Indianapolis Times, Volume 45, Number 125, Indianapolis, Marion County, 4 October 1933 — Page 19

OCT. 4, 1933.

Wall Street—

Commodity Prices Would Still Be Lower Than in 1926 If Based on 50-Cent Gold Dollar. By RALPH HENDERSHOT

Timet Special Financial Writer No matter what monetary policy President Roosevelt adopts, underlying conditions would seem to favor the purchase of equities and commodities. The chances are that the dollar is to be substantially diluted to bring income into line with outgo and to support our large debt structure irrespective of whether we have outright inflation or inflation based on so-called sound money. Currency inflation, if adopted, must be carried on the the point where owners of money become fearful of its value if it is to have much effect on other values. If once started it undoubtedly would be carried out to that extent, for the real aim of the administration is to increase com-

modity prices. The only way the dollar can be stabilized in this country and in the world markets and a really “sound money’’ program carried out is to fix a definite value upon it and either hold it there by attaching it to gold or by setting aside a large fund, as they have done in England, to buy and sell exchange. Os these two ways the former is generally recognized as being by far the best. This would mean going back on the gold standard. a a . tt Dollar Worth 65 Cents The dollar already has fallen to around 65 cents in the world market, so it is rather out of the question to anticipate a return to the gold standard on the basis of a price much above that figure. The chances are that it may be lower. The President has power to fix its value at 50 cents, and the pressure to place it at that level is extremely great.

Ralph Hendershot

If inflation of the currency takes place, as now seems unlikely, prices of commodities and other equities would increase in value, for the tendency of those funds would be either to get these funds out of the country or to put them in objects of definite worth for safe keeping. Inflation of currency would have no point if that were not the aim. If an official value of 50 cents is placed on the dollar it will become necessary to look upon the value of other things in relation to the dollar in an entirely different light. If a group of commodities, for instance, were worth SI,OOO in so-called normal times they would be worth $2,000 if times were still normal. o n u Commodity Values For lack of some better measurement, chartists frequently use 1926 as normal or 100 in plotting price trends. On that basis a given amount of commodities were worth 91% cents in 1929. At the present time they are worth about 64 cents. But current prices are not based on the gold dollar. The foreign exchange market places a value of 65 cents or 65 per cent of par in gold on the dollar. On the basis of gold, therefore, today's commodities are worth 41.6 cents. But if the dollar is devaluated the present gold of the commodities, measured in terms of the new dollar, would be worth 83.2. In other words, even after giving consideration to revaluation, commodities today would be worth about 9 per cent less than they were in 1929 and 16.8 per cent less than they were in 1926. It is to be assumed, of course, that revaluation would bring about a readjustment in the dollar price of our commodities and those produced in other countries. This readjustment should be upward in this country if a 50 per cent cut is made in view of the present gold value of the dollar of 65 cents. In view of many other factors, however, it is impossible to work out mathematically, with any great degree of accuracy, just what would happen to prices here if the dollar were cut to 50 cents and then attached to gold.

New York Stocks (By Abbott. Hoppin & Cos.) —————

—Oct. 4 Oil . Prev High. Low. 10:30 close. Amerada 41% 40 % Atl Rfg 26'4 Barnsdall ... 9'* 9% Consol Oil 13% 13Vi 13% 13V* Cont of Dei 17*4 16% 17'4 16% Houston mew) 4% Houston fold'.. .. Indian Rfg 3 Mid Cont Pet ... ' ... 12% Ohio Oil 15 Pet Coro H,4 Phillips Pet ... 15y* 15 3 /* Pure Oil 13V4 123s Roval Dutch 35V* 35% Sbd Oil 41% 41 Vi 41% 40 Shell Union 8,, Simms Fet 9% Soc Vac 11% 11% 11% 11% S O of Cal 38% S O of Kan 30 SOof N J 39% 39% Sun Oil ••• •• 47 Texas Corp ... 26% 26% 26% 26% Tidewater Assn.. .. ... ... 10% Un Oil of Cal... 20% 19% 20% 19% Steals—.Am Roll Mills.. 18 3 4 18 3 % 18 3/ 4 18 Beth Steel • • 32% Bvers AM Col Fuel & Iron 5% McKeesport Tin <6% Natl Steel „ 38% 38% Rep Iron <fe Steel 14 13% 14 13% Rep Ir & Stl pfd , ,28% 28 U S Smelt 102 101% 102 99% Vanadium 20% Midland 10 s U S Pipe <St Fdv ... , 13% U S Steel 46% 45% 46% 45% U 8 Steel pfd... ... 81 80% Youngstn S & T .. ... ... 20% Rails— =,,, Atchison ... a 3% 52B U & C 'o L . lne .'.'. 26% 26% '26% 25'* ch n & a ohi6.:::: 41% % % io’i C M & 8V P 6 C M dr St P pfd •>% 9% Chi N W 8% 8,8 Erie • • • • • • Grt Northern... 19 18% 18% 18% 111 Central 30 29% 30 28% K C Sou *1 Lou & Nash 41 40% H K ft T 9% N°Y P Cent fd .37% '37% '37% 36% N Y C Ac St L 18% N Y NCw Haven 18% 18 N Y Ont. Wes ,9% Norfolk * Wes Nor Pac 22% 22 * Penn R R 29 28% sJS^pac 22% '21% '22% 22 2 Sou R R 25 23% 25 23% Sou RR. pfd... 26% 26% 26% ... Union Pac 107% 10‘ Wabash W Maryland 9 % Motors — .. Chrysler """”.* 43% 42% 43% 41% Gen Motors 29% 28% 29% -8 s Graham Mot 2 a ,*% Hudson 11 I*’ B MacE Truck" f . .... 30% Nash 1 Packard j* Reo 33 Studebaker 5 ’ * Yellow Truck 4,3 Motor Access— Bendix 15% 15% 15% 15 Bohn Alum 40 39% 40 39 Borg Warner 43 Ifci-:::::::: :::: - 9 * BK*Auto*Lite:. 16% 16% is% 15% Houd Hershey 3% 3% Murray Body 3 a Timken RoT.." 27" 26% 27 ' 26% Mining— ... Alaska Jun .... -••• ■■■■ Am Smelt 4.% 46% 4,% 45 * Anaconda 16 Id% 16 Id 2 Cal & Hecla . 5% 5% 5% 5% Cerro De Pasco. 38 3.% 37 36 Granby 4 Howe S Sound M ..! "il "'•• 30" 30% Int Nickel ..... 20% 20% 20% 19% Kcnnecott Cop.. 22% 21% -2% -1 * Noranda Cop... 35% 3a% 35% 35 Phelps Dodge.. .. ... 16% 16% Tobaccos — .... Am Sum Tob • 1’ = B" 85% '84% Ik f4% SK 2 B MTer. 895 94% '95 f% kSVnoidV 1 fob B :: ::: Sr, Eanipmcnts— ... Allis Chalmers. 43 4 Am Car * For 27% 26% aS Ma s ch &' Fdv:: :" ’% 15% Am Steel Fdv 21. Bald Loco .. •• - 12% 12% Burroughs 14 13% 14 13;a Case J I 70 68% 70 66 a Cater Tract .... 19% 19% 19% 19% Congolenm 21% Elec Stor Bat. 14 ... Gen Am Tk Car 31% 30% Gen Flee 19% 19% Int Bus Mach... . .. 130 Int Harvester.. 38-1 3.-a 38% ... Kelvinator 11% Natl Cash Reg 16 a 16% Proc & Gamble 39% Pullman Inc 48 Simmons Bed 20% Und Elliott 2.% West Air B 26% Westingh Elec . 38 35% 36 34% Worthington Pm 23 22% Pwr 9% 9% A n T Pc & er T & . U n9% iii% 119% . Am Wat Wks 21 20% Brook Un Gas •• 65 Cel Gas 6r Elec .. ... 14% 14% Com & Sou . . 2% 2% 2% 2% Consol Gas . 41 40% 40% 40 Elec Pwr * Lit 6% 6% Int T & T 13% 12% Lou O&EA , 16% Nat Pwr & Lit 10% 10% North Amer 18% 17 s * Pac O * E 21 30% Pub Serv NJ . .. 36% 35% So Cal Edison 18% 18% Std Gas 10% Std Gas pfd 11 United Com 6% 6% Un Gas Imp 16% 16 Ut Pwr & Lit A 3% 3% Western Union 55% 54% 55% 52% Robbers Firestona .. ... 22% 21% Goodrich 14 13% 13% 13 % Goodyear 95% 34% 35% 34% U S Rubber 17% 16% 17% 15 U 8 Rub nfd 36% Kel Serine ... 2% Amusements— Fox Film 15% Loews Die 29% BgO°TdfrttflXT ms** mi' 2%

Warner Bros 7% 7 Foods— Am Sugar 63% Armour A 3% Beatrice Creamry .. ... ... 12% Borden Prod 22% 22% Can Dry G Ale 29% Cont Bak A ... .1 ... 12% 12 Corn Prod 85% 85% Crm of Wheat.. .. ... 29 28% Gen Foods 35% 34% Gold Dust 20% G W Sugar 39% 39V 39% 38V* Int Salt 23 % Natl Biscuit 49 48% Natl D Prod. . 15% 15 15 14% Purity Bak 15% S Porto Rico Sug 41% 41% Std Brands ... 24% 24% 24% 23% United Fruit 60% 59 Wrigley 51% Retail Stores— Ass Dry Goods 14 Gimbel Bros ... ... 4% Gr Un Tea 5% Hahn Dept Sts 5 Jewel Tea 31 Kresge S S 12% Kroger Groc . . 22% 22% 23% 22% Macy R H 52 Vs May Dept St 29 % Mont Ward 20% 19% 20% 18% Penny J C 43% Safeway St 39 Sears Roebuck .. 40% 40% 40 7 /s 39% Woolworth 38% 37% Aviation— Aviation Corp.. 9% 9 9% 8% Douglass Air ... ... 13 Curtiss Wright 2% Nor Am Av 5% 5% 5% 5% United Aircraft.. 32 31% 32 30% Chemicals— Air Reduction. ..102% 101 102% 100 Allied Chem 134% 133% 134% 131V* Am Com Alcohol 60% 59% 60% 56% Col Carbon 51 49% Com Solvents ... 37% 36% 37% 36 Du Pont 76% 74% 76% 74% Freeport Tex ... 43 42% 43 41% Liquid Carb 25% Math Alkali 39 38 Tex Gulf Sulph 37% 36% 36% 35% Union Carbide . . 42% 41% 42% 39% U S Indus Alco 69% 67% 69% 65% Nat Distil 90 88'4 90 86% Drugs— Coty Inc 4% Lambert 30 30% Lehn & Fink 18% Zonite Prod 5% Financial— Adams Exp 8 7% Allegheny Corp.. 4 3% 4 3% Chesa Corp 37% Transamerica 5% 5% Tr Conti Corp s*ll .... Building— Am Radiator.... 13% 13% 13% 12% Gen Asphalt 17% 17 Johns Manville 50 Libby Owens Gls 29% 28% 29% 28 Otis Elev 14 Ulen Const 2*4 Miscellaneous — Am Bank Note.. 14% 14% 14% 14 1 ’ 8 Am Can 88V4 88 Anchor Cap • 22 Brklyn Man Tr 31% 30% Conti Can 65% 64% 65% 64 Eastman Kodak 76 Owens Bottle ... 78% 76% 78% 76 Gillette 13% 12% 13% 12% Glidden 15 Indus Ravon ... 71 70% 71 69 Inter Rapid Tr 8% Real Silk Hose 11% New York Curb (Bv Abbott. Hoppin & Cos.) —Oct. 3 Close Close Alum Cos of Am 62 Mount Prod 4% Amer Bev 2 Natl Bellas Hess 2% A Cts P & L B 2% Nlag Hud Pwr. . 6% Am Cyan B ... 11 Pan-Am Airways 5% Am Sup Pwr ... 2% Parker Rstprf... 53% Ark Ntl Pwr A. 1% Pennroad 3 Asso Gas A)... % Pioneer G Mines 1% Atlas U Crp .. li 7 * St Regis Paper.. 3% Axton 58 Salt Creek Prod 6 Can Marc 3 Sezal Lock % Cities Serv 1% Std Oil of Ind... 30 Com Edison ... 44 Std Oil of Kv.. 15% Cord 9 Stutz 7% El Bond & Sh.. 17% Translux 1% Ford of F.ng... 5% United Founders 1% Ford Mot Can.. 11% United Gas .... 2% Hudson Bav Min 10% Un L & Pwr (A) 3% Imperial 0i1... 12% Woolworth Lmtd 21% Int! Petrol ... 18% Wri Hargraves.. 8% Lake Shore M.. 49 I

Daily Price Index

By l nited Press NEW YORK. Oct. 2 —Dun & Bradstreet’s dailv weighted price index of thirtv basic commodities, compiled for the United Press: (1330-1932 average. 100.i Today 101.69 Saturday 101.62 Week ago 102.82 Month ago 101.49 Year ago 77 58 1933 high (Julv 181 113.52 1933 low (Jan. 20) 67.86

Investment Trust Shares

iß.v Abbott. Hcppin & Cos.) -Oct. 3 Bid. Ask. American Bank Stocks Corn. 90 1.00 American * General Sec A. 550 6.50 Basic Industry shares 3.10 315 British Type Inv Tr sh 52 .62 Collateral Trustee Shares A.. 4.50 4.87 Corporate Trust shares <oldi 3.09 2 13 Corporate Trust shares new). 222 226 Cumulative Trust shares . . 378 3.88 Diversified Trust shares A 6 25 Diversified Trust shares B . 760 7.75 Diversified Trust shares C . 2 90 2 96 Diversified Trust shares D . 460 470 First Insurance Stock Corp 134 140 First Common Stock Corp . . 92 1.07 Fixed Trust Oil shares A 804 Fixed Trust Oil shares B 690 ... Investors Inc 16.75 17.12 Low Priced shares 600 Mass Inv Trust shares . 17 25 18 50 Nation Wide Securities 3 15 3.20 No Amer Trust shares . 53. . 1.76 No Amer Trust shares (55-56) 226 230 Petroleum Trust shares A 11 00 14 00 Selected American shares ... 260 2.75 Selected Cumulative shares.. 665 6.85 Selected Income shares 3.60 3 65 Std Amer Trust shares A.... 288 292 Trust Shares of America ... 2.76 2.82 Trustee Std Oil A 5.05 5.25 Trustee Std Oil B 4 55 4.70 U S Electric Lt & Pwr A 11.50 13.00 Trust shares 2,79 2.84

REPEAL SHARES LIFT PRICES IN STOCKMARKET Homestake Mining Stages Spectacular 16-Point Advance.

Average Stock Prices

Average of thirty Industrials for Tuesday. high 94.43. low 91.93. last 93.55. up .56. Average of twenty rails 40.36. 39,42. 40 06. off .10. Average of twenty utilities 25 22. 24.59. 24 81 off 06. Average of forty bonds 83 81, unchanged. Average of ten first rails 90.02. off 02. Average of ten second rails 68 20 up .30. Average of ten utilities 92.77. up .02. Average of ten Industrials 84 24. off .30. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Oct. 4—The stock market whipped out of its rut today, took on gains ranging to 5 poits in active trading, and then held steady around the highs as trading quieted down at mid-ses-sion. There was nothing specific to account for the sharp rise other than a feeling in the “street” that the market was pretty well over-old and ready to start forward. Some trad reports were good. Inflation as a market incentive was tossed overboard for the dollar gained strength today which in the past weeks has spelled a declining market. In many quarters this was considered as reflecting a belief that dollar stabilization would be a bullish influence on stock prices. Grains, cotton and bonds all were stronger. Pools Await Signal In the stock market repeal issues, mining shares, railroads and motors were outstanding. Some pools, awaiting a signal to get underway, were reported to have gone into action in the opening burst of strength which saw tickers one minute late and blocks up to 5,000 shares coming out. Among the repeal issues, which shot forward on strength of Virginia’s joining the wet parade, National Distillers showed 4 points gain, American Commercial Alcohol 3Vs points advance and United States Industrial Alcohol 3% points gain. Rail List Firm In the mining group Homestake again was spectacular, jumping 16% points to 367%. Cerro De Pasco gained 2*4 points. American Smelting preferred hit anew high at 90 for a 3-point gain, while National Lead gained 5 points to 125. The rail division, for which traders have waited some sign of coming from their depths, was lead upward by, Union Pacific which gained 4% points. This western road has shown considerable pickup in farm traffic in certain of its corn belt areas. New York Central was up 2& points while Pennsylvania advanced 1% points. Communications fared well with Western Union showing the way with 3% points advance. American Telephone was up I*4 points.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 4 Clearings $1,898,000.00 Debits 5,256.000.00 TREASURY STATEMENT —Oct. 4 Net balance for Oct. T $1,151,267,024.75 Misc. Int. Rev. Rects 14.275.437.69 Customs rects. mo. to date 1,191.633.46

Foreign Exchange

(By Abbott. Hoppin & Cos.) —Oct. 3 Close. Sterling. England $4.78% Franc, France 0608 Lira, Italy 0815 Franc, Belgium 2160 Mark. Germany 3690 Guilder. Holland 6267 Peseta. Spain 1300 Krone. Norway 2410 Krone. Denmark 2140

Bright Spots

By United Press Unitd Fruit Company reports profit for nine months ended Sept. 30 of $9,087,000, against $5,165,000 in like 1932 period. > Chicago. St. Paul, Minneapolis & Omaha railroad earns August net income of 5134.402, against net loss of $108,842 in August last year. N. Y. Railways Corporation reports August net income of $20,938, against $9,379 in August, 1932. American Smelting & Refining Company declares dividend of $1.75 on 7 per cent preferred stock, first payment since June, 1932.

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

Market Average tt M M Twenty Active Issues Listed on the N. Y. Stock Exchange.

JULY fIUSUST SEPT. OCT. IQ IV 24 31 7 14 Zt 28 5 I) Ift gS 2 r 7 B: —L—ZMONo^ATEs-z-rrri-"^::_i __ 7B 5 ,-f- | I r±===q=a ! 73. .. j.,|| - j ! I |~i-rf-r— ==3 i ! ;i ; ; : =p=—=S <0 JO 1 1 j j 70 69 4-4 1 1 ! € 9 "W* —m —f-n 68 z 6 6 ill —+i—+- * e4 \ 4 i irftf 4-t 64 363 *— -|-j —(- F pH TVI es j 62' ! [- — F 62 =:=p _59 ts- tn H —FH 59 J 58; 1 +J— 1 58 i57 j 1 i, 57 556 : ‘ 1 56 £ 55! ■ ■ |1 j j -I j -55

This daily record of the movements of twenty active stocks, averaged, gives a clear view of the market trend. Long pull movements and daily variations are apparent at a glance. ,

THE INDIANAPOLIS TIMES

Chicago Stocks Bv Abbott. Hopptn St Cos.

TOTAL SALES, 19,000 SHAKES —Oct. 3 High Low Close Allied Products ... 9% Asbestos Mfg 4 3% 3% Bastian-Blesslng 5% 5V*, 5% Bendlx Aviation 15 14% 15 Berghoff Brew Cos 11 Vi 11. 11 , Borg-Warner 15% 14% 15 V# Brach & Sons ... 7% E L Bruce Cos 14% 13% 14V* Butler Bros ... 13% Cent 111 P S pfd 20 Cent & So West ... 1% Cent &So West pfd .. 4*4 • 4 4 Chi <fc North West 9 8% 9 Chain Belt 16 Chi C <Sr Con Rys pfd 2% Chicago Corp com 2 s # Chicago Corp pfd 23% Chicago Mail Order ... 12% 12% 12% Chicago Yellow Cab 12% Cities Service 2!i 2% 2% Common Edison 45 Cord Corp 9% 8% 9*i Crane Cos 6% 6% 6% Electric Household 10% General House Util 17 Great Lakes Dredge 50 Grigsbv-Grunow 2V# 2 2 Hall Printing 4*4 Hart-Car.er pfd .. ... 4 Kingsbur Brew Cos ... JL ... 9% Libbv-McNeil 7. .4% Lindsav Nunn Pub 2% Lvnch Core 36% 3**% 35% Mapes Cons Mfg Cos % Marshall Field 15% Middle West Utilities .. .7. % Midland United k .’A % Nachmann Springfield k 6 Noblitt-Sparks Ind Inc 25% N W Bancorporation 6 Potter Cos 3 Prima Cos 16% 16 16 Quaker Oats pfd 116 115 116 Quaker Oats Pfd 116 115 lie Rath Packing 21 Raytheon V T C 2'/# Ryerson & Son 13 Sears Roebuck 39 36 % 39 So West G & El pfd... 43 41 41 Swift & Cos 16% 16 16% Swift International .... 24% 24 24% Utility & Ind pfd 3% 3% 3% Walgreen Cos com ... 17 ■Ward Montgomery A 597 k Woodruff & Edwards 11

The City in Brief

THURSDAY EVENTS Advertising Club luncheon, Columbia Club. Engineering Society luncheon. Board of Trade. Sigma Chi luncheon. Board of Trade. Sigma Nu luncheon, Washington. American Business Club luncheon. Columbia Club. Acaia luncheon, Harrison. Illini Club luncheon, Columbia Club. Real Estate Board luncheon, Washington.

Produce Markets

Delivered In Indianapolis prices—Hens, 10%c: Leghorn hens. 8c; springers. 4% lbs. and over. 10c; under 4% lbs.. 9c; Leghorn springers. 8c: cocks 5 lbs. and up. 6c.; under 5 lbs., 4c; ducks 5 Ids. and over, full feathered - and fat, 6c; under 5 lbs.. 4c; geese, full feathered and fat, 4c; No. 1 strictly fresh country run eggs, 18c; strictly rots off; each full egg case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 pounds will be made. Butter—No. 1, 25®26c: No. 2, 22® 23c. Butterfat, 18c. Quoted fay the Wadley Company. By United Press CHICAGO. Oct. 4.—Eggs—Market, firm; receipts. 2.897 cases; extra firsts. 20%c; dirties. 14c: current receipts. 16%®17%c. Butter —Receipts. 10.093 tubs; market easy; specials. 23Vi®24c: extras. 23c; extra firsts. 20% ® 22c; firsts. 13© 19c; seconds. 16%®17c: standards. 21c. Poultry—Market, unsettled: receipts. 32 trucks: fowls. 10® 11 %c; Leghorn broilers. 9c: Leghorns, 7%c; ducks. B@Toc; geese. 8®llc: turkeys. 8c; roosters. 6@7%c. Cheese—Twins, 11% 'i 12c: Longhorns. 12V4®12%. Potatoes— Supply moderate; demand and trading moderate: steady on Russets, others weak; Wisconsin Cobblers. $1.25®1.35: Minnesota and North Dakota cobblers. $1.30®1.35, partly graded. $1.20®1.25: red river Ohios. $1.30®1.40: Minnesota sandland Ohios. partly graded. $1.05®1.10: lowa cobblers, partly graded $1.25; Nebraska triumphs. $1.40® 1.50: Wyoming triumphs. $1.55®1.65: Idaho russets. $1.65®1.75. partly decayed $1.50. combination russets. $1.35®1.40. few $1.45® 1.50. Shipments. 176: arrivals. 171; on tracks. 328

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. Domestic Prices Indiana No. 4 and No. 6 lump, $5.25; egg. $5; mine run, $4.75. Coke (carload lots)—Egg. nut. $7: pea ejvac OK Semi-Smokeless—Lump, $7.25. Retail Steam Prices Indiana No. s—Lump. $4.50; egg, $4: nut. $3.85: pea, $4.25; mine run. $3.75. West Virginia—Lump. $5.50; egg, $5.25. Kentucky—Egg. $5.25.

Federal Farm Loan Bonds

By Blyth & Cos., Inc. —Oct 3. Bid. Ask. 4s. Nov. 1, 1957-57 86 87 4s. May 1. 1950-38 36 87 4V4S, July 1, 1956-36 87 88 4%5, Jan. 1, 1957-37 87 88 4Vis, May 1, 1957-37 87 88 4%5, Nov. 1. 1958-38 87 88 4%5, Dec. 1. 1933-32 100% 100% 4%5, May 1, 1942-32 92’/i 93V4 4%5. Jan. 1. 1943-35 92% 93% 4%5, Jan. 1. 1953-33 90 90% 4%5, July 1. 1933-33 90 90% 4%5, Jan. 1, 1955-35 90 90% 4%5, July 1, 1955-35 90 90% 4%5, Jan. 1, 1956-36 90 90% 4%5, July 1. 1953-33 92% 93% 4%5. Jan. 1, 1954-34 92% 93% 4%5, July 1, 1954-34 92% 93% ss, May 1, 1941-31 97% 98 ss, Nov. 1. 1941-31 97% 98 Home Loan 4s. July 1, 1951. 86% 97% Other Livestock BY UNITED PRESS CLEVELAND. Oct. 4.—Cattle—Receipts, 300: market steady, few holdovers; steers unchanged at yesterday's prices ranging between $3.75@7; according to weights and grades; heifers, common to good, $3.25® 5.50; good cows, [email protected]. Calves—Receipts, 300; market active and strong; choice to prime, $8®8.50; common, s3@ 3.50. Sheep—Receipts, 2,000; market active and steady; choice wethers, $2.50® 3.25, spring lambs, choice, $7®7.50; common and cull, s3@s. Hogs—Receipts, 1.200: market fully steady; bulk selling at $5.60; heavies, $5.15® 5.25; choice butchers, $5.25®5.60; light butchers and choice yorkers, $5.60; stags. $2; roughs. $3 [email protected]; pigs. $4.25. NEW YORK RAW SUGAR FUTURES —Oct 3. High. Low. Close. January 1.45 1.44 1.45 March 1.50 1.49 1.50 May 1.54 1.53 1.54 Julv 1.59 1.58 1.59 September 1.64 1.63 1.64 December 1.45 1.43 1.45

Inti. Harvester Johns-Man villa Nat. Biscuit Pub. S. of N. J. Sears Roebuck Stand, of N. J. Un. Aircraft U. S. Steel Union Pacific Westinghouse

PORKERS SHOW LOWER TREND AT CITY YARDS Steer Trading Exhibits No Improvement; Calves Move Up. Hog market generally was 10 cents lower at the city yards this morning, pigs holding steady. The bulk. 10 to 260 pounds, sold for $5.25 to $5.40; 260 to 290 pounds, $5 to $5.20; 290 pounds up, $4.60 to $4.90; 130 to 160 pounds, $4.60 to $5.10; 100 to 130 pounds, $3.85 to $4.35. Receipts were stimated at 6,500; holdovers, 369. No improvement was noted In steer trading. Little was done with sentiment weak to lower. Several loads were held above $6. She stock was little changed, one load of heifers making the markets at $6.25. Receipts were 1,100. Vealers were 30 cents higher, selling mostly at $6.50 down, with a top of $7. Calf receipts were 500. Lambs were around 25 cents lower. Eves and wethers made the market at $7 down. Bucks brought $6 and less. Common throwouts sold down to $3. Receipts were 1.800. At Chicago a few bids and sales were around 10 cents higher than Tuesday’s average. Early top held at $5.40. Receipts were 12,000, including 3,000 directs. Holdovers were 1,000. Cattle receipts were 10,000; calves 1,500; both markets steady . Sheep were unchanged with receipts of 11,000. HOGS Sept. Bulk. Top. Receipts. 27. $5.25® 530 $5.35 9,000 28. 5.15@ 5.20 5.25 12,000 29 4,80® 4 95 5.05 11,000 30 5.00® 5.10 5.10 1.000 Oct. 2. 5.15® 5.30 5.30 4,000 3. 5.45® 5.50 5 50 6,000 4. 5.25® 5.40 5 40 6,500 Market, lower. (140-160) Good and choice...s 4.85® 5.10 —Light Weights—-(l6o-180) Good and choice 5.35 (160-180) Good and choice.... 5.35 —Medium Weights—-(2oo-220 ( Good and choice 5 40 (220-250) Good and choice.. 5.35® 5.40 —Heavy Weights—-(2so-2901 Good and choice 5.00® 5.25 (290-350i Good and choice 4.70® 4.90 —Packing Sows—(3so down) Good 3.85® 4.25 (350 up l Good 3.75® 4.10 (All weights) medium 3.50® 3.85 —Slaughter Pigs—-(loo-130) Good and choice.... 3.85® 4.35 CATTLE Receipts, 1,100: market, steady. (1.050-1,100) Good and choice $ 5.25® 6.75 Common and medium 3.25® 5.25 (1.100-1.5001-Good and choice 5.50® 6.75 Common and medium 4.25® 5.50 —Heifers—-(so-750) Good and choice [email protected] Common and medium [email protected] (750-900) Good and choice 4.75® 6.25 Common and medium 2.75® 4.75 —Cows— Good 3.00® 3.50 Common and medium ■. 2.25® 3.00 Low cutter and medium I.oo© 2.25 —Bulls (yearlings excluded) Good (beef) 3.00® 3.50 Cutter, common and medium.. 2.00® 3.00 VEALERS Receipts, 500; market, steady. Good and choice $ 6.00® 7.00 Medium 4.00® 6.00 Cull and common 2.50® 4.00 —Calves—-(2so-5001 ' Good and choice 4.00® 5.50 Common and medium 2.00® 4.00 —Feeder and Stocker Catttle—-(soo-800) Good and choice 4.25® 5.25 Common and medium 3.00® 4.25 (800-1,500) Good and choice 4.25© 5.25 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 1,800; market, higher. —Lambs—(9C lbs. down) good & choice $ 6.00® 7.00 (90 lbs. down) com. and med. 3 00® 7.00 —Ewes— Good and choice 1.75® 2.75 Common and medium I.oo® 1.75

Other Livestock BY UNITED PRESS CHICAGO, Oct. 4.—Hogs Receipts, 12,000; directs 4.000; market 10 to 20 cents higher; 180 to 220 lbs., $5.30 to $5.45; top $5.45; 230 to 300 lbs., $4.70 to $5.40; light lights, $5.10 to $5.40. Commercial pigs, s4®s; packing sows, $3.50®4.10; light lights. 140-160 lbs., good and choice, $5.10 @5.40; light weight, 160-200 lbs., good nd Choice, $5.25® 5.45; medium weights, 200250 lbs. good and choice $5.15®5.45; heavy weights 250-350 lbs. good and choice, $4.25 @5 25; packing sows, 275-550 lbs., medium and choice. [email protected]; slaughter pigs, 100130 lbs., good and choice, $4®5.10. Cattle —Receipts. 10,000; calves. 1,500; fed steers and long yearlings grading good, fully steady; top medium and weighty steers, $6.75: killing grades improved; liberal supply; steers selling $6 upwards; not much doing on choice and common weighty steers or on grassers; light weight vearling heifers in demand; three loads up to $6.35; slaughter cattle and vealers: steers 550-900 lbs., goo dand choice, [email protected]; 900-1,100 lbs., good and choice, $5,250*6.85; 1,100-1.300 lbs., good and choice, $5.25® 6.85: 1.300-1.500 lbs., good and choice, $5.25 @6.85; 550-1,300 lbs., common and medium, [email protected]; heifers, 550-750 lbs., good and choice, $4.75® 6.35; common and medium, [email protected]; cows good, [email protected]; common and medium, 51.85®3; low cutter and cutter. [email protected]; bulls (yearlings excluded), good (beef). s3@4; cutter common and medium, $2.25@3; yearlings good and choice, $3.50®7; medium, [email protected]; cull and common, $3.50® 4.50: stocker and feeder cattle: steers, 550-1,050 lbs. good and choice, s4@s: common and medium. $2.75 @4. Sheep—Receipts. 11.000; fat. lambs opening slow; under tone weak to 25c lower; desirable natives bid, [email protected]; better grade westerns above $7; slaughter sheep and lambs: lambs. 90 lbs., down, good and choice, $6®7.15; common and medium. [email protected]: ewes 90-150 lbs., good and choice. [email protected]; all weights common and medium. 75c®2; feeding lambs. 50-75-lb., good and choice, [email protected]. EAST ST. LOUIS, Oct. 4.—H0g5—7,500; market, slow: opened steady with average Tuesday; later trade at standstill; extreme top $5.40 for few small lots early bulk 160-230 IBS., $5.25®5.35; a few 140-160 lbs., $4.85(6,5.25; few 250 lb. butchers $5®5.15; sows mainly [email protected]. Cattle —3,800; calves—l.soo; market, steady on native steers: no action on westerns; mixed yearlings and heifers unevenly steady to 25c off: cows slow and fairly steady with low cutters 25c lower for the week: bulls 10-15 c lower: vealers, 25c to mostly 50c higher; practical top vealers, $6.75; few steers. [email protected]: mixed vearlings and heifers. s4® 5.75; cows, $2.15® 2,75; low cutters. [email protected]; otp sausage bulls, 32.65; slaughter steers. 550-1.100 lbs., good and choice. $5.25® 6 50: common and medium, 53®5.25: 1.100-1.500 lbs., choice. $6®6.50; good, $5.25® 6.25: medium. $3.75(6:5.25. Sheep lished; packers talking lower: small lots of lambs to outsiders, s6® 6.35: indications steady on throwouts and sheep: lambs. 90 lbs., down, good and choice. $5.75®6.50; common and medium, [email protected]; yearling wethers, 90-110 lbs., good and choice, s4® 5: ewes. 90-150 lbs., good and choice. $1.50(g2.75: all weights, common and medium. sl@2. FT. WAYNE, Oct. 4.—Hogs—loc off: 200225 lbs. $5 30: 225-250 lbs.. $5 15: 250-275 lbs.. $5,05: 275-300 lbs.. $4.90: 300-350 lbs.. $4 65: 160-200 lbs., $5.20: 150-160 lbs.. S4.SO: 140-150 lbs.. $4.65; 130-140 lbs.. 54.40: 100J3O lbs.. $3.75%4: roughs. $3.50; stags, calves. $6.50: lambs, $6.25. LAFAYETTE. Oct. 4.—Hogs—Market steady to 10c lower; 20-250 lbs.. $5.15: 250270 lbs.. $4.95®5.05: 270-290 lbs. $4.75® 4.85' 290-325 lbs.. $4.50® 4.65: 150-200 lbs., $4.85® 5.15: 130-150 lbs.. [email protected]; 100130 lbs.. $3 60@410; roughs. $4.25 down; top calves, S6. PITTSBURGH. Oct. 4.—Hogs—Receipts, 1.000; open 15c higher; closed slow; top, $5.90; 160-220 lbs.. [email protected]: 220-250 lbs., S5 50 0 5.90 : 250-300 lbs. ss® 5.50; 300-350 lbs.. $4.50-25; 125-150 lbs., *5®5.25: pigs, $4 5034.75; packing sows mostly $4.25. Cattle—Receipts. 25; nominal, good steers, Monday, mostly, $4.50® 5; quotable higher. Calves—Receipts. 100: steady; good and choice vealers, $7.5058; cull ana common, s3®s. Sheep—Receipts, 1.000; steady to weak: sorted lambs, 68-88 lbs.. $7.25,@7.50; bucks. $6 50 down; medium lambs. $4.50® 5.25; cull and common. s3(g4: aged wethers up to $3: ewes [email protected]. By Times Special LOUISVILLE. Oct. 4—Cattle—Receipts. 200: slow but mostlv steady: bulk, common to medium erass slaughter steers and heifers s3@4: few common down to $2.50, and better finished drvieds quotable. $4.50 3 5.50; bulk all cows. $1.250 250 practical top beef cows. 52.75: bulls, $2 75 down; buik Stockers and feeders. s3® 3.75; well | bred stock calves eligible higher and j plainer natives down to $2 50. Calves— i Receipts. 175: steadv; bulk better grades. $5 3 5.50; medium and lower grades mostly $4 down. Hogs—Receipts. 800; steady: 180235 lbs. $5.40: 240-275 lbs.. $4.95: 280 ibe. up. $4.70: 140-175 lbs.. $4 60: 135 lbs. down, $2.90: sows. $3 55; stags. $2 50. Sheep— Receipts. 200: steadv; medium to good lambs mostly s6® 6.50: choice to *7; most bucks. $5®5.50; throwouts. $3 50 34: fat ewes, sl@2; stock ewes. $637 per head. Receipts Tuesdav: Cattle, 250: calves, 301; hogs. 509. ana sheep. 249. Shipments Tuesday; Cattle. 30, axd hogs. 145,

U. S. Begins Gigantic Drive to Bolster Buying Powers Through Credit Expansion Gap Betwen Busmess Activity and Lagging Bank Loans Forces Second Step of Roosevelt Recovery Campaign. BY FORREST DAVIS United Press Staff Correspondent WASHINGTON, Oct. 4.—ln modern war, a rapid thrust into enemy terrain is followed by a secondary advance, a consolidating movement by which gains are secured. Infantry in force is moved into the advanced posts, communication lines strengthened, and the campaign enters a period of seeming inactivity while plans are matured for anew offensive. The Roosevelt government's tremendous effort toward recovery- may be said to have entered a second, or consolidating phase. In time, it dates from the last week in September. With this week —the first business week in October—the government's gigantic credit expansion program gets under way. The brilliant advances by NRA, aimed at magnifying the country’s purchasing power, have been pushed as far as present tactics Resistance has been met with. Hence, to prolong the military- analogy, the government moves up the infantry, which, in this simile, may be likened to credit. The government, by such measures, is reopening illiquid banks, rehabilitating railways, attempting to finance production in capital goods industries, subsidizing such industries as may not be able to expand in the face of augmented costs and generally stepping up the velocity of bank credit. Less Spectacular Less spectacular than the first great offensive, through NRA, the second is conceived to be a necessary complement. A glance at comparative statistics on business activity and bank credits since March 4 discloses why the secondary phase is held to be essential. Whereas, business activity, according to the New York Times index, rose from 60 in March to 87 in July and now appears to be at 78; the total of bank loans and investments increased only from 16 to 16.6, with minor fluctuations, in that period. That gap, pursuing the wartime similitude, represents the difference in space between the outposts of recovery and the main body of the advance. The second phase will proceed more quietly. Indeed, the recovery program will appear to be in a lull by contrast with the concentrated ballyhoo of the NRA drive. This quietude may be said to be the lull before the battle is renewed. The third effort, acute observers unite in believing, will take place on the monetary front. Drive to Free Credit Whether the credit inflation project consolidates the earlier gains and moves forward on its own initiative, nearly every one I have talked with in Washington holds that the government will use control of money as a fresh weapon before many weeks have gone by. The intensified campaign to free credit—making it increasingly available —both at the treasury and the local bank—relegates the currency controversy to the background for the moment. The emphasis has been shifted from manipulation of the dollar in relation to prices to a quite different field, supplying more dollars of present value to producers and—in the case of the railroads and relief funds—consumers as a means of supporting business activity and diminishing surpluses. In this second pnase, the government's main objective, namely, a revision of the commodity price level upward, likewise seems to be relegated. Widespread use of credit, it seems likely, will have only a remote effect on prices. In one sample case, the government's offer to finance purchase of steel rails, pressure was maintained toward a lowr price. Less Revolutionary If the second phase is less spectacular, it also likewise is less revolutionary. It connotes no immediate structural changes in the economic complex, although it implies—as does every forward movement in Washington—a strengthening of governmental controls over enterprise. This time it is indirect; through the employment of public funds in private business. No novel approach to the relationship between government and business may be detected, however, in the credit inflation strategy. President Hoover improvised the method. It represented his principal contribution to the economics of recovery. The present campaign extends the Hoover formula. The method failed under Mr. Hoover. Whether it will succeed now that it is flanked by a host of other expedients and being put to use on a far wider scale is unpredictable as is the outcome of any other experiment now current in Washington. > The President’s obvious concentration on credit inflation ignores two issues which are quite generally regarded as paramount and not long to be avoided. One is the debt burden; the other, the relationship of prices to recovery. Coming Together Under both headings, the inflationists—representing, by and large, the agricultural interest with other producing and speculative interests also involved—have a great deal to say. They link two objectives—debt liquidation and prices satisfactory to primary producers. The credit phase furnishes a breathing spell for the currency factionalists. In the breathing spell, a curious tendency may be noted in Washington. The conservative, sound currency men and the inflationists are drawing nearer together on means and the end to be desired. The administration, dominated by sound money thought, is believed to be approaching stabilization of the dollar. The green-backers, modifying their earlier demands for immediate issuance of treasury notes, lean toward stabilization, but only after experiment has demonstrated at what level the dollar should be revalued. A by-product of the second phase may turn out to be a clearer, less controversial atmosphere in which to begin the third drive for recovery.

Association to Sponsor Second Health Institute

Psychology of Education to Be Discussed in Classes. The second institute on health education, under the auspices of the public health education section of the American Public Health Association, will open next Saturday morning as a pre-convention feature of the association. Meetings will be held in the Claypool hotel under the direction of Dr. lago Galdston of the New York Academy of Medicine. The institute will be open to persons engaged in full or part-time health education activities. The general theme of the lectures and class discussions will be “The Psychology of Health Education.” Five sessions will be held, Saturday morning and afternoon, Sunday morning and afternoon, and the closing session Monday morning. Members of the teaching staff will be Dr. Galdston, Dr. H. E. Kleinschmidt of the National Tuberculosis Association, and Bertrand Brown of Milbank Memorial Fund. Marriage Licenses Lee Edward Lane, 23, Brownsburg, Ind . coal dealer, and Hazel Mae Rader. 19, Clermont. Ind., housework. Philip D. Walters, 21, Dayton, 0., electrician, and Lottie Mae Robinson. 19. of 928 River avenue, housework. Joseph R. Foley, 37. Edwards hotel, actor, and Beatrice Leone McLennan. 27, Edwards hotel, actress. Robert Collins Montgomery, 37. of 17 East, St. Joseph street house man and Lilly Priscilla Wright. 29. of 17 East St. Joseph street, maia. Guv Errington Kerr. 28. London, Englano. physician, and Gertrude Gamhn, 28, of 653 North West street. Y. W. C. A. worker. William Harris, 30. of 2338 Boulevard place taxi driver, and Susie Munson White, 39. of 4929 North Capitol avenue, housekeeper. Wesier David Flnchum. 26. of 710 North Illinois street, chauffeur, and Marie Lapham. 24. of 710 North Illinois street, housekeeper Wallace Dukes. 25. of 956 West Thirtieth street, laborer, and Catherine Taylor, 27, 963 West Thirty-first street, housekeeper Harry Francis von Burg. 27. of 910 Parker avenue, insurance, and Dorothy Helen Powell. 25. of 1001 College avenue, clerk. Rupert Phillips. 21. of 57 North Brookville road, tire worker, and Vivian Quear. 18. of 426 South Harris avenue, tire worker. Everett Dawson Miller. 24, R. R. 1. Box 83. farmer, and Viola Johns, 18. R. R. 1. Box 92. housework. CHICAGO FRUIT MARKET By Vnited Press CHICAGO. Oct. 4—Apples: Michigan Wealthier bushel. $ .75® 1: Jonathans, bushel. [email protected]. Pears: Michigan Kelfers. bushel. 75c: No. 2. 40®50c. Carrots Illinois, bunch. 1 %®2%c. Eggplant: Illinois. 35350 c, bushel. Spinach: Illinois. 40@60c. Beans: Illinois, green, $1411.50. Cabbage: Wisconsin. $ .9001. crate. Peppers: Illinois, 25@50c. Celery: Michigan, crate. 20 @3oc: fiats. 25 340 c. Tomatoes: Michigan, 25®50c. Grapes Michigan. 12 qt.. 20c: 4 2t., $ .109*1.12. Peaches; Colorado, bushel, 1.1001.25. Onions: California Valentias, bushel, $ .9001; Wisconsin yellows, bushel, 60 @ 66c; Indiana yellows, bushel. 80®65c; Illinois sellows,' bus 'el. 60® 65c; Minnesota and Indiana whites,‘bushel. $1.100,1.15.

INSURANCE CHIEF JOINS INDIANA LUMBERMEN S. A. Salmon Assumes New Duties With Mutual Company. S. Albert Salmon, former manager of the Aetna Trust Company insurance department, recently joined the staff of the Indiana Lumbermen’s

Mutual Insurance Company, according to F. W. Lahr of the sales promotion department. Mr. Salmon has had several years of experience in the insurance field. He was connected with the Aetna Life Insurance Company and affiliated companies from 1915 to 1927. For the last three years he has been manager of the

insurance department. “After spending my entire life selling stock insurance I feel that the present social and economic reforms show that the basic principle of insurance is appreciated more than that at other times by the public generally, Mr. Salmon asserted. Births Bovs Hansford and Evelyn Elder. Coleman hospital. Leslie and Ruth Riordan. 1162 Perry Charles and Cleofe Chandler. St. Vincent's hospital. Harvey and Ruth Kelley. St. Vincent's hospital. Rollie and Helen Roberts. 1321 Blaine Girls Fredrick and Rena Holton. Coleman hosPtial. Anthony and Ann Zeronlk. Coleman hospital. Clarence and Goldlebelle Murnan. 4524 East Tenth. Wilton and Kathleen Roach. St. Vincent’s hospitaL Carl and Mary Bender. St .Vincent’s hospital. George and Dorothv Sharp. 1545 Lexington. Deaths Margaret Kathleen Love. 24. Long hospital. meningo encephalitis. Sarah E Pearson. 78, 930 Roache, acute dilatation of heart. Arthur L. Seward. 82, 1426 King, chronic nephritis. James W. Barnett, 79, 739 Buchanan, chronic myocarditis. Harrv Farrell. 59. 1117 East Ninth, lobar penumbnia. Elizabeth Suitor. 75. 11l West Raymond, arteriosclerosis. John Vargo, 73. 917 Concord, myocarditis. Ruth E. Stratton. 23. 2251 Kenwood, broncho-oenumonia James B Rayner, 39. U S. Veterans hospital. uremia. Nettle Masters. 79, 1108 East New York, carcinoma. Ernest Payne, 44. 1002 West Liberty, U. S. Veterans hospital, chronic myocarditis. Willis C. Nusbaum. 59, 4517 College, general toxemia. Minnie P Efroymson, 84, 3540 North Meridian, uremia. Sailte Miller, 63. 712 West Eleventh, carcinoma. Virgil James, 60, 1727 Bcv'Vard place, acute uremia.

GRAIN FUTURES MOVE HIGHER ON STEADYBUYING December Wheat Touches 90 Cents in Mid-Morning Rally. BY HARMON W. NICHOLS United Press Staff Correspondent CHICAGO, Oct. 4. Scattered buying sent the grain market higher shortly after the opening today. At midmorning wheat was up % to 1% cents; corn was up % cent and oats was up K to H cent. Tlie weakness in Liverpool was overcome by an advance in stocks. The strength in stocks easily offset the lower tone at Liverpool today and scattered buying sent prices up early to above yesterday's finish. The pressure was limited and December wheat hit 90 cents before the market was checked. The market easily was influenced. President Roosevelt is to give an address in New York tonight and buying was believed to have resulted for this reason, though the topic of the President’s address is not known. Liverpool closed % to % cent lower. Receipts today were 12 cars and the cash price was unchanged. Corn rallied with wheat but soon ran into hedging pressure and quieted. The cash price was unchanged and receipts were 88 cars. Oats advanced slightly on scattered buying. The cash price was unchanged and receipts were 21 cars. Chicago Primary Receipts —Oct. 3 Bushels. Last Todav. week. Wheat 758,000 718,000 Corn 747,000 989.000 Oats 297.000 294,000 Chicago Futures Range —OCt. 4 WHEAT— Prev. High. Low. 10:30 close. December 91 98% .90% .89% May 95% .93% 94% .92% CORN— December 48% .47% .48% .48 May .54% .54*4 .54% .54% OATS— December ..... .39 .38% .38% .38'/# May iV. .42% .42 .42% .417'# RYE— December 69% .69% .69% .68% May 76% .76 .76% .75% BARLEY— December .... .. ... .56% .56% CHICAGO CASH GRAIN By United Press CHICAGO. Oct. 3.—Cash grain closer W'heat—No. 1 hard, weavily. 87c. Corn—• No. 2 mixed. 44®44%c; No. 3 mixed, 42%©43c: No. 6 mixed. 38%c; No. 2 yellow'. 44%@44%c; No. 3 yellow. 42%® 43%c: No. 4 yellow', 41c; No. 5 yellow, 40c: No. 6 yellow, 39c; No. 2 white, 44%c; sample, 38%c. Oats—No. 2 white. 35%@ 35%c; No. 3 white. 33%534%. Rye—No sales; barley, 50®79c; timothy, $5.75® 6.25; clover seed. sß® 11. TOLEDO CASH GRAIN By United Press TOLEDO, Oct, 3.—Cash grain close: (Grain in elevators, transit billing i. Wheat —No. 2 red. 88 %© 89 %c. Corn—No. 2 yellow. 48%@49%c. Oats—No. 2 w>hite, 39® 40c. Rye—No. 2, 74@75c. Track prices 28>2c rate. Wheat—No. 1 r.ed, 84%®85c; No. 2 red, 83%®84c. Corn—No‘. 2 yellow , 44 %® 45c; No. 3 yellow, 43%@44%C. Oats—No. 2 white. 35%®37c: No. 3 white. 34©36c. Seed close: Clover—Cash, $6 80; Oct., $6.90b; Dec., $7.00b. Alsike—Dec., $8 50, Produce, close: Butter—Fancy creamery, 27c. Eggs—Extras. 23%©24c. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Oct. Cash grain: Wheat —ln fair demand. %c lower: No. 2 red winter. 89 %c nominal: hard grades, steady; No. 1 hard. 90c: No. 2 hard, 89c; No. 1 mixed. 99c: No. 2 mixed. 89%c. Corn—ln fair demand, unchanged to Vie lower; No. 2 yellow, 46%®46%c: No. 4 yellow. 45®45%c: No. 4 white. 48%c. Oats— In fair demand; No. 2 white. 36%c; No. 3 white. 35%c: No, 1. 36c; o. 2 mixed. 35 Vic. ' NEW YORK CASH GRAIN By United Press NEW YORK. Oct, V Cash grain. Wheat —No. 2 red. $1.02%. Corn—No. 2 mixed. 51c. Oats—No. 3 white. 38%c; all quotes. C. I. F. New York.

Indianapolis Cash Grain

- Oct. 3 The bids for car lots of grain at th call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 41% New York rate, were: Wheat—Steady; No. 1 red, 78@79c; No. 2 red, 77®78c; No. 2 hard. 77® ; 78c. Corn —Weak; No. 2 white, 41@42c; No 3 white. 40®.41c: No. 2 yellow, 38@39c; No. 3 yellow, 37®38c; No. 2 mixed, 37@38c; No. 3 mixed, 36®37c. Oats—Easy; No. 2 white. 30% 49 31%; No. 3 white, 29%®30%c. Hay— Sready. <F. o. b. country points taking 23%c or lgss rates to Cincinnati or Louisville). No. 1 timothy. [email protected]; No* 2 timothy, $5.50@6. —lnspections Wheat—No. 1 red. 1 car; No. 5 northern spring, 2 cars. Total, 3 cars. Corn—No. 2 white, 14 cars; No. 3 white, 1 car; No. 4 white. 1 car; Sample white, 2 cars: No--2 yellow, 7 cars; No. 3 yellow. 4 cars; No. 4 yellow, 3 cars; No. 4 yeilow, 2 Totals, 34 cars. Oats—No. 1 white, 2 cars; No. 2 white, 5 cars; No. 3 whits. 1 Aat. Total, 8 cars, INDIANAPOLIS WAGON WHEAT City grain elevators are paving 76 cent* for No. 2 son rea wneat. Otner grades on their merits.

In the Cotton Markets

—Oct. 3 CHICAGO High. Low. Close. January 10 01 9.95 9.95 March 10 20 1011 10.11 May 10 32 10.27 10.27 October 9.64 December 9 96 9.84 9 85 NEW YORK January 995 9.80 9.83 March ..j+i. 10.13 9.99 10 00 May ....u. 10.30 10.16 10.18 July 10 44 10.32 10 32 October 9.65 9 53 9.53 December 9.87 9 73 9.75 NEW ORLEANS January 9.89 9.75 9 78 March ..4* 10.09 9.94 9.96 May 10 25 10 10 10.12 July 10.40 10 26 10 26 October 9 47 December 9.34 9.68 9.70 NEW YORK COFFEE FTTtRES Santos , Close. J? n ajy 8 39 May 8 57 September g 72 December g 37 . Rio January 5.92 March 6 03 May 8.11 July gjg September 624 December 5.90

Salmon

30 PER wV/ MONTH Compare this 16 months Finance S4OO Balance New Fords, Chevrotets, Plymouths THIS INCLUDES Liability, Property Damage, Fire, Theft, Tornado and $50.00 Deductible Collision INSURANCE GREGORY & APPEL INCORPORATED 247 X. Penn. St. Lincoln 7491

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