Indianapolis Times, Volume 45, Number 71, Indianapolis, Marion County, 2 August 1933 — Page 15

AT T G. 2, 1933

Wall Street Acceptance by Bankers of Responsibilities in Banking Reforms Is Regarded as Good Omen. BY RALPH HEVDERSHOT limn Special Financial Writer

They have been a long time In getting around to that point of view, but the bankers of this country apparently have come to the conclusion that they have a definite responsibility In recommending change? in banking practice? which will materially strengthen the financial structures of the institution? individually and the -vstem as a whole The Commission on Banking Law and Practice of the Association of

Reserve Ci" Bankers has issued a statement that It has dedicated itself to a effort to make 'constructive proposals for fundamental reforms in our banking system." About all the bankers have done thus far has been to sit bark and criticise the attempts of others who have sought to straighten out the banking tangle. While it is true that they have been asked to take a position on the sidelines since March 4 they had plenty of opportunity to show some real interest in the situation before that date. But they were even loath to a dm;’ then that any corrections were needed History i? likely to place much of the blame for the depression we have just passed through ujmn the shoulders of the bankers. They promoted and even took a prominent part in the run-away market in stocks, they went out seeking the foreign bonds which have cost investors so much money, and they made excessive loans on all kinds of collateral. In fact, the

Ralph Ifendershot

financial leadership they furnished was of a highly

dangerous typo. a a a a a a Sought to Escape Crash And when the crash came in the market and in business they ran away from the structure they had created lest it fall upon them Without consideration for the welfare of their clients they set out aggressively to collect all he cash ihev could get, forcing wholesale bankruptcies where necessary to protect themselves and their institutions. The avalanche the v ight to escape finally overtook them, however, for one of the first action- thrust u;x>n President Roosevelt was to close their doors. The obligations they refused to accept In an orderly fashion have since been h ired upon them in the forirf of emergency legislation Small depositor? at least, have been given the protection of a guarantee The bankers have ?et up a wail at the seventy of the new legislation, and before n passed did their best to keep it from being enacted. a a a a a a Work Not C ompleted Few authorities on the subject regard the work of banking reform as having been completed Through the financial aid of the government an excellent repair job ha? been done, but when the opportunity arises a thorough overhauling should be inaugurated. The bankers themselves know best where the weaknesses lie. and how best to correct them And therp are among them men with a sufficiently wide vision to undertake the work and to turn out a completed product which will be equal to the needs of depositors, the country and the banks themselves. And it is well that the bankers, as indicated by the announcement of the Association of Reserve City Bankers today, have seen fit to step into the breach. The fact that they have finally recognized their responsibilities may well be accepted as a good omen. It is an excellent point from which to begin.

New York Stocks 1 - (Bv Abbott. Hoonin Sc Co.l ————

- au* a— Prev. oil* Hich Low. in ?.n Cloy* Amotdi • 2 A'l Rlk J 5 34‘, -I4S. 3* B, rnsrtsll . . • * * , 8 ,' 1 Consol Oil 10', 0 lO4 10^. Cont ol Del . 13' 13'* 13 . 13 • Houston irtltf' -® * Mid Corn Pft )• }* * onto oil J*, Pet Corp *s* it * Phillips Pt ‘J * ‘2, Pure Oil 8 ‘ Roval Dutch r: * Rbd on _ -2, Snell Union “ 8 * 5, * Smim Pet * * Sor \ae 11’j 11'* H * S O of Cal 8 o of N J * Texas Corp -• • • * ~Z 7 Tidewater Assn 8 ‘ * Un oil of Cal 18 * 18 * Mills 21’j 20. 2Pa 21 Be' h Steel . 38 * 2|| B'.rs AM 3 2, Col Fuel A- Iron ‘ 2 Crur Steel . .. • • ••• *. Inland Steel Ludlum Steel 22 McKeesport Tin . • Bl ’ Natl Steel ••• ft * Reo Iron Ar Stl I®’* '§. Reb Ir A St pf. ii,* V s Smelt • • , Xi Vanadium 4 Tai Midland ti,* U S Pipe A Fdv •••. ... ill,-’ U S Steel 52*. s 2* 52•. s2. U S St“el ptd ?!,* - ‘ * Rail* sc*. Atchison 18 vV Ail Cst Line 22 BA O 28 a 28 28 -1 Can Par '* • 18 * ih A- Ohio 43 * • . Chi .V Ol W * * 2. CMA- St P pfd 14'* 14'. H. 14 -• Chi N w >2 * * Chi R U 1 * ,5.gS? * H,,rt ::: ; 2 2H 2!**. Ort Ni rthern pfd • ■ • ■}* 111 Cent:l 40 i 4040 39 . K C Sou ' Lou A- Nash *?’* ?* MKA- T ll*u l‘S Mo Par 8 Mo Par ptd ... ■ gr J N V Cent . 43 1 j 43 4342 s . N Y Chi A- St L . . - - 24'* N Y C At S L pfd 28 ’ j N Y New Haven 28 25’* 25'y 25*. N Y Ont A- Wes 10* Nor Par 34 s . Penn R R 34’. 34'i 34% 35 Reading • 45 Sou Par . 26% 26% 26 1 . 26'. Sou HR 26 26 26', 26 Union Par . . • ■ 112 W Mar-, land .... 12 s . 12 12% 12 Mnltlt#— Auburn .55 50, 55 34 s . Chr-. sler . $ . 33 % 33', 33 1 1 33 Oen Motors . . 39 > a 29 V 29' 2 29 % Graham Mot . . . 3 s . 3 s . Hudson .. 11 V ll' 11V 10* Hupp 5 Mack Truck 35 34% Nash ... . 20 19% Packard .. 5% 5 5 4 * Reo 4* 4 Studehaker . . .• 6% 8 Yellow Truck 5 V s>, s>. S', Motor Acre** — Bendtx •• ... 18'-% 18 Bohn Alum 38‘j Borg Warner . . 15% Briggs tor, 10% 10’ 9% Budd Wheel .. . . 3’. 3% Eaton Mig 13’j Elec At to Lite 18’a 18 Houd Hershev ... ... ... 4 s * Mullins Mfk - . . % Murrav Bodv . . 8 Stew Warner Bs.8 s . 8% B'. 8S Timker. R>l . . 28 s . 25% 25% 26% Minin; — Alaska Jun 2424 24>. 23*, Am Sn-.elt . 32 s , 33', Anaconda 18 s * 16' a 18 j 16 s . Cal A Hecla ... 8V 6', Cerro de Pasco 30', 30 30L 30'. Granin . . io ’, 11 ’. Ot Nor Ore ... 12'j Homes-ake M;n .. ... ... 214’a How e Sound .. ... 22 Ins Cooper . . .. . . 6 s . Int Nickel 16 17 s , 17*. 18 ]sl Creek Coal . 25 Kennecott Cop 19 s , 19', 19', 19 . Noranria Cop Jl'a 31 ; ,3311 1 30 , Phelps tvdee . .. . . ... 14'a Pitts Coal 15 Tehaccov— Am SntifT 45 Am Sum Ti>t> . .. ... ... 17 I Am Tob iA■ . 80 Am Tob B 85 . 84'. BS‘a 84 , Oen Cisar . . 38 ligg A Mvers B 89*. Lorrtllard .. . . 21*. 21'. Hevnolds Tob 'B I .. ... 48 48 Couipmrnt*— Allis Chalmers . . ns I7'a Am Car A Pdv 28', Am Loco . 26'. Am Maofi A Fdv 17'. 16' 3 17 16 s , Am Steel Fdv 19 . Bald Loco 12 s . 12'. 12*. 12', Burroughs 15 24 . Case J I 70 69'a 69'a 68 . Cater Tract 21 20 s * 20', 2f'a C tig at Palm Pee* IS' 4 Congoleum 20', Elec St or Bat 43 44 , Foster Wheel ; Gen Am Tk Car 345, Gen Elec 23S 23‘, 23', 23 V Oen R R Stg 27 35', Ingol Rar.d s' a Int Bush Mach 140^ Int Har' ester 35V 34*. 35V 34\ Kei' inahr . 10 V Nat! Cash Reg 1. < I.‘a 17S 17', Proc A Gamble ... 3S' a Pullman Inc ... 4$ Simmons Bed 321, Und Elliot I*', West Air B 26 25 5 . VVestingh Elec 41 s , 41*. tl'j 4<' ! , Worthington Pm . . 25 s , Utilities— Ant A For Pwt 12'. 12*. 17', 12 Am Power A Lit 13-, 12 s , A T A T 123'. 122*. 123'. 122 V Am Wat Wks 29'a Brook Un Oas . 79’j Col Gas A Klee 20S 20 20 20', Com A Sou 3 s . 3*. Concol Gas 53H 53'. 73'. 53 5 , Elec Pwr A Lit 9 . 9 s . £. 9 s . Int TAT 15'. 15 15 15 Lou O A E A .. 2f!>. Bat Pw r A Lit .* .. 15 s , North Amer ?8 26'. Pac G A E 27 Pub Serv N J 46 46 80 Cal Edison 23 22* a S'a Oat .. 13*, United Co:p . 10 9 s , 9*. 9 s . Un Gas Imo . 20'. 20', Ut Pr A Ltt A S', Western Union . 59*. 59 .*9 57'. Rubber* — Ptrestone .. 24’, 24S Goodrich . . ... ts', 15'. 15', 15 s . Goodyear J6* 38', 26'. 36 s . U 8 Rubber .... 18>, 18 18'. 11-, U 8 Rub pld 31*. 31S j Kjc. SptiCg ..... 4-a 4‘. 4 4' i

Amusement*— Croslev Radio ... 9'.. Fox Film 3 2’, 3 2\ Loews Inc 25', 24 '■, 25hi 24', Radio Corn .... B', 8 S* 8’ Warner Bros .. 6 3 6' SH Food?— Am Suxar 58 57 Armour A .. . . S 3 . S', Beatrice Cream ... ... 17’, Borden Prod 31’, 30’ 31‘, 31 Cal Packlr.B . 26 25 Canari Drv G Ale 29 3 29 29 1 . 29', Coca Cola ... li’. Corn Prod ... , 795, Crm of Wheat SO”, 30'i 30*, 30', Gen Foods ... 35" 35' Oold Dust ... 21', 21 3 O W Siiß.ar 29', Ini Sail 23 22‘, Loose Wiles ... ... 35'a Natl D Prod . 20 3 , Piritv Bak i8' 2 18 18 18”, 8 Porto Rico Stic 36’, 36’ 4 36’, 36’? Sid Brand? 27S 26 T ' 27? 37 Unl'ed Fruit ... ... Se 1 -, Ward 3a k A ... ... ... 47" Wrtßlev 47 1 * Retail Store?— Best & Cos 25 Gimbel Bros ... 4’ 4’, Oimbei pfd ... ... ... 6 3 4 Hahn Dept Sts S'* ■lewe] Tea 38 T ANARUS Kresge S 8 13 12'. Kroger C.roc 35’, 25>, 25 3 , 25‘, Macv R H .. 52 Mav loep* St .. 25 K 25*, Mont Ward 21\ 21’, 2D, 2t 3 , Penny .1 C . . 4040 Safeway St . . 50’, Soars Roebuck . 35?. 34', 34 J , 35 Woolworth 44 43 3 , 43' < 43 Atiation— A'lalion Corp.. 10', 10’, 10’, 10’, Dotisiass Air 13’a 13', Curtiss Wrißht. 3', 3>i Curtis? Wnclit A .. 4 : Nor Am Av 6', 6 6 6 United Aircraft.. 32', 32‘, 3?\ 32’, < hemic,l, A*.' Reduction ... ... 94?, Allied Chem . . ilj 115'. Am Com Alcohol 46', 44'. 46*, 43?'. Col Carbon .. , ro Com Solvents 33 1 . 33', 335. 33 Di Pont . ... 70’. 70‘, 70’? 69'. Freeport Tex ... .. gga" Liquid Carh sji, sj??. Northern Alkali ~ . . 32*. 311, Tev Gulf Sulph ... J6 3 , 26 Union Carbide , 41 U S Indus Aico 61'. 59', 61?, 60 Na* Distil 83 81 82’, 80 Drugs— Cotv Inc 4?, 41, ,1* 4, Drue Inc .. 47'- 47 471, 47 Juimhert .33 3 . 31H333.1 3 . 315. Lehn Si Fink . . . 201, Zonite Prod .. .. .. .. s'! Financial— Adams E\n . . .. 9 8?„ Alieghen?- Corn S', SV, ju 5:, Chesa Corp 41 Trmisamcrica 71, 71, Tr Conti Corp.. 6 5 7 w 6 6 Building— Oen Asphalt .. .. ... ... 19', Int Cement .... . 29’, John? Menville 44’. 44 Llbb? Owen? Gls 27 3 JS 7 , 27 3 , 27 Otts Ele*. . 17?. Ulen Const ... 3 r 4'w Miscell, neons— Am Bank Note 21 20 20 21 Am Can 85 S4 1 , 84', 84', Anchor Car 25 3 . 75', 25 3 . 25 Brklvn Man Tr .. . . 32 32 Conti Can 60’Eastman Kodak . . 77 Owens Bottle ~9\ 79 79 78’. Gillette . .. . 13', G’.iriden . 15 14 7 15 14 J . Gotham Silk . . ... 10 1 . Indus Ra?-on ... 67', Inter Rapid Tr 6 7 Real Silk Hose . . . 12S New York Curb B? Abbott. Hoppin Sr Cos - Aue l.— Close Close Alum Cos of An: 68 Int! Ptrol 16'. Am. Ct P A- I, B 3’? Natl Bellas Hess 2* Am Cvar B 11', N.ag Hud Pwr.. 10'. Am C. A- E! 34’. Parker Rstprf .. 59', Am Sup Pwr . 5 Pennroad 4’ Ass Gas A I : Pioneer Old M . ID, Atlas Ut Crr 13’ St Rei. Paper. 5N Can Marconi . 2’. Salt Ck Prod... 6', Cent S'* FI. 2'. Secal la?ck ... 7 C.t:es Serv 3 3 S*d Oil of Kv ... 16 Com Edison 6S’i Stutr .15 Cord 9’, United Founders 1 7 F.: Bnd A- Sh 25 United Gas . ... 4’, Ford ot Et-.s S’. Un Lt A- Pw A. S 3 . Ford oMt Can. 13 United Verde 3 7 Hud Bav M:r.. 9'. Woolworth Lmtd 18 Imperial Oil .. 12’. Wright Haygvs.. 6?. Ir? .nc Atrchute s’. New York Bank Stocks *Bv Abbott. Hoppin S: Co.l —Aug. 1— „ Bid Ask Bankers . S3 1 , 63 3 Brooklyn Trust 113 118 Centra! Hano?er I4D, 143 Chase National . 2(Di 29’4 Chemical 37’, 38 National City 32’, 33 Corn Exchange 56 57 Continental ;s'-. 1.5?, Empire 20‘, 2! Firs- National 1 44 l 4?5 Guarantev 316 318 Ir- ins 19 7 , 2o>, Manha'-en Sc Cos 26S 29’, Manufacturers 17 3 17 3 . New York Trust 97 1 98‘, Public . . 33’, 34', Liberty Bonds Bv r'utfed Prfu NEW YORK Aug I -Closing Liberty Bonds decimal* represent thirtv-seconds * Liberty 3’,s 32-47' 162 20 : ibert? ut 4 .? 32.47 .101 30 L:ber?\ 4‘h 4'.s 33-38. 102 26 T-easurv 4*.s 47-52. 110 Treasury 4s 44-54 106 Treasury 3Ss .43-47* 102 15 Treasury 3 3 ,? 41-43 March ... . 102 1 Treasury 3 3 ,s 40-43 June 102 Treasury 3's 46-49* .. .. . 100 1 Treasury 3? 51-55* .... 96 16

Daily Price Index

I ni trit frrti NF'A YORK Auk I.- Dun * 3rads rt:lv e:ghted price : dex ol 30 bs.c cemmoditiey complied lor :h* United Pre.< >1930-1932 average 1001 Today 103 79 Monc.av ... 101 59 Week ago 104 57 month ago 99 II Year ago 76 48 J3J High July Hi 113 52 1933 Low tjan 20> 87.86 (Copyright 1933. bv Duu 8c Hi a<Uu*ct. lac.*

BULLISH NEWS REPORTS SEND STOCKS HIGHER Recent Industrial Gains Maintained by Major Groups.

Average Stock Prices

Average of thirty Indus*.rials Tuesday, high 03 23. low 89 6! ,a?t 92 70 uo 197 average o I twenty rails 47 04 44 90 4*>i uo 1.35 average of twenty utilities 31 o‘* 20 83 31 01. up 1.02 average oj forty bone 88 09 uo 007 average of *er. firs; rs: 93 87. up 028 a"erage of *er. second rail* 75 81 off 043 average ofter utilities 94 97. uo on. average of ten industrial 811 up 0 30. BY ELMER C. WALZER t’nlted Pres* Financial Editor NEW YORK. Aug. 2 Prices continued to advance at the opening of today's session on the Stock Exchange. Initial gains were mostly fractional, with volume small. Traders were encouraged by reports from the country's major industries. which were holding their recent gains against seasonal tendencies. Electricity output was 15.4 per cent above a year ago, the same gain as in the preceding week. Steel operations held at 57 per cent of capacity, the same as in the previous week, according to the Iron Age. The latter authority estimated August automobile production would equal that of July. Wet stocks were steady to firm. National Distillers opened at 81. up 1, and extended the gain. American Commercial Alcohol made a small gain. Standard Brands was unenainged at 27. Steel common opened at 525. up and held steady. American Telephone opened unchanged at 122 T ? and later crossed 123. Anaconda firmed up l i point to 16 7 ? in a mixed copper section. Oil shares were irregular in a narrow range. Gold mining shares were firm. Case rose l'i to 69' 2 in the farm equipments. Tobaccos made small gains. Ralls were steady. Utilities were firm. Western Union was bid up IN to 59',. Colorado Fuel and Iron opened at s'y. ofT 2 points on the company's bond default and receivership.

Bank Clearings

INDIANAPOLIS STATF.3IF.NT —aub. a— Clearings $1 854 000 00 Debits 4.945.000 00 TREASURY STATEMENT Aug 2 Net balance for July 31. $833 932 959 73 Int Rev. Rects for day 5.358 184 36 Customs rects. mo to date 25 081244 78

Investment Trust Shares

*Bv Abbott Hooom A: Co.l —Aub. 2 . , Bid. Ask. American Bank Stocks Corn . 120 1 33 American A- Gen Sec A 575 6 75 Basic Industry shares 3 28 Britsih Tvpe In* Tr shar 79 89 Collateral Trustee share? A 425 462 Corporate Trust shares *olci* 2 16 Corporate Trust shares mew* 2 31 2 38 Cumulative Trust shares 400 Diversified Trust shares A 6 00 Diversified Trust shares B 7.75 Diversified Trust shares C . 3 no 3 00 Diversified Trust shares D ... 5 00 5 50 First Insurance stock Coro 1 66 i 84 First Common Stork Corp . 11! 122 Fixed Trust Oil share? A R 45 Fixed Trust Oil shares B .7 45 Fundamental Trust shares A 4 16 . . Fundamental Trust shares B 4 02 Low Priced shares . . 5.62 Mas? Inves Trust shore;- .18 59 20.20 Nation Wide Securities 3 49 North Amcr Trust shar 1953i 180 North Amcr Trust shar *55-S6t 2 43 2 65 ■Selected American share? .. 261 Selected Cumulative shares .. 675 7.15 Seler'ed Income shares 350 413 Std Amcr Trust shares .. 294 3,01 Super Amer Trust shares A . 298 Trust shares of America 295 303 Trustee Std Ol! A 485 505 Trustee Std Oi! B . .. 4 35 4 60 V S Elee* r’c l.izh’ A- Power A 15 00 15 50 ITmversaJ Trust shares . 2 74 2.81

Foreign Exchange

*Bv Abbott. Hoppin & Co.l —Aug. 1— Close. Sterling England $4 45', Franc France 0525’, Lira. Italy 705', Belsas Belgium 1875 Mark, Germany 3210 Guilder. Holland 5410 Peseta. Spain 1121 Nonra; • 2232 Krone. Denmark 1960

Bright Spots

Bv I'nited Press Hazel-Atlas Glass Company reports second quarter net profit of 5893 444. against 5296.729 in preceding three months. Consolidated Cigar Corporation earns $77,731 in second quarter, against $35,590 in previous three months. Warren Foundry and Pipe Company reports first half net profit of 57,364. against net loss of 537.G89 in like 1932 period. J. C. Penney Cos. reports first half net earnings of $3,448,519, against $2,603,257 in corresponding period last year. The Auburn Automobile Company has effected compensation increases of 15 per cent for hourly labor in adidtion to its 5 per cent increase of last May. CHICAGO FRUIT MARKET By I'nitfd l'rt** Chicago. Auk 2 Fruit and vegetable quotation* Apple* Michigan duchess bu*hel. 50ct£i$1. Transparent bushel 750i sl. Indians wealthy bushels. $125. Cherries Michigan sour. $1?1.25. sweet, s!'<il.so: Wisconsin sour. 75c-isl BluebeTt ;e Michigan. sirs,-,; j 75 BUck-berr-.e* Michigan. sl2s“*} 2 Currents — Michigan $1 50 c 2 25 Cantaloupe* Indiana 65c tsl 25 flat. 40 f 55c Illinois. 10 ?40e Michigan. 75c -o *1 so cauliflower— Illinois 40 y 50c Carrots--Illinois, l'.-u 2Vc Ltt-ice Westernt. s3*t 32' Illinois 15r Spinach Illinois 36 :60c Cucumbers Illinois 25 ir 75c Michigan. 60c tsl. Bean*- Illinois and Michuan 75: -. sl. Michigan limas. 75c 11 Corn —Illinois. 40h r 50c Tomatoes Illinois 40--75 c Michigan 50 5 75c Peaches Illinois slso*i 180 S'rawberr-.es Michigan $1 25'.i 2 50. Ecg.eplant Illinois 75c Beets—lllinois. 19 2c Radishes—lllinois, 'j -ilc Csbbage—lllinois. . $1 25<i 225 Mtchigar. 12 so Celer* Michigan 404 J 80c Onion. Market—California yellows bushel. 9<K7<l 10. whites bushel. SI 805 1.75 Illinois vellows. bushel. 75c. lowa yeilows bushel, 705 75c NEW YORK COFFEE FUTURES —Aug 1— RIO High. Low- Close March f 18 88 6 03 j M mv 2O 6 95 6 10 September 5 74 December 6 07 5 78 5 97 SANTOS March 8 22 * 0! 8 16 May 8 26 8 20 8 20 .bulv 8 37 8 09 8 25 September 8 00 7.87 7.87 December 8 10 7 89 8 07 NEW YORK RAW SI GAR FUTURES —Aug. 1 High. Low Close. January i 47 '44 1 46 March 1 52 1 51 1 52 Mat 1.57 155 157 July 1 63 1.61 1 63 September . 139 137 138 Okiium; ........... 1.48 1.44 2.45 4

THE INDIANAPOLIS TIMES

INDIANA STOCKS AND BONDS

The following quotations do not represent Ktuil bids or offerings, but merely Indicate the approximate marge* level based on buying and selling Inquiries or recent; transactions. —Aug. 3 f STOCKS Rid. Ask Belt Rail Sc Stock Yards, corn 26 39 Cent Ind P*r pfe V~- 11 14 Cent Ind Per p.'d 7*“. 9 12 Citizens Oas ccm 14 17 Citizens Oas Cos pfd S~ 63 67 Hume T A- T Ft Wavne pfo 7 - 36 40 Ind Sc Mich Elec Cos pfd 7“.. 70 74 Ir.d Oen Ser-ice Cos pfd 6 - .. 65 69 Ind H-dro Elec Cos r. 27 30 Ir.dpi* Gas Cos com 40 44 Irdpls Per A- Lt pfd 6"- IJ 85 Indpls P*r Sc Lt pfd 6’: • 66 70 No Ind Pub Serv Cos pfd 6~ 35 39 So Ir.d Pub Serv Cos pfd 5W 33 37 No Ind Pub Serv Cos pfd 70 .. 37 41 Ir.dpis Wat*r Cos pfd 5" . . 89 93 Ir.d Pub Serv Cc. 6% 35’, 39', Public Serv Cos of Ir.d pfd 6 14 17 Public Serv Cos of Ind pfd . 36 40 South Ir.d Gas i El pfd 6' 58 62 Terre Haute Elec pfd 6' 32 37 BONOS Beit R R & B’kyd? 4s 1939.. 88 92 Citizens Gas Cos 5s 1942 ... 84 88 Home TAW 5’ js 1955 96 100 Home T A T W a 1943 98 102 Indpls Gas Cos 5s 1952.. . 71 74 Ir.dpis Rvs Inc 5s 1987 ... 29 32 Indpls Water Cos 4‘js 1940.. 98’i 100>, Ir.dpis Water Cos 5s 1980 .... 93 97 Ir.dpis Water C'o 5s 1970 ... 02 2 96'.. Ir.dpis Water Cos s>,s 1953. .. 100 103 Indpls Water Cos S’,s 1954 100 103 Kokomo Wat Workrs 5s 1958.. 79 83 Lafavette Tel Cos 5s 1957 ..S3 87 Mur.rie Wa'er Works 5s 1939 . 82 a 96', Richmond Water Works. 1957. 84’, 88 Terre Haute War WK 5s 1956 84-a 88 Terre Haute War Wk 6s 1949 93\ 97' Traction Terminal Cos 5s 1957 45 49

Chicago Stocks —“By Abbott. Hoppln Si Cos.

—Aug. 1 TOTAL SALES. 56.000 SHARES 'High. Low. Close Abbot Lab 35 Am Pub Serv pfd 7', Aszestos Mfg ... 4*4 Asso Telephone Util ... '2 Bafian-Blessir.g . ... 8N 8 S'? Bendix Aviation 15 7 * 14 3 i 15 5 4 Borg-Warner 15N 14 3 ., 15 3 Braeh A- Sons 8 Butler Bros 5 4N 5 Berghoff 14's 12 N 14 Canal Construction ... 2V* 2 2 Cent Pub Serv pfd.... 28 27'a 28 Cent Pub Util Cen* A So West 3'4 2 3 3 Cent <sc So West P L pfd .. . . 22 Chair. Belt 17 s * 17 17 Chi A- North Western.. n' 10 11 > Chicago Corp com .... 3’*' 3 3 1 * Chicago Corp pfd 26 25’. 25*4 Chicago Elect Mfg IAI 3 3 Chicago Yellow Cab 12 Cities Service 3N 3' 3 1 * Club Aluminum , Commonwealth Edison.. 67 65 67 Consumers 6'"- Pr pfd 51, Consumers 7'% pfd 5 Cord Corp 9>* BV4 9’ Crane Cos gi„ Crane Cos pfd ..* . " 45 * Dexter Cos 62 6 6‘a Gardner-IJenver Cos ... hi, Godchaux B ... ga' Goldblatt Bros . 191, Great Lakes Dredge ... 14 13' 13>, Greyhound Corp 7 * * 4 o’ Grigsby-Grunow 2 3 2’, 2 J Houdaille-Hershev A . .. ... m, IK.non Brick 51, Kaiamasco Stove 27 Libby-If cNell ... 51, Lmdsav Light .. 2'a Lynch Co™ 2*71, 25‘i 27 >, Marshall Field 12 1 a ll** 12' 2 McWilliams Dredging Cos 14 ‘ Merchants A Mir? A . . 1' 3 Mickrlberry's Food Prod 4 3 7 3'* Middle West Utilities . '2 Middle West Ut 6 - A. 2N> 2*4 2'* Midland United and Monroe Chemical 2 Monroe Chemical pfd 28 Naetimann Springfield 6 National Leather I*j Noblitt-S Ind Inc 24 23ft 24 North Amor Light A* Po . . . . 4 7 Northwest Engineering. .. ... 6 Pines Winterfront ... 3 Prima Cos 29’a 27 >4 2?' a Public Service 33 Reliance Mfg Cos 13ft 13 13‘a Seaboard Pub Serv 68, 50 Seaboard Utilities Sh N Standard Dredging Cos. . ... 2 Swift A- Cos 18’a 17*4 18'a Swift International ... 25 24 25 U S Gpisum com ... 44 U S Ovnsum nfd 118 U S Rad'O A Tel .. .. 14 7 , 14 1 a 14% Utah R3dio IN l s a IN Utility A Ind IN IN IN Utility A Ind pfd . .. 4ft 4V* 4', Viking Pump 4 Vortex Cup Cos ... 7'a Walgreen Cos com .. . 17ft 17 17', Ward Montgomery A 72 Wieboldt Stores 9 1 a Williams Ot'.-O-Matic 3> Wisconsin Bankshares.. 5N 5 5 Yates Machine ....... . .. IN Zenith Radio 2N 2‘a 2N

Produce Markets

Delivered In Indianapolis prices: Hens, heavy breeds over 4’, lbs . 13c: Leghorns. 7r. Broilers- Colored springers D, lbs. up. 12c springers * Leghorn* I’, lbs up. 9c. bareback.?, 6c: cock? and stags. 6c; Leghorn cocks and Leghorn stag?, sc. Duck.?, large white, full tea-uerea and fat. over 4 lbs. 4c: small and colored. 3c. Geese, full feathered and fat. !c. Young guineas. 20c: old guineas. 15c. Eggs—No. 1 fresh country run eggs. 11c. Eacli f ill egg case must weigh 5.6 los. gross: a deduction of 10c per lb. for each lb. under 55 lbs. zross will lv made Butter Nr t 258 26c; No. 2. 238 24c. Butterfat—lßc. Quoted bv the Wadlev Company. BY UNITED PRERN CHICAGO. Aug 2 Eggs Market, steadv. prices unchanced receipts 8 046 cases: extra firsvs 12',a 13',c: firsts 12'*/ 13c. current receipts. 10>.8 ll' 4 c: dirties. 9' t r But'er—Market steady, prices unchanged. receipts. 10.939 tubs, specials 21821',r: extras. 20',c; extra firsts. 19' 2 820 c firsts 188 19c. second?. 178 ?tandards. 20',c. Poultry Market, steadv; receipt?. 32 trucks: fowl?. 108 11c; Leghorn broilers, lie Leghorns, fl'ac: ducks. 8810 c eee‘c 7 3 9c: turkeys. 10-/ lie: roosters, 7c; broilers. ID,® 15c CheeseTwins. 13' ®l3',r. Longhorns. 13’ ■/14c. Potatoes—On track 138. arrivals. 28. shipments 201. marker dull; Kansas and Missouri sacked cobblers. $2 758 285 New Jersey sacked cobblers S3B 3 10. Idaho sacked Triumph.? 275’/ 3. Maryland and Virginia barrel Cobblers. $4 80 ’/ 4 90

CLEVELAND. Aug. 2 Bti-er—Market, steady, extras 24',c per lb. in tubs: standards 24',c per !b.. in tubs. Egg?— Market steadv: extras, 17c: current receipts. 12c; extra firsts. 12’,c per doz. Pcuitr? Market steadv heavy fowl, 128 13c. Leghorn fowl. 9c: heavy broilers. 14?* 16c: Leghorp broilers. 105 f2c ducks. 7 * 10c: oid roosters. 8c Potatoes—Long Island and New Jersey. C S No. 1. Cobblers. $3 83 10 per 100 lb. sack mostly, S3; Delaware $2 90 per 100 lb sack Other Livestock BY UNITED PRESS FT WAYNE Aug. 2 —Hog*— Steadv: 200250 los.. $4.60; 250-300 lbs., $4.50, 300-350 lbs., $4 35: 170-200 lbs., $4.55: 160-170 lbs., 3425. 150-160 ibs. $4: 140-150 ibs ." $3 75; 130-140 lbs., $3.55; 100-130 ibs.. $3 10; roughs. $3 50; stag? $2 Calves $5 50. .amos. $7.50. Cattle Steady, unchanged. PITTSBURGH Aug. 2 -Cattle Receipts. 15 market, steady. Hogs Receipts. 600; holdover?. 400. market, strong, prime heavies 240-300 ibs $4.908 5: heavy mixed. 210-240 lb? ss®s 10. medium? 180-210 ibs . $5 10® 5.15. heavy Yorker.?. $5 • 5 15: light Yorkers. 120-145 !p* *4B 4.25: p:gs. 90-115 lbs *383 25: roughs. *3B 3.75. Sheep and lamb? Receipts. 1.300; market, active rtcadv: iambs, good to choice. 90 lbs oown. $7,758 8: medium. 90 lb? down. *3B 5; sheep, wethers Drime. 52 50n 3. fair to good. $1.75'./2.25. e-?s medium to choice. $1 i2. Calves—Receipts. 100. market, slowsteadv: vealers. good. *5/5.75: medium. $4,508 5: heavy and thin. $2.50® 3.50. CLEVELAND. Aug. 2 —Cattle- Receipts. 225; market, -su-adv: off* rings mostly common quality; close auiet: choice. 750-1 100 lb*, steer? $6 50,/7.25. good. 6<w?-l 000 ibs. heifer*. *5 50*./6 25; good cows, all weight.? $3.508 4. Calve*-- Receipts. 400 steadv and active or good calves, but slow rr. common graac: : choice to prime. $7 •. 750 Sheep- Receipt?. 300. market, steadv on good lamb? but 25 to 50c lower on common arrival*: few drop as much as $1 chc-.ce spring lambs. $7 i*. good to chcic*. S6B 7 medium to good *s® 6 common and cull. 33 5. Hoes Receipts 90 market steadv on ’ieh? run. al. sold earlv: light butchers 180-250 lbs . $4.90 CINCINNATI. Aug 2—Hogs Receip 1 ? 2 800 head none direct and through. 260 head held over steadv: top sr.d bulk. 180250 lbs $4 90. 250-300 ibs $4.50 8 4.75: few weightier butchers. $1258 450 1 50-180 lbs. $4 :'4 50 130-150 ibs $3 251 3 75: good packing sows. $3 258 350 off quality and piggv kind numerous mostly $2 50 down. Cattle—Recetp-s. 425 head, calves. 300 head slow, generally steady medium to good steers and heifer?. $4 258 6: part load of handvweight mixed. $6 25; common kinds down to $3 and plainer below, beef cows. $2 506 350 low cutters and cutter cow.? s’. 5082 50 mos- bull*. $2 25 3 3.35 tood choice teaiers. $4 50<j5SG plainer -.r.ds s3's 4 Sheep- Receipts. 2 500 head: better grades scarce, few- lots from $7 ,8. around steadv piamer kinds numerous and unevenly 50c®$l lower, medium kinds mostly *56 550 some mixed, *BB 7. and common $4 ~ 450 cull* down to S3 and below. few slaughter ewes mostly *lB 1.50 LAFAYETTE Aug 2 Hogs Market, steadv to 15c lower 225-350 ib? $4 60 250275 .b? *4 55: 275-300 lb- $4 40 300-325 ,b? . $4 25. 200-225 lbs 450 190-200 !b? $445 i 70-190 ibs $4 3$ Iso-170 ibs 53 65 -.40-150 lbs $3 60 130-140 ibs. $3 3C 12C--130 ibs $i 75 100-120 lbs 12 roughs. $3.50: top caive? $5: top lamb*. $7. TOLEDO Aug 2—Hog? Receipts. 275: market, teadv. Cattif Receipts, iight: market, steadv. Calves—Rece.pt*. iigh’ market steadv. Calves—Receipts, light market, steady Sheep and lamb* Receipts. light market, steady. The driest places known chi earth are not entirely free from rain or snow. v

SWINE MARKET I SHOWS STEADY PRICELEVELS Finished Steers Strong to Higher; Sheep Sell Lower. , Hogs were steady this morning at the city yards except Jor no definite market on pigs. Weights of 160 to 200 pounds sold for $4.55 to $4 60; 200 to 275 pound?. $4 60 to $4 65; 275 pounds up. $4.20 to $4 >O. Top price was $4 65. Light 140 to 160 pounders brought $3.75 to $4. with 120 to 140 pounders listed at $3 to $3.40 Packing sows sold for $3.25 to $3 85. Receipts were estimated at 5.500. Holdovers were 277. Finished steers were steady to strong at $6 50 to $7.50 in the cattle market. Hardly enough of other classes were on hand to establish quotations. Sentiment was lower. Receipts were 1,400. Vealers were * 50 cents higher at $6 down. Calf receipts were 700 Lambs were around 25 to 50 cents lower, with a top of SB. The bulk sold for $7.75 down Bucks brought a dollar less. Culls and throwouts sold for $3 to $3 50. Receipts were 1.500. Indications were for a steady to higher market in hogs at Chicago h bids unchanged from the preiuuo session's closing averages. Good to choice 200 to 280 pounders were bid in at $4 55 to 54.60; best light and medium weights held * above $4.70. Receipts were 20.000, including 7.000 direct. Holdovers were 2.000. Cattle receipts were 10 000; calves. 1.500; market weak. Sheep were steady with receipts of 11. COO. HOGS July Bulk. Top. Receipts 26 84 55*!j 470 84 7% 5 500 27. 4 70 4 80 4 85 6 500 28. 4.55*0 4 70 4 70 8 000 29. 4 605 4 70 4 70 2.000 i 31. 4 65® 4.75 4 75 6,500 Aug. 1. 4.558 4.65 4 70 7.000 2. 4.55® 4.65 4.65 5.500 Market. UfiJr. (140-1-60) Good and choice.. .8 3.75® 4.00 —Light Weights—-*l6o-1801 Good and choice. . 4.55 1180-2001 Oood and choice. .. 460 —Medium Weights—-*2oo-220* Good and choice.... 465 ■2OO-250* Good and choice . 465 —Heavy Weights—-*2so-290i Good and choice.... 4 50*8,4 60 290-350) Good and choice 4 30-6 4.50 —Packing Sows—(3so down* Good 3 508 3.85 *350 up* Good 3 25*8 3 75 100-30i Good and choice 3.00® 3.50 —Slaughter Pigs—-*loo-130* Good and choice... 2 25*8 300 CATTLE Receipts. 1.100: market, hirher. (1.050-1.1001 Good and choice 8 6 00*8 7 50 * Coraomn and medium 4.25*8 8.00 (1 100-1.500* - Good and choice 6 008 7 50 Common and medium 4 508 6 00 —Heifers—-(sso-750 ) Good and choice 5 00® 6 25 Common and medium 3 25-3 5.00 (750-900* Good and choice 4 50® 6.00 Common and medium 3.25® 4 50 —Cows— Good 3 253 4 00 Common and medium 2.50*8 3.25 Low cutler and medium 1.50® 2.50 * —Bulls * yearlings excluded* Good ibeefi 3 00 ® 3.50! Cutter, common and medium.. 2 00® 300 ■ VEALERS Receipts. 700: market, higher. Oood and choice 8 5.50® 6.00 Medium 4 60® 5.50 Cull and common 3.508 400 —Calves—-(2so-500* . _ I Good and choice 4.00® 5 00 Common and medium 2 00q 4 00 —Feeder and Stocker Cattle — 1500-800* Good and choice 4 30® 5.75 Common and medium 3 00® 4.50 *BOO-1.5001-Good and choice 4 503 5 75 Common and medium 3 00® 4.50 SHEEP AND LAMBS Receipts, 1.50*1; market, lower. —Lambs. Stiorn Basis— ) •90 lbs down* Good A- Choice 8 6 50® 800 *9O lb? downi Com and med. 3.003 650 —Ewes— Good and choice 200 ® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS CHICAGO Aug. 2 - Hogs—Receipts 20 - 000: including 9.000 direct; active. 5 to j 10c higher' than Tuesday; 200-290 lbs.. I 84 60 / 4.70; top $4 75; 300-350 lbs . $4.35® 4 60; 140-190 lbs $484 70; pigs. 83.50 downward; most packing sows. $3.60® 4; | light lights. 140-160 lbs . good and choice. 13.75®4.50: light weights. 160-200 lbs. good and choice. $4 258 4 70; medium weights. 200-250 lbs., good and choir* $4 60 1 4.75. heavy weights. 250-330 lbs. good and choice. $4,358.4 70; Hacking sows. 275-550 lbs good and choice. $3 35® 4 70. slaughter pigs 100-180 lbs good and choice. S3B 3." V Cattle- Receipts. 10 000. calve?. 1.500: strictiv good and choice fed steers and * veariincs fully steady on shipper account: common anti medium grades slow but supplies of such kinds less depressing than Tuesday; best weighty steers. $7 40; several loads medium weight and long vearlincs. 36.75® 7.25; best light heifers. 86: specialty market on she stock, general run of grass cows and grassv heifers tend- * mg lower: bulls and vealcts. steadp. : Slaughter cattle and vealers Steers 550- 1 900 lbs. good and choice. *5 50 / 7 25. 900- * 1 inn lbs.. SQod and chioce. $5.50® * 50; * 1 100-1 300 lbs good and choice. $5.50© 750 1 300-1 500 lbs. good and choice. $5 *> ®7 50 550-1.300 lbs common and medium ?3 / 5 75; heifers. 550-750 lbs., good and choice 85/6 25. rorr.mon and medium. *2 75® 5 rows good S3 50® 4.75; common and medium. $2.50 9 3.75: low cutter and I cutters 81.50® 2 75: bull:, yearling ex- | eluded, good beef 83 258 4 cutter common and medium. $2 501/ 3 75. vealers good ( and choice <4 75®65P medium. 858 5. *5.; cull and common * 3 ! feeder cattle— 500-1 050 ibs . good and choice $4.50 8 4 75: common and medium. $3 8 4.50. Sheets— Receipts. 11 ono. | largely steadv: bulk native lambs to pack- * ers $7.75®8; ton. 36 25. best range lambs, heid around latter price hep strong to . 25c higher: god to choice native ewe.SISOB 3 Slaughter sheen and lambs— ; Lamb? 90 !b? down good and choice. $6 7585 25. common and medium 3 ,*y' 7 ewes 90-150 lbs good and choice. $1 25 3 nil weights common and medium, si ■ 8 1 75. ! EAST BUFFALO. Aug 7. —Hogs—On I sale 1.200; active to all interest?, generally steadv. In *ome. spots 5c h gher. b ilk ; good 180-260 lbs . $5 I*. one load good ■Too ;b* western?. $5 70 lightweights and nig? slow, under 150 lbs . $4 50 sown pig? extremely dull at $3 75 Cat’ie— R eceir> 125: quality poor, bulk butche’ing grades, plain and common wes’ern grass steera very dull, feeling s'eadv for rluire bands icilllng grades: row? and bulls steadv to •trong' few choice cows. $3.508 4. cutter and low cutter. $1 50 8 2 50: medium to good bulls. $2 75 /3 25 calves, receipts. 150 fairlv act;ve. steadv good to choice. 6®6 50. medium. $.5.5086: cul’s and common. S3 SO® 5. Sheep—Receipts .00 top lambs steadv choice ewe? and wethers. , $8 others extremely low not many saies. medium. $6 7. inferior to gv*d culls. $3 8 5 sheep stead? good to choice ewe?. $1 508 2.50 EAST ST LOUIS. Aug 2 -Hoa-Re-ceipts 9.000: market stadv to 5c lower: , top $4 55 bulk. 170-260 lbs 84.4a® 4.55. lew a* $4 40 140-160 lbs. $3 658 435 100130 lbs $2 50*. 350 row s. $3 30 83 50 Cat-tle-Receipts. 2.300 calves. 1.200. market. be?t steers ir. liberal supply, small lots steady at $5 508 6 some few to bring much more mixed vearllr.gs and heifers active, steady to l*c higher cows stead- . bulls no' moving vealers 25*- higc.er with top kinds 85.75. mixed yearling* and heifers 5®6. small lots higher, cows were $2 50 •! 325 low cu"*r *1 509 185 slaueh- ! ter steers 550-1.100 lbs good and choice. $5 50 •/7 common and medium $3 258 2 50. 1 100-1.500 lbs. choice $6 5087: good. 15 75 , 96 50. medium. $4 509 575 Sheep-Re-, ceipts 2.500: market, no early sale? ask- * ;ns 25c higher no early bids, holding be--ter lambs around $.758 8 indications] steads on throwouts and sheer lambs 90 !b? down good and choice $6 759* common and medium. $3 50®6 75, vearling wether? 90-lie lbs good and choice $4 25 as so ewes. 90-150 lbs good and choice 50 s2 75 ail weights, common and mediums. 118 2. By Tim.-r Sprrin l LOUISVILLE. Aug 2 —Cattle—Receipts. 200 including one lead direct, market very draggv on a" grass cattle bare'v steadv finished fd kinds stead? bulk better gras:?teers and heifers $49 4.50 plain down to $3 and iess better finished fed offering? quotable $4 75® 575 beef cows almost un'alable • mos'lv $2 508 275 low ru'ter? and cutter? easv a' $125®2 25. bulla $2 75 down: most stocker* and feeders salable $4 down cai?es. $3.50. steadv. bulk better grades s4® 4 50: medium and lower grade? 83 50 down sharp discrimination again*; heavy gras? calves Hogs—Receipt?. 1 000 '*eadv. '.85-275 lb?. $4 70 : 275 lb? up >4 25 140-185 lb $3 75 140 lb? down $2 05 sows. $3 J*'ag? $195 I Sheep- Receipts 1.500: market not estab- ( llshed. generally bidding around 25c lower, or from $7 5 7 25. for bulk better grade? fat ewe? $lB 2: stock ewes mostly S6B 750 per head, few choice lots to $8 Receip*? * Tuesday Cattle 158 calves. 350. hogs. 1.142: sheep. 3 3J4. Shipment* Tuesday CaiUe, 55, calve*. 105. hogs, 565, \heep, I

—Today and Tomorrow— J Industrial Codes. Set Up Hastily, Must Be Worked Out as Nation Understands Them. BY WALTER LIPPMANN

IT is impossible for any one to follow with any real comprehension of their economic meaning, the development of all these many separate codes. They are being set up hastily, and they will have to be worked out as m°n learn to understand them. To this procedure there need be no fundamental objection. These codes establish a kind of (fonstitutional government in in-

dustry. and all our experience with political constitutions shows that it is vain to seek tc make them rigidly perfect at the outset. A good constitution is one which is flexible enough to allow it to be perfected by experience. To view the matter in this light does not. however, relieve any one of the duty of examining the mam principles and tendencies which actuate those who are working at this momentous and inspiring task It is not merely the privilege of the press and of the public to discusis critically these developments. It is their patriotic duty, and it would be mistaken zeal to withhold criticism or to lesent it. In this spirit I venture to raise a few questions about the procedure in adopting the steel code The only evidence available to me is the text of the code as submitted on July 15 and the newspaper accounts of the hearings before General Johnson in Washing-

ton. As I read this code it appears to have two main parts. In ore part the steel industry agrees to reduce hours and to raise wages somewhat. In the other part it organizes Itself to prevent price cuttings. As I read the testimony of Secretary Perkins and the accounts

of the hearings it appears that the administration is convinced that the steel industry could and should make very much more favorable terms with labor, and should eliminate many long-standing abuses. From other sources it appears that Mr. Richberg has raised legal questions about the sections of the rode which deal with prices, but unless I am mistaken the administration does not seem greatly concerned about the level of steel prices. Thus, in arguing that the proposed hours are too long and the wages too low. Miss Perkins said that “it may be necessary to make drastic increases in wages to accomplish the purposes of the act. But if recovery is to be achie\'ed, a large portion of the money product of industry must go to those who constitute the main body of the consumers." In support of her argument she pointed out that during the prosperous years prior to 1930 "a declining share of the value of the products of the iron and steel industry . . . went to labor." Miss Perkins’ point can not. T think, be disputed. It is established clearly that in the twenties profits ran way ahead of the wages. What needs to be discussed and to be examined with great care is the apparent assumption, which at the moment seems to dominate so much of the thinking of the NRA organization, that a better distribution of corporate earnings should be sought solely through the pay envelope. To fix the question clearly it is interesting to consider a few of the main elements in the policy of the steel industry during the depression. If we compare the figures for May. 1933. with those for May, 1930. we find that production fell more than 50 per cent, that employment fell more than 40 per cent and that pay rolls fel nearly 70 per cent. At the same time we find that iron and steel prices, as measured by a compose index, fell less than 20 per cent and finished steel about 12 per cent. a a a IN other words, here is a basic industry which has met the depression by reducing production and

In the Cotton Markets

—Aug. 1— CHICAGO High. Low Close January 10 97 10 58 10 93 March 11 09 10 70 11 09 Mav . 11 20 10 85 Tl 20 October 10 70 10 24 in 62 December 10.92 IP 48 10 83 NEW YORK January 10 88 10 43 lo 80 March 11 02 10 60 10 93 Mav 11.11 10 76 11 11 July 11 24 10 98 11 24 October . 10 59 10 08 10 24 December 10 82 10 37 10 72 NEW ORLEANS January 10 74 10 47 10 74 March 10 89 10 58 10 89 Mav 11 12 10 74 11.07 Julv 11.25 11 22 11 22 October 056 10 11 10 47 December . 10 79 10 34 10.70 In the Air Weather conditions at 9 a m : South, south west wind, 7 miles an hour; temperature. 79; ceiling, unlimited: visibility, 7 miles; general conditions, high, broken, scattered clouds; barometric pressure 30.10 at sea level.

HORIZONTAL Answer to Previous Puzzle 7 Deer. 1 Man in the IB £ D”? 'O 3I K $ Onl r Sun god. W v v aU D aJBo D 1 o*nH|o"l 'I D! 9 Beverage. 9 b> f AVMT LX ASBBXI 1 in Small mite, profession? -a— l2 Falsifier. i!^ d part ° f U 13 Nationality of 12 Long d meter “ (abbr.). Eatable. 14 Wild spotted 19 To greet 15 The pictured 23 Sled, man rates in .Si-A;R.3.-24 Slave. the top r IS.£ ADj. Tj 2: To bungle. In his field. [WO,MA..Ni.HAMP:i ONI sq The pictured 16 Fastry. p* Rone. 44 Second note. man paints li Metai plate. 27 Rill of fare. 4.' Blue grass. life? 19 Some say his 2S Mother. 46 Energetic. 29 To oruxible. recent work 29 What type of 47 The man in 3 Cheese-like, was a— artist is he? the picture’s 32 Bulrush. on his cap- c3O To peruse. ideology is 34 Fishes’ eggs. Italistic em* 31 To cram. • ? 35 Southwest. plovers. 33 Gaelic. D 36 Capital of 20 To soak flax. 36 F’apa. * EKTICAL India. 21 Postmeridian 37 Sod. 1 Ate sparingly 3S Suture. (abbr.i. 3S Rain in winter. in order to re-39 Opposite of 22 Pertaining to 39 Injured. duce weight. won. air - 41 Measure of 2 Rla. 40 Setter. 23 Tobacco quid. cloth. 3 Type of collar. 42 Gypsy. 43 Network. 4 To secure. 43 Public auto. 25 Neuter pro- 43 Woman’s short 5 Either. 45 Italian river. noun - coat. 6 Mover’s truck. 46 3.1416. ' 1 2 3 T i 5 I Ito b 'b '4 ' _ c so ” 8 Jm^ 19 zr~ 32 j" 5 3*o -J ir — Li* — r • I rn 1 I I 1 .1

!”

Walter Lippmann

wages far more than it has reduced prices. It has chosen to do very little business at relatively high prices, instead of seeking to increase business by drastically lowering Its prices. Now. Miss Perkins is justified entirely in arguing that this industry could, in the past, have aflorded. and. no doubt can afford today, to increase the returns to labor. But m planning for a general recovery is the administration justified in assuming that it needs to put its chief emphasis on steel wages, paying little attention to thp price of steel? Is it really moving toward its own objective if it merely jacks up the earnings of labor in steel and allows the industry to add the additional c.osts to prices which are already at artificially high levels? I hope that no one will think I am arguing against higher wages in the steel industry. I am not. I am raising the question whether the already high prices of steel, which this code will make it easier to maintain and perhaps to raise, ought not to be the major concern of those in Washington who are seeking to plan for recovery. Let us remember that the focal point of the industrial depression lies not in the consumer industries, in textiles and boots and shoes and such goods. They are doing very well, indeed The deep industries, in machinery and in construction. To thrso industries the price of steel is of vital importance. It is no less important to the public works program If we are to bring new purchasing power into the markets in truly impressive volume it is absolutely essential that the capital goods industries should be expanded. For from this point of view there is a great difference between, let us say. the textile industry and the capital goods industries. a a a THE textile industry can not keep going unless goods are continually bought and used up. and that means that production must keep p>ace with immediate purchasing power But capital goods industries. replacement of machinery, new machinery, building and public works employ labor which not only buys textiles and other consumer goods, but products which do not immediately have to be sold and used up. They create effective purchasing power faster than production of consumer goods, and the more far-reaching and long-term projects, the greater the effect. It is, therefore, a matter of fundamental importance that, the price of steel should not be overlooked. I do not vent ire to have an opinion as to whether steel prices ought now to be reduced, but it does seem clear to me that they should be examined at least as carefully as wages and hours, and that the steel code should be scrutinized with very great attention to see not merely what kind of control over steel prices it provides, but also to see what prospects it holds out to all the other industries dependent upon the price of steel Because there are no convincing signs that the administration is doing this, it may be in order to raifce another storm, signal and ask it not to approve the steel code until prices as well as wages have been considered. iCoovrlffh*. 1933 bv Th* Times!

PAGE 15

WHEAT OPTIONS HIT TOP LIMITS, 1 TRADE IS DULL All Futures Follow Lead of Major Grain's Advance. BY HAROLD E RAIWILLF. - ( ailed Pre Staff 1 orrrtpnndrnt CHICAGO. Aug 2 —Wheat opened 4'i to s.cents higher on the Efrvird of Trade today, again reaching the maximum advance allowed at the start. The other gams, however, were slightly under the maximum j limits although sharply higher The bullish sentiment continued with strong rabies aiding wheat. The bullish crop report on corn was offset slightly by the scattered rains overnight and that grain began 3N to 3\ cents higher. Oats was 2-v to 3 cents higher and rye 3 to 3 N cents higher Provisions were strong, but did not reach the high limits at the opening. In the opinion of most traders crop conditions fully warrant higher prices for wheat and the .'"sd grains but the markets will have scant hope of making adequate responses to news until tne price restrictions are removed The artificial character of th*? market was emphasized : Tuesday when trading foil to a minimum and brokers sat on the pit steps telling stories and waiting for sellers to appear The advance of 9 cents at Winnipeg attracted considerable attention and caused a swing of some buying orders to that market Liverpool did not fully reflect the upturn there Tuesday although prices were i l * to l - cents higher at midafternoon The Canadian official crop report thus morning confirms the serious damage to spring wheat in thp western provinces Corn and oats have lost their individuality and are following wheat I m their circumscribed range Rye likewise moves in the wake of the major grain but barely met considerable selling on Tuesday s rise. Chicago Primary Receipts —Atiff. 1— La*t . Today urclt " h,,at 695 00*5 564 000 V° r , r l 960 000 ! .264 000 Chicago Futures Range —Au. 2 WHEAT— 10 00. Prrr _ High Low. CD T. do**’ l ?ep l ••••••■• 1 *2N 99 100 971, 1 OS’. 102’a 1031, 1 00N &RN- •* 10fr " 106 ‘‘ Io7 ’ 1 JJ3, 54S .55', .5>H £* C „ • SH. 56' 60 L , 58 -T s '- > ** ■' s, ‘ 8* M>, iL: •}& M RYE_ 50 '" 4h ' 47 '* f*P’- •’> 73N .73N 73 , 8* .78'* : BARLEY-* “ “ 8S 87 % % % n , CHICAGO CASH GRAIN By t nltfrl Pre*s whli I * CA i2P’**2iS' i„T Cash ?rain do.?#: I T. No 2 9SNc; No 1 hard 94 9d S r' 2 i har ,f 33N® 04’ .0 No 5 hard, 91Nc. No 2 v#llo hard 93>,c No f . mixed, 93>c. No 2 mixM 93ft93‘,r No ; 3 mixed. 92’ s c Corn—No 2 mixed, 50c; No 1 yellow 50' JC. No 2 yellow 50$ 51c; No 3 yellow 42'5 49',e. tfo 4 yellow, 40c. No 6 yellow. 46*- No 2 hl'# 51csamp!- grad# 32834* Oat? No 4 -nuedl s Ho. * White 36?, 9 37c: No 3 white! 34 ,8 36’.c. No 4 • hit# 3<? 74',c Rye —No ?!#? Barley 468 6Sr Timothy—s4.2sß 4 30. Clo-.cr $9 *i 12 50 TOLEDO CASH GRAIN B’l T ultrrl Prrua j TOLEDO. Aiir 1 Ca?h (train clo?e: •Grain in elet ators. -ranslf blllinc w’b#at I- No 2 red 95'j®96',r. No 1 r#d 1 cent j premium. Corn No 2 ?<*Uow 428 43c Oa" No 2 white 55 1 .8 56 1 ;< R\# No. 2. 75 8 76*- Trade prloe* 28 ',r rate W’hfat No. 1 red 80'j®91r. No 2 red MftQMftc Corn-No 3 yellow 51652 c; No 3 vellow. 50® Sir On's No 2 white, 398 40’, r. No 3 white 38 8 40c Closer— Cash. $8 50. October. $8 75R Al*ik# Cash. $8 75 Au*'i?' *9B Butter- Fancy creamery. 25c E?k* Ex'ra.s, 14®14'iC. Hay Timothy per rwt 70c. ST LOUIS CASH GRAIN By T vitril Prrn ST LOUIS A;c 1 ?a h grain - Wheat —ln good demand. S’,c iiighei No 2 red ?vinter. 95 8 36' No 3 -ed 93',8 94r: No 2 red carlickv. 888 33 ,r No J red garlicky. 30892>,c hard 4rad# 6',8, 7’.r higher No 1 hard 92'jr No 2 hard. 92 1 ,c. No 2 mixed 92® 92'.- Corn Tn fair demand. 6’,87c hlghei No 1 y*-l----1 low 51',c. No 2 yellow Sir Oats—ln * good demand. 485 c hlsher: So 2 white, 358 38c No 7 wh:*e. 358 35 ,r No 4 white 33’, 836 cNo 2 mixed. 3i ; , B'6',c; No 3 mixed, 35c. No. 4 mixed. 35c: No. 3 red. 36c

Indianapolis Cash Grain

—Aug 1 Th bids for car lots of gr,'n a- tha - call of the Indlanapolir, Board of Trade, f oh, shipping point, ba i* 41', New York rate were Wheat - Strong No 1 red, 84y)86c. No. 2 red 83-;Bsr No 2 hard 83475 c Corn—Strong No 2 w-hi-e 47-y?4Rc: No. 3 white. 464i47e No 2 vellow, 45<f}4c. No 3 yellow. 444145 c No 2 mixed. 43f8 44c No 3 mixed 424}43c Oat.-, Strong No 2 white. 334534 c No. 3 w hite. 324/ 33c Hay—Steady (f o b country point* •aking 23',c or less rates to Clnclnrii'.l or Loulsvillet—No 1 timothy. $64/6 so; No 2 nmothv. *5 504r6 —lnspee'ions Whea*—No 1 rd 11 cars No 2 red. 4 cars No 3 red 1 car No l hard. I car. No. 2 hard 1 car. No 1 mixed. 3 cars TWti 20 trs Corn—No 2 whit. 8 cars, No 1 vellow, 1 car No 2 vellow 4 car l No 3 vellow, 2 rars No 4 vellow. 1 car Total, i6 cars. Oats—No 2 white 5 cars No 3 white, 13 cars sample white. 2 cars Total. 26 cars. rxniANAPnus wagon whfat City cram •>-. a-ors are paying 81 cnta for No 2 soft red wheat, other gradea on their merits Births Bovs John and Magaret Barnes. 970 West Thirt.i*’h W A and Johnnie Hoddox 1529 North Hamilton Marlon and Ruth James Coleman hotp;*al Roy and Delilah M r Oowen. Colemar, hospital S’anjev and Anna Fesie S' Vincent's hospital Fredrick and He>n H immei S- Vincent • ha*pital C A and There* pfau 418 Nor*h. Oakland Girls Ernst and Edith Reynolds Coleman hotp:*al Louie and Helen petccfl 958 North Warms n James ir.d Minnie Stroup. 724 North >obl* , John and Iris Oib.eon 1799 Arrow Deaths F-ar.k M Her-r 56 921 North Parker, carcinoma Eigene Ki,e 24 St Vincent hospi'aL fric-ured skull ** Mlech: Sparer.burg 86. 526 E-t Ver- ■ mor.- ar*er.o-c;eroi,. Mollie Carey. 67 Central Indiana hospital chrcp.ic myocarditis Paul R McCa..p, 33 1053 North Tref of iur.gs Margaret Donahue 2 months ci*s hos- ■ p.'ai generfi ge-.- e 1 . M llard Marburv 69 city hospital cerebral hemorrhage E Sa<*r Smith 67 el*y hospi-al earcinoma Juli-ae Hollander 34. Me*'hodis' hospltaL peri f on:t,s OLD BELLTs~FOR SALE City to Ask for Bids on Gong Taken From l.ngine House. The Indianapolis safety board today instructed Albert Loche. city purchasing agent, to a&k for bids on the bell removed recently from Engine House 6 Loeche will write all churches and schools m the . city. Only three nr*re bells remain in | city firehouses, but no orders have i been issued lor their dismantling.