Indianapolis Times, Volume 45, Number 133, Indianapolis, Marion County, 13 October 1933 — Page 34

PAGE 34

Wall Street Monetary Policy Issue Involves Question of Whether Creditor or Debtor Will Be Favored. Bt RALPH HEXDERSHOT TiDift Special Financial Writer

Stripped of all of Its frills and pressed down to its bare fundamentals, the question to be dec.ded by President Roosevelt in determining his monetary policy is whether he will favor ‘he creditor or the debtor or whether he will attempt to do his best by both. Inflation is essentially a boon to the debtor class Credit expansion la designed to help creditors primarily. A little of each might help both debtor and creditor. If It is to be effective in raising prices the currency of the country must be diluted to the point where holders of coin

will discard it in favor of tangibles. In effect, this would tend to reduce debts, because the debtor would be able to pay off his claims with dollars to which a certain amount of "water" had been added. If business is increased through credit expansion, creditors probably could be p*id off with undiluted dollars. If the credit is made available by the government, the chances are that the results will be a shifting of the credit account from private to federal strong boxes In other words, those who now owe individuals will wind up owing the government. a a a Inflation Cuts Debts In the case of inflation debts are, in effect, reduced. In the case of credit expansion debts are increased. The chief danger of inflation is that debts may be almost completely wiped out. The chief criticism of credit expansion is that debts already are too heavy and the situation can not be helped by adding

-- ■■■

Ralph Hendershot

to those debts. Advices from Washington indicate that President Roosevelt, who has the final say in the matter, listened first to the debtor side of the story. Now* he is said to be lending his ear to the creditor side. Both sides are now awaiting a definite decision on how he will handle the situation. To date, since the President took office, the debtor class has been favored. By suspending gold payments the dollar already has been cheapened .and the price of tangibles has been increased. Other measures, including the NRA program, have been designed to raise prices so that debt payments may be more easily met. a a a Creditor Class Also Helped The creditor class also has been given consideration, however, and stands to be helped further by new plans. The railroads have been loaned money with which to pay their interest charges; the government has made arrangements to bail out holders of real estate mortgages, and now it proposes to loan money to banks with which to pay off creditor depositors. It may be assumed that no one would like to see the dollar go the way of the old German mark, although it is obvious that a vast volume of “water” would have to go into the dollar before it could be diluted to that extent. By the same token, no one would like to see industry loaded wath so much debt that it could never hope to get out, even though the government did happen to be the creditor. It is small wonder that President Roosevelt is taking his time about announcing a definite monetary policy.

New York Stocks (By Abbott. Hoppln & Cos.) ——■ - ■■

—Oct. 13Oils Prev. High. Lot. 10 30 close. Amerada 4 ® * Atl Rfg . 2 , Barnsdall . ?.* Consol Oil ... 13 12% 13 13% Cont of Del ‘J ,* *? 3 Houston i new i s • Houston (old • Mid Cont Pet. ... } 2 % 13 Ohio Oil 16% 15 7 * 18% 16 Phillips Pet 16% 16% 16% 6 * Pure Oil 12 % 4 Roval Dutch “ 4 . 8 Sbd Oil 40 4 2 - '* Shell J, Simms Pet 2, 2 Skellev Oil ... .. ■ , .i, 2 Soc Vac 12% 12'. ]2% le * 6 O of Cal 42 42 * i S O Os N .1 ... 63'a 13 *4 4 3% % Texafcorp 26% '26% 26% Tidewater Assn Un Oil of Cal . 21 20 21 20 2 Steels— . 10 Am Roll Mills . . ... • • ‘J Beth Steel 34% 34% 34 4 3^ Bvers AM 22 . 2 i, s Col Fuel & Iron 5 ' ■ Ludlum Steel 12,* McKeesport Tin ]8 i?, 2 Natl Steel , 41 4 > B Ren Iron to Steel * 4 ,* RenlrAStlnfd ■V S Smelt 92 2 22 2 Vanadium f i U S Pipe to Fdy.. .. . ••• J®, U S Steel - - 47'x 56% 46% 4fi a U S Steel pfd Youngstn S to T .. 21 4 Atchison . . 5i% 57% 57 2 5. Atl Coast Line ®E 4 Ch & Ohio 421 2 42 * a Chi to Gt W , 3s C’ M to St P 6% 6% CMto St P pfd 9% 10 Chi N W 9% 9' 9% 9% Chi R Isl 9% Dela & Hud 64 Erie 16% 17% Grt Northern ' 2 111 Central 31 31% Lou to Nash 43 M K & T 10 Mo Pac pfd ... . 6% N Y Cent 38% 39', N Y C & St L p . . ... . 21 N Y New Haven 19 19 N Y Ont & West 9% Norfolk to Wen . ISO Nor Pac . 1 23’, 23', 23’* 23% Penn R R 30% 30 30% 30 Sou Pac 23 1 2 23% 23’a 23% Sou R R 27 26' 2 26' 2 26>, Sou R R pfd 30 29% 30 28% Union Pac 13 1 3 113 113% 113 Wabash .. ... , • • 3% Motor*— Auburn . . 49 48% Chrvsler . 43 7 , 43' 2 43 1 2 44’, Gen Motor*.... 30', 30 1 * 30 I ', 30', Graham Mot 2% Hudson 11% Hupp 4 3 Mack Truck 31 Nash 20', Packard 3 4 /Keo 3'* Studebaker o% Yellow Truck 4 * 4 * Motor Acres*— Bendix IS’* I® Bohn Alum 48', Bore Warner I®% Briggs 9 9 Budd Wheel 4 % Eaton Mfg ••• ••• } 2 Elec Auto Lite !•' Murray Bodv ® 4 Stew Warner 2 % Timken 28 , Mining— Alaska Jun 24 23% 24 24 , AnaconcU ' •’* l 4 * 4 !® l i® 1 * Cerro" De* C Pasco 34% 34 34'. 34% Granbv ...■■■• Homestake Mm Howe Sound -a • 28 2 St N?citei r l9 ■ a 19 s ' 19 3 , 19% Kennecott Cop .. 19 7 . 19' 2 19' 2 20', Noranda Cop ... • 34 2 34 , Phelps Dodge ... 15% 15% IS , IS , Tobaccos — Am Snuff 4 9’* 50’ 2 Am Sum Tob Am Tob A * 4 • Am Tob B *•; 2 Ligg & B Mvers B 96 3 , 96' 2 96' 2 97’. Reynolds'* Tob b'. 49 7 * 49", 49*. 50 Equipments— Allis Chalmers 1( * 1• 3 Am Car A Fdy 28, Am Loco ", , Am Mach & Fdy 16' 2 Am Steel Fdv .. ’ 4 Bald Loco 12 s , 12’ 2 12-j 12', Burrougrs 14 s * 14’ 2 14' 2 14 s Case J I 68' 2 68 3 , Cater Tract 29 2 Ccigtt Palm Peel .. ... . • Congoleum 26', Eiec Stor Bat., 44 Foster Wheeler Gen Am Tank C 31', 32 Gen Elec *1 21 l , Ingsol Rand ... Itn Bus Mach... . . 140 140’, Int Haryester . 38’* 38 38 38 Kelvinator .. 12 7 . 12 •. 12 3 .12 H Natl Ca4h Reg Proc to Gamble 41 3 * Pullman Inc 50', Simmons Bed 2*;, Und Elliot 28 29', West Air B 28' 2 Westingh Elec 38 , 38’, Itilitles — Am to Tot Pwr . 9S 9' 2 9’, 9 7 Am Power * Lit 9‘ 2 AT&T 119's 119 119 117", Am Wat Wks 24'; 24 24 24 Brook Cn Gas 69 Col Gas & Elec 15', is' Com & Sou ... 2'a 2' 2 Consol Gas 43", 43': Elec Pwr & Lit 7 3 , E P & L pfd 14 14’, Int T & T 13 3 , 13': Lou O to E A. 17 7 Nat Pwr & Lit 12’, 12'* North Amer 20’ 20', Pa* G& E 21 'a 21': Pub Serv N J 39’, 39'. So Cal Edison 20 19', ‘d Gas 12' a 12 3 , .Std Gas pfd 12 3 , •United Corp 7', 7 Un Gas Imp 17", 17 3 , Ut Pwr & Lit A 3 3 3 7 , Western Union.... 56 Rubbers— Firestone 22 7 , Goodrich ... . 14', Gondvear ... 34"* 35'. it S Ilubbor ... 16', KB: ft S Rubber pfd 28 28 Kel Spring 2 3 , Amusement*— Crosley Radio ... lfl Kx The* - 16’, Loews Inc JIH 114 31 >, 32', Radio Corp .... I‘ B'* 8- 8 Warner Bros ... .. V* 7%

Food*— Am Sugar ... ... 63', Armour A 4 4', Beatrice Cream. .. ... ... 13 3 4 Borden Prod 22% 22% Cal Packing ...... .. 22 i Canada Dry G A .. ... 31% 31', i Coca Cola ... .. . 94' 2 Cont Bak A 12% 12% Corn Prod ... 89 88% j Crm of Wheat.. .. ... ... 29% Gen Foods ... 35% 35', Gold Dust ... ... 20’, G W Sugar ... 38% 38% 38' < 37% Hershey ... ... 48 Loose Wiles .... . 38% Natl Biscuit . . . 49% 49% 49% 48”, Natl D Prod ... 16 15% Pet Milk 13 ’Purity Bak .. 15% 157a : S Porto Rico Sug ... . . 39 ' Std Brands 25% 25 25 25% | United Fruit ... .. 64% Retail Stores — I Ass Dry Goods 14% Best to Cos 28 Hahn Dept Sts.. .. . . ... 5% Kresge S S ... 12% Kroger Groc .... 21% 21 21% 21% . Macy R H 56% May Dept St 28% Mont Ward 20% 20% Penny J C ...... ... 45% 45% i Safeway St . .. ... .. 43% Sears Roebuck . .. ... 40% 41% Woolworth 40 39% Aviation— Aviation Corp.. ~ ... ... 9% Douglass Air 14 Curtiss Wright.. .. ... 2% 2% Curtiss Wri (Ai„ 5 Nor Am Aviation . 6 United Aircraft 33% 33 33 32% Chemical*— Air Reduction ... ... jq4 Am Com Alcohol . . 62% 61% Col Carbon 56 Com Solvents.. 38% 38 38% 38 s , Dupont 78% 77 % 77% 77% Frrport Tex 45% 45 45 % 44% Liquid Carb . 31 Math Alkali ... 40% 40% '40% 40% Tex Gulf Sulph 37 3ri* Union aCrbide 44 ;U S Indu Alcohol 70% 69% '69% 69% N U Dist 10074 100% 100% 100 Drugs—- ! Cotv Inc . 41, 43 Drug Inc " Lambert ' " ipr ’ Lehn to Fink 'ig ..“ 2 Financial— Adams Exp or Allegheny Corn ‘'' 41* i Chesa Corn ... 39% Ttansamerica .... ... 6 ’ 6 |Tr Conti Corp.. .. ... ... 51^ Building— Am Radiator ... 15% 15% 15% 15 Gen Asphalt . Tes. Int Cement 311’ Johns Manville 57% 57 ’57 573, I Libby Owens Gls 30% 29% 29% 30 Otis Elev .... ~ ist. Ulen Const ... 2% Miscellaneous— Am Bank Note.. .. ... . 753,, Am Can . . 93 92% Anchor Cap .. .. 23% Brklvn Man Tr. 35 34% 35 35 ; Conti Can 68% 66% 66% 67% Eastman Kodak . 78', : Gillette f.. "3 1 Glidden i5 % 15 1 Gotham Silk ...... ... ... jo% ; Indus Rat on . 75s* Inter Rapid Tr 10% 10% Real Silk Hose . .. ... ... 11% Other Livestock BV UNITED PRESS CHICAGO Oct. 13 —Hogs—Receipts. 13.000; including 5 000 directs; slow steady l to 10c higher. 200-270 lbs.. S5.10(?(5.20: ' top. $5.20 280-350 lbs.. $4,504:5.15: 140190 lbs $4 5047 5.15: pigs. $3.1547 475 packing sows, light lights , 140-160 lbs., good and choice, $4.7547 5.10: ; light weight, 160-200 lbs . good and choice $4 9047 51 5 medium weights. 200-250 lbs. good and choice. SS.OSS 5.20: heavy weights. 250-350 lbs. good and choice. $4 504(5 20: packing sows. 275-500 lbs., medium and ’choice. $3 254; 4.50: slaughter pigs. 100-130 lbs . good and choice $3.75474.75. Cattle Receipts. 2.000; calves. 500; light, steers and yearlings steadv: medium weight and kinds slow ; not manv steers in run: best $5 85: light offerings. $5.60. bulk. $5.25 down to S4: cows in fairlv lib--1 eral supply, weak to steadv: butters selling at $1.75 down with beef cows at $247 2.75; weeks supply Stockers clearing at $4.50 down to $3 25. best stockers and feeders. $4,504x5. Slaughter cattle and vealers Steers. 550-900 lbs good and choice $5.50 "16.60: 900-1100 lbs . eood and choice. $5 47660; 1100-1300 lbs. good and choice $5 254; 6 65: 1300-1500 lbs . good and choice 55.25(16.65; 550-1300 lbs common and medium. $3 'a 525 heifers. 550-750 lbs., good and choice $.5 254(6.60: common and medium. $3*>75.25. cows good $2 904, 4. common and medium. $1 854(2.90: low cutter and cutter. $1 2547 1.85: bulls, vearlings exI eluded, eood beef. $34x3.50: cutter, common and medium s2i3. vealers. good and choice. $5,504x 7.25: medium. $4,504x5.50: | cull and common. $3 504, 450 Stocker and feeder cattle Steers. 550-1050 lbs . good and choice $44(5 25. common and medium $2,504(4 Sheep- Receipts. 10 000; fat lambs, weak to 25 cents lower: bulk good to choice natives around $6 754,7: best held well above *7.15: sheep steadv feeding lambs, firm Slaughter sheep and ; lambs—Lambs. 90 lbs down, good and choice. $6 254( 7 175 common and medium $4 : 6 25; ewes 90-150 lbs., good and choice. $’.504(2 65 all weights, common 'and medium slx2 Feeding lambs—so-75 | lbs . good ar.d choice $64(6 60. EAST ST LOUIS Oct 13.—Hogs— Receipts. 5 000 market, mbst'v 25r higher bulk 150-210 lbs. $5 154( 5.25. small lots $5 30 250-280 lbs *535.15: a few. 130-140 lbs *4 7 5 47.5.15: pigs not established, sows. $3 50 a 4 Cattle—Receipts. 1.500: calves. 800: market, generally steadv in clean-un trade small lots of native steers. $5 603 6 25: four cars Kansas grass steers, $3 65 47 390 mixed vearlings and heifers largely $4 : 5 50: cows largely $2472.50: including 6 cars of Oklahom cows at $2: low cutter, 510t.25: sausage bulls. $2 ,2 60; 100 vealers. $7 Slaughter steers 550-1.100 lbs good and choice $5 50 06 50: common and medium. $36 550 1 100-1.500 lbs choice. s6"i 6 50. good. $5 25 x 6 25 medium $3.75 4, 525 Sheep Receipts 800 market, few choice lambs to citv butchers. 25c lower at $6 75: packers talking uneven’,,- lower cn others: indications steadv on throwouts and sheer: lambs. 90 lbs. down, good and choice. $6 254x7: common and medium $3 504x6 25 yearling wethers 90-110 lbs good end choice $4 2535 25; ewes 90-150 lbs good and choice $150'2 7Y ail • weights common and medium. *lh2. — Plumbing Permits Frank Clark. Twenty-fifth and Station, 2 fixtures. Joe Clark. Statehouse. 5 fixtures M A Armistead. 1316 South Kevstone. 1 fixture. P. West R*y. 3 fixtures. ’’ \ \

STOCK MARKET SHOWS UNEVEN TRADING RANGE 1 —— Strong American Dollar Is Factor During Dull Movement.

Average Stock Prices

Average of thirtv industrial* for Wednesday High 99 94. low 97 54 last 93.85 up OR average of twentv rails: 43 01. 42 14. 42 52 off 05: average of twentv utilities. 27 17 20 45 26 73 off .05: average of forty bonds. 84.77, UP 25 BV ELMER C. WALZER United Press Financial Editor NEW YORK. Oct. 13—Stocks were dull as the market reponed today after the Columbus day shutdown yesterday. Prices were irregular. The principal news since the Wednesday close was the government announcement on refunding one-third of the 6.80.000.000 of fourth Liberty 4’4S. In conservative quarters this was interpreted as a further move toward sound currency on the part of the administration. Foreign exchange graders covered dollar commitments and the dollar rose sharply in terms of foreign currencies. The strong dollar was a factor in the market's Irregularity. Then, too. traders were not certain of the effect of the refunding offer and many remained out of the trading more complete details, particularly as regards the section of the plan providing for cash payment to those who do not elect to take a lower coupon bond for their 4*4 s. Initial prices on the stock exchange were up more than a point to off nearly 2 points. Railroad shares were lower with Atchison off 1%, at 57‘z. U. S. Smelting, an exceptionally wide mover, broke 2 points to 92%. American Telephone made the best gain, rising to 119‘2, up 1%. Utilities generally were firm, as were most of the oils. Small gains were made by American Can. Bethlehem Steel. U. S. Steel, Dupont and Westinghouse Electric.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 13— Clearings $1,299,000.00 Debits 4.103.000.00 TREASURY STATEMENT —Oct. 13Net balance for Oct. 11 $1,162,230,545.44 Misc. in'. rev. receipts... 4,056.216.70 Customs rects. mo. to date 11,658,017.27 New York Curb (By Abbott, Hoppin & Cos.) -Oct. 11Close.l Close. Alum Cos of Am 6)% Inti Ptrol 18% Am Bev 2% Lake Shore Min 48% AmCts Pw&Lt B 3 Lone Star Gas.. 7 Am Cvan B ... 11% Mount Prod .. 5% Am Gs & E 1... 27% Natl Bellas Hess 24* Am Sup Pwr . 5% Niag Hud Pwr.. 7% Ark Ntl Pwr A. 1% Pan Am Airwys 53% Ass Gas A % Pennroad 3% Atlas Ut Crp. .. 12% Pioneer Gld Min 11-2 P.raz Tr & Lt.. ’3 St Regis Paper. 3% Can Merc . . 3 Salt Creek Prod 6 Cent Sts E 1.... I%'Std Oil of Ind.. 30% Cities Serv 2% Std Oil of Ky.. 15% Cord 9% Stutz 7% Eisler Elec .. 1 ( Un Founders ... 1% El End & Sh.. 19% United Gas .... 3% Ford of Eng. . 5% Un Lt & Pwr A 3% Ford Mot Can 11% United Verde . 3% Hudson Bar Min 9% Util Pwr k Lit. 1 Imperial 0i1... 12% Wr Hargraves.. 7% Liberty Bonds By United Press NEW YORK, Oct. 11.—Closing Liberty Bonds: Liberty 3%s (47) 102.14 Liberty first 4%s .47> 102.30 Liberty fourth 4%s (38* 103.11 Treasury 4%s (52) 109.29 Treasury 4s (54 1 106. Treasury 3%s *s6i 104.6 Treasury’3%s 1 47* 101.27 Treasure 3%s <43 1 March 101.27 Treasury 3%s (43*. June 101.29 Treasury 3%s (49) 100.4 Treasury 3s (55) 98.21 Treasury 3%s 101.9

Investment Trust Shares

(By Abbott, Hoppin & Cos.) —Oct. 11Bid. Ask. American Bank Stocks Corp... 93 1.07 American and General Sec (A) 5.75 6.75 Basic Industrv Shares 3.17 3.22 British Type Inv Tr Sh 50 .60 Collateral Trustee Shares (A*.. 4,62 5.00 Corporate Trust Shares (old).. 2.19 2.23 Corporate Trust Shares (new*.. 2.31 2.35 Cumulative Tust. Shares 3.98 4.05 Diversified Trust Shares iAi ... 6.25 .... Diversified Trust Shares <B) .. . 7.70 7.90 Diversified Tr Shares (C) 3.04 3.08 Diversified Trust Sh (D) 4.75 4.87 First Insurance Stock Corp. .. 135 1.4a First Common Stork Corp 95 1.10 Fixed Trust Oil Shares (At ... 8.40 .... Fixed Trust Oil Shares iß*. . 7.10 .... i Investors Inc 17.50 17,75 Low Priced Shares 5.72 5 80 Mass Inv Trust Shares 17.75^19.00 Nation Wide Securities 327 3.35 North American Tr Shares *53) 1.82 .... ■No Amer Tr Shares *55-56*. . 2.37 2.40 Petroleum Trust Shares 1A1..11.00 14.00 Selected American Shares 2 62 .... Selected Cumulative Shares.... 6 75 6 87 Selected Income Shares 3 62 3.87 Std American Tr Shares (A* . 3.01 3.01 Trust Shares of America 2 90 2.95 Trustee Std Oil 1 A * 5.25 5.50 Trustee Std Oil *B* 4.75 5.00 U S Electric Lt & Pwr (A) 11.87 12.12 ! Universal Trust Shares 2.90 3.00

Produce Markets

Delivered in Indianapolis prices—Hens, 10c: Leghorn hens. 7c: springers. 4% lbs. ”nd over. 10c: under 4% !bs.. 9c: Leghorn springers 7c: cocks. 5 lbs. and up. 6c: under 5. lbs.. 4c: ducks 4% lbs. and over, full feathered and fat. 6c: under 4% lbs., i 4c: geese full feathered and fat. 4c; No. 1 j strictly fresh country run eggs, 18c: strict- i Iv 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 j made. Butter—No. 1. 25326 c; No. 2, 22@ 23c. Butterfat. 18c. Quoted by the Wad- ! ley Company. BY UNITED PRESS ; CHICAGO. Oct. 13—Eggs Market. weak: receipts. 6.379. extra firsts. 19c;' j dirties, 13%c; current receipts. 16317 c. [ Butter Market, unsettled: receipts 20.755; I specials. 23%3 24c: extras. 23c; extra’ firsts. 20% 322 c firsts. 183 19%c; seconds, 16%317c; standards. 21c. Poultry—Mar-j i ket. steary to %c higher: receipts. trucks: fowls. 12%313c: Leghorn broilers. 9c: Leghorns. 738%c: ducks. 11c: geese. 9’ 311 c: turkeys. 8c: young turkeys. 123 13c: ’ ; roosters. 63 7%c. Cheese—Twins. 11541 12c: Longhorns 12% 3 12' -c Potatoes— Supply heavy, demand and trading slow: market. ddG: Wisconsin Cobblers. $1,153 1.25; Minnesota and North Dakota j Cobblers. Red River section $1 203 1.25: Red River Ohios. $1 1531 25: South Dakota early Ohios. partly graded. $131.10; : Colorado McClures. $1*503 1.60. Idaho Russets. SI. 503 1,55: Nebraska Triumphs,’ $1 403 1 50. partly graded $1.25. Ship-; ments. 1.003: arrivals. 148: on track. 316. j Births Bor* William and Maxine Fidler. 3745 Hill- ; side Mark and Rubv Owens. 1821 South East. OUie and Mary Tribby, 1123 North Tacoma Leo and Ethel McNamara. St. Vincent's hospital Hershei and Kathryn Reed. St. Vincent's hospital. Charles and Violet Schlegel. St. Vincent's hospital. Girls William and Gladvs Neff, 618 East Ninth. Jeremiah and Evelvn Cadick St. Vincent s hospital Elba and Ida Haves. St. Vincent's hospital. Deaths David Loui* Crone. 66. 130 South Bancroft. cerebral hemorrhage Louisa Stroele. 83. 1008 Parker, cerebral hemorrhage Lucv Fitch Sewall. 79 3816 Washington bouletard. coronary occlusion Lillian G. Clark. 66 822 Eugene, carcinoma. Jamas Cleace. 62 city hospital, pv- ! onephritis. ' Julia S. Dwyer. 81. 3014 Park, obstruc- 1 Uoa of bowels.

THE INDIANAPOLIS TIMES

I Chicago Stocks By Abbott. Hcpoin A Cos

TOTAL SALES. M.mvo SH ARES —Oct. 11High. Low. Close Abbot Lab 39% Acme S’eel Cos 26 Asbestos Mfg 4 3% 4 Bastian-Blessing ... . . s'* BerghofT Brew Cos ... . 10% Borg-Warner . . 15% 15% 15% Brach k Sons 7% E L Bruce Cos ... 17% Butler Bros . 3 3% 5 *3% 3% Cent 111 Pub Serv pfd 20 19% 19% Cent A So West pfd . .. ... 5% Cent * So West P L pfd . 10 Chi A- North W'estern . 9% 9\ 9% Chicago Corp com 2% 2% 2% Chicago Corp pfd 25 24% 25 Chicago Towel pfd . 60 Chicago Yellow Cab 14’ 4 13% 14% Commonweal'll Edison. .. ... 49 Continental Steel ... 5% Cord Corp 9'4 9 9% Crane Cos pfd 3S‘ 2 Dexter Cos . ... 4% Goldblatt Bros 21' 2 Great Lake* Aircraft.. .. ... % Great Lakes Dredge 17% Grief Bros 2' 4 Houdaille-Hershey A ... 3% Ind Pneu Tool 13 Iron Fireman 6% Jefferson Elec 12 Keystone Steel ... 10% Kingsbury Brew C 0... 10 Libby-McNeil . . 4 Lynch Corp 36 35% 35% Mickelberrv's Food Prod 3% Middle West Utilities % Middle West U 6% pfd 1% Midland utilities 6'„ PL 2% Muskegon Motor Spec A National Battery 23 National Union Radio.. .. ' ... 1% Noblitt%Sparks Ind Inc .. . . 25% Penn Gas & Elec , 3% Prima Cos 16% 16 16 Public Service 25 Public Service N P .... 25% 25 25 Quaker Oats pfd . 117% Raytheon V T C 2% 2% 2% Raytheon pfd % H % Reliance Mfg pfd .. . 100 Sears Roebuck 41 % 41% 41% Swift At Cos 15% 15Vs 15% Swift International .... 24 23% 24 U S Gypsum, com .... 45% 45 45 U S Gypsum pfd 120 Utah Radio ... 1% Utility & Ind ... 1% Utility Ac Ind pfd ... 4 Walgreen Vo. com 18% 18 18% Warchell. pfd 3 Yates Machine 1%

Foreign Exchange

(By Abbott, Hoppln Ac Cos.) —Oct. 11Close. Sterling. England $4.65% Franc. France 0583% Lira, Italy 0789 Belgas. Belgium 2100 Mark. Germany 3580 Guilder. Holland 6060 Peseta. Spain 1256 Krone. Norway 2345 Krone, Denmark 2804

Federal Farm Loan Bonds

(By Blyth Ac Cos, Inc.) —Oct. 11Bid. Ask. 4s, Noy. 1, 1957-37 85% 86% 4s. May 1, 1958-38 85% 86% 4%5, July 1, 1956-36 86% 87% 4%5, Jan. 1, 1957-37 88% 87% 4%5, May 1. 1957-37 86% 87% 4%5, Noy. 1. 1953-38 86% 87% 4%5, Dec. 1, 1933-32 110% 100% 4%5, 'May 1. 1942-32 91% 92% 4%5, Jan. 1, 1943-32 91% 92% 4%5. Jan. 1, 1953-33 89% 90% 4%5, July 1. 1936-33 89% 90% 4%5, Jan 1. 1955-35 89% 90% *%s. July 1. 1955-35 89% 90% 4%5, Jen. 1. 1056-36 89% 90% 4%5, July 1, 1953-33 91 % 92% 4%5. Jan. 1. 1954-34 91 % 92% ss, May 1, 1941-31 96% 97% ss. Not'. 1. 1941-31 96% 97% Home Loan 4s, July 1. 1951.... 86% 87%

Daily Price Index

By United Pee** NEW YORK. Oct. 11.—Dun & Bradstreet's daily weighted price index of thirty basic commcKiities compiled ior the United Press; (1930-1932 average, 100) Today 98 68 Yesterday 98.83 Week ago 101.40 Month ago 99.89 Year ago 76.26 1933 high 1 July 181 113.52 1933 low (Jan. 20 1 67.86 (Copyright, 1933, Dun & Bradstreet, Inc.)

In the Cottonr Markets

—Oct. 11— CHICAGO High. Low. Close. January 9.59 9.54 • 9.57 March r* 9.78 9.8 9.74 May 9.91 9.85 9.86 October 9.30 December 9.52 9.43 9.45 NEW YORK " January 9.54 9.43 9,49 March 9.72 9.62 9.64 May 9.86 9.77 9.80 July 10 00 9.90 9.95 October 9.29 9 23 9.29 December .. 9.47 9.37 9.40 NEW ORLEANS January 9.48 9.46 9.46 March 9.86 9.59 9.62 Mav 9.82 9.75 9.78 July 9.95 9.91 9.93 October 9.43 9.35 9.35 December ... 9.37

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. 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, 26. 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, $7.25. 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. $6.25; nut. $6.50; egg, class B. $6.75. NEW YORK COFFEE FUTURES —Oct. 11— SANTOS High Low Close January ... 800 March 817 805 808 May 821 813 813 July 827 821 821 September 845 844 844 December 807 793 798 RIO January 570 March 584 572 573 Mav 580 July 595 587 587 September ... 593 December 573 566 566 NEW YORK RAW SUGAR PRICES —Oct. 11— ‘ High Low Close January 130 124 129 March 133 128 132 May 138 133 137 July 144 138 142 September 147 143 146 December 129 124 129 CHICAGO FRUIT MARKET 811 t inted Press CHICAGO. Oct. 13.—Apples Michigan wealthies bushel. sl3 1.25: Grimes Golden bushel. 753 85c. Pears —Michigan Keifers bushel. 853 90c Carrots—lllinois hunch. 1%3 2c; bushel. 40(ri75c. Eggplant—lllinois 35t( 50c Spinach—lllinois and Michigan. 503 75c. Beans—lllinois green bushel. $1.50 (a 2. Cabbage —Wisconsin crate. 753 90c. Tomatoes Michigan. 12-quart. 25 350 c. Grapes—Michigan 12-quart. 203 22c; fourouart. 9311 c. Peaches—Colorado box. 90c 3 $1.15. Onion Market—ldaho and Washington—Valentias bushel. 703 90c: Wisconsin Yellows bushel. 653 70c; Illinois Yellows bushel 653 70c: Indiana Y'ellows bushel. 67 370 c; Indiana and Minnesota Whites bushel. $131.10. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 71 cents for No. 2 son tea wneat. Otner grades on their merits.

Information Regarding Government Refinancing of U. S. Liberty 4th 414% Bonds Available on Request * j INDIANAPOLIS BOND AND SHARE CORPORATION 119 East Market Street Telephone Riley 4.551

PORKER PRICES GAIN 10 TO 35 CENTS AT PENS Cattle Market Scarce and Steady: Veals Show Strength. Porker prices moved upward in a wide range from 10 to 35 cents at the Union stockyards this morning. Weights from 10 to 260 pounds were 10 to 15 cents higher, while heavy grades weighing 160 pounds up sold at 25 to 35 cents above the previous session. Underweights remained unchanged. The bulk. 160 to 275 pounds, sold for $5.05 to $5.10. Other classes scaling 275 to 325 pounds, were salable at $4.75 to $4.95. Bulk, 130 to 160 pounds, brought $4.50 to $4.85. Light lights weighing 100 to 130 pounds sold at $3.75 to $4.25. Receipts numbered 3.500; holdovers. I, Steers were scarce in the cattle market, with hardly enough stock on hand to establish a market. She stock were dull with most quality plain. Vealers moved 50 cents above yesterday’s average, most classes sold at $7 down. Initial top was SB. Cattle receipts were 400; calves, 600. Lambs were slow' and draggy. showing a 50-cent decline from the previous close. Most grades ranged from $7 down. Common throwouts were down to $3.50. Receipts were 1.000. Initial asking on hogs at Chicago was 15 cents higher than yesterday's average. Few’ bids were strong. The bulk, 200 to 260 pounds, was bid in at $5.15. Receipts were estimated at 13,000, including 5,000 directs; holdovers, 3,000. Cattle receipts numbered 2,000: calves, 500; market unchanged. Sheep receipts were 10,000; market steady to strong. HOGS Oct. Bulk. Tod. Receipts. 6. $5.15® 5.30 $5 35 5.000 7. 5 25® 5.45 5.45 1.000 9. 5 25# 5.35 5.35 8,000 10. 5.10® 5.15 5.15 9.000 11. 4.80® 4.90 4.90 6.000 12. 4 95®: 5.00 5 05 3.500 13. 5.05® 5.10 5.15 3,500 Market Higher (140-160) Good and choice . . .$ 4.75® 4.85 —Light Weights—--1168-180* Good and choice . 505 (108-200) Good and choice . 5.05 —Medium Weights—• (200-2001 Godd and choice.. 5.10®' 5.15 *220-250i- Good and choice.. 5.10® 5.15 —Heavy Wpights—- ( 250-2001 Good and choice... 4 95®' 5.05 (290-2501 Good and choice.. 4 60®. 4.90 —Packing Sows—(3so down) Good 3 85® 4 25 *350 Up) Good 3.75® 410 (All weights) medium 3.50® 3.85 —Slaughter Pigs—-(lOO-IJOI Good and choice... 3.75® 4.25 TATTLE Receipts, 400; market, steady. (1.050-1.1001 Good and choice $ 5.25® 6.50 Common and medium 3.25® 5.25 (1.100-1.5001-Good' and chioce 5.25® 6.60 Common and medium 4.00® 5.25 —Heifers—-(so-7501 Good and choice 5.25® 6 50 Common and medium 3.00® 5.25 (750-900 1 Good and choice 4 75® 6.25 Common anfi 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 1 2.75® 3.25 Cutter, common and medium.. 1.75® 2.75 VEALERS Receipts, 600; market, higher. Good and choice $ 7.00® 8.00 Medium 5.00® 7.00 Cull and common 3.00® 5.00 —Calves—-,2so-5001 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 1800-1.500 1 Good and choice 4.25® 5.00 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 1,000; market, lower. —Lambs—-(9o-lbs. down) good & choice $ 6 00® 7.25 1 90 lbs. down) com. and med 3.50® 6.00 . —Ewes — Good and choice 1.75® 2.75 Common and medium I.oo® 1.75 Other Livestock BY UNITED PRESS FT. WAYNE. Oct. 13.—Hogs. 20c up; 200225 lbs.. $5.15: 160-200 lbs.. $5.05: 225250 lbs.. $5: 250-275 lbs.. $4.90: 275-300 lbs.. $4.75: 300-350 lbs.. $4.50: 150-160 lbs.. $4.80: 140-150 lbs., $4.55: 130-140 lbs.. $4.30: 100-130 lbs.. $3.50®3.75: roughs. $3.25stags. $2: calves. $7; lambs, $6.50. LAFAYETTE. Oct. 13.—Hogs—Market 10 ® 40c higher: 200-275 lbs.. $4.85® 4.95: 275-' 300 lbs., $4.65® 4.75; 200-235 lbs., $4.50; 150200 lbs.. $4.60® 4.85: 130-150 lbs.. $4.20® 4.40: 100-130 lbs., $3.50® 4: roughs. $4.25 down: top calves. $6.50: top lambs, $6. By Time* Special LOUISVILLE. Oct. 13.—Cattle—Receipts. 175: trading verv draggv. but around steady on all classes: bulk common to medium grass steers and heifers. $2.50®3.50; nothing on hand eligible above, with best led lightweights quotable to $5 or better; bulk beef cows. [email protected]; low cutters and cutters. 75c® $1.25. light and medium weight sausage bulls mostly $2.50 down: native stockers and feeders mostly s2®3: desirable Hereford stock calves mostly $4.50® 4.75. Calves—Receipts. 350; including 69 stock calves; vealers. fully steady: bulk better grades. $5.50®6: strictly choice handy weights eligible. $6.50: medium and lower grades, mostlv $4.50 down Hogs— Receipts. 600: market. 10c higher; 180-235 lbs.. $5.15; 240-275 lbs. $4.70; 280 lbs. up. $4.45: 140-175 lbs.. $4.35; 135 lbs. down. $2.65; sows. $3.30: stags. $2.25. Sheep— Receipts. 200: steadv . medium to good lambs, mostly s6® 6 50; choice eligible higher: most bucks. $5®5.50; throwouts, 53.50® 4: fat slaughter ewes. sl®2 per head. Receipts yesterday: Cattle, 159; calves. 258; hogs. 338 sheep. 370 Shipments vesterdav—Cattie. 60; calves. 103; hogs. 153; sheep. 130.

SOfV.3O per WV/= — MONTH Compare this 16 months Finance S4OO Balance New Fords, Chevrolets, Plymouths THIS INCLUDES Liability, Property Damage, Fire, Theft, Tornado and 550.00 Deductible Collision INSURANCE gregorT&appel INCORPORATED 247 X. Penn. St. Lincoln 7491

Quarterly Income Shares A limited management type of common stock trust. Full Information on Request Today's Price $1.53 City Securities Corporation 420 Circle Tower Lincoln 5535

—Today and Tomorrow — U. S. Has- Endured Twenty Years of Stress With Future Hinging on Revival of American Spirit. Bl’ WALTER LIPPMANN

THE following is part of the text of an adoress by Walter Lippmann yesterday at the New York Herald Tribune third annual women's conference on current problems: The general subject of the conference is "This Crisis in History.” It is a large subject. For a hundred years and more men will write books explaining why. in the first naif of the twentieth century, there was so great a crisis in human affairs; they will describe what happened, and will deduce what it meant. They will disagree ferociously with each ether, and they will come to

no conclusion which every one accepts. After all. there is as yet no final accepted history of the Peloponnesian wars or the fall of the Roman Empire or of the Reformation or of the French Revolution. So it is unlikely that you or I or the minister of public enlightenment in Berlin or the press bureau in Moscow or even Senator Huey Long, for that matter, will, in our time, fully comprehend the meaning of the crisis through which we are living. St. Augustine, long ago. described the difficulty. Suppose, h§ said 1 1 am quoting from St. Beuve's account), that a single syllable of a great epic poem, Homer's Iliad, for example, were for a moment endowed with life and soul. Could this syllable understand the meaning and general plan of the poem? At the very most, it might understand the meaning of the line of which it forms a part, and of the three or four preceding lines. For a long time now most of us, I imagine, have been

talking to ourselves. This has been a long crisis. For those of us who are now in middle age virtually the whole of our adult lives has been spent amidst the disturbances, the threats and the dangers of this crisis that we are to talk about. There were a few years, say from 1924 to 1929, when it seemed as if the earthquake of i914 was over, that the

ground beneath our feet had ceased to tremble and that in our western world at least the destruction was being repaired, the wounds were healing and men had resumed the works of peace. We now know that this was an illusion, that there was only a temporary lull and that then there came upon us convulsions greater than any for which we were prepared. Thus for twenty years, with only short intervals of comparative calm in which to catch our breath and compose our spirits, we have lived in the storm and stress of immense and incalculable events. Not every generation goes through an ordeal of this kind. a a a The generation which has been passing through the ordeal of this crisis is shocked, weary and nervously spent. It has been frightened by blow after blow for which it was unprepared, bewildered by events which it could not understand, disappointed as one fair hope and one fair promise after another has been dashed to pieces. It is this state of mind which is really the dominating fact of the crisis. If men all over the world were calm, collected, willing to listen to reason, or at least willing to trust leaders who follow reason, it would not be difficult to make all the necessary adjustments to insure peace and set the world’s economy going. There have been plenty of projects proposed which would have worked in a world where men were disposed to accept them. They have not worked because they were submitted to people who were too frightened, too hysterical and too distracted to understand them and to co-operate in realizing them. a a a But bv the time recovery had begun, there had been such an accumulation of misery and fear, the morale of the people, their confidence in their leaders and in the accepted policies, had been so strained beyond the limit of endurance that they coul not wait patiently for the very slow processes of recovery to work themselves out. In the United States, to speak only of our own affairs, patience was exhausted, panic seized the people, and the recovery of the summer of 1932 was not only halted, but turned by a popular stampede in the winter of 1933 into something very near to a catastrophe. By the end of February all enterprise was paralyzed, all confidence was gone. So deep and so widespread was the demoralization that recovery by the old method of individual initiative and piecemeal adjustments had become impossible. There was not merely a financial panic. There was a political and moral panic. In every town the banks were closed. In almost every large city the treasury, out of which the unemployed had to be fed, was empty. In Washington, congress and the

INVESTMENT SECURITIES I. G. KAHN & COMPANY Incorporated Investment Counselors Stocks Bonds Investment Trusts Suite 445, Illinois Bldg. Lincoln 6787—Indianapolis

Land Bank Bond Shares Issued by National Bond and Depositors Corporation Wm. E. Shumaker & Company, Inc. 140S Circle Tower k LI. 5354

COLLATERAL ( y/n LOANS * No Co-Makers Repaid Over a Whole Vear The Indianapolis Morris Plan Cos. S. £. Corner Delaware anil Ohio Sts. RI. 1536.

I*. BE SAFE IWakv Insore Tour Car Tl? jjV —Fall Protection \jrßyßOTstate Automobile Insurance Ass'n. M. SSTI. 7th Floor. Occidental llldg.

Conservative Business Invited 9mcrican national Bank AT INDIANAPOLIS

Lippmann

executive were in a hopeless deadlock. Nowhere was there any organized power standing around which the people could rally. a a a It was under these conditions that the new administration took office. Now what was it that had to be done? Was it possible to pass laws to end the crisis? It wasn't. Only the most innocent and uninfromed imagine that the President, the Democratic party and the famous “brain trust” had a plan to end the depression. In the hundred days from March to June we became again an organized nation confident of our power for our own security and to control our own destiny. It was a triumphant achievement. The secret of the American attack on this crisis does not lie in the NRA, or in the agricultural act, or in the inflation, or in any of the other specific policies that have been adopted. It lies in the revival of the American spirit through th conquest of fear. Let us not forget that. Let us not fall into the dangerous illusion of thinking that victory or defeat depends upon any one of the measures which now are being administered. These measures will not all of them work well. Some will have to be amended. There will have to be other measures added. There will have to be changes of policy. There have been mistakes. There will be more mistakes. But just as no policy is a panacea, so no failure is a disaster, provided only the government and the people hold fast to the conviction that we have come out of the worst of our dangers by overcoming our own demoralization, and that it is our purpose, our discipline, our readiness to act and yet to listen which alone can carry us through. (Copyright. 1933)

Breed, Elliott & Harrison Established 11.12 CIRCLE TOWER Eleventh Floor GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS REAL ESTATE PREFERRED STOCKS AND BONDS IVE BUY AND SELL BUILDING * LOAN STOCKS INVESTMENT TRUSTS

WE OFFER Richard Lieber Brewing Cos. Stock Prices at Market Raymond D. Jackson & Cos. Investment Securities Fletcher Trust Building; Tele. Lincoln 3050 Indianapolis

B l uxi homeowners | Newton and LOAN CORPORATION BONDS r n jj ? Sell 415 Lemeke Bldg. | " 000

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

An Unusual Winter Cruise off the Beaten Path Leaving Southampton January 17th to Ceylon .. East Africa.. Egypt Palestine and Mediterranean In connection with regular Trans-Atlantic sailings. t For rates and complete information consult RICHARD A. KURTZ, MANAGER TRAVEL BUREAU The Leading Travel Bureau in Indianapolis S UNION TRUST* 120*East Market St. Riley 5341

.OCT. 13, 1933

GRAIN FUTURES DROP SHARPLY ON WEAK NEWS Wheat Prices Down Nearly 2 Cents: Corn. Rye Slump. BY HERMAN H. NICHOLS I nitfd Pres* Stuff Corrr*nndent CHICAGO, Oct. 13—All grains dropped sharply at the opening of the Board of Trade today. Wheat was off % to T\ cents, corn was down % to 1 cent, oats was off % to ■% cent and rye was down 1 cent. Operators looked for a trading market in wheat today but felt support would be evident on slight recessions. Liverpool and Winnipeg were lower yesterday while the local market was closed for Columbus Day holiday. The fact, however, was not expected to affect the market here today. Liverpool was 2% cents lower today, compared with the close of the local market Wednesday. There has been considerable interest in corn of late and much buying on the recessions. Because of the small crop some believe the cash price soon will advance materially. With a shortage in feeding g’.ains, oats has become a domestic grain and has been attracting much attention. Chicago Primary Receipts —Oct. 11—. Bushels. Todav, Last Week. Wheat 581.000 726.000 Corn 1,403.000 1,128 000 Oats 161,000 370.000 Chicago Futures Range —Oct. 13WHEAT— Presr. High. Low. 10:00. close. Deo 82% 81% .81% .83 % Mav 86% .85 .85% .87% July 84% .83 .83% .85% CORN— Dec ,42% .41% .41% .42% May 49 .48% 48% .49% July .50% .50% .50% .51% OATS— Dec 33% . .32% .32% 33% Mav 36% .36% .36% .37% July 34% .34% .34% .35 Dec 61% .60% .61% .82% Mav 68% .67% .68 .69% BARLEY Dec .. .49% .51% May 54% .54% .54% .56% CHICAGO CASH GRAIN By United Pee** CHICAGO. Oct. 11 —Cash grain Wheat No. 1 red. 82%c: No 1 dark. hard. 83%c: i No. 2. dark hard. 83c: No, 2 hard. 81%r. Corn —No. 2 mixed, 39®39%c; No. 4 mixed. 37c; No. 1 yellow. 39%®39%c: No. 3 yellow'. 38%®39c: No. 4 vellow. 37%c: No. 5 | vcllow. 35 , 1®35%c: No. 6 vellow. 34%® i 36c; No. 2 white 3.9%®40c: sample grade, i 29c. Oats—No. 2. white. 31%*e32%c: No. 3 white. 31®32c. Bariev—4s®72c. Cloveri seed—sß® 12. Timothv—*s.7s® 6.25. Cash provisions—Lard. $5.25: loos?. $4.97: leaf. I $4.87: D. S. bellies. $5.75.

Active Trading in U. S. Government Securities Municipal Bonds Land Bank Bonds Gravel Road Bonds General Market Securities • Direct Private Wire to Principal Markets • Investment Securities Pf ass 8 Hughel INCORPORATED Chicago INDIANAPOLIS Ft. Wayn Illinois Bldg. / Lincoln 2565

“A Good Place to Bank” Marion County State Bank Northwest Comer Market and Delaware Sts.