Indianapolis Times, Volume 45, Number 134, Indianapolis, Marion County, 14 October 1933 — Page 7

OCT. 1?, 1933

Wall Street-

Monetary Policy Issue Involves Question of Whether Creditor or Debtor Will Be Favored. Bv RALPH HENDERSHOT

Timet Special Financial Writer Stripped of all of its frills and pressed down to Its bare fundamentals, the question to be decided by President Roosevelt in determining his monetary policy Is whether he will favor the 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 Is designed to help creditors primarily. A little of each might help both debtor a: 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 paid 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 oweindividuals 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 w'hich 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 with 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 Sc Cos.)

Oct. 13— Prev. Oil*— High. Low. Close, close. Amerada 14% 43% 43 1 a 45% Atl Rig 27% 26 26% 28 Barnsdall 9 >4 9 9'4 9% Consol Oil 13 12% 12% 13% Cont of Del ... 17% 17 17% 18 Houston (new).. 5% 4% 4% 5% Houston (oldl .. 27 26% 26% 29 Indian Rfg ... 33 Mid Cont Pet .. 12% 12% 12% 13 Ohio Oil 16% 14% 14% 16% Pet Corp 12 11% 11% 12% Phillips Pet 16% 15V* 15% 16% Pure Oil 13 12 12% 13% Royal Dutch .... 33% 33% 33% 34% Bbd Oil 40% 38 38% 40% Shell Un 7% 7% 7% 8 Simms Pet ... .. 9% Skellev Oil 7% 7% 7% 7% Soc Vac 12% 12V* 12V* 12% S Oof Cal. . 42% 40% 40% 42% S O of aKn 2% 32% 800 l N J 43% 41% 41 % 43% Sun Oil 47% 47 47% 47 Texas Corp 26% 25% 25% 26% Tidewater Assn . 10% 10% 10% 11 Un Oil of Cal .. 21% 19% 19% 20% Steels— Am Roll Mills.. 18% 17% 17% 19 Beth Steel 34% 32% 32% 34 Byers AM 27 25 25 27% Col Fuel A Iron. 5% 5 5 5% Cruc Steel 22% Ludlum Steel i3% McKeesport, Tin. 78 73% 73% 78% Natl Steel .. 41 39% 40 41% Rep Iron A: Stl. 14% 14% 14% 14% Rep Iron A Stl p 30% 30 30 30% U S Smelt 92% 87% 87® 94% Vanadium 22 21 21 22 Mid Steel ... 10 U S Pipe A Fdv 14% 14% 14% 15 U S Steel . ... 47V* 44 44% 46% U S Steel pfd. . 82 81V* 81% 82 Youngstn S&T 21 20% 20% 21% Rails— Atchison 57% 54% 54% 57V* Atl Cst Line . . 36 35% 35% 36% B A O 27% 25’* 25% 27% Can Pac 13% 13% 13% 13 Ch A- Ohio 42% 41% 41% 42% Chi & Gt W . .. .. 3% 3% C M & St P. 6% 6 6 6% C M & St P of 9% 9% 9% 10 Chi N W 9% 9 9 9% Chi R Isl 4% 4 s * Dela A- Hud.. 63 60% 60% 64 Erie 17 15% 15% 17% Grt Northern .. 20% 19% 19% 20% 111 Central . 31 29% 30 31% Loou A Nash 42 43 M K A- T 9% 9% 9% 10 Mo Pac 4% ... Mo Pac pfd 6% 5% 5% 6% N Y Cent 38% 36% 36% 39% N Y Chi A- St L 15% ... N Y Ch & St L p 20% 21 N Y New Haven 19 18% 18% 19 N Y Ont A Wes 9% 9% Norfolk A Wes 150 Noor Pac 23% 22% 22% 23% Penn R R 30% 28% 28% 30 Reading 45% ... Sou Pac . 23% 21% 21% 23% Sou R F. 27 25 25 26% Sou R R pfd... 30 27% 27% 28% Union Pac 113% 110 110 113 Wabash 3% 3% West Maryland 9% ... Motors— Auburn 49 46% 46'* 48% Chrysler 43% 41 41% 44% Gen Motors ... 30% 28% 28% 30% Graham Mot. . ... 32% Hudson 11% 11% 11% 11% Hupp 4% 4 4 4% Mack Truck . . 30% 30 30 31 Nash 20% 19% 19% 20% Packard 3% 3% 3% 4 Reo 3% 3% 3% 3% Studebaker 5% 5 5 5% Yellow Truck 4% 4% 4% 4% Motor Access— Bendix 15% 14% 14% 15% Bohn Alum 47 45 45 48% Borg Warner 15% 15% Briggs ... 9 9 Budd Wheel 4% 4 4 4% Eaton Mfg 12 12 Elect Auto Lite 17 16 16 li I '* Houd A 3% 33 ... Mullins Mfg 5% Mrray Body 5% 55% 5% 5% Timken RoYT.' 28% 26% 26% 28% - 24 22% 22% 24% Am Smelt 41% 38% 38 42 * Anaconda ... 15% 14% 14 * 15 * Cal it Hecla 5 4 5 Cerro De Pasco. 34% 31 31 34% Granby 9% 8 • y Homestake Min 330 320 320 337 Howe Sound 28% 25 25 28% : 19% %* ie% iK Kennecott Cop.. 19% 18% 18% 20% Noranda Cop . 34% 33% 33 s 34 s Phelps Dodge .. 15% 14% 14% 15* Am °SnufT 49% 49% 49% 50% a£ ISbiJS b A :: 84 'B3 83 Am Tobacco B 86% 85- 85 B5 a Gen Cigar . .30 29-* 29% 31 Ligg A Myers B 96% 95% 96% 97 * Lorrillard 20% 20% 20 * 20 Reynolds Tob B 50 49% 49% 50 Alhs Ui £halmers . 17% 16% 16% 17% Am Car A Fdy.. 2i% 26 26 *8 . Am Loco . 32 s * 30 y 30a 32* Am Mach A Fdy Is% %% Am Steel Fdv 20% 20 20 -£* Bald Loco 12% 12% 12 * 12 Burroughs 14% 14% 14 l4 s Case J I 6*% 64 % 65 68% Cater Tract 20% 19% 19* 20 a Col Palm Peet.. 15 14% 14% 15 Congoleum ■•■ 26 24 -4 a .6 Elec Stor Bat .. 44 43 43 44 Foster Wheeler 14% 14 14 16 Gen Am Tk Car 31 \ 30% 30% 32 Gen Elec 21 19 * *0 21 Ipgsol Rand ... 55 55% 55% 57 Inf Bus "lach 140 139 139 140% In: Harvester .. 38% 36- 3< Kelvlnator ... 12 * 12 l2* 12 Natl Cash Reg.. 17 1% l. Proc A Gamble. 41% 39 * 39% 41% Pullman Inc .. 50*4 48 48V* 50 l 4 Simmons Bed. . 21% 20% 20% 22% ITnd Elliot 29 28 29 29 l a West Air B. .. 29% 28% 28% 28% Westmgh Eiec . 38% 35 36 38 t Worthington P -*3% ••• Utilities — ... Am AFor Par.. 10 9% 9% 9 Am Par A Lit.. 9% 9 9 9 a A T A T 119% 117 117 Ill’s Am Wat Wks ... 24% 23 23 24 Brook Un Gas.. . ... ... f? Coi Gas A Elec.. 15% 14% 14% 15% Com A Sou 2% 2% 2* 2% Consol Gas .... 43% 42 42 43% Elec Pwr A L... 7% 6% 6% 7% EP A L pfd. .. 14% 14 14% 14% Int T A T. . 13 s * IS 13 13% Lou G A E A>. 17’, 17 s * 17% 17 * Nat Pwr A Lit. 12% 11% 11 s * 12% North Amer 20 s * 19% -9% 20% Pac G A E 21% 20% 20% 21% Pub Serv N J .. 40 38% 38% 39 s * So Cal Edison. 20 19% 19% 19 s . Std Gas 12% 11 s , 11 s , 12% Std Gas pfd . 12 s . 12 s * United Ccrp 7% 6 s * 6 s * 7 Un Gas Imp 17% 17% 17% 17 s , Un Pwr ALAi 3% 3% 3% 3% Western Union.. 55% 53% 53% 56 Rubbers— FXifcf'.one 33% 31 31 % 32% Goodrich 14 13% 13% 14% Goodyear 34% 33'* 33% 35% U 8 ftubbar 16% 15% 15% 18% U 8 Rubber pfd 38 26 % 26% 28 XM- Spring. 3% 2% 3% 3%

Amusements— Crosley Radio 10 Fox Thea 16 15% 15% 16% Loews Inc 3174 31 31 32% Radio Corp .... 8% 7% 7% 8 RKO 2% ... Warner Bros r\ ■ ?% 7% 7% 7% Foods— Am Sugar 61 % 61% 61 % 63% Armour A 4 3% 3% 4'% Beatrice Cream 13% 13% Borden Prod . . 23% 22% 22% 22% Cal Packing ... 22% 21% 21% 22 Canada Dry G A 31% 30% 30% 31% Coca Cola 93% 92 92 94% Cent Bak A 12% 12% Corn Prod 89 86% 87 88% Crm of Wheat. 29'4 28 28% 29% Gen Foods 36 35% 35% 35 % Gold Dust . ... 19% 19% 19% 20% G W Sugar 39% 37% 38% 37% Hershey • 40 Int Salt 24 Loose Wiles 37% 37% 37'% 38% Natl Biscuit .... 49% 48 48 48% Nat! D Prod ... 16 15% 15% 15% Pet Milk 13 13 = “£ i,y . R ?, k 15% 15% 15% 15’% S Porto Rico Sug 40 38% 38% 39 Std Brands 2% 23% 23% 25% United Fruit . .. 63% 61% 61% 64% Wngley 51% 51 51 Retail Stores— Ass Dry Gds 14% 14% 14% 14% Best & Cos ..... . , oo Gr Un Tea "51/. 0 Hahn Dept Sts . 5% 5% 5% “5% Kresge S S 12% 12% 12% 12% Kroger Groc .21% 20% 20% 21% Macy R H 5c iid May Dept St . 28'4 28% Mont Ward 20% 19% 19% 20% Penny J C 45% 43 43 45% Safeway St 43% 42% 42% 43% Sears Roebuck. .. 40% 39 39 411 Woolworth 40% 39 39 393* Aviation— Aviation Corp... 9% 8% 8% 9% Douglass Air . 133 4 14 4 Curtiss Wright.. 2% 2 2 2i/„ Curtiss Wright A 5 4% 4% 5 Nor Am Av .... 6 51/2 574 6 United Aircraft 33% 30% 30% 323. Chemicals— Ajr Reduction. 104 102 102 104 Allied Chem... 139% 137% 137% 143'% Am Com Acohol 62% 58 58% 61% Col Carbon .... 5 54 54% 56 Com Solvents . 38% 35% 35% 38% Dupont 78% 75% 75% 77% Freeport Tex 45% 43% 43% 443. Liquid Carb ... 30 28 28 31 Math Alkali .... 40% 38% 38% 40% Tex Gulf Sul . 37% 35% 36 38% Union Carbide.. 43 41 41 44 8 u s Ind Alco. 70% 66% 66% 69% N Dru 100 ’ 95 ' 8 951,1 100 Coty fnc 41/. 43 Lambert 29% 29% 29% 7(1 Lehn & Fink ... 19 18 18 13% Financial— Adams Exp 8% 8% 8% 8% Allegheny Corp.. 4% 4 4 4% Chesa Corp .. , 39% 39% 391. Transamerica .. 6 5% 57,. "a Tr _Con' l Cosr P ■ ■ 5% 5 5% 5% Building— Am Radiator ... 15% 14V. 14% is Gen Asphalt ... 17 16% i 6 .% nsInt Cement 3l r 2 31 <>ii 2 311* Johns Manville. 57% 53% 54 57% Libby Owens Gls 30% 28% 28’. 30 Qi's Elev 15% 14% 14% 15% Ulen Const ... 0% Miscellaneous— Am Bank Note 15 1934 Am Can 93 90 90 92% Anchor Cap Brklyn Man Tr. 35 32% ’34% 75 Conti Can . ... 66% 65% 653* 67% Eastman Kodak. 77% 75% 76 78% Owens Bottle ... 81 803. 80% 82 Gillette 12% 12% i 2 % 17 Glidden 15% 14% 15 }I Gotham Silk ... 10 33* 9% 10% 1 Indus Rayon . . 75% 72 72 75=f L n;e i r e ß ,?. pi „l Tr ' 10,4 10% 10% 10% Real Silk Hose . .. ... ll 3 /% IV*

Produce Markets

Delivered In Indianapolis prices—Hens, „° C H ' il eeho , r P hfn ?,' " c: springers. 4'a lbs. and o\er. 10c: under 4'j lbs.. 9c: Leghorn s ,nH ne % rs 'u,' c; , C 0C j 5-, 5 lbs - Bnd PD 6c: under 5 lbs. 4c: ducks 4’j lbs. and over, full feathered and fat. 6c: under 4‘-i ibs 4c: geese, full feathered and fat. 4c: No. 1 strictly fresh country run eggs, 18c; strictly rots off: each full egg case must weigh S5 lbs. gross: a deduction of 10c a pound for each pound under 55 pounds will be made Butter—No. 1. 25Q26C; No. 2. 220 23c. Butterfat. 18c. Quoted by the Wadley Company.. BT EXITED PRESS CHICAGO. Oct. 13.- —Eggs Market, *eak; receipts, 6,379; extra iVsts, 19c' curties. 13- s c current receipts. 16iS17c! Butter—Market, unsettled; receipts 20.755' specials. 24c, extras. 23c; extra njsts. I j®;22c: firsts, lSijlOt+c seconds 16'a®17c; standards. 21c. Poultry—Market, steary to ‘ac higher; receipts. 32 trucks; fowls, 12‘a613c; Leghorn broilers, 9c. Leghorns. 74f8 1 2C; ducks. He; geese. 9 611 c: turkeys. 8c; young turkevs, I2iil3c; roosters. 6Si7' 3 c. Cheese—Twins 11 3 4 3' 12c; Longhorns, 12 ! *®12' 3 c. PotatoesSupply heavy, demand and trading slow; dull; Wisconsin Cobblers, $1.155t L 25: Minnesota and North Dakota Cobblers. Red River section Sl,2o'a l 25Red River Ohios, t 1.1551.25; South Dakota early Ohios. partly graded, slOl.lO. Colorado McClures. *1.509 1.60; Idaho •1-SO’if 1.55; Nebraska Triumphs, tl 40 9 1.50, partly graded. $1.25. ShiphPJSi arriTa -s 148: on track. 316. ™ rk : 001 ■ 13.—Potatoes—Quiet; h°s?, l s l^ nd - 31 rJ 3.75 per barrel; Maine. SI 30 :3 35 per barrel; Idaho. 52.10Q2 85 per sack Sweet potatoes—Quiet: Jersey. ba>Net. 25c 9 si; southern, barrel. $1.2541 1 6a; southern, basket. 304t80c. Flour—sprJnes - Patents. $6.25 a 6.40 barrel. St !s d , v - mess - *18.75 barrel. Lard— P““- I s. ;dd( ‘ ! west spot. S5 459 5.55 per 100 —Receipts. 15.077 packages. creamery, higher than M ,r ,‘ i?,‘ V *“ 33C: extra 92 score. 24c: first. t 0 , 9 - ! - SC VV" 21 *B23c: flgrst, 88 to 89 score. I.V jISc: seconds. 16 1 a 9 17c. Egg Receipts. 18.989 cases: market. irregular; -°. e f; al including unusual hennery se.ectlons. -3923'ac: standards. 204i22c: n.s.s, I* 1 =Jr 19c; seconds. lO'sHHc; mediums. ISnISWc: dirties. 14tt? 15’ac: checks. CLEVELAND. Oct. 13— Butter— Market, steady, extras. 27 lb., in tubs: standards 25c lb. m tubs. Eggs—Market weak: extras 29c: extra firsts. 21c current receipts. 20c Poultry—Market, weak; cc.cred fowls. 4’-i lbs. and up. 14c. colored fowls, medium. 12c: Leghorn fowls. 3'j lbs and up. 9c Leghorn fowl light. 7c: springers rock. 4 lbs. and ud. 11c: springers. Leghorns, heavy. 11c: broilers, colored 12c ducks white. 5 lbs. and up. 11c: ducks, light. 8c: geese, heaw voung 8c; voung turkevs. 18c: old roosters. Bc. Potatoes—'All U. S No. 1 unless otherwise specified! Maine green mountains and cobblers. 51.85u1.90 per 100-lb. sack: oartlv graded $1 75. Idaho russet burganks. $162.10 per 100-lb. sack: few higher: river valley. Minnesota. North Dakota cobblers. $1.5041 1.75: mostly around *1.65: Michigan cobblers. 51.70Q1.75 per 100-lb. sack: Ohio round whites. *1.3541150 per IOSO-lb. sack; RuaaaU. $1.8081,65 per 100-lb. sack.

STOCKS SLUMP 1 TO 5 POINTS AS SALES GAIN U. S. Refunding Program Is Indication of Sound Money Policy.

Average Stock Prices

Average of thirty Industrials for Wednesdav: High 99 94. iow 97.54. last 98.85, up .08; average of twenty rails; 43.01, 42 14, 42.52. off 05; average of twenty utilities, 27.17. 26.45. 26.73. off .05; average of forty bonds. 84.77. up 25. BY ELMER C. VVALZER United Press Financial Editor NEW YORK, Oct. I.—Traders In financial and commodity markets yesterday interpreted the government’s refunding program as an indication of a sound money policy. They sold stocks, low-grade bonds and commodities, and bought high grade U. S. government, industrial and utility bonds. The American dollar soared to above 68 cents in terms of the French franc, against a recent low of 63.71 cents. Stocks dropped 1 to 5 points with volume increasing near the close as blocks of 1,000 to 10,000 shares were dumped overboard. Gold Off Sharply Wheat broke the limit of 5 cents a bushel and closed on the lows. Corn lost 2% to 3Vs cents a bushel. Oats lost the limit of 3 cents a bushel. Rye lost 4% to 44 cents a bushel. Barley lost 2% to 3% cents a bushel. Cotton futures dropped more than $1 a bale to new lows on the current movement and new lows since Sept. 13. Silver spot was down 4 cent an ounce, while futures made wider declines. Gold broke sharply in London and the treasury price was down 29 cents an ounce from Wednesday’s quote. Metal shares were heavy losers as were the wet stocks. Steels were weak. Rails dropped rather sharply. Utilities held fairly well but they were lower than the previous close. Oils reacted downward. New Lows Made At their lows Allied Chemical was at 138, off 54; American Commercial Alcohol 58, off 3%; American Smelting 38%, off 34; Celanese 47%, off 2%; Chrysler 414, off 3; Commercial Solvents 36%, off 24; Du Pont 754, off 2%; Homestake Mining 320, off 17; Howe Sound 25, off 34. Johns Manville 53%, off 3%; McIntre Porcupine, 39V 8 , off 1%; National distillers 96, off 4; New York Central 364, off 34; Pullman 48, off 24; Seaboard Oil, 384, off 24; Union Pacific 1094, off 34; U. S. Industrial Alcohol 66%, off 34; U. S. Smelting, 87%, off 5%; U. S. Steel 44, off 2%; Westinghouse Electric 35 7 / s , off 24, and Western Union 534, off 24.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 13Clearings $1,299,000.00 Debits 4,103,000.00 TREASURY STATEMENT —Oct. 13Net balance for Oct. 11 $1,162,230,545.44 Misc. int. rev. receipts.... 4,056.216.70 Customs rects. mo. to date 11,658.017.27 New York Curb (By Abbott, Hoppin & Cos.) —Oct. 13Close. Close. Alum Cos of Am 64 Irving Airchute. 4% Am Bev 2% Inti Ptrol 18% Am C P & L B 2%iLake Sh Mines. 47 Am Cyan B 10% Lone Star Gas.. 7 Am Gs & E 1... 26'/4 Mount Prod ... 5 Am Sup Pwr .. 3% Natl Bellas Hess 2% Ark Ntl Pwr A. 1% Niag Hud Pwr.. 6% Asso Gas A ... 1 iParker Rstprf.. 55'/a Atlas Ut Crp.. 12% Pennroad 3% Axton 63 iPioneer Gld Mi. 10% Braz Tr & Lt.. 12%)St Regis Paper. 3% Can Marc 2%!Salt Creek Prod 6% Cent Sts E 1.... 1'• R Std Oil of Ind.. 30% Cities Serv 2% Std Oil of Ky.. 15% Comm Edison.. 46% Stutz 7% Cord B%iUnited Founders 1% Eisler Elec .... 1 | United Gas .... 3% El Bnd & Sh... 18% Un Lt Sc Pr A. 3% Ford of Eng... s%!United Verde .. 3% Ford Mot Can. 10%!Util Pwr & Lt.. IV* Hud Bay Min... 9%iWoolworth Ltd. 21% Imperial Oil .. 12%; Wr Hargraves.. 7'% Liberty Bonds By United Press NEW YORK, Oct. 13.—Closing liberty bonds: Liberty 3%s (47) 102.19 Liberty First 4%s (471 102.29 Liberty Fourth 4%s (38) 103.22 Liberty Fourth 4%s (33) called... 101.31 Treasury 4%s (52) 110 Treasury 4s (54) 106.5 Treasury 3 3 4s (56) 104.6 Treasury 3%s (47) 101.28 Treasury 3%s (43) March 101.24 Treasury 3%s (43) June 101.31 Treasury 3;s (43i 100.5 Treasury 3s (55) 98.22 | Treasury 3%s 101.10

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Oct. 13Bid. Ask. American Bank Stocks Corp.. .90 1.00 American & General Sec A.. 5.75 6.75 Basic Industrv shares 3.17 3.22 British Type Inv Tr shares.. .50 .60 Collateral Trustee shares A.. 4.50 487 Corporate Trust shares (old) . . 2.17 2.24 Corporate Trust shares (new) 2.30 2.34 Cumulative Trust shares. . 3.93 4.00 Diversified Trust shares A.. 6.25 Diversiiied Trust shares B. .. 7.62 8.87 Diversiefid Trust shares C. .. 3.00 3.04 Diversiiied Trust shares D... 4.62 5.00 First Insurance Stcck Corn.. 1.35 1.45 First Common Stock Corp... .95 1.10 Fixed Trust Oil shares A.. 8.25 Fived Trust Oil shares B. . 6.95 Investors Inc 17.37 17.87 Low Priced shares 5 .60 5.70 Mass Inv Trust shares 17.62 18.87 Natino Wide Securities 3.20 3.26 North American Trust sha 1531 1.79 North Amer Trust shar (55-56) 2.35 2.37 Petroleum Trust shares A... 11.00 14.00 Selected American shares. . 2.50 Selected Cumulative shares.. 6.60 6.75 Selected Income shares 350 3.75 Std American Trust shares A 2.98 3.05 Trust shares of America 2 87 2.92 Trustee Std Oil A 5 25 5.50 Trustee Std Oil B 4.75 5.00 U S Electric Lt & Pwr A 11.75 12 00 Universal Trust shares 2.88 2.96

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. $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. $7.25. All other smokeless, lump and eee. *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. Births Bovs William and Maxine Fidler, 3745 Hillside Mark and Ruby Owens, 1821 South East Ollie and Mary Tribby. 1123 North Tacoma. Leo and Ethel McNamara. St. Vincent's hospital. Hershel and Kathryn Reed. St. Vincent's hospital. Charles and Violet Schlegel. St. Vincent’s hospital. Girls William and Gladys Neff, 618 East Ninth. Jeremiah and Evelyn Cadick. St. Vincent's hospital. Elba and Ida Hayes. St. Vincent's bawpnaL . _ _j J

THE INDIANAPOLIS TIMES

Chicago Stocks By Abbott, Mo coin to Cos.

TOTAL SALES, 31.000 SHARES —Oct. 13— High. Low. Close. Am Pub Serv pfd 4 Asbestos Mfg 4 Bastlan-Biesstng 54 54 74 Bendi* Aviation ... 144 Berghofl Brew Cos 104 Borg-Warner iSN 144 144 Brown Pence 4 W iA| 6 Brown Fence & W iB) 24 E L Bruce Cos 17 15 16 Butler Bros 34 Cent 111 Pub Serv pfd.. .. 19 Cent Sc So West 14 Cent &So West P L pfd 94 9 9 Chi Sc North Western.. 9 *4 84 Chicago Corp com .... 24 Chicago Corp pfd 244 Chicago Flexible Shaft.. 10 94 94 Chicago Mail Order 124 12 12 Chicago Towel pfd 604 Chicago Yellow Cab 144 144 144 Cities Service 24 24 24 Club Aluminum 4 Coleman Lamp & S 5% Commonwealth Edison 464 Cord Corp 94 84 84 Crane Cos 6i/ g 6 Crane Cos pfd 37 33 36 Decker Sc Cohn 2 DeMets Inc pfnce 15% Dexter Cos ... 44 Eddy Paper 6 Electric Household 104 General House Util 174 184 164 Godchaux B 54 Goldblatt Bros ... 214 Great Lakes Aircraft.... 4 4 i/a Great Lakes Dredge ... 174 164 164 Grigsby Grunow 24 2 2 Hall Printing 44 4 4 Houdaille Hershey B . 3 Illinois Brick 4 Kingsbury B Cos "" jo Lindsay Nunn Pub 24 i 1 Lynch Corp 35 3274 34 Manhattan-Dearborn.. 24 2 2 Marshall Field 154 15% 154 McWilliams Dredging Cos .. . 144 Mickelberrv's Food Prod .. . 3 Middle West Utilities 4 Midland United 4 National Leather ... 1 Noblltt-Sparks Int’ Inc 25 4 24 4 24 4 Northwest Engineering 4 Ontario Mfg 77/. Pines Winterfront 2 Prima Cos 164 144 164 Public Service 224 22 22 Public Service N P 22 20 20 Public Service 67r pfd.. 54 51 51 Public Service 7% pfd,. .. ... 604 Raytheon V T C 24 24 2 4 Sears Roebuck 39 S West L&P Pfd 22 Swift &Cos 154 144 144 Swift International .... 234 224 224 Thompson, JR 72 Vortex Cup Cos A 25 Walgreen Cos Com 17% 174 174 Ward Montgomery A. .. 64 63 63 Wieboldt Stores 104 Zenith Radol 24

Foreign Exchange

By Abbott. Hoopin Sc Cos. —Oct. 13Sterling, England $4.60 Franc. France 0575% Lira. Italy 0775 Belglas, Belgium 2050 Mark, Germany 3511 Guilder, Holland 5925 Peseta, Spain 1230 Krone, Norway 2315 Krone. Denmark .2000

Federal Farm Loan Bonds

(By Blyth & Cos.. Inc.) —Oct. 13Bid. Ask. 4s. NOV. 1. 1957-37 86 87'4 4s. Mav 1. 1958-38 86 87V* 4'4s. July 1. 1956-36 87 88'4 4'ls. Jan. 1. 1957-37 87 88% 4'4s. Mav 1. 1957-37 87 88% 4V*S. Noov. 1. 1958-38 87 88% 4%5. Dec. 1. 1933-32 100’4 100% 4%5. Mav 1. 1942-32 92 93% 4'is. Jan. 1. 1943-33 92 93% 4%5. Jan. 1. 1953-33 90 91% 4%5. July 1. 1953-33 90 91% 4%5. Jan. 1. 1955-35 90 91% 4'/is, July 1. 1955-35 90 91% 4'As. Jan. 1. 1956-36 90 91% 4%5. July 1. 1953-33 92 93% 4%5. Jan. 1. 1954-34 92 93% 4%5. July 1. 1934-34 92 93% ss. Mav 1. 1941-31 97% 98% ss. Nov. 1. 1941-31 97% 98*4 Home Loan 4s. July 1. 1951... 87% 88'%

Daily Price Index

By United Press NEW YORK, Oct 13.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities, compiled for the United Press: (1930-1932 average. 100) Today ' 97.62 Wednesday 93.68 Week ago 99.21 Month ago 101.48 Year ago 75.55 1933 High (July 18 113.52 1933 Low (Jan. 20) 67.86 (Copyright, 1933, Dun & Bradstreet, Inc.)

In the Cotton Markets

—Oct. 13— CHICAGO High. Low. Close. January 9.55 9.30 9.30 March 9.72 9.45 9.45 May 9.86 9.63 9.63 October 9.05 December 9.45 9.19 9.20 NEW YORK January 9.48 9.24 9 27 March 9.66 9.40 9.42 May 9,79 9.54 9.54 July 9,93 9.67 9,67 October 9.30 9.08 9.08 December 9.41 9.16 9,18 NEW ORL SANS January 9.45 9.19 9.19 March ■. 9.62 9.36 9.36 May 9.78 9.52 9.52 July. 9.83 9.65 9.66 October 9.17 8.98 8.98 December 9.33 9.11 9 12

WEEKLY LIVESTOCK REVIEW

(For Week Ending Oct. 13) By United States Department of Agriculture Cattle Marketing of cattle at Indianapfills expanded some in numbers and there was a two-way slant to the trade. Good and choice grades of steers, heifers and cows were wanted at all times and sold steady to a few cents higher. Other grades, including a lot of barnyard cleanups, found a slow outlet and usually received a small discount, probably not as much as they deserved when considered from either the slaughter or feeder viewpoint. Summarized in a few words, good cattle of all kinds were wanted. Others not attractive to even the speculative buyers. Steer run included a large percentage of good and choice cattle of all weights. Lightweights had first call and sold 10, 15 and 25 cents higher. Good steers with weight also sold steady or better to shippers and local packers. But anything lacking finish on condition, or reflecting roughness in conditioning from anv cause were hard to sell and closed 15 to 25 cents under last week. Bulk of the desirable steers scaling more than 1.100 pounds sold from $5.90 to $6.50, lighter weights. $5.25 to $6.35. Top of $6.50 was not infrequent and was awarded to choice of 1,050 to 1.365 pound selections. Plenty of fair killers were assembled under the $5 mark and down to 53.50 and less for very common kinds. No price change was noticeable in this section and only killing sheets will measure their actual worth. Better grade heifers sold up to steer prices this week, on a weight and grade basis, a condition very unusual at this market. A small lot of 702-pound heifers sold at peak of $6.75. several loads $6 to $6.50. All this compares with the steer deal, in that the top end gained ground while others worked downward. Some heifers cashed from $5 to $5.65 and the extreme bottom dropped to $2.50 and less. Cows sold close to the late low levels, probably some strength on better grades, but no change on others. Bulk $2 to $3, low cutters and cutters $1 to $2. Vealers lost a dollar Saturday but have gained a little from day to day this week, closing in about the same position as last Thursday. Bulk for the week, good and choice. $6.50 to $7.50; common and medium, $3 to $5.50. Hogs The hog market collapsed in no uncertain wav this week. After advancing by stages to a peak of $5 50. the recession was almost as rapid. There was nothing in total marketings here or around the circuit to explain the sudden drop. However, shippers, packers and all the trade dropped into a slump or considerable proportions. Light supplies at the close of last week raised the price level 10 to 15 cents over Thursday of last week, and retained the top of $5.50. A general decline of 10 cents Monday was followed by a 20cent loss Tuesday. Wednesday s condition was worse and a flat 25-cent reduction was applied on all weights. This brought all hogs below the $5 mark. . Probably more important that the sharp drop in price, was the indifferent attitude of all trade interests. Perhaps this was less indifference than a desire to remain within trade requirements. Dally holdovers in first and second hands were the rule this week and that condition is unusual at Indianapolis. For the week the average loss is 35 cents or more. SHEEP There was some improvement in lamb marketing conditions this week and late prices were 25 to 50 cents above those prevailing last Thursday. Starting with a $7 top Monday which was 25 cents under Friday of last week, there was enough action and competitive buying to gradually raise the practical top to $7.50. with an extreme peak of $7.75. For the first four market days this week, good ewe and wethers sold from *7 to si.so. with $7.25 paid most frequently. Some unsorted lots cashed from $6.50 to 87. and bucks were usually sorted at $8 to $6.50. Throwouts sold down to 84. anything below that price having little if any commercial value. Fat ewes. tI.M to 82. M as a„ru*e.

PORKER PRICES GAIN 10 TO 35 CENTSAT 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 yesterday. 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, 1,138. 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 Opt. .. Bulk. Top. 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—-(l6B-180) Good and choice.. 5.05 (108-200) Good and choice.. 5.05 —Medium Weights—-(2oo-200) Good and choice.. 5.10® 5.15 (220-250) Good and choice.. 5.10® 5.15 —Heavy Weights—-(2so-200) Good and choice... 4.95® 5.05 (290-250) Good and choice.. 4.60® 4.90 —Packing Sows—(3so down) Good 3.85® 4.25 (350 up) Good 3.75® 4.10 (All weights) medium 3.50® 3.80 Slaughter Pigs—-(loo-130) Good and choice... 3.75® 4.25 CATTLE Receipts, 400; market, steady. (1.050-1.1001 Good and choice $ 5.25® 6.50 Common and medium 3.25® 5.25 (1.100-1.500) 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 Good 3.00® 3.50 Common and medium 2.00® 3.00 Low cutter and medium I.oo® 2.90 —Bulls (yearlings excluded) Good (beef) 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-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, 1,000; market, lower. —Lambs—-(9o-lbs. down) good & choice. $ 6.00® 7.25 (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 CHICAGO. Oct. 13.—Hogs—Receipts. 13.000; including 5,000 directs; slow, steady to 10c higher; 200-270 lbs.. $5.10®5.20; top. $5.20; 280-350 lbs.. $4.50(5.5.15; 140190 lbs.. $4.90(55.15; pigs. $3.15®4.75; packing sows, [email protected]; light lights. 140-160 lbs., good and choice. 54.75®5.10; light weight, 160-200 lbs., good and choice. 54.9055.15; medium weights. 200-250 lbs., good and choice. $5.0555.20: heavy weights. 250-350 lbs., good and choice. $4.5055.20; packing sows. 275-500 lbs., medium and choice. 53.2554.50; slaughter pigs. 100-130 lbs., good and choice. 53.7554.75. Cattle— Receipts. 2.000; calves. £00; light steers and yearlings steady; medium weight and weighty kinds slow: not many steers in run; best $5.85; light offerings. $5.60; bulk. $5.25 down to $4; cows in fairly liberal supply, weak to steady; butters selling at $1.75 down with beef cows at $2®2.75: week's supply Stockers clearing at $4.50 down to $3.25: best Stockers and feeders. $4.50®5. Slaughter cattle and vealers— Steers. 550-900 lbs., good and choice. $5 50 ®6.60; 900-1100 lbs., good and choice. $5 <5 6.60: 1100-1300 lbs., good and choice. $5 250 6.65; 1300-1500 lbs., good and choice. $5.25® 6.65: 550-1300 lbs., commo'i and medium. $3®5.25: heifers. 550-750 Ibi.. good and choice. $5.25®6.60: common and medium. $3®5.25; cows. good. $2.90®4: common and medium. $1.85®2.90; iow cutter and cutter. $1.25®1.85; bulls, yearlings excluded, good beef. $3®3.50: cutter, common and medium. s2®3; vealers. good and choice. $5.50®7.25; medium. $4 50®5.50: cull and common, $3.50(5:4.50. Stocker and feeder cattle: Steers. 550-1050 lbs., good and choice. $4®5.25: common and medium $2.50® 4. Sheep—Receipts. 10.000; fat iambs, weak to 25 cents lower: bulk good to choice natives around $6.75®7. LAFAYETTE, Oct. 13.—Hogs—Market 10 ® 40c higher; 200-275 lbs., $4.85®4.95; 275300 lbs.. $4.65(54.75; 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 lamos, $6. By Times Special LOUISVILLE. Oct. 13.—Cattle—Receipts. 175; trading very draggy. but around steady on all classes; bulk common to medium grass steers and heifers. [email protected]; nothing on hand eligible above, with best fed lightweights Quotable to $5 or better; bulk beef cows. $1.75®2.25: low cutters and cutters. 75c® $1.35; 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. $5.505 6; strictly choice handvweights eligible. $6.50; medium and lower grades, mostly $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; steady: medium to good lambs, mostly $6®6.50: choice eligible higher: most bucks. $5 5 5.50; throwouts. $3.505 4: fat slaughter ewes. $152 per head. Receipts yesterday: Cattle. 159; calves. 258; hogs. 338: sheep. 370. Shipments yesterday—Cattle. 60: calves. 103; hogs. 153: sheep. 130. EAST ST. LOUIS. Oct. 13.—Hogs—Receipts. 5.000: market, mostly 25c higher; bulk. 150-240 lbs, $5.1555.25: small lots. $5.30: 250-280 lbs, $55 5.15: a few 130-140 lbs, $4.75®5.15; pigs not established, sows. $3.50 54. Cattle—Receipts. 1.500; calves, 800: market, generally steady in clean-up trade: small lots of native steers, $5.60® 6.25: four cars Kansas grass steers. $3.65 5 3 90: mixed yearlings and heifers largely 54 5 5.50: cows. Igrgelv $252.50: including 6 cars of Oklahom cows at $2: low cutters. $151.25: sausage bulls. $252.60; top vealers. $7. Slaughter steers. 550-1.100 lbs, good and choice. [email protected]; common and medium. $3 5 5.50: 1.100-1.500' lbs, choice. $6 5 6.50: good. $5 255 6.25: medium. $3 .5 55 25. Sheep—Receipts. 800: market, few choice lambs to city butchers. 25c, lower at $6.75: packers talking unevenly lower on others: indications steady on throwouts and sheen: lambs. 90 lbs down, good and choice. $6.2557: common and medium. $3.5056 25: yearling wethers. 90-110 lbs, good and choice. $4.2555.25: ewes. 90-150 lbs, good and choice. $1.5052.75: all weights, common and medium. sl®2. FT. WAYNE. Oct. 13.—Hogs. 20c up; 200225 lbs, *5 15: 160-200 lbs. $5.05. 225250 lbs, *5: 250-275 lbs. $4.90. 2o : 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. $3 505 3.75: roughs. $3 25; stags. $2- calves. $7: lambs $6 50. PITTSBURGH. Oct. 13 —Hogs— Receipts. 1.500; holdovers. 1.500; opening .sales steady to strong: five loads early sales of 185-265-lb. weights sold at $5.35: indications higher: nothing done on other weights: 250-300 and 125-140-lb. weights quotable $4.5055: pigs. *45 4.50: packing sows scarce, steady at *3.50 to mostly *4. Cattle—Receipts. 175; nominal: good beet steers Monday, up to *4.85: quotable higher. Calves—Receipts. 125: steady; good and choice vealers. *7.50®8. Sheep —Receipts. 2,000: choice sorted lambs. 15® 25c lower, mostly 15c off: bulk choice sorted lambs around 75 lbs, [email protected]; top. $7.50: medium, $4.5085.50; culls and common. $2.5085,

—Today and Tomorrow-

U. S. Has Endured Twenty Years of Stress With Future Hinging on Revival of American Spirit. BY WALTER LIPPMANN

THE following is part of the text of an adaress 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 half 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 other, 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, he said (I 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 1914 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. nun 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 But by 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.

Other Livestock BY UNITED PRESS CINCINNATI. Oct. 13.—Hogs—Receipts, 4.100, including 440 direct and through, and 930 held over; market, slow, early sales 10c higher to $5.25; bulk still in first hands held at $5.25 or above; better 150170 lbs., 34.60®4.65; 130-150 lbs., $4.35® 4.60; packing sows strong to 25c higher; bulk good, $3.75®4. Cattle—Receipts, 700; calves, receipts, 500; market slow, peddling trade, around steady; few best fat and short fed steers and heifers, $3.75®5; odd lots, $5.25; plainer down to 2.50, freely and some below; bulk beef cows, $2.25@3: individual head $3.25; low cutters and cutters, $1.25®2; bulls, s2® 3; good to choice vealers mostly $6.50®7.50; plainer, s4®6. Sheep—Receipts. 1.00; market, steady, quality considered; fat lambs mainly $7®7.25; closely sorted up to $7.50; throw-outs. s4®6; culls down to $3; fat aged ewes, sl®2. CLEtVELAND. Oct. 13 —Cattle—Receipts. 300; market steady all week; steers uncnanged for week, ranging between $3.75 @7. according to weights and grades; heifers likewise showed no change, common to good, $3 25® 5.50; good cows, $3 25 ■3 3.75. with butchers the same. Calves— Receipts, 250; market has weaker undertone; prices unchanged for week; choice to prime, $8®8.50; common, $3®3.50. Sheep —Receipts. 2.600; market closing steady to 25c lower; prices unchanged from Mondays levels; choice wethers. $2.50®3.25. choice lambs. $7.25®7.50; common and cull, s3®s. Hogs—Receipts. 750: market 10c higher on good demand from eastern buyers; for week, 10c lower, heavies. $4 85®. 5; choice butchers, S 5 'S’ 5.2 5; light butchers and choice Yorkers. [email protected]; pigs, $4.25® TOLEDO. Oct. 13.—Hogs—Receipts 150mfJ’ P k ri t ',nS' S K 15 i1 hl ? her i hcavy Yorkers. $5! mixed and bulk of sales. $5 pigs and S's anws* 3 5 r v?, 2s: _ medlum anrf f-.eavies. 3&v 5 - light- ££&• market, Receipts. light; Deaths "c rof t Y cerebr*a 1 ttrrh^ 30 South^Banhemo U r i rhag S i r ° e]e - 83 ' 1008 Park "' rebral Lucy Fitch Sewall. 79. 3816 Washington boulevard, coronary occlusion. j clnoma* 1 °‘ Clark ' M - 822 carphrms” Cleasre - 62 ' city .pyonetlon'of S,w-D£ Ver - 81 - 30U Park ' CHICAGO FRUIT MARKET By United Press CHICAGO Oct. 13—Apple* Michigan bushel. $m.35; Grimes Golden £ 1’ Fears—Michigan Kellers bushel, 85®90c. Carrots—lllinois bunch \sr%lV i 0 ® 2 *?- Eggplant-Illino.s Spinach—lllinois and Michigan, ,5c - Beans—lllinois green bushel, SI 50 ® 2 - Cabbage—Wisconsin crate, 75®90c Tomatoes Michigan, 12-quart, 25®50c Grapes—Michigan 12-quart, 20®22c TourS, u . a , r V. 9 ® llc - Peaches—Colorado box. 90c e 51.15. Onion Market—ldaho and Washington—Valentias bushel, 70® 90c: Wisconsin Yellows bushel. 65® 70c; Illinois Yellows bushel, 65®70c; Indiana Yellows bushel, 67 ®7oc; Indiana and Minnesota Whites bushel, sl®l.lo. NEW YORK RAW SUGAR FUTURES —Oct. 13— High. Low. Close. January 1.30 I 23 1 23 March 1.34 1 25 1 26 May 138 131 1.31 July 1.43 1 36 1 36 September 1.47 1.40 1.40 December % 1.30 1.22 1.22

BniV ... , —*

Lippmann

In Washington, congress and the executive were in a hopeless deadlock. Nowhere was there any organized power standing around which the people could rally. a a tt 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 the 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)

Indianapolis Cash Grain

_ u —Oct. 13— R ,iV he f .k S * or _, car lots of grain at the call of the Indianapolis Board of Trade f. o. b., shipping point, basis 41%c New York rate, were: Wheat—Weak: No. 1 red. 69'%®70'ic: No 2 red. 68%®69%c: No. 2 hard. 68%®i b 9 2C. Corn—Weak: No. 2 white. 31%®32%c: No. 3 white, 30'%®32'/ac: No 2 vellow 29% 5 30'ic: No. 3 vellow. 28%®29%c; No 2 mixed. 28'%®29'%c: No. 3 mixed. 27%® 28 1 2C. Oats—Weak: No. 2 white. 26®27c: No. 3 white. 25© 26c. Hay—(F. o. b. country points taking 23*20 or less rates to Cincinnati or Louisville.l No. 1 timothy, $6.50®6.50: No 2 timothy. $5.5056. —lnspections— Wheat—No. 1 red. 3 cars: No. 2 red. 3 cars; No. 3 red, 1 carr No. 4 red. 1 car. No. 1 hard. 1 car; No. 2 hard. 1 car: No 3 hard. 1 car: No. 5 hard. 1 car; No 1 mixed. 1 car. Total. 13 cars. Corn—No. 1 white. 1 car: No. 2 white, 29 cars: No. 3 white. 6 cars: No. 6 white. 1 car: No. 2 yellow. 43 cars; No. 3 vellow. 34 cars; No. 4 vellow. 20 cars: No. 5 yellow. 5 cars: No. 6 yellow. 2 cars: No. 3 mixed, 1 cars; No. 4 mixed. 1 car. Total 143 cars. Oats—No. 2 white, 6 cars: No. 3 white. 5 cars; No. 4 white. 1 car. Total. 12 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 71 cents for No. 2 sort rea wneat. Otner grades on their merits. Chicago Futures Range WHEAT— Prev. Open. High. Low. Close, close. Dec. . .81'% .82% .78% .78% .83’/* May . .85 .86% .82% .82% .87% July . .83 .84% .80% .80% .85% CORN —* Dec. . .41% .42% .39% .39% .42% May . .48*2 .49 .45% .46% 49% July . .50'% 50% .48 .48% .51'% OATS— Dec. .. .32% .33% .30% 33% Mav .. .36'% .36% .34 .34 .37 July .. .34% 34'% .32 .32 .35 RYE— Dec .. .60% .61% 58 .58% .62'% I May .68% .68'% .65 .65 .69% ; BARLEY— Dec .. .49% 49% .47% .47% .51% 1 May . .54% .55 .53*% .53% .56% I LARD— Oct. . .517 5.17 5.10 5.10 5.20 I Nov 5.20 530 i Dec. . 5.37 5.40 5.27 5.27 5.40 Jan. . 6.00 6.00 5.80 5.80 5.97 I BELLIES— Oct 5.12 5.35 ! Dec 6.05 610 | Jan 6.05 610 I CHICAGO • CASH GRAIN By United Press CHICAGO, Oct. 13.-—Cash grain: Wheat —No. 2 red, 80c; No. 1 hard. 80’/*c. Corn —No. 2, mixed. 36%©37%c; No. 3 mixed. 36©36%c; No. 4 mixed, 35c; No. 2 yellow, I 37538%c; No. 3 yellow, 36%537c; No. I 4 yellow. 35%c; No. 4 new yellow, 31%c; No. 5 yellow, 34% 5 34%c No. 6 yellow, 32%® 34c; No. 2 white, 37%®38%c; No 3 white, 36%c; No. 3 new white, 35%c; j somple grade, 25®27%c. Oats—No. 2 whit, 29%®31c; No. 3 white. 29®29%c: No. 4 white. 27®28c; sample grade, 24J 4 c. Rye— No. 2,64 c. Clover—Seed. sßsll 50. Barley Srovisiont —Loose, $4.87; leaf, $4.75; D. S. eliies, $5.37. ST. LOUIS CASH GRAIN By United Press ST. LOUIS, Oct. 13.—Cash grain: Wheat —ln fair demand, 5 to S'ac lower on red and 3%c lower on nard wheat; No. 2 red. 79©80%c; No. 3 red. 78®78'2C; No. 1 hard. 80c; No. 1 mixed white. 81c. Corn—ln fair demand. % to lc lower; No. 2 mixed. 37'%@38%c: No. 2 yellow, 38c; No. 2 yellow, 38c; No. 3 yellow, 37%c; No. 5 yellow, 37c; No. 2. white. 39539)ic; No.' 3 white. 39c. Oats—ln fair demand, lc lower. No. 2. white, 31c; No. 2 mixed, 30c; I No. 3 white, 29c; No. 4 mixed. 27%c.

Quarterly Income Shares A limited management type of common stock trust. Full Information on Request Today’s Price $1.33 City Securities Corporation 420 Circle Tower Lincoln 5535

PAGE 7

HEAVY SELLING SENDS FUTURE PRICESLOWER December Wheat at Lowest Level Since June in Closing Sales. BY HARMAN W. NICHOLS United l’rc* Staff Correspondent CHICAGO, Oct. 14.—Liquidation set in on the grain markets again yesterday with the east a steady seller of wheat. At the inside figures, December wheat sold below 80 cents for the first time since around the middle of June. Weakness in Liverpool had some effect early, but later the market was dominated almost entirely by liquidation of long green. Corn and other grains were affected by the action of wheat, although declines were not so • pronounced. Because of commission house and local buying, corn developed independent strength. Wheat Off Nickel The first car of new white corn was received from lowa and sold at 35% cents, 6% cents under December. At the close today wheat was off 4 T s to, 5 cents; corn was down 2% to 3 cents, and oats was off 3 cents. The depression in the grain market drove down to provisions. Pronounced weakness in Liverpool brought pressure to bear on the wheat market at the opening and prices dropped as much as 3 cents early. Stop loss orders uncovered on the way down accelerated the decline. The cash price was 3 to 4 cents lower and. receipts amounted to 25 cars. News Is Offset Constructive news was offset by the action of wheat and corn dipped in sympathy. Cash sales were 150,000 bushels during the first few minutes of trading. This ordinarily would have created a bullish sentiment. Bookings were 100,000 bushels during the morning. The cash price was 1 to 1% cents lower and receipts were 572 cars. Oats was in sympathy with the general movement in other pits and at the extreme during the morning was off as much as 1 cent. The cash price was % to 1% cents iewer and receipts were 37 cars. Chicago Primary Receipts —Oct. 13— —Bushels— Today. Last week. Wheat 858,000 682,000 Corn 1,511.000 1,180,000 Oats 199,000 272,000 TOLEDO CASH GRAIN By United Press TOLEDO, Oct. 13.—Grain close: (Grain in elevators, transit billing). Wheat—No. 2 red, 79®80c. Corn—No. 2 yellow, 41%@ 42%c. Oats—No. i white, 32%®33%c. Rye—No. 2, 68 5 69c. (Track prices. 28%c rate). Wheat—No. 1 red. 75c: No. 2 red, 74® 75c. Corn—No. 2 yellow, 37@38c, No. 3 yellow, 38®37c, Oats—No. 2 white, 29% 5 30%c; No, 3 white. 28®29%c. Toledo seed close). Clover—Cash. $7 35; October, $7.35; December. $7 508. Alsike Cash — $8.50; December. $8.70.

U. S. Government Bonds Federal Land Bank Bonds Indiana Municipal Bonds T. P. Burke & Cos. Incorporated BUITE 217-224 CIRCLE TOWE* PHONE RILEY 8536

Information Regarding Government Refinancing of U. S. Liberty 4th 41/4% Bonds Available on Request e-'1 INDIANAPOLIS BOND AND SHARE CORPORATION 129 East Market Street Telephone Riley 4551

OCTOBER 12, 1933 NOTICE OF CALL FOR PARTIAL REDEMPTION OF FOURTH LIBERTY LOAN 4 1 /* PERCENT BONDS OF 1933-38 BEFORE MATURITY TO HOLDERS OF FOURTH LIBERTY LOAN 4 1 /* PERCENT BONDS 0F 1933-38 AND OTHERS CONCERNED: Public notice is hereby given: 1. Pursuant to the provision for redemption contained in the bondsand in Treasury Department Circular No. 121, dated September 28, 1918, under which the bonds were originally issued, all outstanding Fourth Liberty Loan 4\i Percent Bonds of 1933-38, hereinafter referred to as Fourth bearing th* serial numbers which have been determined by lot in the jnanner prescribed by the Secretary of the Treasury, arc called for redemption on April 13,1934,a5f0110w5: All outstanding permanent coupon bonds bearing feerial numbers and final digit of which is 9, 0 or 1, such serial numbers being prefixed by a corresponding distinguishing letter J, K or A, respectively; All outstanding temporary coupon bonds bearing serial numbers the final digit of which is 9. oor 1: and All outstanding registered bonds bearing serial numbers the final digit of which is 9, 0 or 1. 2. Interest on all such outstanding Fourth so called for redemption will cease on said redemption date, April 15, 1934. 3. Fourth bearing serial number* (and prefix letters) other than thos* designated are not included in or affected by this call for partial redemption. Holders of Fourth 4>£ are offered th* privilege, for a limited period, beginning October 16, 1933, of exchanging all or part of their bonds (whether called or uncalled) for anew issue of 10-12 Year Treasury Bonds, dated October 15, 1933, and bearing interest from that date at th* rate of percent per annum until October 15, 1934, and thereafter at th* rate of 3J4 percent per annum. Full information regarding the presentation and surrender of Fourth for redemption under this call is given in Treasury Department Circular No. 501 dated October 12. 1933, and full information regarding the optional exchange offering is given in Treasury Department Circular No. 602. dated October 12,1933. Copies of these circulars may be obtained from any Federal Reserve Bank or branch, or from the Treasury Depart- ■ Mat, Washington, D. C. W. H.Woooin