Indianapolis Times, Volume 45, Number 140, Indianapolis, Marion County, 21 October 1933 — Page 7

OCT. 21, 1988

Wall Street.

Government Bond Issue Going Over Well: Conversions Are Large: Inflation Ideas Changing. By RALPH HEVDERSHOT Timet So'clal Financial Writer S

The new United States government bond issue appears to be going over well. From Washington word comes that the $500,000,000 offered for cash has been well oversubscribed, and bankers and government bond dealers say that conversions of called and uncalled Liberty 4Us into the new long-term securities are coming in at a rapid pace. One authority estimated that total conversions might reach $1,250,000,000. Obviously the administration in Washington has been keenly interested in the manner in which the deal is going over and undoubtedly has drawn the well-known sigh of relief now that success is apparent. I* la the largest piece of financing the government ever attempted in

peace time and was engineered by a secretary of the treasury who never has laid claim to being a second Alexander Hamilton. Wall Street is beginning to be a little less certain that the new financing spells the end of inflation, however Some think that as soon as the financing is out of the way a swing back toward the “left” will be witnessed. A few would not be surprised if greenbacks were issued to take up some of the short-term notes which are constantly maturing. a a a Expect Jump in Car Loadings Private estimates in Wall Street place car loadings of the Class 1 railroads of the United States at close to 670.000 for the week ended Oct. 14, to be made public next Friday. If that figure is realized it would represent anew high record for 1933. the previous top being 666,652 cars for the week ended Sept. 2 and a gain of 20.000 over the corresponding week of last year. Car loadings are considered to be one of the best

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Ralph Hendershot

indexes of trade available Most people in the financial district prefer it to steel operations, for instance, or power output. A good car-loading statement probably would cheer the Street considerably at this time. a a a Many Humors Abound The Street is buzzing with rumors these days. A pool in a prominent copper stock is said to have gone overboard during the recent break. E. L Cord is reported to have been on the wrong side of the market of late. Harry Content Is reported to have loaded up on a rayon stock, with pool operations in mind. Mason Day, who made a basketful of money during the July rise, will be back from Europe shortly with bigger and better ideas, so it is said. Woolworth officials are reputed to be thumbs-down on the NRA. One of the unusual features of Wall Street these days is that the gossip is spread almost entirely by word of mouth. The brokers not only do not say anything in their letters to clients, but they refuse to take any responsibility for even that. Incidentally, they usually said the wrong thing in "the good old days.”

New (York Stocks ■" (By Abbott, Hoppin & Cos.)

—Oct 20— Prev. High Low Close Close Amerada 41% 39 40% 40% Atl Rig • 27% 26 26% 26% Barnsdali .. 8 7% < Con. c ol Oil 10Va 9 J 2 }9, 8 Cont of Del IS 3 * 15 15Va 15% Houston • newt.. . 4 * Houston iold). . 20% 19 20% 20 Indian Rfg - • S3 8 Mod Cont Pet . 10% 9% }8 4 Ohio Oil 13‘4 12 a 13 m 13% Pet Corp . 10% 9a 10 ® * Phillips Pet . .14 12% 13- 13% Pure 011 .10 b 10 10’a 10.* Roval Dutch .■ 31 3o* Sbd Oil 37 35% 36% 34% Shell Un 7V. 6% 6% 7 Simms Pet. B’a 8 f/a J > Sor Vac . 10% 10 10% 10* SO of Cal . . 37 s * 35’* 36% 37 a S O of Kan ... .. • 33 33 SOOf N J 40 38 % 39* 38 a Sun OH 46% 46 46 a ... Texas Corp 22* 21% 22 21 4 Tidewater Assn 10% 9% 10% 9* Un Oil of Cal . 18% 18% -B'* * 7 % Am*ftoU~Mills... 14% 12% 13% 13% Beth Steel . 25% 24 25% 23% Bvers A M 20 18% 19% 19 Col Fuel & Iron 4 3* 4 4 Ctuc Steel 15 14% 14% 14 4 Gulf Sts Steel -• 20 ... Inland Steel ..... • 26 -( Ludlum Steel 8% 8 8 8 McKeesport Tin. 69% 6/ * 67* <0 ■* Natl Steel 35 33% 34-a 33* Rrp Iron <fc St. 10% 9 JO .? 2 Ren I 6z S pfd. 'i2‘a 22 22 Vfe 20 U S Smelt 88-U Vanadium . •• 16 l * 14 a J® }* 8 , Mid Steel H 10 10% u S Pipe <fc Fdv 13 12 13 12/2 ! U S U S Steel pfd ■ 7 jVa 74 <5 ♦ .5 ; Youngs nS & T 13 a 14 l4 * Rails— ._ ii i, Atchison 48 45 4. a 45 * Atl Cst Line 29 28 4 29 28 B& O 2 % 9 20% 20% Can Pac 11 • 11 8 H.i Ch A Ohio 39 3.% 38* 3)% Chi A Gt W ~■• 2,* 2 a CMA St P... 4Va 4 4 a 4 CMA St P pfd 7% 5* 6* 6a Chi N W I % 6' 2 * 4 Chi R Isl • 3 % 33 3 a Dela A Hud . ... 48% 45 48 a 45 Erie 13*b 11 * *?.* 2 Ort Northern.. 16‘ 14 J-jV* 14 b 111 Central .... 24 21 a -3 a K C Sou 10% 9 a Lou A Nash • ■ 37% 34 37% 35* MK A T 8 4% 4; J 4,* Mo Pac 3% 3 a 4 3* Mo Pac pfd 5 4% 5 4* N Y Cent 29% 2b% 28 a *6% N Y Chi AStL 14 11 a 14 12 a NYCASt Lpf 16 14% 16 14 4 N Y New Haven la% 12 s a 14% 13 a S l3§? 131‘ 14§‘ Pen n P ß R■-• 25 * / * Reading 38 2 36 2 36 2 35 2 Son Pac 18% J 7 ’ 2 18 17 Sou R R 20% 17% 19% 18 SOU R R pfd ... 21* 1?% 21% 20* Union Pac 104 97 101 2 9i 2 Wabash 2% 2% 2% 2 a West Mary % 6* la < Motors— ~ Auburn 3i% 33 4 3i% J 5 Chrysler 40 36 39% 36% Gen Motors 26% 24 25 4 24 4 Graham Mot 2% 2 2_a 2 Hudson . . .9% 8% 9% 8 a MaoS Truck . 24% 22% 24% 22% Nash %% I*% I4 % If* Packard 3% 3 3a 3 Reo 2* 2 ■ 2 4% 2* Studebaker 4% 4 4 4 * Yellow Truck . 4% 3% 3* 3* Motor Access — Bcndlx . 11 a 10% 11% 11 Bohn Alum 42% 39% 41 40 Borg Warner 12* 11% 12% 12% Briggs 7% 8)4 7% 1 Buaa Wheel . 3% 33% 3% Eaton Mfg ... 11% 10% 10% 10% Elec Auto Lite 13% 11% 13 12% Houd ‘A I ’• • 2% 2% Mullins Mfg 4 4 Murray Body. 4% 3% 4 3* grew Warner 5% 4% 5% 5% Timken Ri •- • 24% 21% 23 22% Mining— Alaska jun . 20% 18% 20 19% Amer Smelt ... 34% 30% 33% 30 Anaronda 11% 10% 11% 10% Cal A Hecia 3% 3% 3* 3% Cerro De Pasco 27% 23% 26% 24 Granbv 7% 6% 7% 7% Gi Nor Ore 8% 7% 8% 8% Homestake M;n .315 301 315 303 Howe Sound . 22 22% Ins Copper . 4% 3% 4 3% Int Nickel . 17% 16% 16*4 16% Isl Creek Coal . . 21 30% Kennecott Cop . 17% 15% 17'# 16 Noranria Cop 30 28% 29% 2R% Phelps Dodge 13 11* 12% 11% Pitts Coal 12 12 Tobaccos— Am Snuff ... . 48% Am Sum Tob 13% 12 13 11 Am Tobacco 77 78% 77 77 Am Tobacco B 81 ~8% 79% 79 Gen Cigar .29 28% 29 29 Ligg A Myers B 90 89'4 89'4 90 Lorrlllard 18% 18 18% 18% Reynolds Tob B 46% 45% 45% 46% Equipment*— Allis Chalmers 14% ll'a 13% 12 Am Car A Fdv. 21 s * 18% 21 18% Am Loco 26 21% 23* 21 Am Mach A Fdv 14 13% 13’te 13% Am Steel Fdv 16 14% 16 15 Bald Loco . 10% 8% 10% 8% Burroughs 12% 10* 12% 11 Case J I 60% 55% 58 55 Cater Tract 17 s , 15 17% 15% Colgat Palm Peet 12% 12 12 12% Congoleum 22 20% 22 20 1 4 Elec Stor Bat 35% 35 35% 38 Foster Wheeler 13 11'. 12'* 11% Gen Am Tk Car 27* 25% 27% 26% Gen Elec . 18% 16% 17% 16', Gen R R 81g 29% 28 28 Ingsol Rand ... 49 45 49 48 Int Bus Mach 129 126 129 130 Int Harvester 33 s , 30% 33 30% KelvlnaOor . . . 11% 10% 11 11 Natl Cash Reg 14 12 s # 13% 13 Proo A Gamble. 36'# 34% 36% 34% Pullman Inc ... 43 40 43 40% Simmons Bed 15’# 13% 15% 14% Urd Elliot . 24% 34 041. 34 West Air )B' 25 23% 23 * 25', Westlrtgh Elec 32% 29 Si's 29% Worthington P . 17% 15* 16 s * 17% Utilities — Am A For P*: . 7% 6% 7', 6 s # Am Pwr A Lit 7', 7 7% 7 A T A T .115% 112% 114’. 112 s . Am Wat Wks 20% 19 19 s , 19 Col Gas A El 12% 1% 11% % 11% Com A Sou. 2% 2 2', 2'a Consol Gas 41%'' 39 s , *o’, J 9% Flec Pwr A Lit . 6 5% >% 5% E R A L pfd 11', 1! 11% 11 Int T A T 10% 9% 10% 10 Lou O A E A 15% 15% Nat Pwr A Lit.. It'* 10% 11 10% North Amer . 17'* 16% 17% 16% Pac G A E 19% 18% 15% 19 Pub Serv N J 38% 35’, 37* 37 So Ca! Edison 18 17% 17’, 18'* Std Gas ... 9% B’. 9', 8% Std Gas pfd .. 9% 9'. 9% 9% United Corp . * 5% S’, ss, Up. Gas Imp 16’, 16% is% Ut Pwr A Lit A) 3% 3', 3', 3% Western Union 45’, 41% 44 43 Rubber*— Fireaton* .. .. 17% 15% 16% ij% Goodrich 10% 9', 10% 9', Oo©dyer 27 % 25 26% 25% 1 § s°**' io’. 11% u% U 8 Ruh&r pfd 20 17% 19 Kel Spring 2% 2 2% 2% Amusements— . _

Fox Thea .. .. 13% 13 13% 12% Loews Inc 27‘ 2 25 26% 25% Radio Corp 6% 6 6% 6% RKO 2*4 2 2% 2 Warner Bros . 6% 5% 6 6 Foods— Am Sugar .. . . 50% 49% 49% 51 Armour A 3V 2% 3% 3% Beatrice Cream. 10% 10V e 10% 10% Borden Prod 22 21% 21 Va 22 Cal Packing . 17% 16% 17% 17 Can Dry G Ale 26% 24 24% 24 Coca Cola .91 90 91 90% Cont Bak A 9% 8 9% 8% Corn Prod 78 76% 77V, 77% Crm of Wheat 26*4 26 26) 26 Gen Foods 33 32 *4 32% 32% Gold Dust .... 17 16% 17 16% G W Sugar 33% 31 32 30Vi Hershev 44% 44 Int Sait 21% 21V< 21% 22 Loose Wiles .... 30% 35% 35% 35% Natl Biscuit .45 44V, 44% 44% Natl D Prod .. 13% 13 13% 13 Pet Milk 12 Purity Bak 13V, 12 13V, 12% S Porto Rico Sug 35*% 32% 34% 32% Std Brands .22*4 20% 21% 20% United Fruit 55% 54 55% 55% Ward Bak A . 8 7% 8 7V, Wrigley 50 50% Retail Stores— Asso Drv Goods 10% 9% 10*/4 10% Best &Cos 21% 21 21% 21V4 Gimbel Bros 4 3% 4 4 Hahn Dept Sts . 4% 3% 4% 4 Gr Un Tea 4% 3% 4*4 4 Krec S S . 11V, 10% 10% 10% Kroger Groc 20*4 19 20 19% Macy R H . . 48% 48V, 48% 48% Mav Dept St . 25% 24% 25 26 Mont. Ward 17% 14% 16% 15*, Penny J C 40 39% 39% 39*4 Saleway St 38% 36% 38 1 a 37% Sears Roebuck 35% 32% 33% 32% Woolworth .... 35V, 35% 35% 35% Aviation— Aviation Corp... 7% 6% 7% 6% Douglass Air . . 11% 11’% 11% 11% Curtiss Wright . 2% 2 2 2 Curtiss Wr A .. 4% 4 4 4 Nor Am Av . . . 4% 4% 474 4% United Aircraft. 27% 25% 26% 25% Chemicals— Air Reduction 98% 95 Allied Chem 131 126 128% 128 Am Com Alcohol 53% 48% 52 49 Col Carbon 49 45 49 47V, Com Solvents... 33 30% 32 30V, Dupont 72% 69 71V, 69% Freeport Tex . 40*2 39 40% 40% Liquid Carb .... 23% 21*% 23% 23 Math Alkali . . 36% 34% 36% 34% Tex Gulf Sulph. 34’2 32 32* 2 32% Union Carbide 37% 34% 36% 34% U S Ind Alcohol 63% 57 80% 60 Nat Dist .. .. 73% 88% 90% 90 Drugs— Coty Inc 3% 3% 3* 4 3% Lambert 26% 25*2 25% 26 Lehn & Fink. .. 16 15% 157, 15% Zonite Prod .... 5% 4% 4 7 /, 4% Financial— Adams Exp ... 6% 6% 6% 6% Allegheny Corp .3% 33% 3% Chesa Corp 33 32 33 33 % Transamerica .. 5% 5 5% 5% Tr Conti Corp.. 3% 3% 3% 4 Building— Am Radiator ... 13V, 11% 12% 12 Gen Asphalt . 13*2 12% 13 13 Int Cement . . 26*2 24% 25% 25 Johns Manville 49 45 47% 45 Libbv Owens Gls 27% 25% 26% 26 Otis Kiev 13% 12 12V, 12 Ulen Const 1% 1% 1% 2 Miscellaneous Am Bank Note .12 11% 12 12 Am Can 89 85% 86% 85 Anchor Cap 17% 15% 17 s , 17% Brklyn Man Tr. 30% 27% 29% 28 Conti Can .. . . 60% 58% 59 a 59 Eastman Kodak. 70*2 68% 69% 69 Owens Bottle .... 70’, 69% 7*4 70% Gillette 10% 10% 10% 10% Glidden 14*4 13*4 14% 14 Gotham Silk . . 7% 6% 7% 7% Indus Rayon 67% 62% 66 65 2 Inter Rapid Tr.. 10', 9 10% 9% Real Silk Hose.. 9 8% 9 8% Liberty Bonds By United-Prees NEW YORK. Oct. 20.—Closing liberty bonds (Decimals represent 32nds): Liberty 3%s (32-47) .... 102 22 Liberty Ist 4' t s <32-471 }?? ?? Liberty 4th 4' 4 s (33-38) . 103.21 Treasury 4%s (47-52) 110.14 Treasury 4s (4-54) 106.18 Treasury 3%s 146-56) 104 23 Treasury 3%s • 43-47 102.2 Treasury 3 3 ,s (41-43' March 102.1 Treasury 3'Ss 140-43> June... 102 Treasury 3%s <46-49) 100 9 Treasury 3s (51-55) . 98 23 Treasury 3's (41 > 101.12

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. $5.75: egg. $5.50; mine run. $5.25. Indiana No. a, lump. $5.50; egg. $5.25; mine run. $5. Glendora, lump and egg. $6 25. Brazil Block, lump and egg. $6. RETAIL STEAM PRICES Pocahontas lump. $5.75; estg $5.50; nut and pea. $5,75; mine run. $5.95. West Virginia lump. $5.75; egg, nut, pea. and mfne run. $5.50 Kentucky, lump, $5.75; egg. nut. pea and mine run. $5.50. Indiana No. 4 and 6. lump. $5; egg, $4.60; nut and mine run. $4.50 Coke, truck or wagon load lots. egg. and nut $7.50; pea. $5 50. Coke, less than truck or wagon load lots, egg and nut. $8.50; pea, $6.75.

Federal Farm Loan Bonds

(Bv Bivth Sc Cos , Inc.) —Oct. 20— Bid. Ask. 4s Nov 1. 157-37 86 87 4s Mav 1, 1950-36 86 87 4%s July 1. 1956-36 87 88 4%s Jan. 1. 1957-37 87 ,88 4*s Mav 1. 1957-37 87 88 4'.s Nov. 1. 1958-38.. 87 88 4%s Dec I. 1933-32 100** 100*. 4%s Mav 1. 1942-32 92 93 4s Jan. 1. 1943-35 92 93 4%s Jan. 1. 1953-33 90 91 4%s July 1. 1953-33 90 91 4* 2s Jan 1, 1955-35 90 91 4%s Julv 1. 1955-35 90 91 4%s aJr. 1. 1955-33 90 91 4%S July 1. 1953-33 92 93 4%* Jan. 1. 1954-34 92 93 4 3 4s Julv 1. 1954-34 92 93 5s May 1. 1941-31 97 97% is Nov. 1 1941-31 97 97% Home L-oan 4s July 1. 1952 86% 87% NEW YORK COFFEE FUTIHES —Oct 20— SANTOS . High Low Close January 7 $4 March . 793 770 788 Mav 798 784 795 July 795 780 7.95 September $.17 December 784 770 782 RIO January 54® March 551 536 5.51 May 5.56 540 5.56 July 5.48 September } 5 66

STOCKS SHARES CLIMB UPWARD IN FAST SALES Foreign Rumors and Strong News Reports Push Issues Higher.

Average Stock Prices

Average of thirty Industrials for Thursday . High 88 82. low 34.26. last 84.38. off 4 37. average of twenty rails, 35.98>. 33.84, 33.38. off $2 43, average of twenty utilities 24.10, 23.13 23 24, off 91. average of forty bonds. 84,11. off .30. BY MAX BUCKINGHAM, United Pres* Financial Writer NEW YORK, Oct. 21. —Stocks snapped back yesterday after two days of price shattering declines and trading picked up materially. The technical rally many market observers had expected was aided greatly by rumors afloat in Wall street of Russian recognition. United Press advices from Moscow 7 said President Roosevelt and Nikhail I. Kalinin, president of the Russian central executive committee, had exchanged messages preliminary to opening of diplomatic negotiations in Washington. News Reports Bright These rumors and technicalities were also aided by excellent earnings and dividend reports from several major companies which motivated traders to turn on buying power. Activity on the buying side reached its most impressive stage in several weeks shortly after midday, but trading quieted down near the close. Wheat at one time climbed the maximum permissable fluctuation of 5 cents a bushel, but receded from the highs at the close. Cotton was strong. Convertible bonds had a good gain along with the stock market and the United States dollar gained in relation to foreign currencies. All groups shared in the recovery but the hard pressed industrial list, which had undergone the most severe hammering in preceding sessions, gave the best tone to the come-back. Tickers Fall Behind After an irregular opening, in which the ticker was unable at times to keep up, a relatively steady market prevailed. Then came the early afternoon buying spurt. On that rise, United States Steel was lifted to 38, a rise of 2% points, but it receded to around 37. American Telephone fell back from a high of 115% to slightly under 115, but maintained about a 2-point gain. Du Pont showed a gain of more than 2 points.

Bank Clearings

INDIANAPOLIS STATEMENT . —Oct. 20Clearings $1,526,00000 Debits 4.331.000.00 TREASURY STATEMENT —Oct. 20Net balance $1,029,129,437.35 Misc. Int. Rev. receipts . 5,005,776.64 Cust. Rcpts. (mo. to date) 18,669.811.95 New York Curb (By Abbott. Hoppin & Cos.) —Oct. 20Close. Close. Alum Cos of Am 53 Imperial Oil . 11% Am Bev 2 Inti Ptrol .... 17 Am Cyan B ... 9%L Shore Mines.. 43% Am Sup Pwr ... 3% Lone Star Gas. 6V, Ark Ntl Pwr A. 1% Mount Prod .... % Ass Gas G I, Natl Bellas Hess 2 Atlas Ut Crp . . 9%<Niag Hud Pwr. . 5% Axton 63% Pan Am Airways 42 Braz Tr Sc. Lt. . 11% Pennroad 2% Cities Serv .... 2% St Regis Paper. 2% Cord 6% Salt Creek Prod. 5*4 El Bnd & Sh. . . 16% Std Oil of Ind.. 29V, 1 Ford of Eng ... 5% Std Oil of Ky.. 14% Ford Mot Can. 9% Un Lt Sc Pwr A 3 Hudson Bay Min 8%,W Hargraves... 7%

Daily Price Index

NEW YORK. Oct. 20— Dunn Sc Bradstreet's daily weighted price index of 30 basic commodities, compiled for the United Press: (1930-1932 average, 100) Today 97.90 Yesterday 97.18 Week ago 97.62 Month ago 104.20 Year ago 75.57 1933 High (July 181 113.52 1933 Low (Jan. 20' 67.86 'Copyright, 1933, Dun & Bradstreet, Inc. 1

On Commission Row

Cranberries —Cape Cod early blacks, 25lb. box. $2.25. Grapes—California seedless, crate. $2.25; California Tokays, crate, $1.45: Ohio Concords, 12 2-quart baskets. $1.65; Michigan Concords. 12-quart basket, 35c. Melons —California Honevdews. (9s-12s) $1.75, Jumbo flats. (12s‘. $11.50: Persians, 16s' per case. $2.50; Casabas. (Bs> per case, $3 Pears—New York Bartletts (No. Is), per bushel. $2.50; Oregon Bartletts (1355-150s--165si, 53.25: Avacados, Fla., (10s-16s), crate, $2 Bananas—Per pound. 5%c. Appap —Wealthy. Wolf River, Grimes Golden%Jonathan, $1®1.50 a bushel; fancy Jonathans, $2 25 a box. Grapefruit—No 2, sealed-sweet case, $2.80; dozen. *1.45: No. 2, Phillips Juice, case. $2.60: dozen, $1.35. Prunes—ldaho Itallian. 16-lb. lugs. $1.15. Oranges—California Valencias. $4#4.50 a box. Lemons—Fancy California. $6.50 a box. Vegetables Cabbage—lndiana Dannish. 50-lb bag. $1: Eastern Dannish. 50-lb. bag. $1.25. Onions—Utah Spanish. 50-lb. bag. $1.35; ■Western white, 50-lb. bag, $1.75: Indiana white. 50-lb. bag. $1.50. Indiana, yellow. 50-lb. bag. 95c; 10-lb. bag, 34c. Beans—Home grown, round stringless, bushel. 51.50: Kentucky wonders bushel, $1 25 Beets—Home grown, dozen,2sc; bulk per bushel. 85c. Carrots—Home grown, dozen. 35®40c; bulk, per bushel, *l. Cauliflower—Utah (lOs-lls-lst crate, $1 60; Colorado (13sl4si crate, $1.25. Celery—Michigan Mammoth, bunch, 60c: medium bunch. 35c: hearts. 30c: 16 bunch flat crate, 85c Lettuce—Home grown, 15-lb. basket. 6O0; home grown, Endice. dozen 40c; Iceberg, best 4s crate. $3: 5s crate $3.25 Radishes—Buttons. Ohios. dozen, 60c; per 2 dozen basket. sl. Spmach, broadleaf. per bushel. 75c. Turnips, per bushel, 85c. Tomatoes—Home grown. 10-lb basket, 40c: home grown, per bushel. $125. Potatoes—Northern Round White. 100-lb. bag. $1.65; R R. Ohios. 100-lb. bag. SI 65: Minnesota cobblers. 100-lb bag. $1 65: Idaho Russets bakers. 100-lb. bag. $2 25; 15-lb. bag, 34c. Sweet Potatoes—lndiana Jersevs No 1. bushel. $1 40. Nancv halls, per bushel. *l.lO. CHICAGO FRUIT MARKET By Z'nited Preee CHICAGO, Oct 20—Apples—Michigan Jonathans, bushel. *1®1.25: Delicious, bushel. sl2s® 135. Pears—lllinois and New York, bushel. sl®l,lo. Carrots—lllinois. %c .bunch. Egg Plant—lllinois. 25# 35c bushel. Spinach—lllinois, 40® 75c a bushel Beans—lllinois green. $1 25® 1.75 bushel: wax. $1.75®2 Cabbage—Wisconsin. 90c® $1 crate. Tomatoes—Michigan. 25§40c 12-quart. Grapes—Michigan. 27® 29c 12-quart Peaches—California. 90C5 $1.15 box. Onions —Idaho and Washington Valencias, bushe:, 70®90c; Wisconsin veflows. 65®70c bushel; Illinois yellows. Ssg 70c; Indiana yellows. 65(g70c. Births Boys Earl and Margaret Golder. 1432 Kappes. Harry and Mollie Sherr. St Vincent's hcspita’l. Sylvester and Mary Ahierlng. St. Vincents hospital. Thomas and Bessie Hogan. St. Vincent's hospital. James and Mabel Scott. 2954 Martindale. Girls Francis Goodwin. St, Vincent’s

THE INDIANAPOLIS TIMES

Chicago Stocks] —"By Abbott. Hopple. to.Co.

TOTAL SHARES, 82.000 —Oct. 2b High. Low Close. Abbot Lab 38% Acme Steel Cos 21 Adams Mfg .. ... § Asbestos Mfg 3% 3% 3% Automatic washer 2 Bastin-Blessing 5% 5*4 5% Beatrice Creamery .... 11 10% 11 Bendix Aviation 12 10% 11** Berghoff Brew Cos 8"4 8% 8% Binks Mfg . ■ • 2 Borg-Warner 12% 11'a 12** Butler Bros 32% 3 Cent IU Pub Serv pfd 18 Cent & So West 1 Cent Sc So West P L pfd 9% Chain Belt 16, Chi N North Western. 7% 6-a 7% Chicago Corp C0m.... 2% 2 2 Chicago Corp pfd 22 21% 21 % Chicago Mail Order... 10*4 10 10% Chicago Yellow Cab... 14’/a 13a 13.a Cities Service 2% 2 2% Coleman Lamp Sc 8... .. • 6*4 Commonwealth Edison *244 Cord Corp 6% 5% 6** Crane Cos Sfa Davton Rubber 22 a DeMets. Inc. Pfnce 15, Dexter Cos Eddv Paper ■ • • a Fitzsimmons Sc Connell. .. •- 12 General House Util .... 13 122 13 Great Lakes Dredge. . 15% 15 15*4 Grigsbv-Grunow 1% 1% 1 * Hart. S&M 10 Houdaille-Hershev "A" 7‘/a Houdaille-Hershev "B 22 Iron Fireman ,?.* Jefferson Elec •• •• • Kalamazoo Stove 15*4 lt> 15/* Kevstone Steel • • Kingsbury Brew Cos 8;a 7% 8 a Libby-McNell 2% 2*4 2% Lion OU Reflnging Cos.. .. ■ . 5 Lvnch Corn 30% 28% 29** Marshall Field 13 12 4 12 4 McWilliams Dred Cos 13Va 12 4 132 Middle West Utilities % % % Midland United *4. % ** Mlckleberry's Food. . 2% 22 22 Ontario Mfg 7% 7 h 74 Public Serv, N. P. • • 20% 20 20Va Quaker Oats 1% 14 I*4 Ravtheon V. T. C 2 1 2 Raytheon Pfd Va % % Si Louis Nat Stk Yards .. ... 36 Sears Roebuck. 33*4 32 33% Sivyer Steel Cast 6*4 Southern Union Gas. . *4 Swift &Cos 13*4 11V* 13*8 Swift Internacional .... 21% 19*4 21 Thompson J R 7 6% 7 United Gas Corp ... 2Va Utility & Ind I*4 1 Utility & Ind pfd 3 Vortex Cup Cos 5% Vortex Cup Cos fA > 25 Walgreen Cos com 16 15*4 16 Ward. Montgomery iAI 59 58 58% Wieboldt Stores .. . . 10%

Investment Trust Shares

(By Abbott. Hoppin Sc Cos.) —Oct. 20— Bid. Ask. American Bank Stocks Corp 85 .90 American & General Sec A. . 5.00 6.00 Basic Industry Shares . ... 2.81 2.86 British Type Inv Tr Sh 45 .50 Collateral Trustee Shares i A i.. 4.00 4.37 Corporate Trust Shares (old).. 1.98 2.02 Corporate Trust Shares (new) . 2.03 2.07 Cumulative Trust Shares 3.46 3.52 Diversified Trust Shares 'A).. 6.25 .... Diversified Trust Shares iß> . . 6.87 7.25 Diversified Trust Shares iC),. 2.65 2.70 First Insurance Stock Corp. 1.25 1.30 First Common Siock Corp 85 1.00 Fixed Trust Oil Shares (A). .. 7.25 .... Fixed Trust Oil Shares (8i.... 6.05 .... Investors, Inc 16.25 16.62 Low Priced Shares . 3.68 4.78 Mass Inv Trust Shares 16.12 17.62 Nation Wide Securities 2.85 2.95 North American Tr Shares (53) 1.64 No American Tr Sh (55-56).... 2.08 2.11 Petroleum Trust Shares (A>... 11.00 14.00 Sleeted American Shares 2,12 .... Selected Cumulative Shares.. . 6.20 6.35 Selected Income Shares 3.00 3.25 Std American Trust Sh (A).... 2.70 2.76 Trust Shares of America 2.62 2.66 Trustee Std Oil (A) 4.75 487 Trustee Std Oil ißt 4.20 4.40 U S Electric Lt & Pwr (A) 11.25 11.75 Universal Trust Shares 2.58 264

Produce Markets

Delivered In Indianapolis prices—Hens, 10c; Leghorn hens, 7c; heavy breed springers. 10c; 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., 4c: geese, full feathered and fat. 4c; No. 1 strictly fresh country run eggs, 18c; strictly T° ts eac *i full egg case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 pounds will be made. Butter—No. 1. 25(ff26c; No. 2, 22® 23c. Butterfat, 18c. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. Oct. 20.—Eggs Market, steady, receipts, 2,590; extras firsts, 19%c; dirties 13%c; current reecipts, 16<g>17c. Butter—Market, unsettled, receipts, 13,158; special. 23%@24c, extras, 23c; extra firsts, 20%@22c: firsts, 18:*!19%c; seconds, 16%® 17c: standards, 21c. Poultry—Market, unsettled. %@1 cent lower; receipts, 46 trucks, 2 cars; fowls, 12%fg13c; Leghorn broilers, 7c; ducks, 8®10c; geese, 9®llc; turkeys. 8c; young turkeys. 12®13c. Cheese —Twins, 11%® 12c; Longhorns, 12%®12%c. Potatoes—Supply heavy; demand and trading slow; market, steady; Wisconsin Round Whites, sl.lo® 1.15; North Dakota Cobblers, Red River section $1 15® 1.25; Early Ohios, $1.15®1.20; few $1.25; Minnesota Cobblers. Red River section $1 15 ®.1.20: early Ohios. $1.10®1.16. other sections Red River Ohios, $1.05®1.10; Colorado McClures. $1.45® 1.55; Idaho Russets, $1.55 ® 1.65; South Dakota Round Whites, 90c@ $1.05. Shipments. 839; arrivals, 99; on track 362. CINCINNATI. Oct. 20,—Butter—Packing stock No. 2. 14c: No. 3.10 c; butter fat. delivered. 17c. Eggs—Steadv (cases included'; extra firsts. 24c; seconds. 18c; nearby ungraded, 22c. Live Poultry (Following quotations represent prices for poultry in good healthy condition. Thin and coarse stock sells only at heavy discount)—Fowls. 5 lbs. and over. 12c: 4 lbs. and over. 10c; 3 lbs. and over 8c: Leghorns. 3 lbs. and over. 6c: roosters. 7c; colored broilers. 1 lb. and over. 15c; 1% lbs. and over, 14c: 2 lbs. and over. 12c; colored fryers. 3 lbs. and over. 12c; roasting chickens. 4 lbs. and over. 13c; Leghorn broilers. 1 lb. and over, 15c; 1% lbs. and over. 14c: 2 lbs. and over. 8c; partly feathered. Bc. Ducks, under 3 lbs., sell at liberal concessions; ducks, white, 4 lbs. and over, 9c: under 4 lbs.. 8c; colored. 4 lbs. and over. 8c: under 4 lbs.. 7c; guineas, old. 8c; voung guineas. 1% lbs. and over, 15c; 2 lbs. and over. 15c: turkeys. No. 1, 17c. Other Livestock BY UNITED PRESS EAST BUFFALO. Oct. 20— Hogs—On sale, 2,400; tw'o way trade, weights above 170 lbs., weak to 10c under yesterday’s average; light weights, steady to 25c higher; desirable, 150-210 lbs., $4.90 to mostly $5: some held above $5.10; 120-150 lbs., $4.50® 4.75. Cattle—Receipts, 400; grass cattle slow, steady, cows and bulls, weak to 15c lower; few good lightweight yearlings, $6. good steers and heifers, $3.25f®4.25; cutter cows, $1.25®2: extremes downward to $1; medium bulls. 52.75; calves, receipts. 350: vealers, steady to weak; good to choice, $7.50 to mainly $8; common and medium, $5.50® 6.50. Sheep —Receipts, 1,200: lambs, unchanged: good to choice, $6.75® 7; mixed offerings, $8.25® 6.50: medium kinds and fat bucks. 35.75® 6: throwouts around $5 and down to $3.25 for inferior light weights. By Timfs Special LOUISVILLE. Oct. 20.—Cqttle—Receipts, 200: slaughter steers and heifers moderately active and fully steady to strong; other classes slow and little changed, bulk common to medium grass steers and heifers, $2.505 3.50; few to $3.75: better finished dryfeds quotable $4 50® 5.50; bulk beef cow-s, $1.50®2; practical top $2.25; low cutters and cutters mostly 50c® $1: bulk sausage bulls. $2.25 down; native Stockers and feeders mostlv. s2® 3; desirable hereford heifer stock calves. $4.25®4.50. Calves —Receipts, 250: steady; bulk better vealers, $5®5.50: strictly choice handyweights eligible to $6; medium and lower grades, $4.50 down. Hogs—Receipts, 500, 10c lower; 180-235 lbs.. $4.50; 240-275 lbs., $4.05: 280 lbs. up. $3.80: 140-175 lbs., $3.70: 135 lbs. down, $2; sows, $2.65; stags, $1.60. Sheep—Receipts, 250: steady; bulk medium to good lambs. $5.50® 6; choice kinds eligible to $6.50: bucks discounted. $1; throwouts mostly. $3.50: culls down to $2 50: fat ewes. si®2 Receipts vesterdav: Cattle. 165: calves, 234; bogs. 355; sheep, 203. Shipments yesterday: Cattle 39; hogs, 143. Deaths Robert Summers, 65. city hospital, septicemia. Annabelle Neal. 8, 433 East Tenth, scarlet fever. Rosella Skinner. 64, city hospital, hvpostatic pneumonia. ' * Tracy Price. 75, 2718 Franklin place, chronic myocarditis. Ralph Kattman. 44. Veterans’ hospital, epilepsy. True Phipps. 33. 3002 East Michigan, pulmonary tuberculosis. Florence Hinkston. 60, Central Indiana hospital, coronary occlusion. James C. Kelley, 20. 1123 West New York, otitis media. Pearl Weaver. 58. 2223 South Brooksf.de parkway, cardiovascular renal disease. May L. Hambrock. 57, Christian hospital: bowel obstruction. Daniel Tibbs 75, city hospital, hypostatic pneumonia. Jesse C. Dyer. 24. 1510 Columbia, pulmonary tuberculosis. Christian Werner, 91. 1508 Leonard, arteriosclerosis Judson A Hilsabeck, 324 East Walnut, coronary thrombosis. Alexander Radzio. 50, Central Indiana hospital, hypostatic pneumonia Isabelle Jane Luzader, 79, 108 South Butler, carcinoma Emma Brokau. 81, 3449 Broadway, acute myocarditis Sarah Miller. 70, St. Vincent's hospital, carcinoma May Hoop, 59. 1445 Fletcher, chronic myocarditis. George P. Sanders. 84, city hospital, carcinoma. „. Mamie Morris, 36. 1014 Colton, intes-

STEADY RANGE MARKS TRADING IN HOGMARKET Cattle Scarce and Mostly Unchanged; Lambs Up 25 to 50 Cents. Pork market at the city stockyards yesterday continued steady with yesterday's average. Initial trade was slow. The bulk, 160 to 300 pounds, sold for $4.10 to $4.50. Few classes remained inactive. Bulk of heaviest weights scaling from 300 pdunds and up was salable at $4.10 to $4.35, while lighter grades from 130 to 160 pounds were selling at $4.10 to $4.35. Light lights averaging 100 to 130 pounds, sold at $3.35 to $3.85. Receipts were estimated at 6.000. Holdovers. 187. Cattle were scarce, with hardly enough stock on hand to establish a market. Trading was fairly active in all classes of cows. Bulk of slaughter cows sold from $2 to $3. Low cutter and cutters were selling from $1 to $1.75. Vealers resumed trading in a steady range, selling from $7 down. Cattle receipts numbered 300; calves, 500. Lamb market was active and around 25 to 50 cents higher compared with previous sessions. Bulk of good ewe and wether lambs were salable at $7.25 to $7.50. Bucks sold at $6.50 down. Throwouts ranged down to $4. Fat ewes were quoted at $2 to $3. Receipts were 1,200. Initial bids on hogs at Chicago showed an advance of from 10 to 15 cents over yesterday’s average at $4.65 downward. Receipts were estimated at 7,000, including 3,000 direct; holdovers, 2,000. Cattle receipts were 1,000; calves, 700; market steady. Sheep receipts, 10,000; market. weak.

HOGS Oct. Bulk. Top. Receipts. 13. $5 054| 5.10 $5.15 3 500 14. 4.90# 4.95 5.00 4,000 18. 4.75®. 4.80 4.80 8.000 17. 4.60# 4.65 4.85 6,000 18 4.45®. 4.50 4 50 6,000 19. 4 45# 4 50 4 50 4,500 20. 4 45# 4.50 4.60 6,000 Market steady. (140-160) Good and choice. ..$ 4,25® 4.35 —Light Weights—-(l6o-180) good and choice ... 4.45 (180-200) Good and choice ... 4.50 —Medium Weights—-(2oo-220) Good and choice. 4.50®. 4.60 (220-250) Good and choice, 4.50@ 4 60 —Heavy Weights—-(2so-290) Good and choice 4.45® 4.55 (290-350) Good and choice 4,25@ 4.45 —Packing Sows—(3so down) Good 3.60® 385 (350 up) Good 3.40® 3.75 (All weights) medium 3.25@ 3.60 —Slaughter Pigs—-(loo-130) Good and choice.... 3.35@ 3.85 CATTLE Receipts. 300; market, steadv. (1.050-1,100) Good and choice $ 5.00® 6.25 Common and medium 3 00® 5.00 (1,100-1,500) Good and choice 5.25® 6 35 Common and medium 4.00® 5.25 —Heifers—-(so-750) Good and choice 5.00® 6.25 Common and medium 2.75# 5.00 (750-900) Good and choice 4.50® 6.00 Common and medium 2.50® 4.50 —Cows— Good 2.85® 3 25 Common and medium 1.75® 2.80 Low cutter and medium 75® 1.75 —Bulls (yearlings excluded) Good (beefl 2.50® 3.25 Cutter, common and medium,. 1.50® 2.50 VEALERS Receipts. 500; market, steady. Good and choice $ 6.50® 7.00 Medium 4.50# 6.50 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice 4 00® 5.00 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, 1,900; market, higher. —Lambs—(9o lbs. down) Good & choice.* 7.00® 7.50 (90 lbs. downi Com. and med.. 4.00® 3.00 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS CHICAGO, Oct. 20.—Hogs—Receipts, 7,000. including 3,000 directs; slow, unevenly 10@20c higher; 140-290 lbs., $4.25® 4.65; top, $4.70 for weights over 200 lbs!; pigs, $4 down; packing sows, [email protected]; smooth lights, $3.75; light l.ghts, 140-160 lbs., good and choice, $4.25®4.55; light weights, 160-200 lbs., good and choice, 54.35®4.65; medium weights. 200-250 lbs, good and choice. $4.40®4.70; heavy weights, 250-350 lbs., good and choice, $3.75®4.55; packing sows. 275-550 lbs., medium and choice, $2.85®3.75; slaughter pigs, 100-130 lbs., good and choice, $3.25(3,4.25. Cattle—Receipts, 1,000; calves, receipts, 700; generally a slow market; about steady with week; yearlings and light steers still in best demand; no weighty bullocks on outside accounts; best long yearling steers averaging $6; bulk fed steers. $4.25®5.50; grassers and feeders, $2.50®4; most common' and heavy steers. $2.25® 3; slaughter cattle and vealers: steers 550-900 lbs., good and choice, $5.25® 6.40; 900-1.100 lbs., good and choice, $5®6.40: 1.100-1,300 lbs., good and choice, $5®.6.35; 1,300-1.500 lbs., good and choice. $4.75®6 25; 500-1.300 lbs., common and medium. $2.75® 5; heifers, 550-750 lbs., good and choice. $5®6.40; common and medium. $2.75®5.25; cows, good, $2.75®4common and medium, $1.75®2.75; low cutter and cutter, S1 <5 1.75; bulls, yearlings excluded, good beef, $2.90® 3.25; cutter, common and medium, $1.60(52.85; vealers, good and choice, $5.75®7.50; medium, $4.50®5.75; cull and common, $3.50®4.50: Stocker and feeder cattle: steers, 550-1,050 lbs., good and choice, $3.75®5.25; common and medium, 52.25®4. Sheep—Receipts, 10.000; asking strong to 25c higher on natives and steady on rangers; early sales on natives. $7 down, best held above $7.25; rangers scarcely as attractive as Thursday: indications" around s7® 7 25; sheep and feeding lambs, firm; slaughter sheep and lambs: lambs 90 lbs down, good and choice, $6®7.50; common and medium, 54®6.25; ewes, 90-150 lbs., good and choice. $1.50® 2.75; all weights, common and medium, sl®2: feeding lambs: 50-75 lbs., good and choice. s6® 6.60. EAST ST LOUIS, 111., Oct. 20—Hogs— Reee,pts, 5,000; marke.t around 5 cents j lower; slow at decline; few pigs steadv to weak: top $4.65; bulk 160-230 lbs., $4.55® 4.60: heavier weights not established; 140- | 160 lbs.. $4 35(5 4.60: 80-130 lbs.. $3.50®4.25; I sows mostly. $3.25®3.60. Cattle—Receipts. 1.000: calves, 800: market, steers in liberal supply; two loads about steady at 53.80: weighty kinds meeting narrow demand; good heifers, cows and bulls steadv; I?* 1 * 1 ? 2,c lower with top $6.75; heifers, 2.5#0: cows, $2#2.50; low cutters. sl® T 25; top sausage bulls. $2,50: slaughter steers. 550-1,100 lbs., good and choice $5.25 ®_6.50; common and medium, 53®5.50; t 1.100-1,500 lbs., choice. $5.50@6: good $5 j ®5.75: medium. 53.75®5.25. Sheep—ReI ceipts. 1,000: market, steady; bulk lambs to | pacjters, $6.25® 6.50: city butchers inactive: i medium lambs, 54.50®5: common throwouts. $3 50®4: slaughter ewes. $2®2.75: | tambs. 90 lbs. down, good and choice. s6# 6 (a: common and medium, $3 50®.6.25: yearling wethers. 90-110 lbs . good and choice. s4®s: ewes, .50-150 lbs . good and choice. $1.50®2 75; all weights common and medium, sl@2 „ PITTSBURGH Oct. 20.—Hogs—Receipts. 2.000. holdovers. 750; earlv sales mostly steady on local account; bulk 160-220 lbs., St-90®5; several decks held higher: 220250 lbs.. $4 75® 5: 250 lbs. up. $4.25®4.75; ' J 25-150 lbs.. $4.501?4.75: pigs, quotable. . S4s4ao: packing sows, $3.50? 4.25 Cattle i —Receipts. 60: steadv with Monday; good grass steers quotable $4®4.85. Calves— Receipts. 76; steadv: good and choice veali 61 s - $i 50®8: heavy calves. $5.50 down. Sheep—Receipts, 500: steady to mostly ; 10c higher on sorted, around 75 lbs.; -ambs, bulk. $6.50® 6.75: common to medium. $2 50®5; aged stock weak. .CLEVELAND. Oct. 20.—Cattle—Receipts. 200; market steadv: steers average 900 lbs., mostly at $6.35: top choice at $6.50: common to good heifers. $3#4.50: good cows. $2 75® 3.25; butchers. $3 25#3 75. Ca.ves—Receipts. 250: market steadv, fairly active; bulk selling at $7.50; $i lower for week; choice to price, $7 50®8: common to good ranging between s3® 7.50. according to grades. Sheep—Receipts. 1 200: market active mostly 25c higher: choice **ethers, $2.5063.25: choice spring lambs. $6 i0®6.85: common and cull. S3#s. Hogs —Receipts. 900: market steadv; 30c lower for week: $4 85 top: heavies,' *4.25®4 60: choice butchers, $4606 4.85; stags. $2 50; roughs. $3.50: pigs, s4£4 25. WAYNE. Oct 20.—Hogs—Steady; ! 200-225 ibs . *4.55: 160-200 lbs.. $4 45. 225250 lbs, $4 45; 250-275 lbs. $4 35; 275-300 lbs.. $4.25. 300-350 lbs.. $4; 150-160 lbs . $4.30: 140-150 lbs., $4 05: 130-14<LlbS . *3 80, i 100-130 lbs. $3 25 6 3 50; rouSls. $3 25; stags. $2 25 Calves—s 7. Lambs—s 650 LAFAYETTE. Oct. 20 —Hogs—Market, steady; 200-275 lbs. $4.25® 4.30 . 275-325 lbs. $4-1°® 4.20; 150 . 200 lba $4.1064.25; 130-150 lbs.. $3 8064; 100-130 lbs., $3 6 3.55. down; top calves. $6; top

Today and Tomorrow

Inactivity of Private Capital Basis for Steps Toward Inflation by Roosevelt Administration. BT WALTER LIFPMANN

THE Wall Street Journal, a newspaper not given to loose talk, has described the attitude of the capital market as a state of "emotional paralysis.” The paralysis is evident enough, and its effects in limiting recovery of the heavy industries now are understood generally. That the paralysis is the result of an emotional disturbance is not so easy to demonstrate. But the jumpy behavior of the markets, the waves of hope and fear which come and go, are a strong indication that investors and financiers

are under the influence not so much of judgment as of nerves. The wall Street Journal argues that the emotional paralysis of capital has been Induced by a fear of inflation. It goes on to point out that this fear arises from the belief that the growing volume of government borrowing for its “extraordinary” commitments is steadily carrying the administration away "from the level fields of free choice to the slippery slopes of compulsion.” In other words, the administration is borrowing, or planning to borrow, so much that finally it may not be able to borrow and will be forced to resort to the priming press. This seems to me a reasonable but incomplete diagnosis. Why is it, we must next ask ourselves, that the administration is committing itself to these immense expenditures, to billions of dollars for public works, for paying off depositors in closed banks, for

loans to home owners, to railroads, and heaven knows what else? What in essence is all this use of capital by the* federal government but an attempt, and a rather inadequate attempt at that, to fill the vacuum produced by the paralysis of private credit and investment? The larger part of this government expenditure would become unnecessary if

private initiative would revive. And yet it appears that private initiative is paralyzed when it contemplates the consequences of the government’s doing what it is too paralyzed to do itself. It does not take us very far to argue that the fear of inflation is the cause of the paralysis of capital. For we have seen that the danger of inflation arises from the attempt of the government to provide capital which is not forthcoming because capitalists do not invest. The inactivity of private capital is the immediate reason why this administration, following the precedent of the Hoover administration, is being driven into commitments that may produce inflation. The danger which capital feels is the effect, rather than the cause, of its own paralysis. a a a WHERE, then, shall we find the cause? 'We shall find it, I believe, in one of the characteristic dilemmas of the effort to combine recovery with the new deal. Broadly speaking, it is a fact that American capital investment is largely directed by the Wall Street community. There is no evidence that there is an organized monopoly, but it can hardly be doubted that the main investment market is decisively influenced by the state of mind in Wall Street. This influence is particularly strong, at a time like this, on the bearish side. When the captains of finance are discouraged or apprehensive, their sentiments infect investors, bankers and speculators in all the financial centers of the country. Now the captains of finance are discouraged and apprehensive and this is, I should suppose, the principal immediate cause of that “emotional paralysis” which the Wall Street Journal describes. But why are they discouraged and apprehensive? Is it because of the NRA or the securities act or some of the other measures? My guess is that if the truth were stated bluntly it would be that it is not so much because of any particular measure, but because they feel in Washington a general sense of hostility and distrust which may produce they know not what. Still speaking bluntly, it is evident that this hostility and distrust do prevail in Washington. Now, the state of mind in Washington also has its causes. They may be summed up by saying that the exposure of certain of the financial practices of the boom and inconspicuous cases, even of the depression, have caused the hostility, and that the lack of adequate financial leadership has caused the hostility, and that the lack of adequate financial leadership has caused the distrust. a a a TAKE, for example, the case of Mr. Wiggin. Surely the head of so great a bank occupies a position of public!" trust. Yet there is the list of his salaries, bonuses and his pension; if a public official arranged matters for himself in this fashion what would be the general verdict of the community? Can the performance be defended except on the cynical assumption that the standards which must be applied

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I i 5 4 =, " g™™ !cf ii *~lj "T* ' "*Tia . 4 ______________ its? St k. 25 27 2?" 30* fl if “I 3rb 37 1 SSSS 38 3S 40 <SSN4I AZ 1 A3 NNNS4/. ;45 ►__4 SNNN ■ SSSsj 13 JO ''‘'tit 49 r“ J ‘"■f r- 1 ""nsi H 1 h fi 11 h H I L

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Lippmann

to a great banker who handles the people’s money are lower than those which must be applied to a politician? Now 7 it can be said that ample as was Mr. Wiggin’s compensation, the sums involved are relatively small compared w 7 ith the magnitude of tne operations of his bank. Perhaps. But w 7 e are examining states of mind. And such disclosures as these, precisely because they are so personal and so dramatic, create hostility and distrust in congress and in the country toward Wall Street. A government responsible to public opinion is bound not only to offer remedies for such abuses, but, what is more immediately important, to dissociate itself in the public mind from Wall Street. Therefore we have had, since March 4, w 7 hat might be described as a rupture of diplomatic intercourse between Washington and Wall Street. But w 7 hile this rupture is maintained, Washington ardently desires to have Wall Street resume the investment business. It is absolutely essential to recovery. This brings us to the real difficulty of the present position. As an essential part of the new 7 deal the administration must reform finance. As an essential part of recovery it must revive finance. But how do you reform and revive a financial community with which you will not have anything to do? a a a TT is a stalmate, and I do not A see how it can be broken until both Washington and Wall street make up their minds on matters of fundamental principle, and then act upon their decisions. It is for Washington to decide whether it means to reform private finance or to supplant it. If it means to supplant it. then its present program for the use of government credit is ridiculously inadequate. Ido not myself believe that it could be made adequate without an intervening period of suffering too frightful to contemplate, and I do not believe that the administration either desires a revolution of this sort, or has any mandate for it. With a clarification from Washington of what the new deal means in finance and with a willingness to accept it in principle by Wall Street, one might hope for a resumption of diplomatic intercourse and of practical co-operation. That is clearly necessary to overcome the emotional paralysis which has closed the capital markets. In the resulting stagnation of investment is to be found the greatest immediate obstacle to re-employment, and the most dangerous threat not only to recovery, but in the longer view 7, to the orderly setting up of the new deal. (Copyright. 1933) NEW YORK RAW SUGAR FUTURES —Oct. 20High Low Close January 1.12 1.19 111 March 1.18 114 1.17 May 1.23 119 1.23 July 1.29 1.24 1.27 September 1.33 1.29 1.32 December 1.13 1.10 1.12

PAGE 7

HEAVY DEMAND SENDS FUYURE PRICES HIGHER Sharp Recession Fails to Force Grains Below Previous Close. BY HARMON W. NICHOLS l nitfd Press Staff Correspondent CHICAGO. Oct. 21.—Wild price fluctuations prevailed on the Board I of Trade yesterday. While there was ! a break of as much as 1 \ cents on ! wheat and 14 cents on corn in the j early tradmg, a buying movement I got under way that ran wheat, rye and barley up 5 cents over yester- | day’s finish, with com 4 cents and : oats 3 cents over the previous close j at the extreme. Wheat closed 2 to 3% cents high- ! er. corn was up % to 1% cents, and | oats were up 14 to 2 cents. The upturn, however, was fol- ! lowed by an equally as sharp a recession. but prices held well above the previous close during mo6t of the late trading. At the extreme j today wheat show-ed 134 to 16% | cents above the low 7 on Teusday and corn was up 7% to 7% above the inside figures for Saturday. Oats again developed independent strength with December showing the strongest inclination. Rye was inclined to lag during the early part of the day but later turned strong, | Provisions were unsettled. After the opening today wheat i futures were active and erratic, prices ranging from 4 to 5 cents. The technical position of wheat was ; weakened today by the bulge in , December yesterday. December remained stronger than 1 the (.other futures today. The cash price w r as 3 cents higher and receipts were one car. Corn was strong w 7 ith wheat. Bookings amounted to 160,000 bushels but there w 7 as less activity in cash ‘sales, and these w 7 ere only 20,000 bushels. The cash price was Vi cent higher and receipts were 162 cars. Oats lost a fraction at the opening but buying brought about a slight advance. Cash sales were 40,000 bushels in a featureless market. The cash price was 2-3 cent higher and receipts were nine cars. Chicago Primary Receipts —Oct. 20— Today Last Wk. Wheat 477,000 858,000 Com 598 000 1.511.000 Oats 113,000 199.000 Chicago Futures Range —Oct. 20 _ WHEAT— Prev. Open. High. Low Close, close. Dec 78 .84% .77% 81% .79% Mav .79% .85% .79*4 .84% .80% July 77 .83% .77 . 32% .79=4 CORN— Dec .40% .45 .39% 42*/4 .41% Mav 46% .51% .45% 48% .47V, July -48% .53% .47% .50% .49% OATS— Dec. .29% 32% .29% .31% .29% May 32% 36 .31% .34% .33 July .. . .30% .33% .29% .32% .31 RYE— Dec .50% .55% .49% .53V, .50% May 56% .61% 56 59% .57 July 62% .62% .90 .60 .57% BARLEY— Dec .42 Vi 46 .42 .44 .42% May 48 V, .51 .47% .47% .47% July 48% .48% LARD— Oct 4.90 4.90 Nov 490 4.90 Dec 4.67 5.20 4 67 4.95 4 95 Jan 5 45 5 75 5.37 5 52 5.55 BELLIES— Oct 450 4.50 Dec 460 4.65 460 465 455 J*n 530 525 May 5.87 5.87 CHICAGO CASH GRAIN CHICAGO. Oct. 20.—Cash—Grain: Wheat —No. 1 hard, 82c. Corn—(Oldc No. 2 mixed, 38%®39%c; No 4 mixed, 37%c; No. 1 yellow, 41c; No. 2 vellow. 39%®43%cNo. 3 yellow, 37%®39c, No. 4. yellow, 37® 38 %c; No. 6 yellow. 36%c; No. 2 white, 39 %® 42c; No. 3 white 39c sample grade. 33®36%c. Oats—No. 2 white. 32c; No. 3 white. 29®30V 4 c; sample grade, 26%c. Barley Cloverseed—*9.so®l2 Cash Provisions; Lard. $4,95; loose, $4 80; leaf, $4.75; D, S. bellies, $4.62. ST. LOUIS CASH GRAIN By United Preen ST. LOUIS. Oct. 20 —Cash grain Wheat —ln very good demand 2®3c higher; No. 2 red, 81 %® 84c; No 3 red. 80%®81%c; No. 5 red, 79c; No 1 hard, 83%c. Corn— In very good demand tone steady; No. 2 mixed. 39c: No 2 yellow, 40c; No. 3 yellow 7 . 39%c; No 4 yellow, 39c No 5 yellow. 38%c. Oats—ln fair demand, f%c higher; No. 2 white, 31%c: No 4 mixed. 29c. TOLEDO CASH GRAIN By United Preee Toledo. Oct. 20.—Gram close: (Grain in elevators, transit billingi. Wheat—No. 2, red. 83® 84c. Corn—No. 2 yellow. 45#46c. Oats—No 2 white. 35® 36c. Rve—No. 2. 64%®65%c. (Trade prices, 28%c ratei. Wheat—No. 1 red, 79® 80c; No. 2 red. 78# 79c. Corn—No 2 yellow. 40%6 41%c; No. 3 velldw, 39%®40%c Oats—No. 2 white. 32®33c; No. 3 white. 31#32%c. Toledo seed close Clover—October 56 90A, December. 57.00A; March. $7.25A. Alsilce—Cash. $8.50, December. $8.70.

Indianapolis Cash Grain

—Oct. 20— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f o. b., shipping point, basis 41% New York rate, were : Wheat—Strong: No 1 red. 88%®69%c: No. 2 red. 67%#68%c; No 2 hard, 67%®, 68%c Corn—Strong: No 2 white. 34# 35c; No > white, 33®34c, No, 2 vellow. 33®34c, No 3 yellow, 2® 33c; No. 2 mixed. 32# 33c; No 3 mixed. 31# 32c Oats—Strong. No. 2 white. 27®28c; No I white. 26® 27c. Hay if. o. b. country points taking 23%c or les srates to Cincinnati or Loutsvillet No 1 timothy. sß# 6 50: No. 2 timothy. $5 50® 6. —lnspections Wheat—No. 1 red. 1 car. No. 2 red 1 car; No. 1 hard. 1 car. Total ,3 cars Corn—No. 2 yellow. 2 cars; No. 3 yellow. 11 cars; No. 4 yellow 8 cars; No. 5 yellow. 2 cars; No. 8 yellow l car Total, 27 ear3, Oats—No. 2 white. 2 cars. Total 2 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 70 cent* for No 2 son rec wneat. otner grace* on their merits.

In the Cotton Markets

—Oct 20 CHICAGO T High Low. Close. January 9 50 9 26 9 3* March 9 65 9 40 9 48 Ma/. 977 955 981 October g jg December ... 950 918 928 NEW YORK January 945 9 18 9 28 March 9 60 9 31 9 41 May 9.75 9 43 9 53 JU I7 _ 989 950 950 October 9 25 9 08 9 08 December 9 42 9 12 9.23 NEW ORLEANS January ... 942 9 *5 92 March . . 957 931 9.40 May 9 71 9 43 9 52 July 9 85 9 58 9 56 October 9 05 8 92 9 01 December ... 938 909 9 18 Minneapolis-Honey well Regulator Company reports third quarter net income of $335,932, against $23,277 in preceding quarter. U. S. Government Bonds Federal Land Bank Bonds Indiana Municipal Bonds T. P. Burke & Cos. Incorporated SCITE 217-SJ4 CIKCLE TOWE* PHONE RILEY 8536