Indianapolis Times, Volume 45, Number 130, Indianapolis, Marion County, 10 October 1933 — Page 13

OCT. 10, 1913

Wall Street-

Investigation of Exchanges Little Cause for Alarm; Members of Committee Well Regarded. By RALPH lIEXDERSHOT

Timei Special Financial Writer The fact that a committee has been formed at President Roosevelt’s suggestion to investigate the various security exchanges throughout the country- does not necessarily imply that needless or revolutionary changes in exchange practices will result. The committee, however, will be charged with the duty of framing legislation designed to correct some of the more flagrant abuses in exchange operations. It is felt in responsible quarters that the President takes a broad viewpoint of the financial situation and realizes that the part played by the exchanges In the general picture is an important one and one which should fit satisfactorily into the general scheme of financial things. It is as important, for instance, that a long-term credit

market for industry be provided on the proper basis as it is that manufacturers are provided with commercial credit from the banks or that unfair competition is eliminated under the code. When the new securities act was placed on the books it may be said that only half of the job was done. While some modifications of the act probably will be found necessary, it is quit*' generally agreed that from now cn the purchasers of newly Issued securities will stand a much better chance of getting their money's worth than they ever have in the past. ana The Other Half of Job The other half of the job, of course, is to see that those who buy securities already outstanding and listed on exchanges also get all they pay for. This job, however, does not call for the closing of the exchanges or the imposing of penalties on brokers under which they can not function. It probably does involve,

Ralph Hendershot

though, the elimination of such practices as vicious bear raiding and unwarranted pool operations. , Tiie lineup of the committee members would seem to be satisfactory as far as the New York Stock Exchange is concerned. Arthur H. Dean is a member of the law firm of Sullivan <& Cromwell, which has been identified with Wall Street for years. Mr. Dean, one of the best posted men on exchange matters in the financial district, probably can be counted upon to see that the exchange is not treated unfairly in the new legislation. A. A. Berle Jr., while generally classified in the liberal group, is not looked upon unfavorably in the financial district. No favors are expected from him, but, at the same time, he is expected to deal fairly with the question. t a a a Richardson Little Known Relatively little is known of Arthur J. Richardson in Wall Street other than that he is regarded as a competent man and thoroughly honest. John Dickinson, assistant secretary of commerce, also is placed In the so-called liberal class. He formerly was professor of law at the University of Pennsylvania. Wall Street is Inclined to lay some sort of claim to Dean Acheson, under-secretary of the treasury. Report has it that he was a personal appointee of Secretary Woodin, who, in turn, has many close friends in the financial district. ,

CHURCH LEADER SPEAKS Christian Science Lerture Held in Cadie Tabernacle. A free Christa in Science lecture was made in Cadie tabernacle last night by Judge Frederick C. Hill, Los Angeles, a member of the board of lectureship of the mother church, The First Church of Christ, Scientist, in Boston, under the auspices of Fifth Church of Christ, Scientist. of this city. Judge Hill was introduced by Thomas C. Perine.

Rah! RahllMl Manual! To the men of Manual the door to Marott's College Inn is always open. We know you fellows like style and snap in all things—including fine shoes. HlKiijßl

We Offer MASSACHUSETTS INVESTORS TRI >T SHARES at Market T. P. Burke & Cos. Incorporated SUITE 217-221 CIRCLE TOWER rHOXE RILEY 8536

Business Insurance Backed by a proper agreement gives the widow, in cash, immediately, the sum agreed upon as a fair price by her husband and associates. Ward H. HackJeman Ami Associates Massachusetts Mutual Life las. Cos. 266 Continental Bank Bids.

Last Chance Worlds Fair Tour Amazingly Low Cost —$10.00 October 21, 1933 Look what the rate includes—Round trip rail fare; leave Indianapolis 7:45 a. m. Saturday, arrive in Chicago at noon;4Loop hotel accommodations in Chicago, a refreshing lake trip, two admissions Century of Progress, transfers from station to hotel and hotel to station, ticket to either the Chicago-Purdue or Northwestern-Indi-ana football game. If football game is not desired you may have a thrilling Chicago-bv-nite trip and one breakfast. For Further Information Apply to S RICHARD A. KI’RTZ. Manager Travel Bureau The Leading Travel Bureau of Indianapolis UNION TRUST*' 120 E. Market St. R 1 ley 5341 '■A

Foreign Exchange

(By Close. Sterling, England Franc. France uaaa Lira, italy §795 Belgas, Belgium Mark. Germany 3610 Guilder. Holland 6119 Peseta, Spain 1273 Krone. Norway 236 U Krone, Denmark

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton Is allowed. Domestic Price* Indiana No. 4 and No. 6 lump. $5.25: egg. $5; mine run. $4.75. Coke (carload lots)—Egg. nut. $7.25; pea sizes, $5.50. Semi-Smokeless —Lump, $7.75. Retail Steam Prices Indiana No. s—Lump, $4.50; egg. $4; nut. $3.85: pea. $4.25; mine run. $3.75. West Virginia—Lump. $5.75; egg. $5.50. Kentucky—Egg. $5.25.

Federal Farm Loan Bonds

(By Blytg & Cos.. Inc.) Bid Ask 4s Nov. 1, 1957-37 85% 86% 4s Mav 1. 1953-38 r 85'/2 86% 4%s July 1. 1956-36 86% 87% 4%s Jan. 1. 1957-37 86% 87V* 4%s Mav 1, 1957-37 86% 87V* 4%s Nov. 1. 1958-38 86V* 87V* 4%s Dec. 1. 1933-32 100% 100% 4%s May 1. 1942-32 91% 92% 4%s aJri. 1. 1943-33 91% 92% 4%s Jan. 1, 1953-33 89% 90% 4%s July 1. 1953-33 89% 90% 4%s Jan. 1. 1955-35 89% 90% 4%s July 1. 1955-35 89% 90% 4%s Jan. 1. 1956-36 89 % 90% 4%s July 1, 1953-33 91 % 92% 4%s Jan. 1, 1954-34 91 Vi 92% 4%s July -. 1934-34 91% 92% 5s May 1. 1941-31 96% 97% 5s Nov. 1. 1941-31 96% 97% Home Loan 4s. July 1, 1951.. 86% 87%

Daily Price Index

By United I’ress NEW YORK Oct. 9—Dun & Bradstreet's daily weighted*price index of thirty basic commodities, compiled for the United Press; (1930-1932 Average. 100) Today 98 89 Saturday 98.67 Week ago 101.69 Month ago 98.95 Year ago 76.47 1933 High (July 18) 113.52 1933 Low ' Jan. 20) 67 86 Copyright. 1933. bv Dun A- Bradstreet. Inc. NEW YORK COFFEE FUTURES ■—-Oct. 9 SANTOS High Low Close January ... 8.19 March 8.35 8 29 8.29 Mav 8 46 8.35 8.35 July 8.51 8.39 8.39 September ... 8.64 December 8.20 8 10 8.16 RIO January ... 8.88 March 6.05 5.95 5.95 Mav 6.15 6 00 6 00 July 6 15 6 06 6.06 September . • 6.13 December 5.90 5.85 5.85 CHICAGO FRUIT MARKET CHICAGO. Oct. 9—Apples—Michigan Jonathans, bushel. Sl® 1.25; Hubbardston. bushel. 75c4/ sl. Pears —Michigan Keifers. bushel. 75c® Si: No 2. bushel. 50'S'65c. Carrots —Illinois, bunch. 2c. Eggplant— Illinois. 25® 50c. Spinach—lllinois. 30® 50c. Beans —Illinois, green. [email protected]. Cabbage —Wisconsin crate. 75c%51. Tomatoes Michigan 12-quart. 30® 65c. Grapes Michigan 12-quart. 20®23c: 4-quart, 10® 12c. Peaches—Colorado, box. $1.25®1.35. Onion market: Idaho and Washington. Valentins, bushel 90®95c: Wisconsin, yellows. bushel. 60@67%c; Indiana, yellows. 60®67%c Illinois, bushel. 60®67%c. NEW YORK RAW SUGAR FUTURES —Oct. 9 High. Low. Close. January 1.38 1.32 1.32 March 1.41 135 1.35 Mav 1 45 1.40 1 40 July 1 49 1.44 1 45 December 1.38 1.32 1.32

*7f*f COLLATERAL / CJV) LOANS •U No Co-Maker* Repaid Oyer a Whole Year The Indianapolis Morris Plan Cos. S. E- Corner Delaware and Ohio St*. RI. 1536.

STOCK MARKET IRREGULAR IN SMALL RANGE Gold Mining Shares Resume Advance Halted in Last Session.

Average Stock Prices

Average of thirty industrials for Monday high 100 58. low 98.14. last 99.32, ;-p 1 52: average of twenty rails: 43.39 41 82. 42 98, up 1.14: average of twenty utilities: 26 56, 25 80, 28 48, up .71; average of forty bonds: 84.21, up .06. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Oct. 10.—Stocks opened irregular in a narrow range today with trading fairly active-. Railroad issues held gains made in the previous session. New York Central was unchanged ate* 40 U, while Southern Pacific" gained % to 2416, and Pennsylvania gained Vs, to 30?*. Slight losses were noted in Erie and Baltimore & Ohio. Some gold mining shares resumed their rise interrupted yesterday. Buying today was aided by an advance in the price of gold in London. Mclntyre Porcupine firmed up at 42, up % point. Other metal issues were lower with coppers off fractionally on an easier price for j the metal here and abroad. Steel common, American Can, 1 American Telephone, Union Carbide, Radio Corporation, and Ohio Oil made small declines. Chrysler was in demand in the motor division at 45 7 4, up %. National Distillers rose a point to 105 on 1,000 shares, but other wet stocks were mixed. Utilities made small gains, as did farm equipments, mail order shares, and electrical equipments. The trend in the early dealings was mixed. Leaders eased small amounts and volume lightened.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 9 Citings $1,461,000.00 Debits 3,806.000.00 TREASURY STATEMENT „ T , . —Oct. 10Net balance for Oct 7 ..$1,167,049,710.42 Misc int rev receipts 7,309,980.86 Customs rects mo to date 7,672,233.47

Chicago Stocks By Abbott. Hoppin Si Cos. 11 TOTAL SALES 27.000 SHARES —Oct. 9 High. Low. Close. Asbestos Mfg 4 Bendix Aviation 16 ’is% 15% Berkhoff Brew Cos 11 10% 11 Borg-Warner 16 15% 16 Brown Fen & Wire A 6% L L Bruce Cos 18% 17% 18% Cent & so West pfd 51? Cent & So West.P L pf 9 Chi & North Western.. 9 7 /n 9% 9% Chi City & Con Rvs... .. .. 1% Chicago Corp com 32% 3 Chicago Corp pfd 25 Chicago Yellow Cab 12% Cities Service 2% 2% 2% Commonwealth Edison 47 Cord Corp 954, 9 3 /g 9 a /B Co 6 % 6 Vs 6% Electric Household 10% 'i6% 10V* General House Util . ig Great Lakes Dredge... 18 17% 17% Grigsby-Gunow 2% 2% 2% Houdaille Hershey A ... 9 Houdaille-Hershey B ... 3 Iron Fireman 6% Kalmazoo Stove 20 Libby-McNeil 41. Lindsay Nunn Pub 2% Lynch Corp 371(7 Marshall Field 16% 16 16% McWilliams Dredg Cos 15% Middle West Utilities 44 Mohawk Rubber 3 National-Standard 20% Noblltt-Sparks Ind Inc 26% 25 25% Penn Gas & Elec 9 8% 9 Perfect Circle 22 P rimft Cos 16% 16 16% Process Corp 3% g“f. kr Oats • • 124% i2lVa 122 Raytheon V T C 2} B fears Roebuck 42% 38% 42% Swift &Cos 16% 16% 16% Swift Internacional 24% Thompson JR 7% 7% 71* Utility & Ind pfd.... 4 3% 4 Vortex Cup Cos Vortex Cup Cos A " 25 Walgreen Cos com 18% is 18% Zen r ith M ßadm merV A .. 64 * New York Curb (By Abbott. Hoppin & Cos.) —Oct. 9 , Closed Close Alum Cos of Am 70 iLone Star Gas 7 Am Ct P & L B 2 -Vs Mount Prod 5 Am Cyan B .. ll%,Natl Bellas Hess 2% A,®"' 25 ** Niag Hud Pwr.. 7>/ Am Sup Pwr... 3%iPan Am Airways 53% Ark Ntl Pw A.. 1% Pennroad 3% iff G ?r s . Pioneer Gld Min 11% Atlas Ut Crp... 12% Salt Creek Prod 6% Braz Tr & Lt. 13V* Segal Lock . 3. Can Marc 2% Std Oil of Ind.. 30% Cent Sts E 1... lVStd Oil of Kv.. 15% Cities Serv 2%rranslux ...... 1% 9*jCJnited Founders 1% El Bnd & Sh.. 19 iunited Gas .... 3% Ford of Eng... 6% Un Lt &Pw A.. 3% Ford Mot Can. 11 United Verde .. 3% Imperial 0i1... 13 Util Pwr & Lt.. IV B Irving Airchute. 4% Woolworth Lmtd 21% Jhti Ptrol 19% Wright Hargravs 7% Lake Shore Min 44%

Investment Trust Shares

(By Abbott, Hoppin Si Cos.) —Oct. 9 a 1 . Bid. Ask. American Bank Stocks Corp., 93 1 07 American & General Sec A... 5.75 675 Basic Industry Shares .3.20 326 British Type Inv Tr Sh 50 Collateral Trustee Shares A... 4.62 5.00 Corporate Trust Shares (oldi. 2,20 225 Corporate Trust Shares (new) 232 236 Cumulative Trust Shares 400 4^oß Diversified Trust Shares A 6.25 Diversified Tru ' Shares B ... 7.75 800 Diversified Tru 4 Shares C 302 306 Diversified Trust Shares D 4.75 487 First Insurance Stock Corp... 1.37 148 First Common Stock Corp ... .95 110 Fixed Trust Oil Shares A 8 35 Fixed Trust Oil Shares B 7 10 Investors Inc 17.50 ’75 Low Priced Shares 570 580 Mass Inv Trust Shares 17 75 19 25 Nation-Wide Securities 326 330 North American Trust Sh (53) 183 North Am Tr Shares (55-56).. 327 250 Petroleum Trust Shares A 11.00 14 00 Seelcted American Shares ... 265 / Selected Cumulative Shares .. 6.75 700 Selected Income Shares 350 400 Std American Trust Shares A. 3.02 306 Trustee Std Oil A 5.20 5 35 Trustee Std Oil B 470 480 U S Electric Lt & Pwr A 11.87 12 00 Universal Trust Shares 2 .93 2.98 Liberty Bonds By United Press YGRK - D o *' —Closing Liberty Liberty 3%s (471 102 i a Liberty First 4%s (47* .... 102 28 Liberty Fourth Treasury 4%s (32) i lO Treasury 4s (54) ”’lo6 6 Treasury 3%s (56) 194 10 Treasury 3%s (47 1 iXT 5* Treasury 3%s <43> March ioi2fi Treasury 3%s (43. Jiune 101 27 Treasury 3%s r 49 100 9 Treasury 3s (55 > " 90 S Treasury 3s (55) 90 Treasury 3%s !!!!!!!!’ 101.9 Chicago Primary Receipts —Oct. 9 • Bushels. Lsat , t . u , Today. week. a 1.039.000 915.000 Corn 1,608,000 1.174 000 Oats 222.000 358,000 ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Oct. 9—Wheat—ln very good demand, % to I%c higher on red and %c lower on hard; No. 2. red, 86®86%c: No. 3 red. 86c; No. 2. red garlicky. 843 86c; No. 3 red Garlicky. 85 1 ac; No. 2 hard 84%®85c: No. 3 hard, 84%c; sample hard 76c; No. 1. mixed, 85c: No. 2 mixed, 84%c; sample mixed. 76c. Corn—ln fair demand unchanged to %c higher; No. 6 mixed! 35c; No. 2 yellow. 39®39%c: No. 3. yellow 38%®39c: No. 4 yellow. 38c; No 5 yellow, 37c. No. 2. white. 41 %c; No. 3 white. 40%e. Oats—ln fir demand, unchanged to \c lower; No. 2 white. 31%5(32c; No. 3 white. 31%c; No. 4, white, 30%c; sample white, 37%c; No. 1 nixed. 32c.

THE INDIANAPOLIS TIMES '

New York Stocks

—Oct. 10— Oils— Prev High. Low. 10:80 close. Amerada ■**, AU Kill 2*>* J(% BarnsoaH .■ Oonjo. Oil 13Va 13 J * ] Cout of Del 18 18 Houston i new a Houston <oldi 28% 29% Mid Cont Pet 12% A Ohio OU 18*"a 1 ♦ Pet Corp 11=% 12W Pnillios Pet 16'A 16% Pure Oil , ... 13% 13% Roval Dutch 35 Sba Oil 40 4154 Snell Un 7% “* Simms Pet 9% 9% Skelley Oil JJj* Soc Vac 12% 1254 S O of Cal 43U S O of Kan 31 S O of N J 43 43 Texas Corn 37*4 Tidewater Assn 10% Un Oil of Cal 21 31% Steels— Am Rol Mill* If 19% Beth Steel 35% 35 3a 845s overs A M 28 28 ucl Fuel & Iron 6% 6>4 Inland Steel 37% 37 . Lualum Steel 13% 12% McKeesport Tin 81 Natl Sieel 4454 43% Ren Iron Si Steel lj> * Ren Ir oc Sti pfd .. ... 32% U S Smelt .... 95% 95 95 95% vanadium 22 Mid Steel 13% ... U S Pipe & Fdv 15% U S Steel 47% 47% 47% 48% U S Steel pfd 83 8354 Youngstn S & T .. ... ... 22% Rails— Atchison 56% 56 Atl Cst Line ■ 36% S & O 28% 26 28% 26% Can Pac .. ... 13% 13% Ch & Ohio 4354 43 43% 43 Chi & Gt W 3% 3% C M & St P °% CMft St P pfd 10% 1054 10% 10% Chi N W ' *> Chi R Isl 4% 4% Dela & Hud ?5% Grt Northern... 21% 21% 21% 22 111 Central .32% 31% 31% 32% K C Sou 11% Lou & Nash ’4 M K & T ... •••_. 105* Mo Pac pfd .... 7 654 6% 6% N Y Cent 4054 4040 40% N Y Chi & St L I? N Y N Y Ont & Wes 10% Norfolk & Wes 150 Ncr Pac . .. ... 23 7/ 23'r Penn R R 31 30% 31 31 Sou Pac 24% 24 24 24 Sou R R 27% 27 27 27 Sou R R pfd... 28% 2854 28% 28% West Maryl 10% 10% Motors — ... Auburn 49/2 Chrysler 45% 45% Gen Motors 30/a 30/8 Graham Mot .... .. ... ••• .S 8 Hudson 12% 12% 12% 12 Hu#p 4 % 4 > Mack Truck 31 /a Packard 4 3% 4 4 Studebaker ®% | n Yellow Truck 8 Motor Access — Bendix ••• 15% 15% 1585 Alum 50 49% 50 49% Borg Warner ... 16% 1654 16% 16 Briggs -L 8 Budd Wheel 4 % Eaton 1-.7 Elec Auto Lite 11 2 Houd A 3% 3 Murray 80dy... .. 8/8 TimkenßS": 1:’..! .. 2?4 8 28% AlaVkTjun 24% 24% 25 Am smelt 4454 43% 44 44 j2 Anaconda 18 , Cerro De Pasco. 3654 35% 35% 36 * Granbv 10 ’ 8 IS 7B Gt Nor Ore if., Howe Sound Ins Copper Int Nilkel 20 20, a Isl Creek Coal.. .. ••• 2b ••• Kennedott Cop.. 22 21% 21 u 22% Noranda Cop... .. ■■■ 34 34,s Phelps Dodge... 16% 16% 16/2 17 Tobaccos— Am Snuff ?5., Am Sum Tob -S, 1 Am Tobacco A “, 2 Am Tobacco B 86 86^ Gen Cigar Ligg & Myers B 91* Reynolds'* Tob B 50% - 50% 50% 50% Equipments— Allis Chalmers 11% Am Car & Fdy 29 Am Loco "f, 2 Au Steel Fdy 21 /a 21,8 Bald Loco if r Case°J K I 5 •...... ii% ’TiH - 7i% 10% Cater Track .. 21 20 \ 20% 21 Colgat Pale Peet l| s , Congoleum 8 Elec Stor Bat 44 44 s Foster Wheeler 12., Gen Am Tk Car .. ... 32 2 Gen Elec 20% 20 20 20 a Ingsol Rand Int Bus Mach.. .. ••• Int Harvester... 39% 39% 39% 38% Kelvinator 12% 12% Natl Cash Reg H% '* Proc & Gamble J}.', 8 limmons :: ::: '22% 22% west abb'.::: 29% 29% Westingh Elec... 38% 37 37 38 Am & For Pwr.. 1054 9% 10% 9% Am Power & Xslt •• ••• 9*4 9*B AT&T 120 H 120 Vi 120*2 121 Am Wat Wks 23% 23% Brook Un Gas.. .. ... 66% 66_* Col Gas & Elec. 15 14% 14% 14% Col G& E pfd.. .. ... ••• 67 Com & Sou 2% 2% 2% 2% Consol Gas ... 43% 43 43 43 /p Blec Pwr & Lit ’% <% im p T & & :: ::: i'% % North Ymer ! 20% 20% 20% 20 Pac G & E 21V* ... Pub Serv N J 39 39 So Cal Edison } 9 % }?% Std Gas 12% 11% 12% 11% Std Gas pfd ... 12% 12 United Corp 6% 6% 6% 6/2 Un Gas Imp 17 % 8 Wes P m r n & Unlon A : 57% '56% '57 58 Rubbers — oSSS ::::::::: gibber :::: ii% *i% ? % U S Rubber pfd 27 Amusements — Fox Thea Loews Inc *2 * Radio Corp 7 % 7 /j Warner Bros 8 i /* Foods— ~,, |Am Sugar .. ... 6454 ••• Borden Prod 24 24 * Can Dry G Ale 32 * Coca Cola 9354 93 | Corn Pro* 89 a 89 * Crm of Wheat 29% 29% Gen Foods 36% 36% Gold Dust 21 20% G W Sugar 38% 37% Loose 'Wifes 3 7 % 37/* Natl Biscuit ~ J 9 49% Natl D Prod 1654 16 16% 165 s Purity Bak ... 16 S Porto Rico S. 42 41% 41% 4254 Std Brands 26 25% United Fruit 64 Wrigley 5154 Retail Stores- 2 . Asso Dry Goods 14% Best &Cos 28% 28 28 27% Gimbel Bros f% Gr Un Tea 554 Hahn Dept Sts 5% 5% Kreske S S 13 Kroger Groc 22 Macr R H 58 May Det St 29% Mont Ward 21% 21% Penny J C 45% 44% Safeway St 43% 43% Sears Roebuck 42% 42% Woolworth ... 40% 40% Aviation— ... Aviation Corp .?% 9% Douglass Air 14% 14% Curtiss Wright 2% Curtiss 'Wright A .. ... ... , Nor Am Av ... ••• . 6 8 United Aircraft.. 34% 33’4 33% 33’a Air Reduction 10654 105% Allied Chem , .... 1% ! Am Com Alcohol 65 6454 64% 64% Col Carbon 56 Com Solvents ... 3954 39% 39% 39% | Freeport Tex 45% 40% Llauid Carb 31% 35‘a Math Alkali 41% 42% Tex Gulf Sulph 38*2 38 Union Carbide.. .. ... 44% 45’* U S Indus Alcoh 7354 73 73 73 3 a Natl Distl 105% 104% 104% 104 Drugs— ... CotW Inc 4% Drue Inc Lambert ••• 3054 6% Financial— Adams Exd % Allegheny Corn.. 454 4% 4% 4b Chesa Corp ••• , Transamerica ... 6% 6% 6% 6% Tr Conti Corn 5% 554 Am “Radiator,... 14% 14% 14% 14% Gen Asphalt 18% 18 Int Cement ~ ... r?, 3 Johns ManviUe.. 56% 56 56 56% Libby Owens Gls .. ... 30 30% Olis Elev 14% 14% 14% 14% Miscellaneous — . Am- Bank Note. ... 14% 15 • Am Can 95 94% 95 95% Brklvn Man Tr 34 % 34 a Conti Can 67* Sf 3 Eastman Kodak ‘B% I Owens Bottle ff, Glidden *41.. 15;, 15 Indus Ravon .. 77% .6% 76% T 7 Inter Rapid Tr . 11 ' 11,8 TOLEDO CASH GRAIN By Vnitcd Press TOLEDO. Oct. 9—'Grain in elevators, transit billing' Wheat —No. 2 red. 84-jfi 85%c; No. 1 red. lffl%c premium. Com —No. 2 vellow. 44%645%c. Oats—No, 2 white. 35*8360 Rye—No. 2. 698 ioc Track prices. 28%s rate: Wheat—No. 1 red. 80%881%c: No. 2 red. 79%880%c. Corn—No 2 yellow. 40g41c; No. 3 J(l----low. 398 40c. Oata—No 2 white. 31%8 33c: No. 3 white, 30832 c. Toledo seed close: Clover—Cash. $7.10: Oct.. $7.10: Dec.. $7.258. Alslke—Cash. $8 40: Dec.. *.6<k /

PORKER PRICES OFF 20 CENTS AT CITY YARDS Cattle Market Unchanged; Vealers Higher at $6.50 Down. Porker prices at the local stockyards this morning displayed a loss of around 20 cents from yesterday's average. The market was slow and not fully developed in the initial trade. The bulk, 160 to 260 pounds, sold for $5.10 to $5.15. Weights ranging from 250 to 290 pounds were selling from $4.75 tc $5.05, while lighter grades scaling from 140 to 160 pounds sold at $4.80 to $5.10. Light lights weighing 120 to 140 pounds brought $4.30 to $4.75. Receipts were estimated at 9,000. Holdovers, 163. Steer trade in the cattle market was slow and draggy, with prices holding around the previous close. Initial sales were quoted from $5.65 to $6.10, while several loads held higher. Good to choice heifers were strong to higher, selling from $6 to $6.75. Other she stock displayed little change. Receipts numbered 2,000. Vealers moved around 50 cents higher, selling at $6.50 down. Top was $7. Receipts, 700. An advance of 25 cents was evident in the lamb market, with ewe and wether classes selling from to $7.25. Bucks sold at $6.25 down. Throwouts ranged tjown to $3. Receipts were 2,000. With practically no early action shown in hog trading at Chicago, indications were around 15 cents lower on initial sales than yesterday’s average at $5.25 down. Receipts weree estimated at 23,000, including 5,000 directs; holdovers, 2,000. Cattle receipts numbered 8,000; calves, 1,500; market strong. Sheep receipts were 10,000; mar;ket unchanged. HOGS Oct. Bulk. Top. Receipts. 3. $5.45@ 5.50 $5.50 6,000 4. 5.2581 5.40 5.40 6.500 5. 5.20@ 5.30 5.30 6.000 6. 5.158 5.30 5.35 5.000 7. 5.258! 5.45 5.45 1.000 9. 5.25® 5.35 5.35 8,000 10. 5.10® 5.15 5.15 9.000 Market, lower. (140-160) Good and choice. ..$ 4.80® 5.10 —Light Weights—-(l6o-1-80) Good and choice... 5.10 (180-200) Good and choice.... 5.10 - —Medium Weights—-(2oo-220) Good and choice... 5.15 (220-250) Good and choice... 5.10® 5.15 —Heavy Weights—-(2so-290) Good and choice... 4.75® 5.05 (290-350) Good and choice ... 4.45@ 4.65 , , —Packing Sows—(3so down) Good '3.60® 400 (350 up) Good 3.50® 3.85 (All weights) medium 3.25® 3.60 .. —Slaughter Pigs—-(loo-130) Good and choice.... 3.80® 4.50 CATTLE Receipts, 2,000; market, steady, (1.050-1.100) Good and choice $ 5.25® 650 and medium 3.25® 5.25 Good‘and chioce 5.25® 6 60 Common and medium 4.00® 5.25 —Heifers—--150-750) Good and choice 5.25® 6 50 Common and medium 3.00® 5.25 (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 2.00® 3.00 Low cutter and medium I.oo® 2.00 —Bulls (yearlings excluded' Good (beef) 2.75® 3.25 Cutter, common and medium.. 1.75® 2.75 VEALERS Receipts, 700; market, higher. Good and choice $ 6.00® 7.00 Medium 4.00® 6.00 Cull and common 2.50® 4.00 —Calves—-(2so-500) Good and choice 4.00® 5.50 Common and medium 2.00® 4.00 —Feeder and Stocker Cattle—-(soo-800) Good and choice ' 4.25® 5.00 Common and medium 3.00® 4.25 (800-1.500) Good and choice 4.25® 5.00 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 2,000: market, higher. —Lambs—-(9o-lbs. down) good & choice $ 6.25® 7.25 (90 lbs. dow*n) com. and med. 3.00® 6.25 —Ewes— Good and choice 1.75® 2.75 Common and medium I.oo® 1.75 Other Livestock BY UNITED PRESS KANSAS CITY, Oct. 9.—Hogs—Receipts, 4,000,' including 320 directs; opened mostly 10c higher than Friday's average on 240 l*s. down; closing dull; top $5.05 on 190-220 lbs.; light Tights. 140-160 lbs., $4.20®4.90; light weights 160-200 lbs., $4.75 8 5.05; medium weights 200-250 lbs., $4.7585.50; heavy weights. 250-350 lbs.. $4.3084.90; packing sows, $3.1083.90; feeder and Stocker pigs, $3.2584. Cattle —Receipts, 23,000; calves, receipts. 6.000; killing classes of cattle opening steady to strong; spots 25c higher on fed yearlings; stockers and feeders, strong to 25c higher; early top fed yearlings. $6; choice 522-lb. New Mexico stockers. $5.50; steers, good and choice, 550-1,500 lbs., $4.5086.50; steers, common and medium, $2.50 85; heifers, good and choice. 550-900 lbs., 54.50®6.25; cows, $1.7583; vealers, s3fri6; stockers and feeders. $3.7585.50. Sheep— Receipts, 6,000; range lambs strong to 10c higher; natives fully 25c up; sheep steady; top range lambs, $1.10; best natives. $6.60.

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—Today and Tomorrow— Roosevelt Administration Carried Near Goal in NRA Drive Through Step-by-Step Campaign. BY WALTER LIPPMANN r

IHAVE spent a nice vacation, thank you, reading industrial codes, General Johnson's speeches, statistics about banks and piggy sows, and a sufficient mixture of threats, promises, predictions and warnings to make a man purr with contentment while his hair stands on end. Nature did her best; the sea, the sky and the woods of Maine could not have been less concerned with our fretfulness or more convincing that human destiny is not determined finally by the news of the front page. But in vain does a man imagine that a man can go anywhere these days and shut himself away from the clamor of the front page.

Even when the newspaper does not come, he is trying to imagine what is in the newspaper he has not seen. There is too much at stake to put public affairs long out of mind, the security and well-being of us all, the peace of the world, the libeities of man. Thus a genuine holiday is impossible \ the best one can do. I find, is to fret quietly for a few weeks instead of openly in public print. There is, however, much to be said for a little silence now and then, especially for those who act on or write currently about public matters. For a large part of the mischief and iolly of the world comes from rushing in, taking a position, and then not knowing how to retreat. There is something about making a speech or writing an article about the human mind. When the utterance is published the Rubicon has been crossed and the bridges have been burned. It seems to end the inquiry, and after that we almost

cease to be interested in the truth, being so preoccupied to prove that we already possess it. What between the demand of the audience for an infallible preceptor, the vanity of the speaker, and the terrorism of those who lie in ambush ready to quote what he said last year against what he mav believe this year, the impulse is almost irre- 1

sistible, once a man has published his opinion, to say: “That’s my story and I stick to it.” a a a IN private intercourse any one who sticks to his story regardless is set down by his friends as slightly batty. In public he passes for a very strong fellow. The Roosevelt administration has, it seems to me, been singularly skillful in not making itself the prisoner of its own pronouncements. Here and there it has stumbled, as for Example in the promise that the NRA would put I forget how many million men to work by Labor day, in the threat of a boycott which the good sense of the country so sensibly rejected, in the grimirces at Henry Ford, in the pledge to the farmers not merely to help them but to give them the exact quota of prdsperity which they had just before the war. These have been slips. They have been exceptions to the rule. For in the main the President has made it his practice not to paint pictures and make promises, but to contrive expedients and decide practical issues. In this habit of his mind he has shown himself to be an amazingly successful leader in a period of crisis. He has known better than to imagine that a great nation of free men could be indoctrinated with any consistent set of principles. So, like the wisest of the Eng-lish-speaking statesmen, he has preferred to find his political and economic principles in the necessities of each particular situation, limiting his output of high-sound-ing generalizations to the indisputable truths of honor, courtesy, and the ordinary morals. This step-by-step empiricism is utterly incomprehensible to men of certain temperaments. They think a statesman should have a complete theory about the history of the human race, a comprehensive program about its future; in brief, that he should forget he is mortal and plant himself on the judgment seat. The preference of the Englishspeaking peoples for crossing bridges when you come to them, and discovering the reason why you have come when you are halfway across, seems to them'in varying degree confused, illogical, illiterate, and even hypocritical. By its enemies it is described a§muddling, by its practitioners as muddling through. But whatever it is, the record of history goes to show that it levies a lighter tax of blood and tears, of anguish and bitterness, than the more perfected, tlje more theoretically consistent and more exalted systems of governing men. a a a IT is not only among doctrinaries, however, that Mr. Roosevelt’s cautious avoidance of commitments has aroused objections. At home there is complaint that he has not announced a monetary policy, that he does not define the position of labor under the codes, that he does not make it known whether the NRA is an emergency measure or anew industrial order, that he does

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Lippmann

not make it clear whether the capital market is to be run, as in the past, by investment bankers, or as it is at this moment, by the federal government, that he does not indicate whether he looks forward to a general policy of economic nationalism or backward to a revival of relatively free trade. There are real issues at the heart of all these questions, and they will have to be decided. But as I see it, there is, in addition to his native caution, a controlling reason why Mr. Roosevelt has felt it necessary to let the "issues come to him rather than to reach out for them and render his verdicts. So he must have recovery and he must have reconstruction and, unless he is to arouse disappointment and revolt, he must set them both going simultaneously. Now that complicates matters. For at innumerable visual points, the pursuit of one of these objectives interferes with the achievement of the other. If he could devote himself in single-minded fashion to recovery stimulating enterprise, profits and confidence according to the orthodox canons of capitalism, there is little doubt that employment would revive faster and business begin to hum sooner. But he can not be single-minded. While he is trying to stimulate recovery he also must respond to the conviction of the mass of the people that the old order of things up to 1929 needs drastic renovation. He must give evidence that he is installing new controls and collective standards. This discourages enterprise and so retards recovery. Yet he can not say to his constituency as revolutionary leaders in Russia, Italy or Germany say to their people; Endure patiently the sacrifices of the present for the sake of the glorious future. Mr. Roosevelt is not a revolutionary leader. He must produce the prosperity of the old order while he builds anew one. Thus he must shape his course with one eye on the short objective of recovery and the other on the long objective of reconstruction. a a a THAT this produces a kind of chronic dilemma has been amply Illustrated since the adjournment of congress. Thus, if the only thing the President needed to do was to encourage an old-fashioned business revival, it would have been' sheer folly to raise the question of union recognition as acutely as the NRA has raised it, or to depress an already frightened capital market with the threats of the securities act, or to disrupt the paralyzed machinery of capital investment by the Glass-Seagall bill, it would have been folly with the-NRA to raise the costs of production in advance of profits and an increased volume of demand, or to create the profound uncertainty of a theoretical speculation on the possibility of some wholly new kind of currency, or to open up vistas of drastic taxation on profits and of stringent control of public utilities. Obviously, these things retard recovery. But no less obviously, they, or things like them, have had to be undertaken if the pledges of anew deal were sincere. For the new deal unmistakably implied a different distribution of income and financial power than that which prevailed before the crash, a much stricter policing of private enterprise and a far-reaching attempt to reduce the competitive and enhance the co-operative motfves in American life. At almost every juncture, therefore, decisions have had to be taken whether to advance the new deal at the risk of slowing up enterprise for recovery, or whether to promote enterprise and slow up the installation of the new deal. Sometimes the administration has not seemed to be quite clear in its own mind as to which of its two projects it was working on This especially was evident in the earlier stages of the blue eagle campaign where the hasty stsfmpede into codes was proclaimed as a major measure of recovery, when as a matter of fact, the NRA ’6 contribution to recovery is modest and mixed in result, where its contribution to reconstruction may well prove to be epoch-making. It is only by keeping constantly in mind the two-fold character of the President’s task that one can fairly interpret the complexity of his decisions, or understand why one day’s newspapers tell us that ms ’conservative” advises (i e those primarily interested in recoveryi are winning, and the next that the radicals” <i. e., those interested m reconstruction! are dominant. The fact is that the President has to achieve what both groups desire he has to give each its head and then rein it in, and somehow drive them both abreast. This attempt to make the best of both worlds is not the easy way to success, and only a daring man would take it. But for Mr. Roosevelt there was no other way open, given the situation as he found it, and the xpectations of the people who raised him to power. He has taken it thus far with undaunted courage and with a practical judgment as to how to advance now toward the one objective, and now toward the other, which one must admire increasingly the more one appreciates the great difficulty of the task. (Oopyrlxtn.

PAGE 13

GRAINS DISPLAY WEAK TREND IN LIGHHRADING Little Change Expected in Government Report Today. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, Oct. 10.—Grains eased off fractionally on the Board of Trade at the opening today. Wheat was down % to % cents, corn was off % to cents, and oats were unchanged to down % cent. Rye was down ! s to cent. Some brokers believed the market had a sold-out appearance and that the beginning of a good rise was close at hand. The monthly government estimate on grain crops is due sometime today. but since little crange is expected from the report of last month, the announcement will be of little importance as a market factor. Liverpool was lower today than expected. The country apparently has decided to hold old corn for better prices for bookings yesterday were small. Chicago Futures Range WHEAT— _OCt ' I<>_ prev High. Low. 10 00 close December ... .85'* .84% 85% M l * .89% CORN— 8 8 ,88 8 December ... .43% .42% .43% 43% Ju Satb- 02 - 51 ’ 4 •“ - 5 -^ December M . .33% .33% .33% .33% RYEII 35 ' 8 - 351 ' 8 -a** 8 .35% December 61% .61 . 61% 62 May 68% .68 . 68% )68% BARLEY— w * December ....... ... xyc; Mav 57% i57% ANNOUNCEMENTS 1 Death Notices GADDIS, MARGARET E.—Beloved wife of George E. Gaddis, sister of Mrs. C H. Walker. Mrs. C. H. McCrav and Mr. H. L. Herr, passed away at the family residence. 5147 Sheldon St.. Monday p. m. Friends may call at the residence Tuesday afternoon and evening. Services will be held at St. Man's Church. Washington. Ind., Thursday. Oct. 12. 9 a m. HOLLAND. MAY—Beloved wife of Flank D. Holland, daughter of Mrs. F. H. Finkbiner of Indianapolis, sister of Eari Shine of St. Paul, ind., passed away at her home in Chuia Vista, Cai.. Monday. Funeral at the Mcihoaist church, st. Paul, ind., Friday. 2 p. m. SCHRADER, JOSEPHINE (nee Suilivani Beloved wile of Herman Schrader, mother of Mrs. Terry McGovern. Mrs. Fred Weoer Jr., Agues and er, sister of Mrs. Mayme O'Brien of Chicago. Jerry. John and Tim Sullivan, passed away Sunday, Oct. 8. Funeral Wednesday. Oct. 11. 8:30 at the residence of Mrs. Weber, 61V N. Exeter (3630 W. Mich. st.). Services at St. Anthony s church, 9 a. m. Interment Holy Cross cemetery. Friends invited. SCHRADER, JOSEPHINE (nee Sullivan)— Beloved wife 01 Herman Schrader, mother of Mrs. Terry McGovern. Mrs. Fred Weber Jr., Agnes and Bud Schrader, sister of Mrs. Mayme O'Brien of Chicago, Jerry, John and Tim Sullivan, passed away Sunday, Oct. 8. Funeral Wednesday, Oct. 11, 8.30 at the residence ol Mrs. Weber, 61/ N. Exeter i3a3o W. Mich. st.). Services at St. Anthony's church, 9 a. m. Interment Holy Cross cemetery. Friends invited STANBROUGH. WILLIAM ELUVOOD—Of 1922 Ludlow Ave.. beloved husband of Ethel Stanbrough, and lather of Mrs. Bessie Raymer. Mrs. Lulu Mantord of Peru. Viola and Elwood Stanbrough. departed this life Monday, Oct. 9 age 71 years. Funeral Wednesday, Oct. 11, at Oak Hill Tabernacle, 2 p. m. Burial Floral Park cemetery. Friends invited. Funeral under the direction ol MOORE & KIRK. ZACHARY. MARY EDlTH—Beloved wife of Alvin D. Zachary, mother of Dorothy and Rosemary Zachary and daughter of Mr. and Mrs. Riley H. Shinkle. passed away Monday. Oct. 9. age 36 years. Funeral services will be held at the WALD FUNERAL HOME, 1222 Union St.. Wednesday afternoon. Oct. 11. -at 2 o'clock. Burial New Crown cemetery. Friends invited. 2 Cards, In Memoriama PILZ—We desire to extend sincere thanks and appreciation to our many friends and relatives for the kindness, messages of sympathy and beautiful floral offerings during the illness and death of our beloved son and brother. MEYER PILZ. THE FAMILY. FUSON—In loving memory of our dear husband and father. L. C. FUSON. who passed away 10 years ago today. Oct. 10. 1923. More and more each day we miss him: Friends mav think the wound is healed; But they little know the sorrow Lies Within our hearts concealed. WIFE AND CHILDREN LIPES—We wish to , sincerely thank all relatives, friends and neighbors, Dr. J. M. Phipps, the Rev. Mr. Fall, singers of West Park Christian church, pallbearers. Evergreen Masonic lodge and all fraternal organizations. Roscoe Conkle, undertaker, for their kindness and beautiful flowers tendered at the loss of our beloved husband and brothtw. HARRY T. LIPES. Wife, MRS. VIOLA LIPES. SISTERS and BROTHER. 3 Funeral Directors, Florists W. T. blasengymT ' 2226-28 Shelby St. DR-2570 FINN BROS. Funeral Home ts 39 N Meridian St TA-1833. GRINSTEINER’S 522 E. Market RI-5374 __ HISEY & TITUS 957 N. Delaware Clyde V. Montgomery Funeral Home 1622 K. Meridian, HA-1444. J. C. WILSON 1230 Prospect DR-0321-0333 ANNOUNCEMENTS 4 Lost and Found MANS Illinois wrist watch lost In fatal accident night of Sept. 28 at Emerson and Southeastern. $lO reward. IR-6874. Kline. 322 N. Emerson. LOST—Brown purse about 8 a. m. Mon. Please call WA-3913. or HE-1705, HAND BAG—Containing service man's radio tools on East 19th street, near College avenue. Liberal reward. Call LI-8331, LOST at Cathedral fall festival; black feather fan; reward. TA-0404. 5 Personals "TO WHOM IT MAY CONCERN “This is to advise that Insurance policies Trip Transit Nos. 5360 to 5380 of the Baltimore American Insurance Company of New York have not been issued by any authorized agent of this company and this company wifi not be liable for any loss or damage sustained under these policies. "If you are a holder of any of these policies you are advised to communicate with Robert L Engle. State Agent. 1017 Chamber of Commerce Building. Indianapolls. Indiana." BE ENTERTAINED at your Halloween parties by tea-ground or card reading; prices reasonable. 1134 Broadway. Apt. 1. RENT A MAYTAG $1 per week. L, B AYRES -V CO 6 Transportation CARS to all points, any time. References exchanged. MISS BEHRENS. LI-2686. INSTRUCTS NS 10 Schools, Colleges. Tutoring LET THE “HILO HAWAIIAN'S'' teach you to play the Hawaiian Guitar as they play it. 2108 Roose-.elt Ave. SPECIAL offer of six weeks' instruction la piano, or pipe organ for enrollment fee: $2 IR-0956. ART STUDY—Machine. Drawing. Designing. Petroleum Engineering. 8 months day course, as low as $7 8 month. Diplomas granted. AMERICAN INSTITUTE. 804 Ft Wavn- Ave LI-9828. HELP WANTED 13 Help Wanted—Male MAN WITH CAR—To advertise our tMOA* and distribute introductory packag* to consumers Must be satisfied witn 90c an hour at start. Write for particulars. ALBERT MILLS. Route Mgr . 2593 Monmouth. Cincinnati. O. 30 MEN—With sales ability. Apply 612 N. Liberty. COMMERCIAL HEATING COMPANY, . (