Indianapolis Times, Volume 45, Number 144, Indianapolis, Marion County, 26 October 1933 — Page 11

OCT. 26, 193?.

Wall Street-

Gold Standard Appears Doomed Under Roosevelt Plan —Commodity Dollar to Be Attempted. By RALPH HEN’DERSHOT Time* Special Financial Writer

The gold standard as it was known prior to its abandonment last spring appears doomed. The dollar of the future may be backed by gold as it has been in the past, but the amount of gold in the dollar will fluctuate from time to time In order to maintain a stable commodity price level. It will not be permanently fixed, as has been the currency gold backing in this and other countries. President Roosevelt said in his Sunday night radio address that “ever since last March the definite policy of the government has been to restore commodity price levels.” He added that ‘‘when we have restored the price level we shall seek to establish and maintain a dollar which will not

change itr purchasing and debt-paying power during the succeeding generation.” This does not mean, as many have inferred, that the dollar is to be revalued at a fixed and permanent price when commodity prices have been restored to a satisfactory level. It means that the dollar value will be subject to change at any time in order to stabilize commodities. In other words, it is to become a commodity dollar. ana Effects Will Be World-Wide The change is a drastic one, the effects of which will be felt not only in the United States but in all countries. It points toward permanent nationalization. A fluctuating dollar is likely to place a handicap on international trade unless some way can be found to make international currency adjustments coincide. It will be difficult for other countries to maintain a fixed relationship between their currencies and gold while we pursue our new monetary policy.

*■ % 1m

Ralph Ilendershot

But if the new policy proves to be a practical one it should bring material benefits. It should go a long way toward preventing the periods of booms and depressions which have impeded industrial and economic progre.ss for generations. A large part of our trouble during the depression is attributable to the decline in the prices of tangibles. The corporations which were obliged to carry large inventories of goods could not escape huge losses. The banks which made loans to business were obliged to recall them for self-preservation. Every one was affected in one way or another, no matter what he might do to escape it. nun Worker Could Not Win The man who worked hard and saved a portion of his earnings was caught in the whirlpool. He was able to set aside a reserve in good times, but that reserve was erased during the period of business inactivity. He found himself at the end of the cycle just about where he was at the beginning. Despite the fact that he played the game according to Hoyle, he could not win. President Roosevelt is attempting to chart anew course in money and credit matters. Whether his attempt proves successful remains to be seen. But the so-called conservative methods about which so much is heard these days have not proved such a howling success, so a change, even though it is experimental, would seem to be worth trying.

New York Stocks (By Abbott. Hoppin A Cos.) ""

—Oct. 28— Oils— Prev. High. Low. 10 30 Close. Amerada 43 43 % Atl Rfg 29>/ 29 29 29 V* BarnsdaU 9 9 Consol Oil 12 12 Cont of Del 17% 17% Houston (new) 5 Houston (old) .... ... 23 23*4 Indian Rfg 2% ... Mid Cont Pet 12V* 12% Ohio Oil 15 15V* Pet Corp 11 Phillips Pet 15% 15% Pure Oil 12% 12% Roval Dutch 34 Sbd Oil 34 34% Shell Un 8% BVs Simms Pet ... ... 10% Skellev Oil 7% TVs See Vac 11% 12 S O of Cal 41 40% S O of Kan 34% S O of N J 42% 42% Texas Corp 25% 25'/s Tidewater Assn 10‘s 10% Un Oil of Cal 19% Steels— Am Roll Mills 16% 16 Beth Steel 30 30% Bvers AM 21% 23 Col Fuel & Iron 5% 5% Cruc Steel 17% 18% Oulf Sts Steel 20 Inland Steel 30 Ludlum Steel ... 11% 11% McKeesport Tin .. 76% 76 Natl Steel 37% Rep Irn A Steel .. ... ... 13 Rep In A Stl pfd . ... 28 28 U S Smelt 94% 93 93% 94 Vanadium 19 18% 18% 18% Mid Steel 12Vi 1) 8 Pipe ft Fdv 40% 40% 40% 15'A tl S Steel 41% U S Steel pfd 83 Youngstn SAT.. ... 18 18 Rails— Atchison 50% 49% Atl Cst Line 32 V* 32% B & O 23 23% Can Pac ... 12% 13V* Ch Ac Ohio 40% 40% 40% 41% CM * St P 5% CM A St P pfd. 8% 7% 8% 8% Chi N W 8% Chi R Isl 4(4 4% Chi R I 7% pfd 7 Dela & Hud 51V* Erie 15% Grt Northern 18% 18(4 111 Central 27 26% K C Sou 12% Lou A Nash 43 42% M K & T 8% 8% Mo Pac 3% 3% Mo Pac pfd ... . • 5% N Y Cent 32% 32% 32% 33 NY Chi A StL 16 17 NY Chi * StL p 18% N Y New Haven 16% 17 N Y Ont & Wes 9 Norfolk & Wes ... . H 9% Nor Pac 20% 20% 20% 20 Penn R R 26% 27% Reading 50 Sou Pac 1944 19% 19% 20% Sou R R 21% 21% Sou R R pfd ... ... 24 ■ b Union Pac 111% Wabash ... . 2% West Mary S% 9 9 9% Motors— Auburn .... 38% Chrysler . ..... 42% 41% 42% 41% Gen Motors 28 27% 27% 27% Graham Mot ... 2% Hudson ... Truce::::: :: ::: 2 ft Nash 18 5 s Packard ... 3% 3% Reo ... 33 Studebaker 4% Yellow Truck 4% Motor Access— Bendix 13% 12% 12% 12% Bohn Alum ... . 44% Borg Warner ... 14% 14% 14% 14% BriRRS 8% 9 Budd Wheel 3% Eaton MfR ... ... 11% Elec Auto Lite 14% 14% Houd (A! ... 3 Murray Body .. 5% 5% 5% 5% Stew Warner 6% 6% Timken Rol 26% 25% Mining— Alaska Jun 27% 28 Am Smelt 41% 43% Aiaconda 14% 15 Cal A Htcla 5% 5% 5% 5% Cerro tie Pasco.. 34 33 33 34% Oranbv 9% Ot Nor Ore 10% 10% Homestake Min 351 Howe Sound ... ... 29 Ins Copper 5% 5% Ini Nickel 19% 19% Kennecott Cop.. 20% 20% 20% 21 Noranda Cop ... 34% 34% 34% 34% Phelps Dodge 15% 15% Pitts Coal 12 Tobaccos— Am Snuff 49 Am Sum Tob 14% Am Tobacco A 77 % 78 Am Tobacco A 77% 78 Am Tobacco B 80% Gen Cigar 29% 29 s * Ligg * Myers B 89% 89% 89% 88% Lprrillard ... 19% 18% Rfvnolds Tob B 47% 37 37 47% Eqiupmets%— Allis Chalmers 16% 16% Am Car & Fdy 22% 22% Am Loco ... ... 25% Am Mach A Pdv .. ... ... 15 Am Steel Fdv 17% Bald Loco 11% Burroughs 13% 13% 13% 13% Case J I 67% 68% Cater Tract ... 20% Congoleum ... 23 s * 23% 23% 23% Elec Stor Bat 38% Foster Wheeler 14% 14% Gen Am Tk Car . .. ... 30% Gen Elec 30 19% 19% 19% Gen R R Sir 31s, Ingsol Rand 54 53% Int Bus Mach 138 Int Tarvester 37*, 37', Kelvinator 11% Natl Cash Reg 16 15% Proc & Gamble 41 40% Pullman Inc 45% Simmons Bed 18 Und Elliot 28 West Air B 36% 26% Westingh Elec 34-j Worthingtn Pmp 21 21% Utilities— Am A For Pwr gs, g% Am Power A Lt 8% 8% A T A T 117 118 Am Wat Wks 20% 21% Coi Gas A Elec 13% 13% Com A Sou ... 2% 2% Consol Gas 42% 42 42 42% Elec Pwr A Lt 6% EP A L pfd 12, Int TA- T 12% 12% 12 s * U-% Lou GAEA'.. 16 Nat Pwr A Lt 11 North Amer lg% igi, Pac GAE 19% t 9% Pub Serv N J 39 So Cal Edison lg% ig Btd Gas 10 Btd Gaa pfd 10% United Corp 6% 6% 6% 6% H n JP** 16 s * 16 s * Ut Pwr A Lt ‘A* 3% 3% Western Union 49 s * 491, Rubbers—prestone 21% 20% goodrich ... 133, 13% Coodvear 32 31% 31% 31% £ g MV 14% 15% 15% 8 Rubber pfd. .. ... 24 34

Kelly Spring 2% Amusements— Crosley Radio 10 Fox Thea 15% 15% 15% 15% Loews Inc 28% 28’% 28% 29 Radio Corp .... 7% 71% 7% 7^, R KO 2 % 2% Warner Bros 6% 6% 6% 6% Foods— Am Sugar 531/, Armour A 4i /# Beatrice Cream i3% 13% Borden Prod ... 23% 23 3 / Cal Packing 22 Can Dry G Ale ... 03 u Cont Bak A 10 Corn Prod go Crm of Wheat.. .. ... 28% 28 Vi Gen Foods 34 % 35 Gold Dust 18% 18% G W Sugar 36% 36% 36% 36% Int Salt ... ... 23 Loose Wiles ... 37 Natl Biscuit .... 43 42% 43 44 Natl D Prod 15% 15% Purity Bak 15% S Porto Rico Sug 39% 40 Std Brands 24 23% 24 23% United Fruit 59 % Ward Bak A 52 Retail Stores— Ass Dry Goods 12% Best <fe Cos 24 Gimbel Bros 4% Gimbel pfd 15% Gr Un Tea 4% 4% Hahn Dept Sts 5 Jewel Tea ... 27 Kresge S S 11% 11% Kroger Groc 20% 30% Macy R H 50% May Dept St 27 27 Mont Ward 19% 19% 19% 19% Penny JO ... 44 43' - Safeway St 38% 39% Sears Roebuck 38 38% Woolworth ... ... 38 Aviation— Aviation Corp.... 8 7% 7% 7% Douglass Air ... 131? Curtiss Wright 2% 2% Curtiss Wri (A) 4% Nor Am Av ... 5% 5% United Aircraft 29 28% 28% 29% Chemicals— Air Reduction 102% 102 102% JOl% Allied Chem 136 135% 139% 135 Am Com Alcohol 49% 50% Col Carbon 52% 52% 52% 52% Com Solvents 33% 32% 3% 33% gupont 78 3 e 77% 77% 78% Freport Tex 45% 44'% 44% 44% Liquid Carb ... 29% Math Alkali 38 33 Tex Gulf Suljph .37 36% 37V, 37% Union Carbide 41% 41 41% 41 U S Indu A1c0... 62% 62 62 62 Natl Dist 88 88% 88 89% Drugs— Cot j- Inc 4 3% Lambert 27% 27% Lehn & Fink ... ... 16% Zonite Prod ... ... 5% Financial— Adams Exp 8 8 Allegheny Corp 4 3% Chesa Corp ... .. 341 a Transamerica . .. ... 5% 5% Tr Conti Corp.. 5 4% 4% 4% Building— Am Radiator.... 13% 12% 12% 13% Gen Asphalt.... 15% 15 15 15% Int Cement ... ... 30 Johns Manville 49% 49 49% 49% Libby Ow-ens Gls 29% 29% 29% 29 Otis Elev 12% Ulen Cons 2% Miscellaneous— Am Bank Note.. .. ... ... 13 Am Can 91% 91 91% 90% Anchor Cap 20 Brklyn Man Tr 28% 29% Conti Can 64V, 64% 64% 64% Eastman Kodak 73% 74% Owens Bottle 76% Gillette n% 12 Glidden 16 15% Gotham Silk 8% 9 Indus Rayon... 72V, 71% 72% 71% Inter Rapid Tr. .. 9% Real Silk Hose.. 10% 10% 10% 10%

Daily Price Index

By United Press NEW YORK. Oct. 25.—Dun & Bradstreet's daily weighted price index of thirty basic commodities, compiled for the United Press; (1930-1932 Average. 100) Today 101.54 Yesterday 100.22 Week Ago 96.95 Month Ago 102 82 Year Ago 75 30 1933 High (July 18) 113.52 1933 Low (Jan. 20) 67.86 Copyright, 1933, by Dun & Bradstreet. Inc.

Bright Spots

By United Press General Motors Corporation earns third quarter net income of $33,341,618, against net loss of $4,464,229 in corresponding 1932 quarter. Aviation Corporation of Delaware reports September quarter net profit of $74,769. against net loss of $309,630 in similar period last year. F. W. Dodge Corporation reports building construction contracts east of Rocky mountains in first half of October totaled $64,940,900, against 554.339.200 in corresponding 1932 period. Commercial Solvents Corporation earns third quarter net income of $642,317. against $305,562 in similar 1932 period. Standard Brands. Inc., reports September net income of $3,669,448, against $3,241,716 in similar months last year. NEW YORK COFFEE FUTURES —Oct. 25 SANTOS High. Low. Close. January 8 10 March 8 20 8 16 8 18 May 8 22 8 21 8 21 July 8 27 8 24 8.24 September g 46 December 8 11 8 05 8.09 RIO January 5.76 March 5 82 5.76 5.82 Mbt 5 90 5.83 5 90 July 5 96 5 90 5.95 September 6.02 December 5.7S 5.70 6.71

STOCK SHARES SHOW UNEVEN TRADINGRANGE Government Advances Gold Value 18 Cents Over Last Session.

Average Stock Prices

Average of thirty industrials for Wednesoay: High 95.23, iow 91.23. last 93 54. up 2.19; average of twenty rails: 39.58. 3 <\64, 38.72. up .74; average of twenty utilities: 25.58, 24.24, 24.90, up .42, average of forty bonds; 83.87, off .01. BY MAX BUCKINGHAM United Press Financial Editor NEW YORK, Oct. 26.—The stock market opened irreguar today as the government announced a gold price at $31.54 an ounce, an 18 cents increase over yesterday’s quotation. The new gold price reflected a decrease in the gold value of the United States dollar to 65.54 cents. The dollar’s value also eased slightly in foreign exchange trading. Meanwhile the cotton market showed little strength at the opening. Greatest weakness in the market today came in issues which bounded forward farthest yesterday. American Telephone dropped a point to 117, National Distillers declined 2% points to 86 '2. American Commercial Alcohol 114 to 49%, and J. I. Case declined fractionally to 67%. U. S. Steel opened at 401/2, off %. There was some strength scattered in the list. General Motors was fractionally higher after an earning report showing about a seasonal decline in third quarter earnings while mail order shares showed fractional gains. Most oils were fractionally above yesterday’s close. Mining issues eased with American Smelting down 1% to 41%, Alaska Juneau off Vz to 27Vi, McIntyre Porcupine off 1 point to 46. U. S. Smelting, however, gained a half point and International Nickel firmed up Vs. Trading was dull, tickers stopping at intervals in the opening hour. The irregular trend continued.

Bank Clearings

INDIANAPOLIS STATEMENT —Oct. 26Clearings $1,703,000.00 Debits 4,178,000.00 TREASURY STATEMENT —Oct. 26Net Balance for Oct. 24 $959,065,456.00 Misc Int Rev Rpts 1,964,299.00 Cus. repts (month to date) 25,232.066.16 New York Curb (By Abbott, Hopjjin & Cos.) .... . Close ' close M ed Miils ... 9% Gulf Oil of Pa. 49% Aluin Cos of Am 60% Hiram Walker .. 38% 4m Beverage .. 2% Hud Bay Min... 10% Am Cyanide (B) 10% Humble Oil ... 86V Am & For P W 6 lint. Petrol 18% Am Gas & El.. 25 !Lake Shore Min 50 % 4m Superpower 3% Libby McN Libbv 3% 4sso Gas & El.. % Lone Star Gas .. 6% 4tlas C’orp .... 11% Massey Harris.. 4% 4xton Fisher T 63 IMt Producers .. 5% Jan Indu A1 (A) 14%'Natl Av 9% Can Marc 3 iNatl Bellas Hess 2% Carrier Corp ... 7‘/a Newmont Min.. 51 Cities Serv 2%jNia Hud Pwr... 6% monwealth E. 46 iNovadel Agene.. 45% Corp ..... 7% Pan-A Airways.. 47% ■'teole Petrol... 10% Park Davis .... 20% Crown Cork Inti 6 Penn Road ... 3% Deere & C 0.... 30% ISt Regis Paper.. 3% J sti lers Lim . 19% Sal Creek Prod. 5Vi Distillers Corp.. 19%ISherwin Wms .. 38 Dow Chem 67 ; Std of Ind 30% ■Usk Rubber ... 7%: std of Kv 15 Pord of Can (A) 11 IStutz Mts 7% Pord of Europe. s%:Teck Hughes G 6% jen Aviation... 6 jUn Pr &Lt (A) 3% jreat A & Pac 131 Wri Harg Min.. 8% jlen Alden Coal i4%! Government Bonds By United Press NEW YORK. Oct. 25.—Closing liberty bonds: (Decimals represent 32nds). Liberty 3%s 132-471 102 11 Liberty Ist 4V4s (32-47) 102 18 Liberty 4th 4Vis (33-38) 103 10 Treasury 4Vis (47-52) 1109 Treasury 4s (44-54) 106 14 Treasury 3%s (46-56) 104 13 Treasury 3%s (43-47) 101 26 Treasury 3%s (41-43) March 101.25 Treasury 3%s (40-43) June 101 22 Treasury 3%s <46-49) 100 Treasury 3s (51-55) 98 13 Treasury 3Vis (41) 101.

Foreign Exchange

By Abbott. Hoppin & Cos. —Oct. 25. Close. Sterling, England $ 4.76% Franc, France 0590V* Lira, Italy 0795 Gelgos, Belgium 2104 Mark, Germany 3600 Guilder, Holland 6080 Peseta, Spain 1263 Krone, Norway 2400 Krone, Denmark 12133

Federal Farm Loan Bonds

(By Blyth & Cos., Inc.) —Oct. 25 Bid. Ask. 4* Nov. 1, 1957-37 86 86% 4 May 1, 1958-38 86 86% 4V4s July 1, 1956-36 87 87% 4Vis Jan 1. 1957-37 87 87% 4Vis May 1. 1957-37 87 87% 4Vis Nov. 1, 1957-38 87 87% 4%s Dec. 1, 1933-32 100V4 100% 4%S May 1, 1942-32 92 92% 4’is Jail. 1, 1943-33 92 92% 4%s Jan. 1. 1953-33 89% 90% 4%s July 1, 1953-33 89% 90% 4%s Jan. 1, 1955-35 89% 90% 4%s Jlllv 1, 1955-35 89% j 90% 4%s Jan. 1, 1956-36 89% ’ 90% 4%s July 1, 1953-33 92% 92% 4%s Jan. 1, 1954-34 92 92% 4%s July 1, 1954-34 92 92% 5s Mav 1. 1941-31 97 97% 5s Nov. 1, 1941-33 97 97% Home Loan 4s, July 1, 1951.... 85% 86%

Investment Trust Shares

(By Abbott, Hoppin & Cos.) —Oct, 25Bid. Ask. American Bank Stocks Corp.. 80 .90 American & General Sec A.. 5.50 6.50 Basic Industry Shares 2.98 .... British Type Inv Tr Sh 46 .52 Collateral Trustee Shares A.. 425 4.62 Corporate Trust Shares (old). 2.11 2.15 Corporate Trust Shares (new) 222 226 Cumulative Trust Shares .... 3.78 3.82 Diversified Trust Shares A... 625 .... Diverisfied Trust Shares B .. 687 Diversified Trust Shares C... 286 2.90 Diversified Trust Shares D... 462 4.75 First Insurance Stock Corp.. 1.32 1.38 First Common Stock Corp 90 1.07 Fixed Trust Oil Shares A 7.85 , Fixed Trust Oil Shares 8.. .. 665 Investors Inc 16.50 17 06 Low Priced Shares 495 5.10 Mass Inv Trust Shares 16.87 18.12 Nation-Wide Securities 3.02 3.08 North Am Tr Shares (53> 1.76 .... North Am Trust Sh (55-56).. 225 2.30 Petroleum Trust Shares A ... 11.00 14.00 Selected American Shares .. . 250 Selected Cumulative Shares... 637 662 Selected Income Shares 325 3.50 Std Am Trust Shares A 2.85 2 90 Trust Shares of America 2.86 2 92 Trustee Std Oil A 487 5.12 Trustee Std Oil B 4 50 4.87 U S Electric Lt & Pwr A.... 11.62 12 00 Universal Trust Shares 2.75 2.80

Retail Coal Prices

The following prices represent quotations from leading Indianapoiis 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. 5, 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; egg. $5 50; nut and pea. $5.75: mine run. $5.95. West Virginia lump, $5.75; egg, nut, pea. and mine run. $5.50. Kentucky. lump, $5.75; egg. nut, pea and mine run. $5.50. Indiana No. 4 and 8, lump, $5; egg, $4.60; nuv 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 lota, egg and nut. **.so; pea, $6.75.

THE INDIANAPOLIS TIMES

| Chicago Stocks | “By Abbott. Hocbtn * Cos —~— TOTAL SALES, 60.000 SHARES —“Oct. 25—■ High. Low. Close. Acme Steel Cos 26 Am Pub Serv pfd 3 * Asbestos Mfg ■ 3% Eastian Blessing 5% 5% 5% Bendix Aviation ... 12% Berghoff Brew Cos 10 8% 9 Borg Warner 15 14V 14% Brach & Sons 6% E L Bruce Cos .16 15 16 Butler Bros 4Vs 4 4% Cent 111 Pub Serv pfd.. 18% 18 10% Cent Hi Securities pfd. .. ... 6 Cent & So West 1% Chi & North Western.. 9 8% 8% Chicago Corp com 2% 2% 2% Chicago Corp pfd 22% 22% 22‘a Chicago Mail Order ... 13 12% 13 Chicago Yellow Cab ... 15V* 13% 15 Cities Service 2% 2% 2% Club Aluminum % Commonwealth Edison. 44% 43% 44% Cord Corp 8 7% 7 s * Crane Cos 6% 5% 6% Crane Cos pfd 36 34 36 DeMets Inc Pfnce 14% Dexter Cos 5% Electric Household 10% 9% 10% General House Util ... 14% 14% 14% Godchaux B 5% 5% 5% Great Lakes Dredge.... 17% 16% 17 Grlgsby-Grunow V/t 1% 1% Hall Printing 4’% 4% 4% Houdaiile-Hershey B. . 3V 33 Jefferson Elec ... 10% Kalamazoo Stove ... 17 Kan-Bad Tube & Lamp .. ... 3 Kentucky Ut Jr C pfd 12'/a Kingsbury Brew Cos .... 8% 7Va 8 LaSalle Extension Univ % Lynch Corp 33*4 31% 32% Marshall Field 14% 14% 14% Mickelberrv s Food Prod 2% Middle West Utilities 1% Midland United % Midland Util 7% A pfd % Midi Utilities 6% P L 1% Midland Util 7% P L 1% Miller & Hart pfd 7% Mosser Leather 8 V!s 8 Muskegon Motor Spec A 7% 7 7 National Battery 22 National-Standard ... 20 Noblitt-Sparks Ind Inc 22% 21% 22% North Am Li & Pow.. .. ... 2% Northw Bancorporation 4% Northwest Engineering 4 Parker Pen 6 4 6 Prima Cos 13 12 12 Public Service ... 20 Public Service N P. ... 21 20% 21 Quaker Oats 119 113% 118 Raytheon V T C 2% Raytheon Pfd ~ ... % Sears Roebuck . 39% 38% 39% So West G & Elec pfd.. . ... 41% Storkline Furniture ... 4% Swift & Cos 15% 14 15% Swift Internacional 23 Thompson. JR U S Gvpsum. com 46% 45 45 Utah Radio 1% Utility & Ind 1% 1% 1% Utility & Ind pfd 3‘a Wahl 1% Ward, Montgomery (A) 63 62 63 Wisconsin Bankshares 4 Zenith Radio 2

On Commission Row

—Oct. 26Fruits Cranberries—Cape Cod early blacks, 25lb. box, $2,25. Grapes—California seedless, crate, $2.25; California Tokays, crate, $1.60; Ohio Concords, 12 2-quart baskets, $1.65; Michigan Concords, 12-quart basket, 35c. Melons—California Honeydews, (6s-ss) $1.50: Persians (6s) per case. $2.50; Casabas (6s) per case $2.50. Pears—New York Bartletts (No. Is), per bushel, $2.25; Oregon Bartletts (135s 150s--1655), $3.25; Avacados, Fla., (10s-16s), crate, $2. Bananas—Per pound, 5%c. Apples—Wealthy, Wolf River, Grimes Golden Jonathan, [email protected] a bushel; fancy Jonathans, $282.15 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 Italian, 16-lb. lugs, sl.lO. Oranges—California Valencias, $3.50® 4.75 a box. Lemons—Fancy California, [email protected] a box, Vegetables Cabbage—lndiana Dannish, 50-lb. bag, $1; Eastern Dannish, 50-lb. bag, $1.15. Onions—Utah Spanish. 50-lb. bag, $1.35; Western white, 50-lb. bag. $1.50; Indiana white, 50-lb. bag. $1.25; Indiana, yellow, 50-lb. bag. 85c; 10-lb. bag, 22c. Beans —Round stringless, bushel $1.85. Beets—Home grown, dozen,2sc; bulk per bushel, 85c. Carrots—Home grown, dozen, 35c; bulk, per bushel, sl. Cauliflower—Utah. (lOs-lls-ls) crate, $1.50. Celery—Michigan Mammoth, bunch, 60c; medium bunch. 35c; hearts, 30c; 16 bunch flat crate, 85c. Lettuce—Home grown. 15-lb. basket. 60c; home grown, Endice, dozen. 40c; Iceberg, best 4s crate. $3; 5s crate, $3.25; hothouse, 15-lb. basket. sl. Radishes—Buttons, Ohios, dozen, 60c; per 2 dozen basket, sl. Spinach, broadleaf, per bushel. 75c. Turnips, per bushel, 85c. Tomatoes—California, $2.35, 30-lb. basket; hot house. $1.1581.25, 8-lb. basket. Potatoes—Northern Round White. 100-lb. bag. $1.50; R. R. Ohios. 100-lb. bag, $1.60: Minnesota cobblers. 100-lb. bag, $1.50; 15-lb. bag. 34c; Wyoming triumphs, 100lb. bag, $2.10. Sweet Potatoes—lndiana Jerseys No. 1, hamper, $1.40; Nancy Halls, per bushel, $1.25.

Produce Markets

Delivered In Indianapolis prices—Hens. 10c; Leghorn hens. 7c: heavy breed springers, 9c; Leghorn springers, 6c; 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 rots off; each full egg case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 pounds will be made. Butter—No. 1. 25®26c; No. 2, 22@ 23c. Butterfat. 18c. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO, Oct. 26.—Eggs, market firm; receipts, 3,578; extra firsts, 21c; dirties, 12®14%c: current receipts, 17%@18%c. Butter market steady; receipts. 8,251; specials. 23%®24c; standards, 2lc. Poultry market steady to lc higher; leceipts. 48 trucks. 1 car; fow'ls, 8@12%c; Leghorn chickens. 8c; Leghorns, 7c; ducks, 10c; geese, 9®T2c: turkeys, 12814. Cheese twins. 11%®12c; longhorns, 12%®12%c. Potatoes—Supply liberal demand and trading slow; market about steady; Wisconsin round whites, [email protected]: North Dakota cobblers. Rer River section, $1.15®%.20; few $1.25; Red River Ohios, sl.lO, @1.20 Minnesota round whites, partly graded, $1.0501.10; South Dakota round whites, 85c®$l; Colorado McClures, 1 car, $1.45; Idaho russets, $1.5581.65; mostly $1.60® 1.65: commercial grade, $1.3581.45, No. 2, $1.25. Marriage Licenses Henry F. Anderson. 72, of 703 Ogden street, custodian, and Lizzie B. Tuyman, 71, of 1933 Cornell street, cook. Marion O'Connor. 46. of 2922 Cornell, fireman, and Lola D. Lambert, 1540 North Meridian street, nurse. John H. Harris, 22, of 902 Charles street, truck driver, and Mattie L. Chislom, 18. of 838 South Pennsylvania street, housewife. Births Girls Thomas and Marie Dobson, Methodist hospital. Albert and Rosamond Shearer. Methodist hospital. Frank and Letta Greer, Methodist hospital. Freddie and Alice Ogle. Methodist hospital. Ermil and Eleanor Thomas. Methodist hospital. Frank and Annetta Baker. Coleman hospital. Hubert and Martha Carwln, Coleman hospital. Howard and Lorna Hartley. Coleman hospital. Herschel and Mary Miles, Coleman hospital. Boys Willis and Blanche Hutson, Methodist hospital. Leslie and Frances Mueslng. Methodist hospital. Leonard and Myrtle Little. 2046 North Adams. James and Ada Wallace. Coleman hospital . Deaths Harold Copeland. 22, Methodist hospital, 'myocarditis. Blanche Leffert, 44, city hospital, general peritonitis. James Bovle, 81. Central Indiana hospital. hypostatic pneumonia. Lyda Carter, 48. 710 Douglas, hypostatic pneumonia. Catherine Wilson. 67, 1844 Bellefontaine, cerebral hemorrhage. Dorothy Jane Prather. 21, Methodist hospital, sinus thrombosis. Diane Ogle, 2 days, Methodist hospital. Emma Roberts. 54, 1139 Roach, acute myocarditis. william Earl Dav, 20. city hospital, typhoid fever. Lewis S. Patten, 87, 1820 West Michigan, hypostatic pneumonia. Lewis Clemons, 44. 2435 Martlndale, lobar pneumonia. Henry Azzarello. 49, city hospital, coronary occlusion. INDIANA GIDEONS TO MEET HERE TOMORROW International President to Address Session at Washington. State convention of the Gideon organization will open Saturday in the Washington, with Samuel Fulton, international president, as the principal speaker. Sunday, delegates to the convention will attend local churches. Mr. Fulton will speak at the Central Avenue M. E. church. Paul Westberg, international chaplain, will speak at the First Presbyterian church. it -

PORK MARKET STEADY TO 10 CENTSLOWER Cattle Prices Stationary; Lambs Turn Weak at $7 Down. Slight strength was evident in hog trading at the Union Stockyards this morning, most all classes selling around 10 cents higher than yesterday’s average, with the exceptions of underweights holding steady. The bulk. 160 to 300 pounds, sold for $4.35, while few initial sales were reported at $440. Other weights from 300 pounds up were salable at $4.10 to $4.25. Lighter grades scaling 130 to 160 pounds brought $4. while 100 to 130 pounds sold at $3 25 to $3.75. Receipts numbered 6,000; holovers were 363. Slaughter steers were less active in the cattle market than yesterday's sesssion, with most alll classes remaining stationary. Bulk steers sold from $4.50 to $4.65, while butcher heifers were selling at $4 to $5.25. Cows ranged at $2 to $3.25. Vealers opened steady at $7 down then moved around 50 cents higher than the previous close, selling at $7.50. Cattle receipts were 600; calves, 600. Lamb prices turned weak to mostly 25 cents lower, with bulk ewe and wether grades salable at $6.75 to $7. Bucks ranged at $6 down. Throwouts were down to $4. Receipts numbered 2,000. With initial sales moderately active, early bids on hogs at Chicago held mostly steady at yesterday’s average at $4.50 downward. Initial top was $4.55. Receipts were estimated at 17,000, including 5,000 directs. Holdovers, 2,000. Cattle receipts were 5,500; calves, 1,500; market unchanged. Sheep receipts were 11,000; market weak. HOGS ft*’ Top. Receipts. $ i \ 5 3, lISL ?4 - 50 4,500 20. 4.45® 4.50 4.60 6,000 21. 4.4a@ 4.50 4.55 3,000 23. 4.45® 4.50 4.50 7 000 24. 4.25® 4.30 4.30 8 000 25- 4.25® 4.30 4.30 6.000 26. 4.35® 4.40 4.40 6,000 Market, higher. (140-160) Good and choice. ..$ 4.00 —Light Weights—-(l6o-180) Good and choice.... 4.35 (180-200) Good and choice. .. . 4.35 —Medium Weights—■ (200-220) Good and choice.... 4.35 (220-250) Good and choice.... 4.35® 4.40 —Heavy Weights—-(2so-290) Good and choice.... 4.35® 440 (290-350) Good and choice..., 4.20® 4.35 —Packing Sows—down) Good 3 60® 3.85 350 up) Good 3.40® 3.75 (All weights) medium 3.00® 3.60 ■ —Slaughter Pigs—-(loo-130) Good and choice ... 3.25® 3.75 CATTLE Receipts, 600; market, steady. (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— (50-750) 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 (beef) 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 600; market, higher. Good and choice $6.50® 7.50 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, 2,000; market lower. —Lambs—(9o lbs. down) Gd. and choice.s 6.25® 7.00 (90 lbs. down) com. and med. 3.50® 6.25 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS CHICAGO, Oct. 26.—Hogs—Receipts, 17,000, including 6.000 directs; active, 10@15c higher; bulk 150-300 lbs.. $4.35®4.55; top sparingly, $4.60: pigs. $4.25 down: packing sows. $3.40®3.80; light lights. 140-160 lbs., good and choice, [email protected]; lightweights, 160-200 lbs., good and choice, $4.3504.55; medium weights, 200-250 lbs., good and choice, $4.45 8 4.60; heavyweights, 250-350 lbs., good and choice, [email protected]; packing sows, 275-550 lbs., medium and choice, $3.50 84; slaughter pigs, 100-130 lbs., good and choice, [email protected]. Cattle—Receipts, 5.500; calves, 1,500; no reliable outlet for fed steers over 1.100 pounds, demand centering on light kinds at 950 pounds down; light cattle strong; killing quality less desirable; top on long yearlings. $6; part load yearling steers, $6.25; heifers, $6; short fed yearling heifers offered more freely, these $5 down; cows strong, fully 25c higher for week: bulls and feeders strong: slaughter cattle and vealers: Steers, 550-900 lbs., good and choice, $5.2506.40; 900-1.100 lbs., good and choice, $586.25; 1.100-1,300 lbs., good and choice, good and choice, $4.50®6, 550-1,300 lbs., common and medium, $2.75@5; heifers. 550-750 lbs., good and choice. $5.50® 6.40; common and medium, [email protected]; cows, good, $3®4.25; common and medium, s2®3; low cutter and cutter cows, $1.25@2: bulls, yearlings excluded, good beef. $383.35; cutter, common and medium. $1.7583; 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., §ood and choice, $3.75®:5; common and melum. $2®3.75. Sheep—Receipts, 11.000; fat lambs opening slow, around 25c lower; good to choice natives. $6.75® 7; sheep weak: feding lambs, firm; slaughter sheep snd lambs; Lambs. 90 lbs. down, good and choice. [email protected]: common and medium, 9°-150 lbs., good and choice. 51.50® 2.75: all weights, common and medium, $1.25® 2.25; feeding lambs. 50-75 lbs. good and choice. s6® 6.60. EAST BUFFALO. Oct. 26—Hogs—On sale, 1,800; fairly active; weights above 160 lbs., 10-15 c over yesterday’s average; lighter weights steady; desirable 230-250 lbs., $4.90: bulk 170-210 lbs., $4.7584.80; plainer kinds, $4.50; 130-150 lbs., $4.25® 4.50* pigs downward to $4. Cattle—Receipts. 25; cows unchanged; cutter grades. $1.2582. Calves—Receipts. 75; vealers dull; mostly $7.50 down; odd heads. SB. Sheep—Receipts, 500; lambs draggy; weak to 25c lower; good to choice ewes and wethers, $7®7.25: medium kinds and fat bucks, [email protected]; throwouts. $5.50 down to $3.50 for inferior light weights. EAST ST. LOUIS, 111., Oct. 26.—Hogs— Receipts. 6.000; market active; 10c to mostly 15c higher; pigs and sows sharing advance; top $4.50 for one load; bulk 160240 lbs., $4.3584.40; heavies scarce: 140150 lbs.. $4®4.25: 100-130 lbs., $3.50 8 3.83; sows. $3 10®3.60; mostly $3.50 down. Cat-tle-Receipts. 2,800; calves, 1.200; market, generally steady on all classes; native steer sales largely $4.90®5.35: five cars of Oklahoma grass steers. $2.85; mixed yearlings and heifers. $4®5.50: cows. s2® 2.50; low cutters. $1®1.50; top sausage bulls. $2.60; top vealers, $6.75; slaughter steers. 550-1.100 lbs., good and choice, $5.25®6.25; common and medium. $2.75®. 5.50: 1.100-1,500 lbs., choice, $5,25®6; good. $585.75; medium. $3.7585.25. Sheep—Receipts, 1,500: market not yet established; asking higher; holding better lambs around $6.75 and above: Indications steady on throwouts and sheep Lambs, 90 lbs., down, good and choice. $6 250 6.75; common and medium. $3.50 8 6,25; yearling wethers, 90-110 lbs., good and choice. $1.50 ®2.75; all weights common and medium, sl@2. FT. WAYNE. Oct. 26 Hogs—2oc to 40c higher; 220-225 lbs., $4.40; 160-200 lbs., $4.30; 225-250 lbs,, $4.30; 250-275 lbs.. $4 20: 275-300 lbs.. $4.10 300-350 lbs.. $4; 160-150 lbs.. $4.10: 140-150 lbs.. $3.95; 130140 lbs . S3 60; 100-130 lbs., $3 25; roughs, $3.25; stags, $2 25. Calves. $7: lambs, $6. PITTSBURGH, Oct. 26.—Hogs—Receipts. 3.200; holdovers. 450; active, steady to 10c higher. Tops. $4.75: bulk. 160-220 lbs.. $4.70® 4.75 : 220 lbs.. $4.50® 4.70: 250-300 lbs.. $4.258 4.50; 150 lbs., down. S4B 4 25: packing sows. $3 50 84. Cattle—Receipts. 40: nominal. Calves—Receipts. 160: steady, top vealers. SB. Sheep—Receipts. 3.000 bulk, choice sorted fat lambs, 7®7.15; others, steady. TOLEDO, Oct. 26.—Hogs—Receipts. 150. Market, 15 to 25c higher. Heavy Yorkers, $4.150 4.25; mixed and bulk of sales. $4.15 04.25: pigs and lights. $3.25®3.75; medium and heavies. $3.50®4.25. Cattle—Receipts. 150. Market steady. Calves—Receipts, light. Market stead yto 50 cents lower. Choice to extra. $6.5087: fair to good, $5.50®6.50. Sheep and lambs; receipts, flghb Market steady; lambs, *366,25.

Today and Tomorrow Control of Liquor Is Next Problem to Be Solved by Administration; Rockefeller Report Lauded. BT WALTER LIPPMANN

THERE are. I suspect, few of us who have as yet really made up our minds as to how we should like to see liquor dealt with after repeal. The anti-prohibitionists have hesitated to commit themselves to any particular plan, fearing to divide their forces. Among the people at large there has been little discussion, because there have been so many other things to worry about. Yet there is a landslide for repeal. In a few weeks the federal government and those states that are not dry by their own constitutions or

their own statutes have to take a hand in the regulation and the taxation of the liquor traffic. How are they to go about it? They can make no better beginning than to study the bock called “Toward Liquor Control.” This is the report that Mr. Rockefeller asked Messrs. Fosdick and Scott to prepare. There is no comparable guide book to the problem, as Americans must deal with it. A whole library of books exists on the general subject of liquor control, but there is no other book, or, if there is, I have not seen it, w r hich analyzes so clearly and comprehensively our peculiar problem—the problem not merely of the liquor traffic, but of the liquor traffic after the failure of the eighteenth amendment. The book is short, simple, shrewd, and, though the authors state their own conclusions definitely, they have made it their principal business to explain and clarify the main issues. The liquor problem after repeal can be divided con-

veniently into two grand divisions. One is concerned with the system of regulation to be set up by the states when they recover their authority. The other is concerned with the system of taxation, federal, state and local, which should be applied to legalized liquor.

IT is with the second of these two divisions that we must mast immediately deal. For regulation is bound to be a subject of continual experiment by the states, and it is one of the advantages of repeal that it gives freedom to experiment. But taxation is in part a national question; it is urgent, and the difference between a good and a bad system of taxation will affect not only the government revenues, but may determine how successfully the country can exterminate organized bootlegging. Messrs. Fosdick and Scott have, it seems to me, been especially clear-headed in their discussion of federal taxation. Their essential argument may be restated about as follows: In levying taxes on liquor we should like to do three things—to obtain as much money as possible for the govment, to drive the bootlegger out of business and to discourage the consumption of hard liquor. If we did not have the bootlegging industry, very high taxes would produce much revenue and would also discourage consumption. But the bootlegger complicates the matter. If taxes are too high, he will coninue in business. Therefore, we have to make up our minds what it is that we wish most to do. Messrs. Fosdick and Scott think the elimination of the bootlegger ought to be the first objective, and most persons will agree with them. But then it becomes absolutely essential that the price of legal liquor should be low enough to make it unprofitable for the bootlegger to compete. Messrs. Fosdick and Scott think that to achieve this end the price of beer ought to be reduced slightly; that ordinary wine should sell at retail for from $1.50 to $2.50 a gallon; that whisky, gin and other spirits should sell at $1.50 and up per quart. With prices at this level they think that organized bootlegging would disintegrate. In choosing such relatively low prices, they frankly accept the conclusion that until bootlegging is eliminated, it is impossible to disourage consumption by high taxes and high prices. a tt n THEY have estimated that even at these low prices a well-de-vised scheme of taxation should be able to derive $700,000,000 a year from liquor, over and above the normal taxes that liquor manufacturers and dealers would, as business men, have to pay. It is not quite clear to me how they have arrived at this estimate, but what is clear to me is that they have discovered a principal of taxation that will yield the greatest possible revenue and yet keep retail prices down. This discovery is well worth examining The usual way of taxing liquor is to charge the manufacturer a small, flat license fee—for beer it now is SI,OO0 —and then put an excise tax —for beer it is $5 a barrel—on the quantity he produces., Messrs. Fosdick and Scott point out that the excise tax is a sales tax which is passed on to the consumer. The higher you make it the higher will be the price to the consumer. They argue, therefore, that if we wish low prices to break up bootlegging, we must not lay high excise taxes. They would, therefore, reduce the excise tax on beer from $5 to $3; they would put the tax on wine at 40 cents a gallon and on spirits at 3 a proof gallon. The principle seems to me unmistakably sound. It provides the best means of combining low retail prices with as much revenue as the business will stand. By keeping prices low’ the government will be doing its best to return the liquor business to the legalized manufacturers; by taxing their profits it will be taking its share of the proceeds. The proposal is not ony ingeniously adapted to the problem of the bootlegger, but is thoroughly consistent with the philosophy of the administration. The proposal made by Messrs. Fosdick and Scott seems to me to meet one of the real issues squarely. If there is an important error in it someone ought to point it out as soon as possible. (Copyright. 1933)

In the Cotton Markets

—Oct. 25 CHICAGO High. Low. Close. January 9.90 9.78 9.83 March 10.06 9 92 9.99 May 10.21 10.07 10.11 October ... 9 64 December 9,83 9.68 9.71 NEW YORK January 8.92 9.71 9.76 March 10.00 9.36 9 91 May 10.13 10 00 10.05 July 10.25 10.14 10.18 December 9 75 9 63 9.66 NEW ORLEANS January 9 81 9 66 9.73 March 9 98 9 81 9 89 May 10,11 9.97 10.03 July 10.22 10 13 10.17 October 9.61 9,54 9.55 December 9.73 9.59 9 64 CHICAGO FRUIT MARKET By United Prest CHICAQO, Oct 26—Apples—Michigan Jonathans, bushel. *101.15; Baldwins, bushel. 9000*1. Pears—Michigan and New York Kiefers. *1 bushel. Carrots. Illinois. 1 1 02' 2 c bunch. Eggplants. Michigan 50 0 75c bushel Spinach. 111.. 507,75 c bushel. Beans, southern green. SI 507,2 25 bushel, wax. *1.5002 25. Cabbage, Wisconsin. 75 o*l 15 crate. Grapes. Michigan. 337,35 c. , 12 quarts. Onion market—ldaho Washing ton Valentias. 707?90c; Wisconsin yellow. 65070 c; Indiana yellows. 65070 c; Illinois yellows. 65070 c; Midwest whites. *lOl.lO. j NEW YORK RAW SUGAR FUTUREB —Oct. 25 High. Low. Close January 1 34 1 26 1 27 March 1.37 1 30 1.31 May 1 41 1.34 1 36 July 1.47 1.40 L4O September .... 1.51 1.44 1.45 December 1.J3 1.28 1.22

Lippmann

The City in Brief

FRIDAY EVENTS Exchange club, luncheon. Washington. Optimist Club, luncheon. Columbia Club. Sahara Grotto, luncheon. Grotto Club. Reserve Officers’ Association, luncheon. Board of Trade. Phi Delta Theta, luncheon, Columbia Culb. Delta Tau Delta, luncheon, Columbia Club. Harvard Club, luncheon. Lincoln. W. C. T. U. of Indiana, convention, Roberts Park M. E. church. Rainbow Division, dinner, Washington. Indianapolis Federation of Civic Clubs, meeting. Washington, 7:30 p. m.

Indianapolis Cash Grain

—Oct. 25 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. 81082 c: No. 2 red. 80881 c: No. 2 hard, strong Corn—No. 2 white. 42%@43%c: No. 3 white. 41%®42%c: No. 2 vellow. 40%@ 41%c; No. 3 yellow. 39%®40%c: sample yellow. 39%®40%: No. 2 mixed. 38%® 39 %c: sample mixed, strong. Oats—No. 2 white, 33@34c; NoN. 3 white. 32833 c. Hay—Steady: (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisvile). No. 1 timothy. $6®6.50: No. 2 timothy. $5.50®6. —lnspections Wheat—No. 2 red. 1 car; No. 2 hard. 1 car. Total. 2 cars. Corn—No. 2 white, 3 cars; No. 3 white. 3 cars: No. 2 vellow. 2 cars: No. 3 vellow. 7 cars; No. 4 vellow 8 cars; No, 5 yellow, 8 cars: No. 6 vellow. 3 cars; No. 5 mixed. 1 car. Total. 35 cars. Oats—No. 3 white. 4 car; No. 4 white. 1 car. Total. 5 cars. Other Livestock BY UNITED PRESS LAFAYETTE. Oct. 26. Hog market, steady to 10 cents higher; 200-300 lbs., $4.1504.20; 300-325 lbs., $4; 170-200 lbs., $4.15; 120-170 lbs.. $3.5083.75; 100-120 lbs.. [email protected]; roughs, $3.25 down. Top calves, $6. Top lambs. $6. CLEVELAND. Oct. 26.—Cattle—Receipts, 300; good deman dfor handy weight cettle. prices steady; choice steei.. S6B 6.65; common to good. 550 to 900 lbs., steers, $3.75 ®5.50; good heifers, $4.25®4 50; medium t good cows, $2 8 3.25. Calves —Receipts, 350: market very slow' on restored demand; bulk selling at S7O 7.50; choice to prime upwards to $8; common. $385. Sheep— Receipts, 3.500; market sags 25c on heavy receipts, light demand; choice wethers steady at $2.50® 3.25: choice spring lambs, $6.508 7; showing the decline; good to choice. $686.50; common and cull. $38:5. Hogs—Receipts, 1.000; market rises 25 cents on all weights recovering losses In Erevious session, all sold early, active; eavies, $4,258)4.35: choice butchers. $4.35 ®4.50; light butchers and choice Yorkers, $4.50; stags. $2.25; roughs, $3.25 8 3.50; pigs, $3.7584. HEAVY SNOW REPORTED .Two-Inch Blanket Covers Valparaiso; First Fall of Season. By Times Special VALPARAISO, Oct. 26—A twoinch snowfall covered this section of northern ’lndiana for the first time this season yesterday. In the Air Weather conditions at 9 a. m: South southeast wind, 15 miles an hour; temperature, 42; barometric pressure, 30.12 at sea level; general conditions, high scattered clouds; ceiling, unlimited; visibility, 10 miles.

Announcement We are pleased to announce the formal opening of our Fort Wayne, Indiana, office on Thursday, October 26,1933. Lincoln Bank Tower Suite 525 NEIL M. WIRLS Manager M. J. Marttene Fred Potthoff Representative Representative T. P. BURKE & COMPANY. INC. Investment Securities 217-224 Circle Tower Telephone Riley 8535 Dated October 26

We Take Pleasure in Announcing the Association of miss forba McDaniel WITH OUR BANK SERVICE DEPARTMENT Pfaff & Hughal INCORPORATED Investment Securities SECOND FLOOR ILLINOIS BUILDING SOUTHEAST CORNER, ILLINOIS AND MARKET STS. Telephone Lincoln 2565 CHICAGO INDIANAPOLIS FT, WAYNE EVANSVILLE October 25, 1933.

PAGE 11

MAJOR GRAINS MOVE OFF IN SLOWSESSION Security List Influences Futures After U. S. Announcement. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, Oct. 26.—'Wheat futures dropped off major fractions to as much as 1% cents at the openning of the Board of Trade today. Corn showed more independence and ranged from % cent lower to % cent higher. Oats was from % cent lower to % cent higher. A nervous stock market influenced grains, following an announcement of another advance in the price of newly-mined gold. Brokers were disappointed in the lack of public interest in the new movement. Bullish sentiment in wheat is of the conservative type, although there is considerable uncertainty a* to the market’s immediate trend. Some are disappointed the government price on gold is only slightly over the world figure Others expect the advancing progress to be very gradual. Corn continues to be guided by the action of wheat. Announcement the government will impose a processing tax of 28 cents a bushel failed to have any effect on that market as the tax does not apply until It is processed commercially. Oats tend to exhibit new strength with every buying spurt. Chicago Primary Receipts —Oct. 25Bushels. .... Today, Ladt. week. Wheat 798.060 627,000 Corn 637,000 1.623.000 Oats 87,000 198,000 Chicago Futures Range —Oct. 26WHEAT— Prev. High. Low 10:00, close. Dec 87% .86% .87% .87% May 90% .89% .90% .91 July 88 .87 .87% .88% CORN— Dec 48% .47% .48% .47% May 54% .53% .53% .53% July 56 .55% .55% .55 Vi OATS— Dec 37% .36% .37% .37% May 40% ,39% 40.40% July .... .37% .37 .37% 37% RYE— 8 Pec 62% .61% .62 .62% May 68% ,68 .68% .69% July 68% .67% .68% 68% BARLEY— ’ 8 Dec 90 .49% .49% 49% May 54% .54 .54 .53% July CHICAGO CASH GRAIN By United Press CIHCAGO, Oct. 25.—Grain close: Wheat —No. 2 red, 88c. Corn (old)—No. 2 mixed, 45%®46%c: No. 1 yellow, 46%®47c: No. 2 yellow. 46%®47%c; No. 3 yellow, 45%®) 46%c: No. 4 yellow, 45%®45%c; No 5 yellow, 43%c; No. 2 white, 46%®47c- No 3 white. 44c; No. 5 white, 43%c; (old and newi No. 4 white. 42% 8 43c. Oats—No. 2 white, 38®38%c; No. 3 white, 36%03’H-c No. 4 white. 35% 036 c. Barley—4s 0 71c’ Rye—No sales. Timothy—ss.7s® 6.25 Clover seed—s9.sool2 25. Cash provisions —Lard. $5 35; loose. $5.15 leaf, $5; D. S. Bellies. $5. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Oct. 25.—Cash grain: Wheat —ln good demand, 2%c higher; No. 2 red 91c. No. 2 red garlicky, 85®90c; No. 3 red garlicky, 84%c; hard wheat 3c higher; No. 2, hard 89%c nominal; No. 3 hard, 87%c: No. 2 mixed, 88 Vic. Corn—ln good demand, l%c higher; No. 2 vellow 47®47VicNo. 3 yellow, 45%®46%c;, No. 3 white 47%c; No. 4 white. 46%c. Oats—ln fair demand, nominally 2c higher; No. 2, white 39®39Vic; nominal; No. 4 white. 36c. TOLEDO CASH GRAIN By United Press TOLEDO. Oct,. 25.—Grain close: (Grain in elevators, transit billingi. Wheat—No 2 red. 90891 c. Com—No. 2 vellow. f,o® le. Oats—No. 2 white. 40%®41%c. Rve —No. 2. 75076 c. Track prices. 28%c rate: Wheat—No. 1 red. 86® 87c: No. 2 red, 85 ®B6e. Corn—No. 2 vellow. 45% 8 46%C' No 3 yellow. 44%®45%c. Oats—No. 2 white. 37%®38%c; No. 3 white. 36%®38c. Toledo seed close: Clover—October. $7.25: December. $7.40; March. $7.65. Alstke— Cash. $8.50: December. $8.70. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 78 cent* for No. 2 sort rea wneat. otner gradea on their merits.

Life Insurance Takes the IF Out of L-IF-E H. EDGAR ZIMMER Massachusetts Mutual Life Ins. Cos, 300 Continenlal Bunk Building