Indianapolis Times, Volume 45, Number 132, Indianapolis, Marion County, 12 October 1933 — Page 15

OCT. 12, 193 T

Wall Street Government May Have Difficulty in Appeasing Farmers and Industrial Workers at Same Time. By RALPH HENDF.RSHOT Times Special Financial Writer

On the eve of the government's “Buy NOW campaign, word comes from Minneapolis that farmers in the northwest are openly dissatisfied with the rising prices of necessities under the NRA and in some places are boycotting merchants displaying the blue eagle. Some are even threatening a buying strike. The situation would seem to be a rather hard nut for the government to crack The trouble in that quarter might become almost as serious as that now being experienced on account of the labor strikes.

And it w'ould appear to be a rather difficult thing to satisfy both groups. Higher wages for the industrial workers would aggravate the farmers’ troubles by raising the cost of the things they buy, and higher prices for farm produce would have a similar effect on the workers’ difficulties. The government is thought to be bending every effort to aid the situation of both, and the claim is made that the official acts since President Roosevelt took office have favored these groups more than others equally deserving. It is further contended that if they insist on throwing a monkey wrench into the machinery the administration may be unable to better the position of any one. a a a Bank Loans Repaid Os the $1 293.114.420 advanced by the Reconstruction Finance Corporation to banks and trust companies throughout the country to Sept. 30, 1933, $610,794,951 has been repaid. On the face of it this would

ml.

Ralph flendershot

appear to be a very favorable development. On second thought, however, it might appear to have been immeasurably better had a much smaller amount been returned to the government. The loans were rppaid by the liquidation of securities, which depressed market values, and by thp refusal to extend loans in many cases and the calling of loans in others, which exerted a detrimental effect on business. One might well ask why the government, on one hand, will take the bankers to task for refusing to grant loans and, on the other, will encourage the calling of loans already outstanding in order to erase a debt. a tt a Another Interesting Paradox Another rather interesting paradox is suggested in the manner in which conservators have been operating banks under government supervision and the theory of the new bank code to become effective next Monday. Conservators of seventy-three banks located in sixteen states have reduced the salaries of workers for these institutions by approximately 43.3 per cent. The code provides that the banks may not cut salaries, even though working hours are reduced. The object of the bank code was to help eliminate the unemployed and to increase the buying power of the public. The result of conservator bank operations of the seventy-three banks in question was to reduce salaries 43.3 per cent and the number employed by 37.6 per cent.

Increased Yield Fails to Lower Cotton Futures

Government’s New Loan Plan Aids Prices in Strong Upward Trend. BY LEONARD ROGERS Times Special Financial Writer The cotton trade was puzzling this week over the unusual spectacle presented by a rising futures market following issuance of anew government report that boosted the current crop estimate by 471,000 bales. Ordinarily, such a report would be construed bearishly price-wise. The predicted crop now nearly equals last year’s outturn, despite the ploughing under, by department of agriculture edict, of 10,000,000 acres of southern cotton land in the middle of the growing season. The predicted yield per acre—2os.3 pounds—is the highest since 1916. Overshadowed by Loans Preponderance of opinion leaned toward an assumption that the cotton loan plan announced last Saturday by President Roosevelt has overshadowed the crop report. Under this plan, the cotton farmer is invited to borrow against cotton in his own hands on a basis of a value of 10 cents a pound for grades down to low middling of T s-inch staple or better and promise to cut acreage next season by 40 per cent. At the time the new government crop estimate was issued. December delivery of cotton in the futures market was 9.30 cents a pound. At this level, the price in country markets would be about B'p cents a pound, or I’ 2 cents a pound under the loan value of the lint. The trade sold cotton readily after the bearish report came out, but offerings from the south faiied to join in the move. Accordingly, the trade faced about and began to cover. As it reached for contracts, the supply turned scarce and prices quickly soared. At one time December cost 9.69 cents a pound. Skeptical About Curb How the cotton farmers are going to react to the proposed loan plan is problematical. Reports from the south reaching the trade here this week said the growers had noted the loan value had been placed well above market levels, but were skeptical about the proviso for an acreage reduction of 40 per cent. It will take a week to ten days to bring out the complete reaction to the growers, the trade estimated, since the formal plan has not vet been presented to them by the department of agriculture. There was a rumor in the trade this week that Secretery Henry Wallace was planning to put forward the plan by the same huge organization that spread the propaganda for the government-lease plan put in successful operation last spring. In that campaign, boards of trade, chambers of commerce. Rotary clubs and all kinds of local organizations were utilized throughout the south. TALK ON RUSSIA To” BE HEARD BY CLUB University of Michigan Official Will Attend Exchange Luncheon. Dr. John Sundwall. University of Michigan hygiene and public health department, will be the guest speaker at the Exchange Club luncheon tomorrow at the Washington. Dr. Sundwall. who is here' attending the American Public Health convention, will speak on "Some Impressions of Russia." in which he will recall his experiences during a recent visit to that country. In the Air Weather conditions at 9 a. m.: North-northwest wind, seven miles an hour; temperature. 52; barometric pressure, 30.18 at sea level: general conditions, high overcast, lower broken clouds, sprinkling: ceiling, estimated, 7,060 feet: visibility, aeven miles Sweden In Horse Show By Cnited Pr*-## STOCKHOLM. Oct 12.—Sweden will participate in the international horse shows in New York, Boston and Toronto, Canada, late this fall. It has been decided to send a group of four cavalry officers, four grooms and eight horses.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 12— HSSf 1 . 11 * 8 $1,676,000.00 Deblts 4,307,000.00 TREASURY STATEMENT —Oct. 12Net Balance for Oct. 10. .. $1,152,575,816.97 r, eV ' R £ pts 8,547,498.38 Customs rects. mth to date 10,541,638 34

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal deals/ £ allowed Sh discount of 25 cents per ton DOMESTIC RETAIL PRICES Indiana No. 4 and 6 lump, $5.25- egg $5; mine run, $4.75. Indiana No. 5 lump. $5; egg $4 75 Glendora lump and egg £6 Brazil Block lump and egg $5 75 Coke, egg and nut, $8 75; pea. $7 Pocahontas and New River Smokeless, lump and egg. $8.25; nut. $7.50 pea and mine run, 5i.25. ' All other smokeless, lump and egg, $7.50. DOMESTIC STOKER PRICES Indiana gross margin, mine run. pea nut and egg. $2. West Virginia, mine run and pea. $6.25nut. $6.00; egg. class B. $6.75. Births Twins Wilber and Lillian Cross. Coleman hospital. boys. Bovs Earl and Irene BrandriS, Coleman hospital. Louis and Mary Clark. Coleman hospital. Darold and Frances Fleming. Coleman hospital. j Kenneth and Pauline Hendryx. Coleman hospital. , Herbert and Hazel Palmore. Coleman hospital. Lawrence and Margaret Himes. 70 South Tuxedo. Bert and Daisy Meece, 536 Birch Corwin and Grace Stanley. 520 North Lynn. Corwin and Grace Stanlev. 530 North Lynn. Girls Wilber and Grace Brooks. Coleman hospital. William and Mabel Carr. Coleman hospital. Elmer and Betty Eichmiller, ’Coleman hospital. Julius and Ellen Hendren. Coleman hospital. Arthur and Dorothy Inman. Coleman hospital. B;.sil and Julia Judkins. Coleman hospital. Luther and Goldie O'Banion, Coleman hospital. Joseph and Emma Rosner. Coleman hospital. Raymond and Ina Young. Coleman hospital. Dexter and Louise Burch. 1713 Spruce. Deaths Franklin P Bohvmer, 79. 3325 North Capitol, chronic nephritis. Leonard H. Lyster. 67. 401 Virginia, coronary occlusion. Mary Editn zacnary, 36. 2649 Applegate, broncho pneumonia. Cassina J. Wright. 71. 649 Exeter, acute dilatation of heart. Ruth McNabney. 3. city hospital, accidental. Mabel C Libeau. 49. Methodist hospital, empyema. Cyrus L. Miller. 34. U. S. Veterans hospital. malaria. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 71 cents for No. 2 sort rea wheat. Otner grades on their merits.

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

Market Average a u m Ticenty Active Issues Listed on the N. Y. Stock Exchange .

JULY AUGUST SEPT. OCT IT 94 31 T V* 21 28 s II IS 2S 2 9 i MONDAY OATES ! I I T ~1 r 7B — < —i —r ——i — 1 —7 I 77 1 1 H 1 i 77 73' : ; j ! 73 72; ; 1 j 72 Hip -.j. 1 j 1 L £ “ 4-: —| —;■ •!~i ft [tfi flr [nt~l —66 |i it >h _# W- I 111,) - It | it !x ll tt-fIV- t 1 i 59 *57 ;r j j 57 \i 58 —^i J 5 * :■ ' ■ | | . m j' SOO l— lU. j i j 1 ' !—i 5 a r—T- P, a ft rX- K : fl I g 7OO [ 4 ,y— > A r\ a 1/--y-\ : \ \ r 3 1” 6m t. i / V/V| \/\ 1y 1 y

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

U, S. REFUND THIRD OF HUGE LIBERTY ISSUE First Step Taken Toward Simplifying Federal Finances. BY RICHARD L- GRIDLEY United Preas Financial Correspondent WASHINGTON, Oct. 13.—Assurance of a “sound money” policy was seen today in the government’s dei cision to refund a third of its huge six and a quarter billion dollar fourth Liberty loan issue at a lower ! interest rate. It was reasoned that the administration would not have attempted this largest financial operation since i the war unless it was determined to i resist currency inflation. I Liberty bond holders, it was pointed out, would demand cash for their bonds on April 15, the call date, instiad of accepting a lower rate of interest, if there were indications that their investment would be impaired by cheapening of the currency. Improve Debt Structure It was predicted that a sound money pronouncement would be made by the administration shortly to encourage holders of the called liberty bonds to exchange them for new 10 to 12-year bonds. The fourth liberties bear 414 per certt interest, while the new bonds bear 4'4 per cent the first year and 3V4 per cent thereafter. The proposed refunding is the first step toward placing the government's finances on a more sound basis. In addition to providing the government with a flat interest saving of nearly $19,000,000 annually after next year, the successful refunding of the bonds will improve the debt structure of the government by reducing short term maturities and will help to promote the market for long term bonds to finance business expansion. If the present refunding operation is successful, the government plans at a later date to refund the entire issue of fourth Liberties. Reduce U. S. Interest The present outstanding amount of $6,268,094,150 will be reduced to $4,393,094,150 in the April 15 refunding. This would further reduce the government's present interest load of approximately $700,000,000 annually on its $23,049,328,758 public debt. The government at the present time has outstanding in addition to the fourth Liberties, $1,933,211,900 in first Liberty loan bonds, paying 3 ] z to 414 per cent; $6,050,983,400 in Treasury bonds, paying 3 to 4*4 per cent; $5,151,087,200 in Treasury notes and retirement bonds, paying 2!4 to 4 per cent; $1,362,697,000 in certificates of indebtedness, bearing V* to 4’4 per cent and $951,728,000 in various non-interest bearing Treasury bills. GLACIER-BORN HOLE FOUND ON MOUNTAIN Technical Journal Informed of Discovery at Burnt Rock. B.’l Science Service NEW YORK, Oct. 12.—A pothole, undoubtedly work of a glacier-born stream, has been found within 500 feet of the top of Burnt Rock mountain in Vermont, Science, I technical journal published here, has j been informed. The hole is now four feet in diameter and two feet nine inches deep, but there is good evidence that it was once much larger. The mountain, 2,763 feet in height, does not now bear any glacier, nor has it for many, thousands of years. The pothole, made by the action of a glacial waterfall churning loose boulders into action as rough rock drills, must have been formed ages ago, when the mountain top was considerably higher than it is at present. THREE GOOD ‘DON’TS’ Centenarian Gives His Rules for Ripe Old Age. By United Press ALTUS, Okla.. Oct. 12.—Three “don'ts” that are conducive of long and happy life were expounded by Mrs. E. H. Curry of Elmer, on the occasion of her 100th birthday. “Don't worry; don't bother about other people's business and don’t wear a grouch,” was the advice the centenarian gave for any one who wishes to grow old.

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

THE INDTATsTAPOLIS TIMES

No‘Capone’ Settle, Angered, Fails to Show Up for Board Session.

William H. Settle

TTriLLIAM H. SETTLE, presi--7 7 dent of the Indiana Farm Bureau Federation and McNutt appointee on the state board of agriculture, failed to attend the board meeting Monday, although it took a federal court decision to get him the seat. “I’m not going any place where I’m treated like A1 Capone,” Settle is quoted as saying. His co-appointee over whom the board also brought an injunction suit, George E. Stolte, Ft. Wayne, was on hand. The old board members are said to have treated him coolly. But Mr. Stolte, one time member of the house of representatives joined with them in a resolution indorsing the “fine record and splendid service” of Secretary E. J. Barker. Mr. Barker, who has been secretary of the board for the last nine years, will be retired Jan. 1, in favor of a Democrat. This arrangement is part of the “new deal” legislation passed under orders of Governor Paul V. McNutt in the 1933 session of the legislature. n tt tt p EPORT was made at the meeting that the state fair this year made $2,000 profit, while last year a $29,000 loss resulted. Mr. Barker claimed that this was due to budget cutting recommended by C. Y. Foster, Carmel board member, and himself. Friends of the administration pointed to the saving as having been accomplished under Lieuten-ant-Governor M. Clifford Townsend, now commissioner of agriculture, under whom the fair board functions. Just how far-reaching is Mr. Townsend’s power will be tested between now and the first of the year. He was credited with being instrumental in ousting J. D. Hull, Columbus, who was in training for Mr. Barker’s job. a tt a TTE also is said to be backing A the Grant county Democratic chairman, William M. Jones, Fairmount, for the post. But Governor McNutt said yesterday that he didn’t think that Mr. Jones was being mentioned. Dick Heller, secretary to Mr. Townsend, is proposing F. E. Christian, Ft. Wayne, as being best prepared for the place. He is a former Adams county agricultural agent. Plenty of both board and partisan politics is expected to enliven the contest until final decision is made by Governor McNutt.

Produce Markets

Delivered In Indianapolis prices—Hens, 10c; Leghorn hens. Tc; springers. 4% lbs. and over. 10 c: under 4*/ 2 lbs.. 9c: Leghorn springers. 7c; cocks. 5 lbs. and up. 6c; under 5 lbs.. 4c: ducks 4Vi lbs. and over, lull feathered and fat, 6c: under 4' 2 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 by the Wadley Company. BY UNITED PRESS CHICAGO. Oct. 12.—Potatoes—Supply heavy, demand and trading moderate: market weak on russets, steady on others. Shipments. 817: arrivals. 147: on track, 370. Wisconsin cobblers, $1.15®1.25; Minnesota and North Dakota cobblers. Red River section, 51.204f1.25. few $1.30: Red River Ohios, $1.15(5125; South Dakota early Ohios, partly graded, $1(51.10; Idaho russets, sf.so® 1.60: Colorado McClures, one car. $1.55. Other Livestock BY UNITED PRESS PITTSBURGH. Oct. 12—Hogs—Receipts. 1.500: including 900 holdovers; slow and steady: packing sows. 25c off; tops. 50.35; bulk. 160-220 lbs, $5.25(55.35; 220-250 lbs.. $5(55.35; 250-320 lbs, '54.50(55; 125-140 lbs . $4.75®5: pigs, $4(5 4 50; packing sows. S3® 4. Cattle—Receipts. 40; nominal. Calves—Receipts. 100: steady; top vealers, $8: cull and common, $3(35. Sheep—Receipts. 500: steady; bulk, choice sorted lambs, $7.50(57.65; culls to medium. s3@ 5.50: ewes and aged wethers, steady. By Times Special LOUISVILLE. Oct. 12—Cattle—Receipts, 200; receipts and holdover light; market mostlv steady on all classes; bulk common to medium grass steers and heifers. $2.50® 3.50: only best kinds eligible to $4; with good fed lightweights of the baby beef type quotable to $5 50! bulk beef cows. $1.7552 25: low cutters and cutters mostly $.75(51.25; bulk sausage bulls. $2.50 down; native Stockers and feeders mostly $2(5 3. with desirable Hereford stock calves mostly $4 50(5 4.75. Calves—Receipts. 250: steady: bulk better vealers $5.50(5 6; few strictly choice handyweights. $6 50; medium and lower grades, $4.00 down Hogs—Receipts, 700: steady; 180-235 lbs. $5.05: 240-275 lbs., $4.60: 280 lbs. up. S4 35:' 140-175 lbs, $4.25; 135 lbs down. $2 55; sows. $3.20: stags. $2.15. Sheep—Receipts. 450; steady; bulk medium to good lambs. $6 5 6.50; choice $7; bucks, mostly $5(®5.50: throwouts, $3.5064: fat slaughter ewes. sl<s 2 per hundredweight. Receipts Wednesday: Cattle. 309: calves. 164: hogs. 711 and sheep. 512. Shipments Wednesday Cattle 203, and calves 158. FIREMAN IS BURNED AT CREOSOTE PLANT Blaze Confined to Distillery; Loss Is Estimated at S2OO. One fireman was injured slightly and S2OO damage resulted last night in an oil fire at the plant of the Republic Cresoting Company. Tibbs avenue and Morris street. Captain Guy Lewis of Engine House 19 incurred bums on his hand when acid was spilled. The fire was confined to the distillery of the plant. Large quantities of chemical were used by the firemen in extinguishing the flames.

SWINE MARKET SNOWS UNEVEN TRADjNGJANGE Most Sales 10 Cents Higher; Underweights Hold Steady. Two-way trading range developed in hogs at the local stockyards this morning. Most classes were 10 cents higher than yesterday's average, while few underweights remained steady. The bulk, 160 to 250 pounds, sold at $4.95 to $5. Few choice kinds brought s§-05. Bulk of 250 to 290 pounds was salable at $4.60 to $4.90, while heavy weights scaling 290 pounds and up sold at $4.20 to $4.50. Light grades weighing 130 to 160 pounds were selling at $4.50 to $4.85, and 100 to 130 pounds brought $3.75 to $4.25. Packing sows sold from $3.25 to $3.85. Receipts were estimated at 3,500; holdovers, 1.388. Slaughter steers remained generally steady in the cattle market, with only slight action shown in light supplies on hand. Several steers and heifers sold under $6. Vealers held around steady to 50 cents lower thgn the previous close, selling at $7. Few closing tops ranged to $7.50. Cattle receipts were 6CO; calves, 600. Lambs were fully steady, with ewe and wether grades selling at mostly $7 to $7.50. Bucks ranged from $6 to $6.50. Throwouts were down to $4. Receipts numbered 2.000. Few early bids on hogs at Chicago ranged around 10 cents higher than yesterday’s average. The bulk, 200 to 270 pounds, sold for $5 to $5.15. Receipts were estimated at 18,000, including 7,000 directs; holdovers, 2,000. Cattle receipts were 6,000; calves, 1,500; market unchanged. Sheep receipts, 16,000; market steady. HOGS Oct. Bulk. Tod. Receipts. 5. s.2o® 5.30 $5.30 6,000 7. 5.25® 5.45 5.45 1.000 9. 5.25® 5.35 5.35 8.000 10. 5.10® 5.15 5.15 9.000 11. 4 80® 4 90 4 90 6.000 12. 4.95@ 5.00 5.05 3,500 Market Higher (140-160) Good and choice... .$ 4.75® 4.85 —Light Weights—-(l6s-180) Good and choice.. 4.95 (180-2001 Good and choice.. 4.95 —Medium Weights—-(2oo--200) Good and choice.. 5.00® 5.05 (220-250) Good and choice. . 4.95® 5.00 —Heavv Weights—-(2so-290) Good and choice.... 4.60@ 4.90 (290-350) Good and choice.. 4.30@ 4.50 —Packing Sows—(3so down) Good 3.50® 3.85 (350 up) Good 3.35® 3.75 (All weights) medium 3.25® 3.50 —Slaughter Pigs—-(loo-130) Good and choice.... 3.75@ 4.25 CATTLE Receipts, 600; market, steady. (1.050-1.100) Good, and choice $ 5.25® 6.50 Common and medium 3.25® 5.25 (1.100-1.500) Good and chioce 5.25® 6.60 Common and medium 4.00® 5.25 —Heifers—-(so-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® 3.5(1 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, 600; market, lower. Good and choice $ 6.50® 7.50 Medium 4.50® 6.50 Cull and common 3.00® 4.50 —Calves—-(2so-500) Good and choice 4.00® 5.50 Common and medium 2.00® 4.00 —Feeder and Stocker Cattle— . (500-800) 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, steady. —Lambs—-(9o-lbs. down) good & choice. $6.50® 7.75 (90 lbs. down) com. and med. 4.00®; 6.50 —Ewes— Good and choice 1.75@ 2.75 Common and medium I.oo® 1.75 Other Livestock BY UNITED PRESS CHICAGO, Oct. 12.—Hogs—Receipts, 18,000, including 8,000 directs; market, slow, steady and mostly 10c higher than Wednesday; 200-300 lbs., $5®5.15; top $5.15; 140-190 lbs., $4.75®,5.05; pigs. $3.75® 4.75; packing sows. $3.50®~4.25: light lights, 140-160 lbs., good and choice, $4.75®,5; light weight 160-200 lbs., good and choice, $4.30®.5.10; medium weights 200-250 lbs., food and choice, ss® 5.15; heavy weights 50-350 lbs., good and choice. 54.50®.5.15; packing sows 275-550 lbs., medium and choice, 53.25W4.50; slaughter pigs 100-130 lbs., good and choice. $3.75®4.75. Cattle— Receipts. 6,000; calves, receipts. 1,500; moderately active on all grades light steers and yeariings, but very dull -on medium weight and weighty steers; strictly choice steers, mostly ss®6; 801-Ib. heifers, sold early at $6.50: several loads of yearling heifers, s6® 6.35; other killing classes uneven. steady to weak; vealers. 25c or more lower; slaughter cattle and vealers: steers 550-900 lbs., good and choice, $5.60®6.60; 900-1,100 lbs., good and choice. 55®6.60; 1,100-1.300 lbs., good choice, $5.25® 6.65; 1.300-1.500 lbs., good and choice. $5.25®6.65; 500-1.300 lbs., common and medium. s3®s 25; heifers 550-750 lbs., good and choice. $5.25® 6.60; common and medium, $3®5.25; cows, good. $3®4.25; common and' medium, $1,900® 3; low cutter and cutter. $1.25® 1.90; bulls, yearlings excluded, good, beef, s3® 3.50: cutter, common and medium. s2®;3; vealers. good and choice. $5.50(3 7.25; medium. $4.50®, 5.50; culls and common, $3.50® 4 50: Stocker and feeder cattle: steers 550-1,050 lbs., good and choice, $4®5.25; common and medium. $2.50®4 Sheep—Receipts. 16,000; fat lambs. 15®25c lower than Wednesday and sharply under best prices; choice Hangers to shippers, $7.35; desirable natives. $7®7.15; best held above $7.25; sheep weak and lower; feeding lambs firm; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $6.25®7.35: common and medium, $4®6.50: ewes 90-150 lbs., good and choice. $1.50® 2.65: all weights, common and medium, sl®2; feeding lambs. 50-75 lbs., good and choice, s6® 6.60. CLEVELAND, Oct. 12 —Cattle—Receipts, 250: market, steady and quiet; prices unchanged with best steers bringing $7; common to good. 550-900 lbs.. s4® 5.50; 900-1.200 lb steers, grade common to good, $3.75®6.25; common to good heifers. $3.25®5.50: calves, receipts. 300; all sold early; market closing quiet: choice to prime, $3®8.50: common. $3®3.50. Sheep —Receipts, 2.000: closing active and steady; prices unchanged with choice spring lambs bringing top of $7.75; choice wethers. $2.50® 3.25. Hogs—Receipts. 750; market, very slow; packers bidding 10c lower: asking steady prices: practically no sales; heavies. $4.75® 5; choice butchers. $5®5.25 light butchers and choice workers. $5.25; pigs. $4.25. EAST ST. LOUIS. 111.. Oct. 12—Hogs— Receipts, 7.500: market, mostly 15c higher; bulk. 160-230 lbs.. $4 90® 5: practical top $5.05; a few sales at $5.10: about half a load at latter price; small lots, 230-260 lbs.. $4.7504.90: 140-160 lbs. S4 50 @5: 110-130 lbs., s4® 4.50; sows. $3.40®. 3.85 Cattle—Receipts. 3 500: calves. 1.200: market, opened generally steady on most classes with vealers. 25c higher; top. $7; a few' loads native steers, $4.75® 6.10; three cars Oklahoma grass steers, $2.75® 3.35; mixed yearlings and heifers, $4.50®. 6; cows. $2®2.50; iow cutters, $1®1.25; top sausage bulls, $2.60: slaughter steers. 550-1.100 lbs., good and choice. $5.50® 6.50: common and medium. s3® 5.50: 1.100-1.500 lbs., choice. 56®6.50: good. $5.25 ®6.25: medium. $3.75® 5.25. Sheep—Receipts. 2.000; market, not establish; packers talking lower: generally asking steady for better lambs: indications steady on throwouts and sheep; lambs. 90 lbs . down good and choice. $6.50®7.25: common and medium. $3.50®6.50; yearling wethers. 90110 lbs., good and choice. $4.25® 5.25: ewes. 90-150 lbs., good and choice, $1 50® 2.75: all weights common and medium. sl® 2. FT. WAYNE. Oct. ft Hogs— 10c up; 200-225 lbs . $4 45: 225-250 lbs.. $4 80 250275 lbs. $4 70: 275-300 lbs.. S4 55: 300-350 lbs.. $4.30: 160-200 lbs. S4SS. 150-160 lbs. $4.60: 140-150 lbs.. $4,35: 130-140 lbs., $4.10: 100-130 lbs . $3.2545 35: roughs. $325. stags. $2: calves. $7; lambs. 25c up. $6 75. EAST BUFFABO. Oct. 12.—Hogs—On sale. 2.400; slow; steady to 10c under Wednesday's close; weights, below 200 lbs . showing downturn; desirable 200 to 250 lbs.. $5.50: 160-200 lbs . $5 25®5 40; mostly $5 3545 540 on weights over 170 lbs. Cattle—Receipts. 25: steady, common grass steers and heifers. s3® 3.25; cutter cows. $1.35® 2. Calves—Receipts 125: vealers unchanged; good to choice. $8 and sparingly $8.50: common and medium. s6® 7. Sheep—Receipts. l.UO; lambes. draggy; steady to shade lower; good to choice. $7.35 to mostly $7.60; medium kinds and fat buck, $6.25®6.50; throwouts, $5G5.50.

—Today and Tomorrow— Roosevelt Administration Seeks Revival of Capital Expenditures in Recovery Program Drive. BY WALTER LLPPMANN

AT the point which the administration now has reached, the difficulties of combining a quick recovery with far-reaching reconstruction capital expenditure, which alone can revive the heavy industries that are particularly acute and complex. This is in the effort to revive the account for perhaps three-quarters of those now unemployed. That the administration ardently desires a revival of capital expenditures is known not only from the news reports of its intention. It is evident from its action. The federal reserve system, which is now un-

der administration control, has been enlarging steadily the basis of credit. Through its purchases of securities in the open market, supplemented by the return of hoarded gold and currency, the banking system has been creating the foundation for a gigantic expansion of credit. The revaluation of the dollar, at say the present depreciation, would add 50 per cent to the value of our gold reserves, thus enlarging still further and by a very large amount the potential credit expansion. Yet credit does not expand. Apart from credit which government agencies are employing there is only the most miserable trickle of capital expenditure in the form of new corporate financing and mortgage money. Here are the reservoirs of credit, full to overflowing and almost no one, except local and federal government, comes forward to draw upon them.

What is the matter? The obvious answer is that the spirit of enterprise has not been revived. Now, what is it that makes men enterprising under a capitalist system? It is confidence that they can produce something at a profit. When they have this confidence they are eager to borrow capital to produce something. Those who have capital are willing to lend it

to them. But without the confidence that he can make a profit over and above what he needs to repay his debt, a sensible business man will not borrow and a prudent investor will not lend. Thus far the administration has gone to great lengths to make it possible to feed enterprise with capital funds. But as to enterprise itself, which is the active ingredient in.the mixture, the administration is clearly under the influence of divided and conflicting sentiments. It would like to see business as enterprising as it was about 1926, a time when business was good but the excesses of the boom had not yet developed. On the other hand,; it is afraid of the evils of lively en- ; terprise. It is committed to finding I remedied for the social injustices of j capitalist prosperity. It would like to produce the pleasant aspects of the Coolidge era without the sinister consequences. It is confronted with the fundamental problem of combining recovery with reconstruction. tt tt tt THUS the administration finds itself, on the one hand, making it technically possible to create a credit inflation surpassing anything known in the Coolidge era and, on the other hand, threatening those who use credit and direct its flow with dire penalties not only for misbehavior but for negligence, with drastic taxation of potential profits, with severe regulation of all j kinds of corporate enterprise. It has been encouraging the expansion of capital and discouraging the enterprise which would use that j capital. Now, it is easy enough to say that the administration is on the horns of a dilemma and that it must make a decisive choice. There are those who would say that the obvious choice is to postpone, preferably to scrap, the ideal of reconstruction, adopt the orthodox measures for restoring confidence among business men and investors, and let enterprise have its head. My own conviction is that those who take this view misjudge the temper of the people. But it also is true that another kind of confidence needs to be restored—the confidence of the mass of people in the justice, the efficiency and the social responsibility of Democratic institutions. Mr. Roosevelt can not betray the hopes symbolized by the new deal. To do that would be to sow dragon’s teeth of disillusionment and cynicism for the future, once the business cycle had turned down again after a period of revival. For the new deal is a supreme test of the power of men to control competitive acquisitiveness under a system of ordered liberty. Whatever the momentary temptation to abandon it, we must not. Yet the opposite course, which is to install the new deal and let recovery wait, is equally to be rejected. Those who in the back of their heads would like to do this also misjudged the temper of the people. They fail to see that inability to produce substantial evidence of recovery will produce a reaction, not in favor of, but against the principles of the new deal. Only the very naive progressive can imagine that this reaction would promote the ideas that the most advanced progressives desire. a a a W WHERE, then, are we to find the way to reconcile the short-term objective of recovery and the long-term objective of reconstruction? We can find it only in the principle which has been, I believe, the essential reason for Mr. Roosevelt’s immense success. From the day he took office he began to govern. In a series of sharp and j decisive acts he convinced the whole j people that the government was I master in its own house as against j all lobbies, minorities, factions and vested interests. The astounding change of public j sentiment was not brought about i by any one measure, but by the ; evidence that the government was | both well-intentioned and strong, j Men trusted Mr. Roosevelt to ex- j periment because they saw that he ! had the situation in hand. By keeping continually vivid the conviction that he has the situa- j tion in hand, he can work his way j through the dilemmas and contradictions of his dual task. What, for example, is the origin of the fear that is paralyzing enterprise when business men and investors contemplate the implications of the I NRA, the penalties of the Securi- j ties Act or the possibilities of in- | flation? It is the fear that the President j will lose control of the situation and be carried no one knows where. That is the fear. Enlightened men must know that the basic conceptions of the NRA represent a necessary evolution of modern industrialism. But they know also that the working out of that evolution calls for long adjustment and contriv- j ance and compromise which can be j carried out successfully only if all the interests concerned are stadied and calmed by a firm assertion of the national power. So also they know that the securities act is a necessary begin-! ning in the effort to make finance more responsible. The objections to the act arise from fear as to how T certain of the liabilities might be j interpreted in a general atmosphere i of vindictiveness, :

Lippmann

THE same holds true of the fear of inflation. It is not an expansion of th means of payment or a rise in the price level that men really fear. In fact, almost all men desire these things. It is that an ignorant and greedy agitation may deprive the President of his power to manage money and then run wild. That s why it is vitally important that the President should continually make clear at important junctures that his leadership is unimpaired. That is what he did last spring, when he cut the expenditures in the budget, closed the banks and opened them, legalized beer, laid down the embargo on gold, and above all, proved that he was th? undisputed leader of an overwhelming majority in congress. This is the kind of thing he failed to do in my judgment, last July when, with a speculative inflationary stock market boom on his hands, he refused to make any mov eto demonstrate his control over the currerncry. This is the kind of thing he did magnificently just the other day when he addressed the American Legion. It is not necessary for him to make cast-iron pledged covering all the different subjects that agitate men’s minds. It would be foolish to make such pledges wheen issues are not ripe for decision. What he can do is to disclose his intention not be stampeded, his determination to govern the country without fear or favor and to be governed himself by the facts of the case and his own conscience. The one thing he can not afford is to drift. But as long as he can convince the country that he has the rudder in his hands, the nation will believe in him and confidence in his purpose will be translated into the confidence of enterprise. (Copyright, 1933)

POLICE JAIL KHAKISHIRTS Leader Flees as Officers Round Up Alleged Arms Plotters. By United Press PHILADELPHIA, Oct, 12.—Plans of the khaki shirts of America to stage an armed march on Washington with the intention of making President Roosevelt “dictator of America” were frustrated by police raids today. Asa result, Art J. Smith, national commander of the organization, was reported a deserter from his army and twenty-four of his followers were in jail. The raids were made on the khaki shirts’ headquarters after authorities learned of an alleged plot to steal weapons and ammunition from the Third regiment armory for the purpose of arming the marchers. Forty guns, ammunition, knives, sword canes, blackjacks and other weapons were confiscated in police raids a few hours before the scheduled march and after a twenty-four-hour vigil by detectives at the khaki shirt headquarters. Detectives cornered Smith a half hour before a planned raid on the armory was to have taken place. While they questioned him Smith leaped from a window and disappeared. Three hundred of the “army” were waiting outside for trucks which were to convey them to Washington. Police earlier disregarded Smith’s boast that 1,500,000 men would be en route to Washington before sundown today. But reports of plans to batter down the doors of the armory to obtain weapons prompted mobilization of reserve forces of detectives and bluecoats, armed with machine guns, tear gas and riot guns.

The City in Brief

FRIDAY EVENTS Exchange Club, luncheon, Washington. Optimist Club, luncheon, Columbia Club. Reserve Officers’ Association, luncheon, Board of Trade Indiana State Nurses' Association, convention, Severin. Sahara Grotto, luncheon. Grotto Club. Frances Perkins lecture. * p. m . Murat theater. Harvard Club, luncheon. Lincoln. Phi Delta Theta, luncheon, Columbia Club. Delta Tau Delta, luncheon, Columbia Club. Kappa Sigma, luncheon, Washington. Meeting of Zone 7 of the Indiana Association of Optometrists will be held at 8 tonight at the Severin. Dr. Earl O. Noggle will be the speaker. CHICAGO FRUIT MARKET By Vniteii Pre CHICAGO, Oct. 12—Apples—Michigan Jonathans. bushel $151.25. Delicious, bushel *151.25 Pears—Michigan Kiefers, 75 5 85c busnel. Carrots—lllinois, bunch l'ss2c. Eggplants—lllinois, 30®50e Spinach—lllinois and Michigan, bushel 505 75c. Beans—Hlinois green. *1.5052 Cabbage— Wisconsin, * 8551 crate. Tomatoes—Michigan. 25 5 75c. Orapes—Michigan. 12 quart 22523 c: four quart 10512 c Peaches — Colorado, boxes * 9051.25. Onion market— Idaho and Washington Valencias, bushel 755 90c: Wisconsin yellours. bushel 655 72';c: Illinois yellows, Indiana i yellows, bushel 655‘2Vac; Ind.ana and Minnesota whites, *1.1051.15,.

PAGE 15

‘HEAVY’ WATER IS PRODUCED BY CHEMISTS Rare Substance. Fatal to Certain Animals, Cost $1.50 Per Gram. BU Science Service PRINCETON. N. J., Oct. 12 j “Heavy" water, containing the recently discovered double-weight hy- ■ drogen, kills tadpoles, guppyflsh and I worms. Professor W. W. Swingle of | Princeton, using some of the rare j “heavy” water manufactured by | Princeton chemists, found that the ! extraordinary H2O, with 92 per cent I of its hydrogen atoms consisting of | the isotype mass two (deuterium), is lethal to certain fresh water animals. Green frog tadpoles survived only an hour when placed in the “heavy” water. Tadpoles of the same sort immersed in distilled water that contained only 30 per cent “heavy” water lived happily and unaffected for twenty-four hours. Paramecia, one-celled organisms that are faj vorite biology experimental material, resisted the “heavy" water successfully for twenty-four hours. Produce Large Quantities Relatively large quantities of "heavy” water now are being produced in Princetoh's Frick chemical laboratory by Professor Hugh S. Taylor, Professor Henry Eyring, and Arthur A. Frost, chemistry fellow, A cubic centimeter, approximately a thimbleful, of the “heavy” water, is produced every two days. This unusual supply of “heavy” water is allowing Princeton scientists to use it in various untried experiments. Professor Earle E. Caley has demonstrated that it has a smaller capacity for the dissolving of salts than ordinary water. Tests are being made to ascertain its effect upon acids. Uses Are Many Physicists studying tne structure of the atom will find the “heavy” .water of great use, because most of its hydrogen atoms are twice the ordinary hydrogen mass. Experiments have shown that in attempts to break down the atom by collision with electrically propelled hydrogen projectiles, much smaller voltages are required when “heavy” water is used. Professor Taylor explained that there is one part of heavy water in every 5,000 parts of ordinary Princeton rain-water. Twelve hundred gallons of ordinary water are treated in order to produce tnree ounces of heavy water. $l5O Cost Per Gram The new substance has become one of the most valuable known in the commercial field. A price of $l5O is asked for a gram. At this rate a teaspoonful is worth nearly S6OO and a quart $150,000. Princeton now has on hand about a glassful and is about to raise its production to a thimbleful a day. What effect the drinking of “heavy” water will have on animals and human beings is not yet known, but it is believed that it may bring on a fever, and therefore might be useful in diseases that are treated by raising body temperatures. CHILDREN’S BUREAU PLANS EXAMINATIONS Seek to Determine Effect of Depression on Youth, B.y Science Service WASHINGTON, Oct. 12.—MedicaJ examination of 1.000.000 children to see how their health and vigor have b?en affected by the depression is the aim of the United States children’s bureau, which has called a conference of scientists and relief workers to determine where and how these examinations are to be made. Results of the examination advocated by the children’s bureau are expected to disclose the whereabouts of children needing assistance to recover their health and vigor, and also the type of assistance they need. ARCHEOLOGIST FINDS TRACES OF CULTURE Excavations Show Indian Rituals Similar to Present Tribe. By United Press TUCSON, Ariz., Oct. 12—Excavation work in great pueblo ruins at Kinishba near Ft. Apache, Ariz., has resulted in what Dr. Byron Cummings, University of Arizona archeologist, believes will furnish a link between the modern and ancient Hopi Indians. The 2,000 and more inhabitants of the prehistoric city, estimated to have been at its height in 1260, observed tribal rituals similar to those of the present-day Hopi tribesmen. SCORES ‘LAND-SKINNING’ Professor Urges Ethical Stand in Conservation Work. Bn Science Service MADISON, Wis., Oct. 12—Conservation awaits the development of a positive ethical attitude lor the achievement of full success, says Dr. Aldo Leopold of the University of Wisconsin in the currrent issue of the Journal of Forestry. To make an end of “land-skin-ning” methods of farming and forestry w'e must come to an individual and group feeling that such abuse of the land is not only inexpedient but wrong.

Life Insurance Takes the IF out of L-IF-E MALCOLM M. MOORE Manarhoietti Mutual Life Ina. Cos 300 Continental Bank Bonding.

Our Statistical Department is equipped to offer complete analysis of all security holdings T. P. Burke & Cos. Incorporated SUITE sl7-224 CIRCLE TOWER PHONE RILEY 8536