with la■ t Friday's levels: choice to prime. SC..SO’! 7: common 84.50 down Sheep—Receipts, 500. active and steadv; best springers Quoted at 88 top market, fullv stadv with last Friday’s levels: choice wethers. 82.50-7/3 23. choice eves >2 3 choice spring lambs. 87.50 / 8 Hogs—Receipts. 1.200. market. 10c lower ln active dealings bringing mark"! to same level as last Monday's average: heavies 85: choice J2O- - lbs butchers. $5. choice. 130-180 lbs. porkers. $4.75 /5: thin and common hogs 160 lbs ip $4 75. TOLEDO. July 28.—Hogs—Receipts 250: market 10c lower, heavy yorkers. 54 70: mixed and bulk of sales. $4 70: p:gs and lights. $3 50*; 3 75: medium and heavies $* >4.70 rough.,. S3--/3 50 Cattle—Receipts. 150. marke’ slow- to 25c lower or. heavy steers Calves—Receipts, light: market, steam. Sheep and lambs receipts, light, market, steady Births C. ri P.-ul and Jessie Upsi.i Methodist hospital Bernard and Hazel Harberu Methodist hospital Em ard and re Schaekel. Methodist hospital Harold and Audrey Darnell. 430 North Linwood Bovs Edwin and Edna H_er> Method.st hospital Norman and Virginia Glover Methodist hospital. Wilbur and Marjorie Uardv Methodist hospital. Deaths Kisuue Fielder 68. Me:hod:st hospital, acute enteritis John Lindsay. 41. city hospital, lobar pneumonia Max Bock. 22 city hospital, fractured skull. Lola M Bitr.er. 48. Central Indiana hospital apoplexy Ada Lee Britton. IS. city hospital acute nephritis. Be -s:e Sentir 54. Method.st hospital, cerebral hemorrhage Ida Korns. 68, 1138 Blaine, chronic myocarditis. Henry King 51. 723 Darnell, pulmonary iuberru.flk s laebe’ Couch. 47 1009 Fletcher mitral insufficient NEW YO3K COFrtE FL TI KES —Julv 27 RIO ~ . High. Low Close M are!i 641 63* 631 Mar e. 48 33 6 35 J’Jlr • ■ * . 6.69 6.37 6-J7 September I 5 98 5 95 5 96 December 6 25 6 18 8 18 .. SANTOP M* rch fcSO 830 8.40 Mav £9O 8.45 8 45 July iso 847 847 September Ml 8.10 8 11 December 8.40 8.28 A.U

PORKERS SHOW WEAKER TREND AT CITYYARDS Action in Cattle Market Slow, Draggy; Sheep Steady. Hogs got away to a slow start in trading at the city yards this morning. prices finally established being 15 to 25 cents under the previous range Weights of 160 to 225 pounds brought $4 55 to $4 TO; 225 to 300 pounds. $4.50 to $4 65: 300 pounds up. $4.25 to $4 40; 140 to 160 pounds, $3.75 to $4. Light pigs sold down to $2.50. Packing sows made the market at $3.25 to S3 75. Receipts were estimated at 8.000. Holdovers were 422. Trade in the few steers on hand in the cattle market was slow. Action in she-stock was extremely limited. The trend was lower in all classes. Receipts were 400. Vealers were steady at $5.50 down. Calf receipts numbered 500. Good lambs were steady in the sheep market. Bulk of sales was made at $7.50 to SB. with a top of S8 25. Bucks brought a dollar less. Half fat or unfinished kinds were hard to move except at lower price?. Sales were made mostly at from $S down. Receipts were 2.000. Asking on hogs at Chicago moved around 10 to 15 cents higher with few early bids and sales fully steady at Thursday's average. The bulk of good to choice kinds was bfd in at $4.65 to $4.75, while early top held at $4.75 on 225-pound weights. Receipts were estimated at 16,000. including 5.000 direct; holdovers 3.000. Cattle receipts numbered 2.000; calves, 700; market unchanged. Sheep receipts were 9,000; market steady. HOGS July Bulk Ton Receipts 21. 34.75-• 490 *5 00 5.500 22. 4 70ft 4 85 4 90 4 000 24. 4.70-94 85 4 90 9.009 25. 4.43 ft 4.60 4.65 12.000 26. 4.55 ft 4 70 4 75 5.500 27. 4 70*? 4.85 4 85 6 600 28 4.55*i 4 70 4.70 8.000 Market, lower. -140-1601 Good ar.d choice 3 75*> 4.00 —Light Weights—-'l6o-IGOi Good and choice 4 55 'IBO-200' Good and choice 465 —Medium Weights—-'2oo-220' Good and choice 4.70 '2OO-250' Good and choice 4 65ft 4 70 —Heavv Weights—-'2so-290' Good ar.d choice 4 30*7 4 60 '290-350' Good and choice. 4 30ft 4 50 —Packing Sows—'3so down' Good 340 ft 385 '350 ud' Good 3 25*7 3 75 'IOO-130' Good and choice. 3.00-,; 3.40 —Slaughter Pigs—-'loo-130' Good and choice 2 50'; 3.15 TATTLE Receipts, 100; market, steady. (1.050-1.1001 Good and choice $ 5 75*? 7.25 rommon and medium 4.25*1. 5.75 (1.100-1.3001-Good and choice 5.75*7 7.26 Common and medium 4.50 ft 5.50 —Heifers—-(sso-750) Good and choice 5.25*? 6.25 Common and medium 3.50 ft 5.25 (750-9001 Good and choice 4.50 ft 6.00 Common and medium 325 ft 4.50 Good 325 ft 400 Common and medium 3.50 ft 3.25 Low cutter and medium 1.50 ft 2.50 —Bulls < yearlings excluded' Good (beef' 3.00 ft 3.50 Cutter, common and medium.. 2.00 ft 3.00 VF.AI.FR S Receipts. 500: market, steady. Good and choice S 5.00 ft 5.59 Medium 3.50*i 5.00 Cull and common 2.00 ft 3.50 —Calves—-(2so-5001 Good and choice 3 SOftS.oo Common and medium 2 00ft 3 50 —Feeder and Stocker Cattle—-(soo-800' Good and choice 4 50ft 575 Common and medium 3.00 ft 4.50 (800-1.500' Good and choice 4 50ft 5.75 Common ar.d medium 3.00 £ 4.50 SHEEP AND LAMBS Receipts, 2.000; market, steady. —Lambs. Shorn Basis—(9o lbs. down) Good &c choice.* 7.25 ft 8.25 <9O lbs. down) Com. and med. 4.00 ft 7.25 —Ewes— Good and choice 2 00ft 3 00 Common and medium 1.00-9 2.00 Other Livestock BY UNITED PRESS CHICAGO. July 28 Hogs Receipts. 16,000. including 5.000 direct: steady to 5c lower than Thursday: packing sows. 10c off top *4 75: 200-300 lbs. $4.60'-; 4.70: 160-190 lbs S4 40*) 4.70; good pigs. $3.25*i3-50: packing sows. $3.65ft 4. Lignt lights. 140-1 oO lbs., good and choice. S3 75 (4.50; light weight. Sl6O-200 lbs . good ar.d choice. *4 35*; 4,i0. medium w eights. 200250 lb>.. good and choice. $4.60' 4.75: heavy weights. 250:350 lbs. good and choice. 51.40*; 4.70: packing sow -. 275-550 lbs., good and choice. 53.40*; 4.15. slaughter pigs. 100-180 lbs., good and choice S3 25 ft 3 ,5 Caule Receip-s. 2.000. calves. TOO no reliable outlet for general run fed steers and yearling.- shipping demand narrow: trade on a catch-n;-catch-can basis; supply inbetween grade steers liberal: fresh receipts increased by sizeable holdovers from earlier in week: markt uneven!’stenov tc 25c lower and very dull at define; shippers buying few loads better grades at *6*: 7.50; best light heifers. Sa.is; liglr heifers and mixed yearling and a.: cows selling draggv and weak. Slaughter cattle and vealers. steers 550-960 fcs.. good and choice. *5.50*; 7.25 900-1 100 •bs.. good and choice. $5.50 0 7 25; l iooi inn i ,£ ood an ? cholcf - *5 50*: 7.40; 1.300-i.SCO lbs. good and choice. *5 75*; ft' s !’; \SO-P2°Jb*-- £9P21 on and medium. *3.25 .; 5. ;5. heifers. 559-,50 lbs. good and Jbpice. *3 25*; 6 25; common and medium. $3 */5 2.*>. cows. good. $3.75 r/4.75. common and medium. SILTS--;3.75: low cutter and chirioH S! 60 ''3-75. bulls yearlings excluded'. good ' oeef i. $3 25 *4: cutter common and medium. ?2 75*; 3 75- veal-’ ers. good ar.d choice. *5 50 16.50: medium. *5 ■ 5.a0: cull and common S3 75*; 5 i Fw and Feeder Cattle-Steers. 3001 300 .bs.. good and cho.ce. *4.50*/5 7S common ana medium. *3 .4 50 Sheep—weak D tn 00 , eholce lambs s-e3dj others 2 ' sc . low< ‘ r with some throwouts " i xst Ba?i '-es. $8 35; rangers not wr^ c Ji ar y j attracu ' c aI ar °uhd '8 bulk 2 nc } vearlings unsold Slaughter l**P t ■"> tomb.- Lambs. 90 lbs down S™ gJTWSgMSirf" *•- o-FITTSBURGH. Julv 28 Cattle—Rece'Pts 300 * eadv Hces-ReceiDtTVsoo ,holdovers: market. steadv: nr:me *OO 240 3 l t°- 300 ‘ b * ?.!•: heavy mixed ■tin 't° mediums. 180*.6 h £ a k v Y-.-rkers. $4 90 Dii 10 M fixih 0 "^. 1^40 ibs *?4.25: S&W-IW ! , bf -.53*i3.50: roughs S3 50*; 4 slow eJPriv —Receims 800. market slow s.ead\ lambs good to choice. *7 50n Ss*> 6 S3*i 5.50; medium light fat. e.-. ■ sheep, wethers prime *2 50'; 3: chnw o 61. is*; 3.23: ewes medium to o i Cf - 2 Calves—Receipts 125 market. r*o k -,,2f, '" s zeed. *5*,6: medium. S4J 4 STO 5 T 0 a . v . fh.n. $2 50*i3.30 , O HJ*] r . E TI? „, J „ulv 28—Hogs—Steadv to JP: 2SO !bs -* 4 60 750-270 lbs. S 4 55 „. 2 - 5 -30 lbs S4 45 300-325 lbs *4 30. Toft'-|T ‘ b i,%! 4 j - J3 °-200 lbs. *4 45: 170J® 0 'L 5 ; C ?4 , 3 A- I*o-170 lbs S3 85 '4O-150 * 3 JS?* 1 , 40 lb * 5330 120-130 lbs. vivo 100-1.0 lbs *2 60. light roughs, i”? 0 \ heavy roughs. 63 stags. *2 75 Cal* vs. *4 50 Lambs. *7 725 FT WAYNE. Julv 28 —Hogs—Steady 10c , 2 -2°-, 2 . 5<) !bs • 14 250-300 lbs . *4 65 300-330 lbs S4 50: 170-200 Ibs . *4 65. 160*55 x.* 4 45 1 50-160 lbs. $4)5 140-150 •bs *3.90: 130-140 lbs.. *3 70: 100-130 lbs 53 25. roughs. *3 50 stags. *2 Calve*: *5 50 Lambs. *7 a0 Cattie—steadv. unchanged By Special % LOUISVILLE. July 28.—Cattle—Receipts. 250, including 104 direct; slow mostly steady on light salable supply slaughter c.asses, bulk better grass steers and heifers. *4 •> 4 75. plain kinds down to S3 or less, better finished fed offerings, *Sfts 75; bulk beef cows. *2.50 9 3 low; cutters and cutters. *l5O -; 2 25; sa'osage bulls *2 75 down bulk stockers ar.d feeders salable 54 down. Calves—Receipts. 300. steadv better grades mostly *4 44 50 medium and lower grades, *3 50 down. Hogs—Receipts, 1.000. 10c lower; 135-300 lbs *4 75 300 ;bs up, *4 35; 140-185 lbs . *3 85 140 lbs. down *2 13. sows. *3 25 stags *2 20 Sheep—Receipts. 1.200 steady bulk better truck lambs *7.25 :7 50. odd lot choice to *7 75: bucks *6 25 :6 75 Immature light iambs. *3 ;4 fat ewes. * 1 * 2 bulk better stock ewes. *6 ,: 7 50. choice Idaho yearlings salable higher Receipts Thursday Cattle. 125. calves 184. hogs. 338 and sheep 92£ Shipments Thursca'- Cattle, calves. 103. hogs 147 and sheep. 964 Marriage Licenses Glenn Irvin Settv. 22 of 1309 North r. -> n ---e •• C3T i sv . virgir.-a Alberta McCool. 20 of 931 North Grav stre.--. stenographer John erbert Wilson 24 of 1316 Ewing street receiving clerk and Mane Anna Batz 20. of 305 Barton street saleslady Paul Grafe Steubenville O musician and Harriott Teal 23 of 3710 Ruskm place radio artist. Hs* ie F Biakelv. 50. of 1731 Boulevard place. ministiT. and Lillie Bell 27. of 1539 Martindale avenue, maid. Lawrence Hlil 22, of 1008 West Vermont street clerk, and Catherine WhiUow. 21. Modoc. Ind.. maid.

-Today and TomorrowJ

Prices of Farm Products Must Be Maintained Through the Harvest Season. BY WALTER LITPMANN

THERE is a radical difference between mobilizing industry for war and mobilizing it to overcome a depression. The supply of an army is a one-way process. The goods produced move to the army and there are consumed or destroyed. Nothing comes back from the army that has to oe bought or used by the producers at home. Therefore, the problem of Manning production for military purposes is relatively simple. You determine how much the army needs and you produce it at any price. This can be kept up as long as the physical materials hold out It is inly when the war stops and you attempt to return to normal that you ippreciate how much you have dislocated industry. The overcoming of a depression is a very different

matter Here the task is not to supply a vast army of extravagant and unproductive consumers but to enable all the different kinds of producers to exchange their goods with each other. They are unable to exchange these goods because the balance of supply and demand has been upset through a fall in prices which hits some producers more than others and overturns all established relations between debtors and creditors, between earnings and fixed costs. BBS IT is much easier, therefore, to step up production to supply an army than it is to reorganize the terms on which goods are exchanged in order to overcome a depression.

Asa matter of fact the task of dealing with a depression is less like mobilizing for war than it is like making peace and demobilizing. The state of mind needed by public men and by the public in order to work cut a reconstruction is not that which they attain when thev are at war.

In the present phase of our domestic reconstruction, it generally is agreed that under speculative in first production has run ahead of the consuming power of the people. There is a gap here which has to be closed if we are to avoid a stoppage due to the piling up of unsold goods. What are the principal measures by which this condition can be dealt with? Clearly, the first and most important thing to do is to make sure that the prices of farm products, which are now at a reasonably profitable level, are maintained through the harvest, so that the farmers will actually obtain the more or less speculative prices now quoted. This requires, on the one hand, a monetary policy which will hold the dollar from rising above its present gold value, and. on the other, a control of planting to prevent the higher prices from stimulating the production of great unsaleable surpluses. B B B npHE next most important task is to create new purchasing power among the industrial workers. A great new demand for exports would provide an important part of that purchasing power, but there is no present prospect that such a demand will soon be felt. In ordinary times our experience has been that new purchasing power at home is best created through investment in capital goods. In buildings, machinery and transportation. No such demand of any consequence has appeared or is as yet in sight. Therefore, it is necessary for the government to supply it by the development of the public works program. It follows that it is most desirable that this program should be moved forward as rapidly as possible.

Indianapolis Cash Grain

—July 27 The bids for car lots of grain at the call of the Indianapolis Board of Trad* f. q. b shipping point, basis 41 1 2 New York rate, were: Wheat—Strong: No. 1 red 92' 2 ft95' 2 c: No. 2 red. 91 ! 2 *i 94‘ 2 c: No. 2 hard. 89ft 91c. Corn—Strong- No 2 white 53ft 54c: No. 3 white. 52'u 53c: No 2 vellow. 51ft52c: No. 3 vellow. 50*; 51c: No 2 mixed. 49ft 50cNo. 3 mixed. 48fi 49c. Oafs—Strong: No 2 white. 39ft39c: No. 3 white. 37*; 38c. Hay—Steady: <f. o b. country points taking 23’ 2 c or less rates to Cincinnati or Louisville. 1 No 1 timothy. $6416 50: No. 2 timothy. *s.soft 6. —lnspections Wheat—No 1 red. 8 cars; No 2 red. 3 cars: No. 1 hard. 2 cars: No. 2 hard. 1 car: No. 1 mixed 1 car. Total. 15 cars. Corn—No. 1 white. 3 cars: No 2 white. 4 cars: No. 5 white 1 car: No 1 vellow. 2 cars: No 2 vellow. 11 cars: No. 3 vellow t cars: No 4 vellow. 1 car: No 6 vellow. 2 cars: sample vellow. 2 cars: No. 2 mixed. 2 cars: No. 3 mixed. 1 car. Total. 33 cars Oats—No, 2 white. * cars; No. 3 white. 15 cars: No. 4 white. 1 car; sample white. 1 car. Total. 23 cars. INDIANAPOLIS WAGON WHEAT Cit’- grain elevators are paving 90 cents for No. 2 soft red wheat. Other grades on their merits. Chicago Futures Range —July 28WHEAT— Prev High. Low 10 30. close. Sept 103 s , 1 02 1 2 1 03 s , 107', Dec. 1 07 1 a 106 1 07' 2 I.lo s , Mav . .... 1.12 I.lo', lII s , 1.14’ CORNSept 58' 2 57 1 a 58'a 61', Dec. 64' 63 64 .66', May .70', 69 s . .69'. .72', OATS— Sept 44 42 s , .44 .43 s , Dec 46 s . 46 .46 s , .49', Mav 51 .50' 2 51 .53 RYE— Sept .80 79 .80 83 Dec .85', 34 85t, 88> 2 Mav . .91’, .91', 3t' # .95 BARLEY'— Sept .. ... .67', Dec 69 s * 69 • .59 5 , 72', CHICAGO CASH GRAIN By United Prem CHICAGO. Julv 27 —Cash cram close Wheat—No. 2 red Sift 100 s ,: No. 3 red. H: No 1 hard S!ol’,ft.lo2 No 2 hard. *l.ooft ft 1 01' 2 No 3 hard tlftl.OO',; No. 2 vellow hard. Si. No. 1 mixed *1 01', ■: -01 : No 2 mixed. Sl.O0 s ,ftl 01: No 3 mixed, 99cft$1 Corn—No 2 mixed, 55', ft 56' z r - No. 3 mixed 54c: No 4 mixed 51 ft 52c: No 1 vellow 57',c; No 2 yellow' 56 57 s ,c No. 3 yellow 54’,ft 56c. No. 4 vellow. 53*,c. No 6 vellow. 48ft50’ 2 c No. 2 white 53c; sample grade. 46c Oats—No. 2 feed 40c No 2 white. 41 s ,*7 42',c No 3 white 40ft41’ 2 c; No. 4 white 39ft41c Rve —No 4 25 s ,c Bariev—4Bft 70c Timothy *4ftt2s Clover—sßft It 25 Cash provisions Lard *6 75; loose. *6. leaf. *6: D. S. bellies. *7 50.

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~~~ "''

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Any public works program, however. inevitably is limited in scope, is slow in producing effects, and, worst of all, is not self-continuing. Therefore, it is necessary to look forward to the revival of private capital expenditure. That revival will not come, however, until the long-term value of the dollar is reasonably assured. It follows that Just as the farmers need a monetary policy which will prevent the doilar from rising above its present gold value, so industry needs a monetarv poliev which will fix a bottom below which the dollar will not fall. BUB r T'HE thrd. and, to my mmd.comparatively less important measure is that which the blanket code is intended to put into effect. This is the raising of wages to put additional consuming power directly into the hands of employees. The difficulty with the blanket code is that it permits, though, to be sure, it does not encourage, employers to pass on the additional costs in the form of higher prices. Now, if prices of manufactured goods rise as much as wages, you have not added to the consuming power of the community, but you may actually diminish it for all those who, like the farmers, the people on fixed salaries and wages and incomes, must buy at the higher prices. The blanket code can increase real purchasing power only so far as the higher labor costs are absorbed by employers and charged against reserves and profits. To a certain extent this can be done. It can be done by the big corporations and by strong employers. To this extent the blanket code ought to produce some of the benefits intended. But so far as it drives weak employers out of business, and so far as it raises prices as fast as payrolls increase, it will be. I should suppose, either deflationary or futile. The benefits, In other words, will depend upon the discrimination with which it is enforced and upon the firmness with which General Johnson and his staff hold down prices. (Coprrizht. 1933)

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PAGE 25

STEADY SALES FORCE WHEAT OPTIONS DOWN Serious Crop Conditions in Northwest Ignored by Trade. BY HAROLD E. RAIWTLLE t ntlsd Press Staff CerrssDnndsnt CHICAGO. Julv 28 W heat dropped 2 T . to 4' cents as the Board of Trade opened today in sympathy with the sharp reaction at Winnipeg There was fair support at the start on the continuation of the heat wave in the northwest. but the buying was less ngttres- ; sive than Thursday as manv traders feared Thursday’s upturn had been ’ slightly more rapid than beneficial. Corn dipped l\ to 3\ cents, oats 2’s to 3 cents and rye 4 to 4'j c r nts at the start with provisions down 10 to 30 points. Rain Is Needed A restricting factor in the opening break was the new regulations | voted at a special meeting this morning changing price fluctuations to 5 cents on wheat, rye ind barler, 4 cents on corn and 3 cen's on oats. The weat ner map showed a coni tinuation of the unfavorable weath- > er in the northwest with no rain over the main spring wheat belts and temperatures in excess of 100 degrees on both sides of the international line Winnipeg, however, opened as much as 6 cents lower on the break in sterling which causes* Liverpool to show a \ to N cent decline in American money. Sentiment remained bullish In the belief that conditlors justified the advance. Receipts were 104 cars. Heat Wave Feared Fear that the northwest heat wave might work its way into the corn belt, catching the crop in the tasseling stage. Ls a supporting sacI tor in corn The crop is in a critical ; growth period and urgently needs I rain. Such a development would work severe damage. Receipts were 343 cars. A shortage of oats and barley are j officially announced for sections of Canada and with crop deterioration in the United States the futures of both grains, and cash oats, are very strong. Eastern demand for oats showpd a sudden spurt Thursday. Receipts were 60 cars. Chicago Primary Receipts —July 27 ?™ at 917 000 1 901 000 OMs 299.000 220.000

w E O F F HR 6cr tax exempt 10 WITH SAFETY Raymond D. Jackson & Cos. Investment Securities Flrtrher Trust Building

WE BUY AND SELL Building and Loan Company Shares and Paid-Up Stock T. P. BURKE & CO. Incorporated SUITE 217-224 CIRCLE TOHEB PHONE Riley *536

We Will Buy lerner Realty 6% Pfd. Palais Royale Realty 6% Pfd. Lincoln Loan Corp. 6 y 2 % Pfd. St. Joseph Valley Temple 6% Pfd. Cal-Wayne Realty Cos. Pfd. Indpls. Hat. Corp. Sy 2 % Pfd. LaSalle Hotel Realty 1% Pfd. Stebbing Realty Cos. 6% Pfd. KISER, COHN AND SHUMAKER, INC 12$ E. Washington St. LI nroln 2*Bl