Indianapolis Times, Volume 45, Number 73, Indianapolis, Marion County, 4 August 1933 — Page 20

PAGE 20

Wall Street Advances to Banks on Preferred Stock by Government Should Prove Important Spur to Trade. BY RAI.PH BENDERS HOT Titati Sptei.l Finanrial Writer The government now is prepared to furnish the banks with funds with which to make loans to industry. It will take back preferred stock as security lor the advances, according to Jesse H Jones, chairman of the Reconstruction Finance Corporation The move should prove one of the most effective steps the government has taken thus far to spur trade In all probability manv of the larger Wall Street banks will not be very strong for the idea They would prefer to loan their own money in their own way. They have plenty of funds with which to make loans, but thev have been afraid to make them for fear thev might not turn

nu' so well They cannot earn a reasonable return, therefore, on the funds they have, so they are unlikely to desire more. But there are many other banks in the country which undoubtedly will be rxiy and eager to accept the government aid They would stand to risk very little and to make a great deal. If they could get money at 4 per cent, for instance, from the government and loan it out at 6 per cent most of them coulu increase their earnings to common stockholders trrmrndouslv. And the fact that borrowers could get funds at 'hese institutions if loans were denied at their regular banks would tend to make the latter loosen up for fear of losing customers. Would Help Smaller Borrowers It may be claimed, of course, that industry is not in the market for loans, but that is true only of the stronger companies. The second-string concerns which have littlp m the way of marketable securities

■S , -%A ' . fal

Ralph Ilendershot

or the other kinds of collateral now being demanded as backing for loans could use funds to advantage in their business. It is evidently toward these concerns that the government is directing its attention. To advance money to banks indiscriminately on preferred stock collateral would seem to be rather risky business for the government. It would tend to encourage the speculative use of the funds. And we might easily run into anew period of overexpansion But if the government is careful with its advances and the banks are careful with their loans everything should turn out satisfactorily. The Oil and Steel ( odes Some rather interesting developmnets may be expee'eri before the end of this week in connection with the oil and steel codes of business practice. Opposing factions in the oil industry were unable to agree on a platform so General Hugh S Johnson. NRA director, set about drawing up one. This will be made public soon, and it should be interesting from the standpoint of seeing which side of the controversy he favors, as well as from the standpoint of furnishing a definite idea of how the government thinks a code should be prepared. The shining lights of the steel industry are in Washington to see that they get the best rode possible. Myron C Taylor, head of the United States Steel Corporation, and Eugene C. Grace, president of the Bethlehem Steel Corporation, are directly behind Robert P. Lamont, former cabient officer, who is leading the fight for the steel, concerns.

New York Stocks - (Bv Abbott. Honoln A Cos.)

Aur 4 Trade Suspended at 12:20 E. t> T Oils— „ Prfv High. Low. Close, close Amerada 2* 33 ' * All RfS 24', 24 24 25 Barnsdail .... . . *' •' 7 , * > Consol Oil . lON Id’. }° a }"*• Cont of Del n l , u>, l.Ve IV. Houston <_new i.. .. . . 4’, 4 < Houston midi ... ... . -* J Indian Rig • .. Mid Cont Pet .- I[' • Ohio Oil ll’ 11 • 11 4J 2 Pel Corn 1° }”,* Phillips Pet . . . . H 13 • Pure Oil ... B', 8 8 1 , 8. Roval Dutch ... • 22, Sbd Oil . _ 22', 22’ Shell Union 2'. "Si < Simms Pe 1 . . , Sltelle.v Oil .. . . *,< JSoc Vac ... !1’ 11 ll' 11 - SO of Cal 24 1 . 34'. 34'. 3S 8 O of N J . 33 .35’. Sun Oil ... J3 | Texas Cnrp 22 21', 2P, 22. Tidewater Assn. 8 7’, 7’, B', Un Oil of Cal 18S 13'. Steel*— Am Roll Mills . 20'. 20 20 , 20'. BCh Steei . 3ST. 38', 38’. 33', Bvers A M 30 29', 29’, 31'. Col Fuel A: Iron a', 4’, 5 s'. Cruc Steel 28'j 28'. 28'. 29'a Gulf Sts Steel ... . 27’, Inland Steel . . . 32’, Ludlum Steel ... 14 McKeesport Tin. . 82 Natl Steel . 40 39 * 3 39'a 40'a Ren Iron A* S'eel 17‘a 16'a lfi's 17 Rep I A- Stl pfd . 38 39 U 8 Smelt .. 76 74'a 74'a 78’, Vanadium . 24 23 23'. 24', Midland 13'a 13 13'a 14 It S Pipe A Fdy . . 15', 15'.. V S Steel 52 51'a M’a 52'.U S Steel nid . i< #5 Youngstn S & T ... 25 36' 3 Rail#— Atc.v.son 58 1 . 57’. .<8 58 . . At 1 Cst Line . 48 B Sr O 28 27 27 28', Can Pae ... 16', !s’ 18 i6', Ch & Ohio . 43*, 42’, 42', 42’, Chi A Gt \V s’, s', CMASt P . 9 9 CMA St P pfd 13 , 13'. 13'a 13’, Chi N W ... 10'a 10', 10' 2 ID. Chi R Isl 6'" Pel a A Hud '<” * Erie a, * Grt Northern pf . -s'. , 111 Central 39' a 37’. 38', 40- ; Lou A Nash ... . . 54’ , | MK A T IT, 11 ‘a ll'a 12', Mo Pac . 6'a B'. 6'. 2 Ma Poc pfd ... . 8' a ... N Y Cent 42 41 42 42’ N Y Chi ASt L 25'a 25’, 25’, 28 NY C A St L pf 28 29 a ! N Y New Haten. .. 25', 25', ' N Y Ont A Wes 10’, Nor Pac .. . 24 24’, Penn R R . 35 34’, 34’. 35 j Reading . 49 Sou Par 28 25', 2V’, 28 Sou R R 25', 24' a 2' 25 I Union Par 115', 115'.Wahash . - 4_ 3, W Marvland . 11 l2'a Motors — Auburn 54 52 43'a 54, Chrysler 33', 32’, 32’, e.3 Gen Motors .. 29', -B’r SP 29, Graham Mot 3’ 3.Hudson 10’, 10 a 0’ 11, Hupp s', s', s', 5; Mack Truck ’5 Nash 19' a 19 19', 20 Packard 5 4’, 4'- 5 j Keo 4 3’, 3’, 4 Studeba,er s'a 5 Yellow Truck 5 .-• | Motor Access — Bendix 15'a 15 ls'a 15’, Bohn Alum 39-, Bftrg Warner 15', 15 , Briggs 10', 9* a 9'a HU Buao Wheel 3 , Eaton Mtg .13 ■ 12'a 12'a 13 Elec Auto Lite . 17'. 17's 17'a 18'a Houd Hershev . 4’, 4’, Mullins Mfg 3', j Murrav Body . 6 7’, 7’, B', Stw WS' iter . B'a 8 8’ B’, Timken Kol .... 28', 24*, 25 26', Mining— Alaska Jun 24 33'. 23’, 24’, Am Smelt 33 ', 32', 33 33' a I Anaconda 16’, 16 36', 17 Cal A Hecla .... 6', 6’, Cerro De Pasco 32’, 30’, ll 32 Granbv ... 11’, 11 11 12 HcmestaAe Mm 225 220 220'a . Howe Sound 24 Ins Copper . 7’. Int. Nickel 18'a 18 18', 18', Kennecott Cop . 19’, 19 19', 19’, Norand* Cop 31'a 31', 31', Phelps Dodge .. 15 14’, IS 14’, Put* Coal . 15' a . Tobacco, — Am Sum Tob 18'. Am Tab i.4>.. . 84', 82'a 82’a 84’, Am Tob tE 87'- 85 85 84’, Oen Cigar . 38’, Lick A Myers B 91’, 91’. 9’’, 92 Lorillard ... 21'* 21S 21’a 21’ Reynolds Tob B' 48 47 47 48’, Equipments— AUU Chalmers 17*, 17', 17'a 18', Am Car A Fd\ 26'a 28 2 : 2 27 Am Loco . 26 Am Mach A Fdv 17', Am Steel Fdv 18', 18 18'. 18 a Baid toco . ... 11' 2 It', 1!' 12 Burrough* ... l'N 15'. 15', IS', Case J 1 65’, 84'a 65 87 Cater Tract 20'.- 20', 20', 21', Colga: Palm Pt 16’, I6' a is’, ir Congoleum 20’, 20'a 20'a 21 Elec Star Bat . . 42 Foster Wheeler 16', 15'a 15' 3 15’, Gen Am Tk Car 34 35', Gen Elec 22’, 22'. 22’, 23'. Ingol Rand 60'. 58 58*8 62' In’ Harvester 34', 33'-. 33' a Kfelnnator 10 io', Natl Cash Keg 17 17', Proc A Gamble 39 39 Pullman Inc 47', 47 47 47 Simmons Bed 23', 22‘j 23 23’, Und Elliot .... 28 28 West Air B . 28'j 27 Westingh Elec 41 40 : , 40’. 4! Worthington Pm .. ... . . 28-. Utilities— Am A For Put.. . . It's 11’, Am Power A Lit 12’, 12', 13’* * 12’, A T A T 113'a 12312', 124’. Am Wat Wks 28’, 29’, Brook Un Gas . . . 81 Col Gas A E.ec 19', 91 19’. 19-’, Com A Sou 3S 3'a 3>a 3', Conaol Gas.. Si'a 50'j Ma 53 a Elec Pwr A Lit. 9*, 9 9 9'a Int TAT 14’, 14S 14’ a 14’, Lou GAEA. . 20 21 Nat Pwr A Lit. IS l’. 14** IS’, North A trier ... 25 N 24’, 24’, 25’, Pac GA K .... 26’, 27 Pub Sen N J... 46’, 46 48 46’, So Ca! Edison . . . 22‘ a 23 Std Gas 14‘j 11', 14 14’, United Corp ... 9’, 9’, 9‘ a 9’, Un Oas Imp ... 20 19’, 20 20 Ut Pwr A Lit A 5 5 Western Union.. 60 59 59', 61 Rubbers— Firettma JV, 22'. 23 24>. Goodrich 15 14’, 14’, 15', Goodyear 35’* 35 35 s * 36’, i U S Rubber 18 17', 17’a 18', j tJ 8 Rub pfd.. . 32’. Ke' Sprmc 4'a 4 4 4’. Ainu-ement^— Crocle- Radio .... 9’, 9’, pos Film 3’, Loews Ine 27** 26 264a 27 Radio Oorp *' V* 7* B'* , RKO S', 3'a 3’, , Wff&Ct Brcs ... 7*i •’

Fund,— Am Sugar . 57'a 58 Armour iA' s'a S', s', s'a Beatrice Cream v 17'a 18’, Borden Prop 31S 31 31 32', Cal Packing . . 26 Can Dry C, Ale 29’, 29 29 30 Coca Cola .... . , 96 Cont Bak <Ai 11’, ll’, ip, H", Corn Prod .81 79 go 80'. Crm ol Wheat . Gen Foods . .35 34’, 35 35'. Gold Dust 21', 20’, 21'. 21’, G W Sugar 30’, 30', 30'a 31 s , Hers’.iev in- salt .. Loose Wiles ... ’ 35’, NaM Biscuit 54 54 s. Natl D Prod 20', 19', *o'. ’(lu P<-' Milk . | j, * in’) Purify Bak 18\ 18 18 18’, S Porto Rico S 37.1. 371' Std Brands 26‘a 25 s , 26> 26’. United Fruit .SB'j 55 55 *7’. Ward Bak lA' . 15’. * Wrtglev 48' a 40 Gtmbel Bros 4*. ,3. Gr Un Tea. ... .' 7 Hahn Dept St ' ' 6 6 Kresee S S 12, 'l2 12 13 Kroger Groc . 26 25', 25’, 25’. Maev P H 51', 51 511. 511" May Dept St . 35 * 81 ‘ Mont Ward 2!’, 20-’, *>qi ‘ 2 i. Penny .1 C Safeway St 51 .50', ’so’, 51', Sears Roebuck . 36', 35 35’, 351, Woolworth .. 41', 41', 41'. 44 Avialion— A-iation Corn.. 10', 10 in>, in'. Douglas Air 14 13’, 13’, l 1 Curtiss Wright . . 31. Curtiss Wright A #, 6', ' 6’, 6‘l Nor Am Av 8 S’, s’, g United Afrcraft. 31', 30 s , 31 31’, Chemlral*— Air Reduction... 96’, 95 95 98 Allied Chm 117 1 , Am Com Alcohol 47’, 43', 47 46'Col Carbon . 54 Com Solvents 32 31', 31’, 33 Dupont . . 69 68 69 69', Freenort Tex 38 37', 38 38’, Liotild Carh 33', 31 32', 32', Math Alkali 32', 31', 31', 32’, Tex Gulf Sulnh 26’, 26’. 26’, 27', Union Carbide 41* 40', 40’, 42 IT R Indus Alcohl 62', 80 2 63’, Nat Distil 86 83', 86 86’, Drug*— Cotv Ine .. . .. 51, 51, Drug Inc . 46 45 45', 46', Lambert ... . . ... 321, Lehn A- Fink ... . . . 20', Zonne Prod . . s’. s’, Financial— Adams Exp . 9’a 0 9 9', Allegheny Corp s', 51, 51, 51, Chesa Corp . . .. . 40’, Transamenra 7', 7 7 71, Tr Con'l Corp 6‘. 6', Building— Am Radiator ... . 151 1 Gen Asphalt 18’, 18’, tß’ 19 •John* Manvillr 44', 43 14 46 I :bbv Owens Ols 26', 25’, ’g 27 Otis F.lei . 17'- 17 17', 17 Ulen Const .. ... j’J 4 Miscellaneous— Am Bank Note 20>2 Am Can 84',- 83’, 84', 63'Anrhnr Cap 25', 24 24 "S’, Brklvn Man Tr 31', 31'. ?p, jj Cont Can .. 60 60’i Faslman Kodak 75 74', 74', 77 Owens Bottle -.B', 78’, Gillette . 13', Olidcen !4' 14', 14', 1.5', Gotham Silk 10’, 10', 10', in'. Indus Ravnn . <3 fi.xt. Inter Rapid Tr .. . . 6’, Real Silk Hose . .. ... ... 12'New York Curb By Abbott Hoppin A Cos -Aug. 3 Close Close Alum Cos of Am .71 Inti P'rol 16’, Am He 2’, Lone star Gas .10 Am Cts pwr-lt B t Mount Prod 5 Am Cvan B 12', Natl Be!lr..s Hess 2', Am Gas AEI 35' ; Niag Hud Pwr 10 A.n Sun Pwr 5 o an Am Airwav.s 47 Arg Nt! Pwr A 2 Parker Rstprf 58 Ass Gas A . I'rPennroad 4 Atlas Ut Crp 13’, Pmnr Old Mines. .7', Biaz Tr A- Lt 13’, St Reci.s Paper s', Can Marconi 2', Salt Creek Prod S’, Cent s-s F! 2’, Segal Lock ’, Cities Serv 3’.S-d Oil of Ind.. 28'. Cornmn Edison 6\Std Oil of Kv 16'I cr r *j losstuti ; ..is*, F Bnd A: Sh 24 UniTfrt Founders. 1"• Ford o? Ere s', United Gas 4', Ford Mot Can 14 Un Lt Arr A .s’. Hudson Bay Min 9’, Woolworth Lmtd 18' . Imng‘ a A®chute: 1 5’; WM8ht Harßraves 6 '* New York Bank Stocks Bv Abbott. Honpin A Cos _ , 5 - Aug. J.— Bankers ... 53 u Brooklyn Trust . ... ' 115 jiq Central Hanoser 143 144 Chas- National 28'* ’9 Chemical 37 s, Jg, National City . 32', 33 Corn Exchange . ... 57?. ConTjner.!: 151^ first National 143s 1455 Guaranty ‘ 323 335 Trunc 19", 20', Manh*”n A- Cos 20 09 Manufac'urers 171, i, N* York Trust 98 99 Public 35 36 Liberty Bonds ft; rvtrl Prrn NF\5 AOFK Aug 4 Closing Liberty Beods De.imals Represent 32nds > Lioertv 3'.s 32-47' 102 20 Liberty First 4',.v . 32-47' 101 05 L:herfv Fourth 4‘,s 33-38' IP2 25 T.-rasurv 4',s 47-*2' . . 109 28 Treasury 4s ,44-54 . . 105 31 Treasury 3’a '46-56' ... 10415 Treasury 3’,s '43-47' 102 2 Treasury 3’.s 40-43' June . 101 22 Treasury 3-,s 46-49 99*8 Treasury 3s 51-551 . 98 10

in the Cotton Markets

Aur i CHICAGO , High. Low. Close Jan..an . .. 10 97 10 SO 10 83 ;J* rch no* 10 94 noo ¥** 1122 11 10 111* gcl ol *r 10AS 10 48 10.54 December ... 10 87 10 70 10 75 NEW YORK JmnaorT io 90 io 68 10 72 M rch 1104 10 82 10 87 ***v 11 18 11 00 11 05 i ulv . 1134 11 20 11 20 October 10 *5 10 38 10 43 December .. to so io SO 10 54 NEW ORLEANS Jnurv 10 89 10 84 ** 11 08 11 02 11 02 Julv 11 17 October 10 58 io 30 10 39 December 10 75 10 53 10 52 MW 111RK Rt 'It.VR HTIRF< —Aug 3 Hish. Low Close ’anuarv 1.49 1 47 1 47 March 1 55 1 52 1 53 Mav 1 80 1 57 1 53 .Julv 1 85 1.82 l September 1.41 1 38 1 38 December .T. 1.(8 145 145

STOCK SHARES EASE DOWN IN LIGHT SESSION Exchange Closes Early as Gas Drives Traders From Floor.

Average Stock Prices

A-.frae* of thirty industrial* Thurstla-. Heh 95 86 loi 93 21 last 94 10. off t> 94 *• eras* of fver.'v rails 4* 0* 46 89 47 23 off o(i a-.erace of twenty utilities 32 n 31 03 31 35 off 043 s-.erate of for", bortfs 37 97. off 003 a-ersee of ten first rails. 93 55. off 010 ateraee of ten seeond rails 75 Oo off 012 averai* of 'er. utilities. 94 3! off 025 averaee of ten industrials. 87 81. off o 06 BY ELMER C. WALZER United Press finanrial fdltor NEW' YORK. Aug. 4—Trading came to an abrupt halt on the Slock Exchange today when brokers were driven off the floor by fumes from tear gas bombs. The Exchange ordered dealings to cease for the day shortly after noon. Up to that time, trading had been the lightest of any session since the resumptions of operations following the bank holiday shutdown. Prices declined after an irregularly lower opening, but around noon had rallied from the lows. Trading continued on the Curb and Chicago Exchanges but they were on a sharply reduced scale for the big board sets the pace for these markets. Closing Prices Lower Closing prices—last prices of the session—were lowar. Steel closed at 51 'j, off 1; American Can. 84 up 1; American Telephone. 123'. off \; Bethlehem Steel. 38",, of 1; Commercial Solvents. 31 7 *, off 1 1 v., and Consolidated Gas. 51S. off 2. Sales to noon totaled only 500.000 shares, or at a rate of 1.250.000 shares for a full session. The lethargy continued after that until the bursting of the ammonia pipe, which sent the brokers scurrying toward exits, A temporary closing was ordered at first, but later. Ash- ! bel Green, secretaarv. issued the following statement which was carried on the tickers: "Notice—The exchange will be closed for the balance of the day." Bond List Irregular Confusion prevailed in the brokerage offices where staffs were sharply reduced because of the lunch hour. A scramble was made to recall the workers to get out the day's statements and stand by for orders from various parts of the country. Newspaner offices also caught with men at lunch recalled their workers to get out the final lists. The bond section of the Exchange closed also since it is directly con- I necterf with the stock floor and its' traders also were forced to leave. Up to the time of closing the bond market had been irregular and quiet.

Bank Clearings

INDIANAPOLIS STATEMENT —Aug. ♦— Clearings *2.197 000 00 Debits 4,309.000 00 TREASIRY STATEMENT —Aug. 4 Net balance for Aug 2. .. *812.699 63* 36 lot Rev Rects for dav 7.452.471 99 Customs rects month to date 1.945.392 66 I Chicago Stocks ' By Abbott, Hoppin A Cos. - ■ ■ —Aug. 3 Total Sales 56 000 High. Low. Close j Asbestos Mfg . . ... 41, I Assoc Telephone Util Bastian-Blessing . 9 B’, 9 Bendix Aviation 16', 16 16 Borg-Warner 15’, 15'a IS’, Brown Fence A Wire A 6', 8 4', E. L Brure Cos 21', 20', 20', Butler Bros 4’, 4’, 4’, Berghoff 14\ 14 14', Cent A So West . . 2’, Chi A- No Western . ll', 11 11', Chicago Corp Com 3‘ 3', 3', Chicago Corp pfd ... 25’, Chicago Flexible Shaft 11’, , Chicago Yellow Cab.... 13 12 13 Cities Service 3’, 3', 3', : Commonwealth Edison . 66', 65’, 66', ■ Great Lakes Aircraft .. .. ... 1 Great Lakes Dredge .... .. 14 ' Greyhound Corp ’, ’, ’, Gricsbv-Grunow- 3 2’, 3 Keystone Steel ... 12 Llbbv-MrNeii s'-, Lvnch Corn 27 26'2 27 Marshall Field 14', 13’, 13', Miekelberrv s Food Prod 4', 4 4', Middle West Utilities ', ", '2 Midland Util 6''- PL... ... 3 Noblitt-Sparks Ind Inc ... 24 Pines Winterfront Potter Cos 2’, Public Service N P 35 Public Serv T 1", pfd ... 76 Quaker Oats 137 Reliance Mfg Cos 14 13 ! a 14 Seaboard Utilities shar ’, Sears Roebuck 37', 36 36’, So Colo Power A 4'; Southern Union Gas ’* Standard Drede Cos nfd Swift A Cos 19 18'a 18'a I Swift International 25'a 25 25 U S Gypsum com 45 U S Radio A T-l 15 14’, 14’, Walgreen Cos com . 17’, 17'a 17'a ; Wieboldt Stores 9', Yates Machine I'■ I Zenith Radio 2'a :

Bright Spots

Bv United Pre* Bureau of railway economics reports Class 1 American railroads earned net operating income of 5152.903.212 in first half of 1923. an increase of 383 per cent over corresponding 1932 period. Revere Copper and Brass. Inc., advances brass and copper products prices l - cent a pound. American Woolen Company. Arlington mills and Pacific mili.’. all of Lawrence. Mass., advance wages 10 per cent. James Talcott. Inc., increases salaries 5 per cent.

Investment Trust Shares v

(Bv Abbott. Hoppin & Cc.t —Aug. 3 B.d Ask American Exnk Stocks Corp '2O 133 Amer A- General Sec 5 ... *OO 725 Basic Industry Shares . 3-8 British Tvpe Inv Tr Sh 80 95 Collateral Trustee Sh A 1 "5 4 62 Corporate Trus- Sh old>.. 218 Corporate Trust Sh inrti . 232 339 Cumulative Trust Share ... 49u ... Diversified Trust Sh A . 6Z 5 ... Diversified Trust Sh B 787 . .. D:\eisified Trust Sh C Al 5 3 45 Diversified Trust Sh D 5 12 562 First Insurance Stock Corp 166 184 First Common Stock Corp . 11l 122 Fixed Trust Oil Sh A 8 64 ... Fixed Trust Oil Shares B . 740 ... Fundamental Trust Sh A . 425 475 Fundamental Trust Sh B . 400 ... Low Priced Shares 575 Mass Imes Trust Shares . 18 69 20 61 Nation Wide Securitler 350 360 North Amer Tr Sh 195.3 ’BO North Amer Tr Sh 55-58 .45 265 Petroleum Trust Sh A . .100 14 00 Selected American Shares 263 Selected Cumulative Shares *79 719 Selected Income Shares 3 60 4 n Sid Amer Trust Shares . 295 335 Super Amer Tr Sh A .. 295 Trust Shares of America 2*7 325 Trustee Std Oil A 4 62 . .. Trustee Std OH B 4 12 U S Elec Lt A Pwr A 15 00 15SO Universal Trust Stursi .... 293 390 I A

THE INDIANAPOLIS TIMES

INDIANA STOCKS AND BONDS The following quotations <t not repe.*ent at-ual bids cr offerings, but ir.ereiv ir.dicatt the appro*, rr.a’e market level besed dr. o-.-. ir.g and selling Inquiries or recentl transactions. —A-Jg 4 STOCKS Bid. Ask Belt p.ai! A- Stork Yards, com. 26 30 Cent Ind P r pfd 11 14 Cent lnd Pwr prd 7$ 9 12 C:’;/en* Gas com 14 17 Ct'izen.* Gas Cos pfd .B', 63 *7 H-rr.e T Ac T Ft Wavne pfd 7', 36 40 Ind At M.rh E>e Cos pfd 7',.. 70 74 lnd Gen Service Cos pfd 6v . 65 69 Ind Hydro Elec Cos V. 27 30 , Indpis Ga.s Cos com 40 44 Indpis Pwr At Lt pfd 61 65 Indnls Pwr A: Lt pfd 6'.',.. 66 70 No Ind Pib Serv Cos pfd t'- .75 39 No Ind Pib Serv Cos pfd s'.', 33 37 No Ind Pub Serv Cos pfd 7".. 37 41 Indpis Water Cos pfd 5", 89 93 Ind Pub S*rv Cos 6'. 3639$ Public Scr-. Cos nf ind pfd 14 17 Public Serv Cos of Ind pfd 7r 36 40 South Ind Gas A: E! pfd 6% .. 58 62 Terre Haute Elec pfd 6% 32 37 BONDS Belt R R A- S'kvds 4 1939 . 33 92 Ci’i/ens Gas Cos 5s 1942 ... 84 38 Home T At W ss, 1955 ... 96 100 Home T At T W 6r 1943 98 102 I Indpis Gas Cos 5s 1952 . 71 74 j Indpis Rvs Inc 9s ;967. ... 29 S2 Indpis Water Cos 4>.s 1940 . 98$ 100$ Indpis Water Cos 5s 1960 93 97 Indpis Water Cos 5s J 970 92'a 96'-, Indpis Water Cos sss ’.953...100 103 Indpis Water Cos .Bs* 1954 .100 103 Kokomo Wat Workrs 5s 1958 . 79 83 Lafavette Te! Cos 8s 1957 .83 *7 Muncie Wa’er Works 5s 1939 . 92$ 96 - Richmond Water Works 1957. 84$ 88 * Terre Haute Wat WK 5s 19.86 84$ 88 Terre Haute Wat Wk 6s 1949 93-* 97', Traction Terminal Cos 5s 1957 45 49

Daily Price Index

Ry I nitrit /'rim NEW YORK Aug 3 Dun A- Bradstreet s daily weighted price index of 30 basic commodities, compiled for the United Press i1930-1932 Average !00i Wednesday . 107 17 Week Ago 107 98 Month Ago . 99 81 Year Ago yg go 1933 High ’July 18' 113 52 1933 Low i.Jan 20' 4,7 as Copyright. 1933. bv Dun A- Rraflstreet Inc

Foreign Exchange

Bv Abbot' Hoppin A: Cos. —Aug. 3 Sterling. England $ 4 54$ Franc France 0537 Lira. Italy 0718 Belgas. Belgium 1915 Mark. Germany 3280 Guilder. Holland 5530 Pese'a. Spain 1145 Krone Horny 2250 Krone. Denmark . .2032

Produce Markets

Delivered In Indl&napolls prices: Hens, heavy breeds over 4' a lbs.. 10c: Leghorns. <c. Broilers: Colored springers I‘a ibs. up. 12c; springers 'Leghorn'. 1'- lbs. up. 9c; barebacks. 6c: cocks and stags. 6c Leghorn cocks and Leghorn slags. sc. Ducks, large white, full icatnerea and fat. i over 4 lbs. 4c; -small and colored. 3c. Geese, full feathered and fat. 3c. Young guineas. 20c; old guineas. 15c. Eggs—No. 1 Iresh country run eggs. 11c. Each full egg case must weigh 55 los. gross; a deduction of 10c per lb. for each lb. under 55 lbs gross will be made Buuer- No. 1. 25<fi26r J* 0 - ?•. Butterfat—lßc. Quoted by the \4 adlev Company. BE UNITED PRFAk CHICAGO Aug 4 Eggs Market steady; prices, unchanged; receipts. 9 331 ra fes; extra Arsis. 12'./13',c: firsts 12 12’,c; Current receipts. 10' l] ',cdirties. 9', e. Bulter Market, weak; ri'rrf- unchanged to lr lower, receipts i7.405 tubs; specials 21'a'u22r; extras. 21e. extra firsts. 19',v/20e; firsts. I8c"i 18 ,c: seconds. 17;!7’;e; standards. 19',c Poultry Market, easy: receipts 3! trucks; fowls. g'jAi lie: leghorn broilers. 10'ac leghorns 8r: ducks. 7ilor; geese 7c: turkeys. lo4i He; roosters 7e; broilers li 4ilsr Cheese Twins. 13', 4, 131,0; longhorns. 13’, 'a I4c Potatoes—On tra-k. 99; j arrivals. 40, shipments 261; market Steady; Kansas and Missouri sacked cobblers *2.8545 2.95; New Jersey sacked rohblers 834( 3.10: Washington sacked cobblers. *2 954/ 3 10: Idaho sacked bliss triumphs. *34/3.10. Kentucky sacked cobblers. S3u 3.10. CHICAGO FRUIT MARKET B\t € niti a I’resn CHICAGO Atig 2.—Fruit and vegetable quotations Apples Michigan Duchess bushel. 60c® *1 15. Transparents, 50c ®$ 1 Cherries-Michigan sour *1.104/ 1 40 Blue-berries--Michigan *24, 2 75 Blackberrier. Michigan Si 25® 1.75 Currents Michi - gan. S1 754/ 225 Canteloupes—lndiana 50 ! u •’<■: flats. 30v, 40c; Illinois fiats 40®50c Michigan. 50c® *1.25 Carrots—lllinois I'.®2',r Lettuce—Westerns *2 754/3.50 Spinach Tllinous. *1 25 Cucumbers— i Illinois 25® 75c Beans—lllinois and Michigan. 50c®*1.25; Michigan limas 65c '/,5c Corn-Illinois. 50® 75c Tomatoes— Illinois. 50c4/ *l. Michigan. 75c4, $1 25 Peaches- Uhnms. *1 504,2. Indiana *l5O 4/1 .5. Raspberries—Michigan. SI 50® 175 Eggplant Illinois. Sl'-/125 Peppers Illinois. sl. Beets- Illinois. l>-®2'-r Radishes Illinois. ',4, lr Cabbage Illinois $1 754/2.75: Michigan *2 50 Celery Michigan 40r® SI Onion Marke, —California Yellows, bushel Sl'</1 15 whiteswhit.es bushel. *1 60® 1 75. Illinois Other Livestock BY UNITED PRESS PITTfSBURGH. A U g 4 Cattle—Receipts. , mark*/ s'eadv. Hogs Receipts 2 000 ’uTson V h ? dv ,;° pnm '' he*vie”; ’to'24o ii : 4 SO j, heavv mixed.; ll?', hs .' S 4 9 *)® s ; mediums. 180-210 lbs ss® 5.05: heavy Yorkers. *s® 5.05; light Yorkers. *5 </5.05: light Yorkers. 120-145 tbs *3.754,4: pigs 90-115 lbs . *3®3 36iV/w 3 ' SO ®heep and lambs—Receipts. market steady; lambs, good to choice 90 lbs. down *7 754,8 mcri- !' m - t s snl! 1 so 0 ‘ 13 " S; tuedium. 91 ibs . up *5 50 „ 6 so. sheep, wethers, prime. *2 50 ',3. fair to good, *1 75®2.25; ewes, medium 10 rhoice. 81®2 Cal'es Receipts. :oo ’’J** I '' Id S’rong. lealers. good, warn'? cho >7 ’ *6 50. medium. * nd th ’d- *2.50® .3 50 CLES ELAND. Aug 4 Cattle Receipts. T^L n )J rkf! 5,,,dv all weak. choice. 7501100 lbs steers. $6 50®7 25 550-900 lbs steers, grades rommon to good. S4 ,25 ■ heifers. 6*S-l 000 ibs common to good grades S3_..y® 6.25. rows and bulls, unchanged Calves--Reieipis. 400 good ac . me trading, market unchanged tor week, prices steady Sheep- Receipt’ 500 active and steady; choice w ethers# *7 4? 7 SO; choice spring lambs. s7® 8: common anti cull, S3® 5 prices unchanged for the week Hogs Receipts. 900 market steady With receipts lisrtr prices about in cents kJi oW 'w la^t^ Mnndi, '' ■' range. choice. 220.50 lbs butchers. *4 90. light ’.BO-250 lbs hd'cher*. *4 90: thin and common hogs. 100 lbs . up. *4 65 FT WAYNE. Aut 4 Hoes -Stead’ 200-250 lbs *4 60, 250-300 ibs 170-200 lbs *4 50: 300.350 lbs *t 35; 160-170 ibs * 4 „35: 150-16° lbs *4. 14 -150 tbs . *3.75: 130-140 ibs 53.55; 100-130 ibs S3 10 roughs. _S3 50 stags *2 Calves- *6', Lambs—S. 50 Cattl Steady, unchanged. NEW YORK UOFFFF. FUTURES —Aug 3 RIO ~ . High. Low. Close. March . 6.14 Mav 6 18 Julv 6 23 6 20 6 23 September s 83 December 6 05 SANTOS March 8 27 8 25 8 27 Mav 8 37 8 30 8 34 July 8 39 September 8 00 December 8 25 8 18 8 22 Births Girls Elmer and Bertha Coleman. i:56 Eugene Clarence ar.l Florence Your.r 435 Abbott John and Lena Anderson. 1410 North Brooker Wilbur and Mane Lsiev. 467 Somn Pine Michael and Elizabeth Gardner. 4412 Ba!timore Hesco and Mars Birch. 869 Roacn. Roberi and Marlon Truehleod 1157 South Ewing Abraham and E*ther Rayford 815 Max--9 ell. Boy* Wallace and Almeta Collins. 1903 Columbia Gover and Erma Roberts. 1442 West Ma-ker Ravnt'vr.d and Martone Bovi.iette 1100 North Alton Chester and Rosa Pierson. 426 M nerva Forest and Edith Hadlev, 1371 South Sheffield Kerman and Efiie White. 1539 Ea*t De’.oss Herschel and Rebecca Ca-penter 927 Edgemont William and Lillian Schmidt. 439 North Warman. James and Mary Kesler. 554 Sou’h Warman. " Ronald and Ethyl Sides. 82! North Sena'e John and Cora Miller 819 Sou'h Eas* Lonrie and Lotta Collins. 1347 South Sheffield. Deaths Kenneth M Nole. 3b3. 341! Kenwood agranulocvstosis Walter Barthlolomew. 56. city hospital pentonlti*. Marine L Greshan. 48 Christian hospital cerebra, hemorrhage. Sadie Rawi.ngs 61. Methodist hospital coronarv thrombosis Clarence Hollmgsworh. 63 Belmont and Morris fractured skuli Ferdinand Vanhalarger. 65 eitv hospital cerebra! hemorrhage Mattie Hawkins. 63 2019 Corne'.l. cerebra! hemorrhage Piora Manning 45 city hospital, pneumonia Raiph C Bv field 57. 2*43 North New Jersev. acute gastnus Ella Gellacher. 71. 347 South State, cerebra! epopiexv H’rrv McGinty. 79. 520 East Vermont arterlo sclerosis Henry King 83. Ohio and Senate, lober DECUSUMUA.

PORKERS STAGE 1 10 TO 50-CENT GAIN AT YARDS Cattle Steady in Usual Cleanup Trade: Sheep Lower. Losses of the previous session were recovered this morning in hogs at the city yards, prices advancing 10 to 15 cents on weights of 160 pounds up with underweights moving 20 to 50 cents higher For 160 to 250 pounds the price ranged from $4.60 to $4.65. a few quoted as high , as $4 70. Weights of 250 to 300 pounds brought $4 45 to $4.55; 300 pounds up $4.10*/4.30; 140 to 160 pounds. $3.85 to $4 10; 100 to 140 pounds. $2.75 to $3 60. Rerripts were estimated at 5,000. Holdovers were 2.183. Cattle trade ruled steady with the usual Friday cleanup in pro- , gress. Quality of offerings was plain. Most heifers sold under $5. cows $2.75 to s3.ao Receipts were 300. Vealers steady at $6 down. Calf receipts were 500. Sheep were 25 to 50 cents lower. Ewe and wether lambs sold for $7 to $7.50. bucks. $6 to $6.50. Throwouts were down to $3. Receipts were 1.400. Hogs were moderately active with a few early bids and salps steady to 5 cents higher at Chicago. Good to choice 200 to 240-pound weights brought $4.65 to $4.70; early top holding at $4 70. Receipts were estimated at 20.000. including 6.000 direct. Holdovers were 2.000. Cattle receipts were 1.000: calves 600; market steady in both instances. Sheep were 15 cents higher with receipts of 6.000. HOGS July Bulk. Top. Receipts. 28 54 554/ 4 70 $4.70 8.000 29. 4 604; 4 70 4 70 2.000 t 31. 4 65® 4.75 4.75 6.500 Aug. 1. 4 55 V; 4 65 4 70 7 000 2. 4 55$ 4 6.6 4 6.8 .8 500 3. 4 454/ 4 .65 4 60 7 000 4. 4 45$ 4.55 4 60 7.000 Market, higher. 1140-160' Good and choice $ 3'Bs® 4.10 i - Light Weights—-'l6o-180' Good arid choice. 4 60 'IBO-2001 Good and choice 4 60 Medium Weights—- ■ 200-220' Good and choice.... 465 '2OO-250' Good ar.d choice 4 60$ 4.70 Heavy Weights—-'2so-2901 Good and choice ... 4 45® 4 60 ■ 290-3501 Good and choice. . 4 20$ 445 Packing Sows—- ■ 350 down' Good 3 .5041 3 85 ! '350 udi Good 3 25$ 3 75 1100-30> Good and choice 3.00$ 3.50 —Slaughter Pigs—-(loo-130' Good ar.d choice ... 2.75$ 325 CATTLE Receipt*. 300; market, steady. (1.050-1,100 l Good and choice 1! 6.004? 7 50 Common and medium 4.25®. 6 00 (1.100-1,500' — Good and choice .. 6 00$ 7.50 Common and mediun 4.50'S 6.00 —Heifers—-(sso-7.601 Good and rholee 5.004? 6 25 Common and medium 3.25® 5.00 (750-900' - Good and choice 4 504? 6.00 • Common and medium 3.254?, 4.50 —Cows— Good 3 25® 4 00 1 Common and medium 2 50ft 3.25 i Low cutter and medium 1 50$ 2.50 - Bulls 'yearlings excluded' - Good 'beef' 300 if 3.50 I Cotter, common and medium.. 2.00® 3.00 YEAI.F.RS Receipts. .500; market, steady. Good and choice $ 5 504? 6.00 Medium 400$ 5 50 Cull and common 3.50® 4.00 —Calves—-<2so-5001 Good and choice 4.004? 5 00 ! Common and medium 2 00®: 4.00 Feeder and Stocker Cattle—-<soo-800' Good and choice 4 504? .6 75 Common and medium 300 $ 4.50 (800-1.500' Good and choice 4.50® 5.75 Common and medium 3.00® 4.50 SHEFP AND LAMBS Receipts. I.twi; market, lower. Lambs, Shorn Basis - 190 !hs down' Good and choice 56 004? 7 50 '9O lbs downi Com. and med 3 00$ 600 —Ewes— Good and choice 2 004? 3 00 Common and medium I.oo® 2.00

Other Livestock BY UNITED PRESS CHICAGO Aug 4 Hogs 20 000 Including 8 000 direct: mostly steady with Thursday's average 200-270 lbs , *4 60'./ 4.70; top *4 70; 280-350 lbs *4.30® 4.60; 140-190 lbs. *4®4.70: pigs, S3 downward; packing sows $3.50® 4; light lights 140-160 lbs . good and choice. *3.75® 4 SO. light weigh'. 160-200 lbs . good and choice. *4 25 ® 4 ,0. medium weights. 200-250 lbs good and choice. $4.60® 4.70: heavy weights 250-350 lbs. good and choice *4 40',, 4 65; *°ws. 275-550 lbs., good and choice *3 35 / 4 10. slaughter pigs 100-180 lbs good and choice. S3® 375 cattle—Receipts. 1.000; calves. 600; all steers and yearlings fully steady: rather active in light cleanup market; bulk *s® 6. good 10 rhoice kinds absent. best *6 85. light heifer and mixed yearlings, steady fairly ' good action at Ss®s 85; slow but generally -’' f ,? d V on all cow-, most fat grass lo w s *3 u. 7 .->0 cutter*. *1 50® 2 bulls and \ealers scarce and steady: slaughter cattle and vealers. steers. ibs good and choice. *5 50/7 7 25. 900-1.100 Ibs.. tnod and! rhoice *5 50®7 4n ; 1 100-1.300 lbs. good and choice. *5 50® 740 1 300-1 500 ibs ! good and choice *575-740 550.1300 lbs' Srronyn and medium. (3® 5.50. heifers 550-, 50 ibs eood and choice *4 75® 525 common and medium. *3 75®5. rows good' *3^s0o 4 '5. common and medium. *2 65® ’ low eutter and cutter *1 50® 265 bulls vearlings excluded good beef *3 75 ® 4 cutl'r common and mdium *2 #6® 3 .5; vealers. good and choice *6®7: medium. S.v® 6. cull and common *3 50 ® 5 sxjcker and feeder rattle s-eers, 500-1 050 ms good and choice. *4 50 ®5 7S: rommofi 2 non rn^", , n ’ J 3 ' 4 S0 Shpr P Receipts fi.onn. fat lambs unevenly strong to 2 Sc - B sn r - : t 50c up. lightly sorted wl'.' : k (to rangers held above. *8 S ht j hr ‘’ p J and lam bs Lambs 90 lbs J^ nd and choice *6 5 ,* rommon and medium. *3.<5®6 75 ewes 90-ISo ibs nood and choice. *125®3; all weights common and medium. Sl® 2. . R-SST BUFFALO. Aug. 4 Hoes or *60 e 'lbs* 00: ss*® > rin 5c *° 15c lo,r * r: bulk 180IDS.. 55 51H; irmH ? X IZ lbs dov n to $i 75 and brio* saY 4 and Dlc< *'o under 160 ibs *4 50 down, packing sow s. 13 25® 4 Catile .Receipt*. 200: trade slow riraggv terv 4 n.r' r, P° r 'cd: cows steady *3 50® 4. Calves—Receipts. 250. aetive eenjr*R'; ateadv: bulk choice *6 60 medrim 6 d co * v mostly downward from *5 ft h ron^ : R ch Ce . ID ' v 90fl: * ctlv ' steady to sauhf. :, hO 7 '’"'j and ’•ether* scarce, sa.ao.e at *8 mediugr *7 25®7 50- t lß ht InL r “ mra w on * loa mostly *5 down | cood to choice Sl.SOf) 2.. V). ! EAST BT. LOUIS 111 Aug 4 Hogs IdP *4 60 bulk 170-280 lbs *4 45 >■ 4sn MO-160 ibs *3 65® 435 100-130 lbs *2 50 a 'A 50 *3 30® 3 60. or mostly *3 2’® C* l * l ', 1 poo eai'es 800 market, vealers 25c higher; other Casses ■* -adv m elean-up trade small lu.s of 'ers upward to *6 50 heiffers *Sv,6 ,'*°L , vearlings *25 beef rows *2 50® 3 2.- low cutters *!5O®lS5 bull* *2‘s. good and choice ca;rs s slaughter s-eers, 55P-1 lot) ;hs good and rhoice *5 50®7: rommen and medium. 83 25® 550 1 ino-i 500 ibs choice ' ccod *5 75 O 6 50 mediuir. *5O ®5.,a Sheep -Receipts 2 000 markeepened steadv others held hieher; bulk iambs to naekTs. *7®7 25 earlv buck' .ambs *1 less rommon throwou's *3 50 fgt ew. *ise„ 2W , !amh , lb , do , n good and rhoir* *6 50® 775 common and medium *7 50® 6so vearling wethers snub lhs good and choice *4® 5 ewes 90150 lb., good and rhoiee *lso® 2 75' all weights common and medium *ls 2 LAFAYETTE. Aug Hog marke' 10c to 20c higher 200-250 ibs *4.50® 455 250-300 lbs *4 30® 440 300-325 ibs *4 15 170-200 lbs *4 4 s :0.-70 *3 60® 3 85: 100-140 lbs. 82.56®3.23; roughs *3 25 down: top calves. *5. too lambs. *6 40. By 7~,mc. vpecia, LOUIS* ILLE Aug 4—Cattle—Receipts 1,5: drrggv r,eanup trade or. all gras* steer* and heifers: bulk olair. kinds sa!a- 1 ble S3® 4 finished drvfeds eligible around I *5 75: bulk beef cows and bulls *2 75' down: low cutters and cutters. 5!25®2 I most native stockers salable *4 down i desirable western stock calves, eligible around *5. Calves—Rec'ioD 300 fully steadv to strong on better grades bulk salable *4.4 50, strictly choice e'lgible *5 heavy grass calves disrounted medium and low grade vealers. *3 So down Hogs -Receiots 900 steadv finished 1852.5 ibs *4 fl grassv unfinished kinds discounted best 275 ibs up *4 10- 140185 Ibs S3 60 140 ibs down *1 90 *2 85 stags *1 ao Sheep Receipts 1 - 50ft all classes steadv bulk be'ter 'ruck lambs *7 to mostly *7 25, choice eligible to *7 50 or better; bucks. *6 o 8 so immature light lambs *3’/* fat ewes *l® 2: stoek ewes mostly *6® 750 per head Receipts Thursday—Cattle 93 ralvs | 2f* hoc* 691 sheep 1 718 Shmments. I Thursda--C#tUs 85. calves. 203; hogs. *24. smd. 1.31* J

—Todav and Tomorrow— J Nation's Stock Speculative Tendency Continues Despite Crashes of Bull Markets. BY WALTER LIPPMANN

IN the little bull market which cracked in the middle of July, we learned that almost nothing had Deen learned from the great bull market which cracked up nearly four years ago. The speculative appetite was unimpaired The efficiency of the Stock Exchange in catering to it was unchastened. We had the pools, the tips, the high pressure salesman-

ship, the indiscriminate margin accounts and all the other appurtenances uhicji have made the American capital market the mast feverish market of its kind :n the civilized world. The money changers who. on March 4. were indeed in the temple, but on their knees praying had been driven out and had resumed about where they left off some years ago. It is clear enoughs I think, that the reversion to the old way* was due. in the first iinstance. to the administrations failure to exhibit capacity and willingness to manage the dollar. When men hope or fear that the currency is out of control thev are compelled to speculate, even though they have no other ambition than to conserve their capital. But when all that can be said on this subject has been said, it still was startling to discover how little the experience of the last few years had done to awaken a of public responsibility in those who

are professionally responsible for the vast business of trading in securities. Compared with the manifest evils and dangers of national gambling in securities, the reforms initiated by the governors of the Stock Exchange during the last three years can only be described as pitiably inadequate. So sluggish were they to move that it had begun to appear that they would not institute real reforms except by compulsion from theoutside . Men whose every instinct is to prefer self-regulation to new laws came to feel that the Stock Exchange and the brokerage business would probably have to be treated to legislation as drastic as that with which the federal securities act surrounds the underwriting and promotion of new issues, as* 'T'HE crack-up in the middle of July seems to have brought home to the governors of the Stock Exchange a realization that they must bestir themselves. At any rate, they have at last eome forward with some reforms which have some point and some edge. They have made up their minds to regulate the building up of weak and dangerous margin accounts. They are proceeding to deprive the management of pools of ihe immumty of secrecy, and they lecognize that they must begin to do something to deflate the high pressure salesmanship by which the public is lured into the stock market. This is excellent. Quite apart from the question as to whether these reforms are adequate, it is excellent because it dignifies a radically new conception of the duty of the Stock Exchange. The orthodox theory has always been that the Stock Exchange is merely a market place, and that the brokerage houses merely are agents through whom orders to buy and sell are executed. This, for example, is the tenor of Richard Whitney's testimony before the senate banking and currency committee in the spring of 1932. When he was asked about the part played by the exchange in the bull speculation ot, 1929. the testimony ran as follows: Q —Led by the New York Stock Exchange? A—l deny that. sir. Q—lt does not lead anything? A—lt is a market place. On this theory the duties of the officers of the exchange would be j confined to providing an orderly and honest market. But the indubitable truth is that the Stock Exchange is more than a market place. It is a guild of brokerage houses which, in times of public participation. are for all practical purposes investment or speculative advisers to the owners of securities. The responsibilities of this relationship can not be sloughed off. It is a fiduciary relationship, and. therefore, it has become imperative that the exchange, as a corporate body.

Indianapolis Cash Grain

—Aug. 3The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b shipping point, basis 41', New York rate, were: Whea' Firm: No. 1 red 87®89r: No. 2 red. 86® 88c No 2 hard 37®89r Corn Steadv. No 2 white 50®51e No. 3 white. 49®50r No 2 vellow 48®49r No 3 vellow . 47 ® 48c. No 2 mixed. 46® 47c; No. 3 mixed. 45® 46c Oats Steadv; No. 2 white, 34®35c; No. 3 white. 33® 34c. Hav Steadv. /F. o b rountry points taking 23'ac nr less rates to Cincinnati or Louisville No 1 timo-hv. *6® 650 No. 2 timothy. *5 50® 6 - Inspections— Wheat No 1 red 1 car No 2 rd 3 cars; No. 1 hard. 1 car No 2 hard 3 cars: No. 5 hard 1 car Total. 9 cars Corn No 2 white, 1 ear No 5 whi'e 1 ear No 1 vel'ow 2 ears. No 2 vellow 4 cars. No .7 vellow 1 ear Total 9 cars Oats- No 2 white 9 ears. No. 3 whit. 16 cars: No 4 white l car; Sample white' 1 car. Total. 27 ears. INDIANAPOLIS 7TAGON WHFAT City grain elevators are paving 85 eenis for No. 2 soft red wheat. Other grades on their merits. TOLEDO CASHS GRAIN By * nitrit Pri-a* TOLEDO. Aug. 3 Cash gram close gram in elevators transit bill'ngs WheaNo 2 red 99e® !; No. 1 red. si ® 100'premium. Corn No. 2 vellow 58' -® 59c Oats No. 2 white. 44®4Sc. I’ve— No 2 77’a® 78c Track prices, 23’,c rate Wheat—No 1 red. 93',®94’ c No 2 red. 92® 93e Corn No 2 vello w 54® 55c No 3 yellow. 53® 54c Oats—No. 2 white 40® 43c: No 3 white. 39® 4-c Toledo seed close Clover Cash '8 50 Oct *8 .SB Alsik' -Cash. *8 75; Aug *9B Butter Fancy creamery 25c Eggs—Extras. 14®14 : aC. Hay—Tlmoth".". pr cwt /Oc. CHICAGO CASH GRAIN By I nit* and Prr*a CHICAGO. Aig 3 -Cah gram close Wha- No 2 red 96'a®97',c No < red 96',®96'.r No 1 hard. 97 .®Br No 2 hard 96® 97';/ No 3 hard. 16',r No 2 yellow, hard. 97r. No. 1 mixed. 97r No 2 mixed. 96®96’,r: No 3 mixd 95 ,® 96r Com—No 2 mixed. 52' e ' No 6 mixed. 47r No 1 veMow 5.7 ' e No 2 '••How 53® 53' i-r No 7 vellow- 52',®*3r No 6 vellow 48® 48* ,r No * whit* 50r No 6 white 47c sample grad*. 44- Oats So 2. f-ed 36 ‘ ,-r o whi’e. 39 ?c No. 3 white. 37®38’,r No 4 wh 'e 75® 37c sample grane 35®35',r Rv> No 2. 72',c. Bariev 45®65r Timc'hv—*4 25®4 50 Clover-*9® 12 50. ST LOUIS CASH GRAIN By t'nitrd Prrt L ?„ UIS fug 3 Cash grain close ! Whea In good demand l';®3e higher No 2 red 97 a4,78 ,c No 3 r*d 96-l97? : No , 2 . rad u. s * : li :ci *>'- 83® 95'ar; No. 3 led I garhegt, 87e; No 1 hard. 96c. Fo 2 hard I 96 ,c No 5 hard. 94c No. 1 m.xed 95',r No 2 mixed. 35c No 5 mixed 90®93c com In good demand, unchanged samPle mixed. 35c No 1 yellow *2c No 2 veuow 52® 52' c No 3 vellow. 51’,r No r N ° Ss<: No 3 ! 52c Oats—ln good demand, unchanged to 1c lower No 2 white. 37<a®78r No 3 white. 35' a V/36',c No 4 white 34',c No 1 mixed, 3i'ac; No 2 m.xed. 36®37c. Chicago Primary Receipts Aug 3 . Today Last Week S6t 417.000 1.172 000 o,t * • 2 16 000 299 000 '

Orders Executed At th- Market Allied Brewing and Distilling Cos., Inc. Wm. E. Shumaker A Company. Inc. T"" r Ll V>4

t—- • |jjggp

should have standards and should enforce them, which will protect the public against rigging, manipulation and ignorance n n m I TNDER modern conditions of corjjorate finance, industry draws upon the savings of a multitude of people. In the nature of things this multitude can not have the knowledge necessary to make prudent investment. That knowledge must be supplied by intermediaries who are obliged to defend the savings of their clients. question is whether the exchange and the brokers who compose it will accept this obligation. If they will not. then the government will have to impose it from the outside. There is no other alternative. The days when the Stork Exchange could regard itself solely as a market place are as irrevocable as the days when railroads could be regarded ns n wholly private possession of their promoters. The question as to how far public regulation of a public institution like th° Stock Exchange is to be carried now is solely a question of how promptly and how effectively the exchange regulates itself. My own conception is that the exchange has about six months in which to show' what it can and will do by way of erecting new fiduciary standards and of organizing itself to enforce them. I say six months because at the end of that time congress again will be in session and. if the exchange is not reformed demonstrably by that time it will be the duty of the administration to propase a plan of reform. Longer than that it is not possible to wait for convincing evidence of change because, as recovery proceeds, the nation must not be subjected to the risk of a wild bull market like the one which, happily, has Just been interrupted. It is to be hoped, therefore, that th° reforms which have been instituted bv the governors of the exchange are to be regarded as recognition of anew duty and. therefore. as the beginning rather than as th° fulfillment of anew policy If it is. the governors will be doing nothing more than that which the most obvious horse sense requires j and if among their members and members’ clients they find some who think th°sr measures too radical or too inconvenient they should tell them that it is no good trying to sleep past the zero hour. iCopvntrht. 1933 t The City in Brief

SATURDAY EVENTS Alliance Eranraise. luncheon, Washington. Sigma Alpha Epsilon, luncheon Columbia Club. Gideons, meeting. Washington, 7 p m. Marion County Gladiolus SocietT show. Washington. Sixteen Indianapolis Times earrier boys in Columbus, Tnd.. were guests of Superintendent Frank Johnson of the Indiana Boys' school on a visit to the school this week. The trip was civen as a reward for winning a circulation contest. Ed Brown. fi7, was in city hospital today, .suffering from a probable fractured jaw. and Ed Ball. Negro address unknown, was held by police. accused of sluceing Brown. Mrs. Nancy ( 00k, proprietor of a lunch room at 4101 East Washinzton street, notified police today that a woman, accompanied by a 'mall boy. worked the “short chjnge" racket on her today, obtaining SI.

Abbott, Hoppin & Company 203 Continental Bank Building RI ley 5491 Indianapolis , New York Pittsburgh Chicago MEMBERS: New York Stock Exchange New York Cotton Exchange Chicago Board of Trade New \ ork Curb Exchange Chicago Stock Exchange New York Produce Exchange Chicago Curb Exchange Commodity, Exchange. Inc.. N. Y. New York Coffee and Sugar Exchange Co-Managers James T. Hamill Kenneth K. Woolling

AN UNRIVALED VACATION—A CRUISE ON THE GREAT LAKES Sailing from Chicago, Cleveland and Detroit to Lake Michigan. Lake Superior, Lake Huron. Lake Erie and Georgian Bay. There is a Great Lake* ( ruise that fit* into voHr budget, and if vna choose, the (entury of Progress may be included in your cruisa For Literature and Complete Detail* Communicate With RI( HARD A. Kl RTZ, Manager Travel Bureau SThe Leading Travel Bureau of Indianapolis UNION TRUSTS

STEADY SALES FORCE WHEAT PRICES LOWER All Futures Close at Lows of Day: Trade Is Dull. BV HAROI I> F. R \IN\ IMF I Pre*% MafT ( nrrfipnndfnt CHICAGO, Aug 4 —Trading wa* dull on the Board of Trade today after wlirai suffered a sharp morning set back Weakness ip northwestern markets and in stocks was a factor. The decline was resumed at the clase Weakness in wheat dominated the other pits and all grains last ground in slow trading eports that inflation plans were being delayed chilled bullish enthusiasm At the close wheat was 3', to 3 , cents lower, corn 2* to 2 * cents lower, oats 1 to 2U cents lower, rye 3 u to 4'i cents lower and barley \ to 1* cents lower. Provisions also were weak A sharp decline of around 2 cen's at Winnipeg was a factor in the early easiness The Canadian market was disappointed by the action at Liverpool.’ the latter closing l' to I>, rent lower Cash prices were 1 to 2 cents lower. Receipts were 76 cars. Corn sold off I'. to 1 \ cents early and showed little rallying power. Cash circles were inactive, only 4.000 bushels were booked and 3.000 bushels sold The weather was favorable. Cash prices were unchanged to rent lower. Receipts were ears. Oats declined \ to \ cent early with the other grains but trading was extremely dull. Rye was 2', to 2\ cents lower at mid-mormnc. Cash sales of oats were fi.ooo bushels with prices unchanged and 85 ears rereived. Chicago Futures Range • A UR. 4 W'HEAT - Hißh. Low. 945 rl - . Sep I ¥>'„ 98'.. 99’, 109’. Gee • . t.M in:'. 1 nr. . , May .. 1 07', 1 n6'- 107 Ino CORN 8T .8!; S: M oats Sfp f .40', .40', .401, 4, , a?.43', .43'. 44'. RYE * BP ::::: : 3t ; ;;;• BARLEY— * 4li **’* SS • 8 ; a:;

Walter I.ippmann

W E (> \ V K It Richard I.ichor Brewing Cos. Stoek •’fife, nt Mnrket Raymond I). Jackson & Cos. Investment Securities Fletcher Trust Building Tele, Lincoln 31)50 Indianapolis [ LOANS AT RKASOVym.K KATES FOR ALL WORTHY I’l KPOSES The Indianapolis Morris Plan Company P.lxwnr* nnil Ohio Sl. R|. l.Vtg BE SAFE Injury I our Ur Tadky State Automobile Insurance Ass'n. 1,1. 8671 7lh Floor, Orridrntal Bldg.

We execute orders in Allied Brewing & Distilling Cos. (of Brooklyn and New York) Common Stock Listed on Chicago Curb Exchange Price at Market l. G. KAHN & COMPANY Incorporated Investment Counselors Stocks Bonds Investment Trusts Suite 445 Illinois Bldg. Lincoln (5787—Indianapolis

AUG. 4, 1933