Indianapolis Times, Volume 45, Number 160, Indianapolis, Marion County, 14 November 1933 — Page 18

PAGE 18

Wall Street

Co-ordinator Eastman Sets Swift Pace in Rehabilitating Railroads—Has Ambitious Plans. By RALPH HENDERSHOT limfi Special Financial Writer

It is beginning to look as though the railroads will not know themselves when Joseph B. Eastman, federal co-ordinator, gets through with them. Mr. Eastman is credited, even by railroad men, as being the best posted man on railroads in the United States, and he appears to have the vision and the vigor, not to mention authority, to revamp operations and methods of the steam carriers entirely. That a shakeup in railroading was badly needed is granted quite generally. Many were on the verge of a complete financial breakdown under the old regime, even with the interstate commerce commission watching over their activities. Shippers had been critical, and not without reason, of the high costs of transporting goods from one section of the country to another, and these charges have played an important part

in raising the cost of living. The latest thing Mr. Eastman is said to have on his mind is the rehabilitation of the railroad power unit. It is a well-known fact that the carriers have not kept pace with their needs in the way of locomotives of late, having bought very few' new' ones during the last five years. It is said that more than half of the engines now in service are obsolete. u n n To Make Money Available It is true, of course, that the railroads have not had the money to spare to buy needed locomotives in recent years. Some of them, though, were paying big dividends w'hen they should have been thinking about such needs. It is expected that the government will allot between $200,000,000 and $400,000,000 to put this branch of their equipment house in order. When the co-ordinator took office it was assumed that he would spend most of his time in working out carrier consolidations, and some figured he would

J

Ralph Hcndershot

not get far in that direction because of the lack of a long-term capital market to finance such mergers. He has been working along that line to some extent, but he has been concentrating on correcting other important situations. His efforts in connection with rebuilding physical properties undoubtedly were undertaken partly to help President Roosevelt's general business recovery along. The Pennsylvania railroad, for instance, was allotted $84,000,000 for electrification work, and $51,000,000 was made available to other roads for the purchase of steel rails. man Has Operating Ideas, Too Operating methods are expected to get their full share of attention from now on. It is said Mr. Eastman, among other things, plans to eliminate so far as possible the expensive freight selling organizations which have been built up by the carriers. Some authorities claim such organizations absorb a very large percentage of railroad freight revenues. The co-ordinator also has under way the co-ordination of railroad terminal facilities, and he has taken a deep interest in the salaries being paid carrier executives. All in all he seems to be one of the busiest of President Roosevelt’s aids, and while he works in co-operation with the interstate commerce commission, that organization seldom is heard from these days.

New York Stocks (Bt Abbott. Hoppln Cos.)

—Nov. 14. Prev. Oils— High. Low. 10 30. close. Amerada * Atl Rfg 31'4 31 Barnsdall * .2, 4 Consol Oil ..... • • ... }*. 4 Coni of Del .... 18'* 18% 18-2 18% Houston inew)., .. ... ••• ,5 4 Houston (old) ••• 3 , Indian Rfg - ~ 8 Mid Cont Pet... .. ... JJ 7 , 33 Ohio Oil 15 * Phillips Pet 16 2 ,‘„ 6 , 4 Royal Dutch ... *. ••• u< s Sbd Oil 35 * ?*, 4 Skelley Oil •• ... ; • • Soc Vac 14’, 14% 1* 8 SO of Cai .... 43U 43 43 4 42 a SO of Kan , ••• "Tt" SOof N J .. 44% 44% 44% 44 a Sun Oil 2”, Texas Corp • ■ • fS a 8 Tidewater Assn.. 10% 10% 10 * > Un Oil of Cal 20 19% Mills.. 17% 17% H% 3 |% Beth Steel 21 s 31 , Bvers AM 24 24 Col Fuel <fc Iron 4 8 Cruc Steel 2 *;;v Ludlum Steel .. • ■ .• ■ “ 4 McKeesport Tin. 84% 84 84 . 83 Natl S'eel -• • ••, 3 ®’ 4 3 ?, s Ren I& S 13% 13' 4 13 s 13 4 U S Smetl 104 102% 104 101 Vandaium 20 % 20 e Mid Steel 14 Shell Un 8% 4 U S Pipe & Fdy .. ... i®, U S Steel 43 42% 42% 4. 2 U S Steel pfd .. 80 , 80 2 Youngstn S & T .. ... 1® 78 2 Rails— ~ Atchison so 221 Atl Cst Line 3. 4 B & O .. ... 24% 24 Can Pac • ] 3 % Chi & Gt W ... ... 4% C M & Si P 5% 5% 5% 5 C M & St P pfd 8% 8% Chi N W • •• 8 Dela & Hud 54 a3% 53% 53% Erie 1% 15% Grt Northern.... .. ... . 18 111 Central 27% 26% K C Sou 42% Lou & Nash ... 43*2 ... M K & T 8% Mo Pac 4% Mo Pac pfd ... 5% N Y Cent 36% 36% 36% 36', N Y Chi & StL p . . 17% N Y New Haven 16% 17 Norfolk. & Wes 149 147 Nor Pac ... . . . 21 Penn R R 26% 26% 26% 26% Sou Pac 20% 20 20% 20 Sou R R 23% 22% 22% 22% Sou R R pfd 24% 24% Union Pac 110% West Maryl 8% Motors— Auburn .. 43 % 43 Chrysler 43% 43% 43% 43% Gen Motors ... 31% 31 s , Graham Mot ... 2% 2% Hudson ... ... 10', Hupp ... ... 3% Mack Truck 29% Nash ... ... 20 Packard 3% 3% Reo ... ... 3% Studebaker ....... ... 5 5 Yellow Truck . 4% 4% 4% 4%

Motor Access— Bendix ... .. . 1* Bohn Alum ... 47 7 47 7 * Borg Warner ... .. 15 s . Briggs 9* ? Budd Wheel 3'* 3>. Eaton Mfg 11'. Elec Auto Lite 16 15< Hond A 3’-. Mullins Mfg . • 4 s . Murray Body 5‘ 4 5 Stew Warner ... •> * Timken Rol 27 s * Mining— Alaska Jun 26'. 25 7 * 26'. 26' 4 Am Smelt 4847’ 4 48'* 4. 2 Anaconda 15 7 * IS 7 * 15 3 4 IS.’ Cal A Hecla _s’ 4 Cerro De Pasco 40's 40'* 40‘ 4 39 Granbv 9’ Gt Nor Ore 10' 4 Honiestake Min.. .. ... 343 312 Howe Sound ... 32-’ 4 31’■ Ins Copper •• ... Int Nickel. .. 21 s * 21* 4 21V 2!> Kennecott Cop ... .. 22 V 2*'* Noranda Cop . 35'* 34 7 * 34'* 34' : Phelps Dodge. .. 16 7 16 3 16 s . Pitts Coal 16'a Tobaccos— Am Sum Tob ... 14 Am Tob iAt 714* Am Tob <B> 72V 72 72 72V Gen Cigar.. .. ... 29 Lig A: Myers tßi 83V 84V Lorrilard ... 17 V Reynolds Tob B 44 s * 44V Equipments— Allis Chalmers 19 s * Am Car A Fdv 25 Amer Loco .... .. ... .. 29V Am Mach A: Fdy .. ... 14V 14V Am Steel Fdv . 18 Bald Loco . 11V 12 Burroughs 15' 14 7 * 15 1 * 1-. V Case J 1 72'; 71V 72V 72V Cater Tract.. 22V 22 Colgat Palm Pt . 13 V Congoleum . 24 3 24 s * 24 s * 24'* Elec Stor Bat . 42 Foster Wheeler.. .. ... ... 15V Gen Am Tk Car . 29V Gen Elec 21 20’* 20V 20 7 i Ingso! Rand , 58 Int Bus Mach.. .. ... . . 141 V Int Harveeter.. .33 7 , Kelvmator .... io 7 * io s . 10 7 , io-’ 4 Natl Cash Reg ... ... ... 16 Proc A Gamble . .. ... 41 s * 4’V Pullman Inc 45 s * 45 Simmons Bed 17V Und Elliot 37 s , West Air B 26V Westir.gh Elec 38V 38V Worthington P 24 23V Utilities— Am A For Pwr 11 u Am Pow A Lit 7V 7 V AT&T 118 V 118 Am Wat Wks . .. ... 19V 19V Col Gas A Elec .. ... 12 s * 12V Com A Sou 2V 2V Consol Gas .. 38 s * 38V 38 s * 38 V Elec Pw A Lit 6 6 E P A L pfd.... . 10 Int TAT 15V IS 15V 14'* Lou GAEA 15 s , Nat Pwr A Lit 1! North Amer 17 17V Pac O A E 18 18 V Pub Serv N J 34 s , 34V So Cal Edison 16 16V Std Gaa 9 9 v Std Gas pfd 9-V United Corp 5V 5V Ut P A Lit A 3 V 3 V Western Union.. 53’, 53V 53" 53i., Rubber*— Firestone 22 s * Goodrich 14 V Goodyear .. 36', 35V U 8 Rubber . 1* 17V 17 s , 17 7 * U S Rubber pfd 28 V 28 Amusements— Croslev Radio... .. ... ... 10 s * Fox Them 14 s * Loews Inc 28 23 s * £adio Corp 7V < 7 KO 2S 12V Warner Brew... V I6 V

Foods — Am Sugar ...... v ... ••• ‘6% Armour iA) A .A 3% 3% Beatrice Cream y * .• 13 *3% Borden Prod .... X 23% 23% C’al Packing.... . ... . . 22 Can Dry G Ale. .. ... . 28 Corn Prod ... 71 % 72 Crm of Wheat.. .. ... ... 28% Gen Foods ... ... 36% Gold Dust ... 17% 17% G W Sugar 38>4 37% 38% 38% Hershev ... ... 47 Int Salt 23% Loose Wiles .. ... 39% Natl Biscuit 43% 43% 43% 43% Nat! D Prod 15% 15% 15% 15% Puritv Bak ... 15 14% S Porto Rico Sug 42% 41% 42% 41% Std Brands ... 24% 24’* United Fruit 60% Wrigley 55% 54% 54% 55 Retail Stores— Asso Drv Gdods 12% 12% Best & Cos . ... 25% 25% Gimbe! Bros 5% 5% 5% 5% Gimbel j>fd 21 Gr Un Tea 4% Hahn Dept Sts 5% 5% Jewel Tea 30% Kresge S S 12 % Kroger Groc 22% 22% Macy R H 50 49 May Dept St 27 Mont. Ward ... 21 % 21% Penny J C . ... 48 Safeway St ... 41 40% 40% 41% Sears Roebuck.. 40% 40% 40% 40% Woolworth 38% 38% Aviation— Aviation Corp ... 8 8 Douglass Air ... .. ~ 14% Curtiss Wright 32% Curtiss Wri (Ai 5% 5% Nor Am Av ... 5% 55, 8 United Aircraft.. 33% 33% 33% 33% Chemicals— Air Reduction 103% 104 Allied Chem .... 134% Am Com Alcohol .. 53 Col Carbon . . ... 575, Com Solvents... 32% .72% 32% 33% Dupont 81% 80% 81% 80% Freeport Tex 46% Liquid Carb 26% 26% Math 41 40% 41 41 Tex Gulf Sulph . . 41 % 41 Union Carbide 44% 44 44% 43% U S Indu Alcohol . . 67% 67% Natl Dist tnew 1 31 30% 30% 31% Drugs— Cot-y Inc .. ... 3&* Lambert *,. 30 Zonite Prod - 6% 7 Financial— Adams Exp ... 8% 8% Allegheny Corp.. .. 3% Chesa Corp 34% .% Transamerica .... ... ... ss. Tr Conti Corp 5 Building— Am Radiator .... ... 13 % 13 Gen Asphalt 16% 16% 16% 16 Int Cement ... . 31 Johns Manville 53 52% 53 52% Libby Owens Gls 30% 30 Otis Elev 143 4 Ulen Const 3 Miscellaneous— Am Bank Note.... 13 Am Can 93% 92 93% 91% Anchor Cap ... ... 20% Brklvn Man Tr.. .. ... ... 26% Conti Can 67 66% 67 66 Eastman Kodak. .. . . 74 Owens Bottle ... 78 77% 78 77 Gillette ... . . 11% Glidden ... 16% ... Gotham Silk 8% 8% Indus Ravon ... 76 75% 76 75

Federal Farm Loan Bonds

ißv Blvth & Cos., Inc.) -Nov. 13— Bid. Ask. 4s Nov. 1. 1957-37 80 82 >4 4s Mav 1. 1950-38 80 82% 4%s July 1, 1956-36 82 84% 4%s Jan. 1, 1957-37 82 84% 4%s May 1. 1957-37 82 84% 4%s Nov. 1, 1958-38 82 84% 4 1 _■ s Per 1. 1933-32 99 100 4%s Mav 1. 1942-32 85% 87% 4%s Jan. 1. 1945-33 85% 87% 4%s Jan 1. 1953-33: 84 85% 4%s July 1. 1953-33 84 85% 4%s Jan. 1. 1955-35 84 85% 4%s July 1. 1955-35 84 85% 4%s Jan. 1. 1953-33 84 85% 4%s July 1. 1953-33. ... 85% 87% >%s Jan 1. 1954-34 85% 87% 4%S Julv 1. 1934-34 85% 87% 5s May 1. 1941-31 92% 94', 5s Nov. 1. 1941-31 92% 94% Home Loan 4s Julv 1. 1951.. 83 84%

Daily Price Index

By I infer/ I'rrss NEW YORK Nov 13.—Dun & Bradtreets daily weighted price index of thirty basic commodities, compiled for the United Press 11930-1932 Average. 1001 Today 102.30 Saturday 102 44 Wek ago 100.08 Month ego 97.62 Year ago 74 47 19.33 Rich 'Julv 18' 113 52 1933 Low 'Jan. 20' . 67.86 Copyright 1933. bv Dun <fc Bradstreet. Inc.

In the Cotton Markets

—Nov 13— CHICAGO High. Low Close. January 10.10 10 04 10.C7 March 10 30 10 22 10 24 May 10 43 10.37 10 37 July 10,55 1 0.50 1 0 51 December 10 02 9 96 9 98 NEW YORK January in 09 9 98 9 98 March 10 24 10 14 10 14 May 10 37 10 27 10 27 July 10.49 10 38 10 38 October 10.68 10 57 10.57 December 10.00 9 89 9 89 NEW ORLEANS January 10 03 9 95 9 95 March 10 21 10 11 10 12 Mas 10.35 10 25 10.25 July 10 47 10 38 10 38 1 December 9.96 9 86 9 87 NEW YORK COFFEE FUTURES —Nov. 13— SANTOS High. Low. Close January 8.38 March 8 58 8 54 8 56 May 8 65 8 60 8 64 Ju> 8 67 September 8 83 8 80 8 83 December 8 44 8 34 8 36 RIO January ... 5 98 ■ March 6 12 | May 6.23 6.20 6 20 1 Julw 1 6 2 V September 4,. 629 626 6.29*1 December 6.00 5.95 5.35

STRONG RALLY BOOSTS STOCKS 1 TO 4 POINTS Several Issues Reach New Highs as Tickers Run at Full Speed.

Average Stock Prices

Average of thirty industrials for Monday: high 97 15 low 95 25. last 95 98. off 12 average of twenty rails: 39 54. 38 69. 38 89, ofT 82, average of twenty utilities: 24 85. 24.00. 24 21. off .17; average of forty bonds: 80 39, off .17. BY MAX BUCKINGHAM United Press Financial Writer NEW YORK. Nov. 14.—A rousing rally on the Stock Exchange today sent stocks up 1 to more than 4 points in the general list and Homestake Mining up 20% points to 345 in such active trading that tickers w'ere forced to abbreviate quotations to keep pace. Silver futures mounted more than a % cent an ounce to new highs and silver stocks followed with U. S. Smelting reaching 102*2, up IVi points. American Smelting firmed up fractionally to 47%. Homestake Mining, w'hich gained 4% points yesterday, opened at 343 today, up 18% points, to feature the gold mining division. The latter w r as firm in response to the advance to $33.56 in the R. F. C. gold price. Oils, favorites in yesterday’s transactions, again were prominent on the upside. Standard Oil of New Jersey, selling ex-dividend, opened at 44%, up *-<2, and then rose to a new' 1933 top at 44%. Small gains weer made by Standard of California, Phillips, Continental, and Consolidated Oil. Congoleum firmed up % to 24% on 2,000 shares on declaration of an extra diivdend of 50 cents in addition to the regular 25 cents a share. Utilities were steady, as were Motors, store shares and steels. The trend after the opening was toward slightly higher levels without pickup in transactions.

Bank Clearings

INDIANAPOLIS STATEMENT —NOV. 14— Clearings *2,872,000.00 Debits 6,575,000.00 TREASURY STATEMENT —Nov. 14 Net balance for Nov. 11 $1,316,550,097.49 Misc. int. rev. repts 2,071,127.96 Customs repts. (mo. to d.i ’ 11,071,419.89 New York Curb By Abbott, Hoppin & Cos. —Nov. 13— Close Close Allied Mills 9% Great Atl, Pac.,129 Alum Cos of Am 75 I Glen Alden Coal 14 Am Beverage .. 1% Gulf Oil of Pa.. 56% Am Cyanide B. 10% Hiram Walker.. 37% Am Gas & El.. 21% Hud Bay Min... 10 Am Superpower 3% Humble Oil .... 91% Ass Gas & El.. % Imperial Oil Ltd 14% Atlas Corp .. . 12%; Int Petro! 20% Axton Fshr Tob 62 iLake Shore Min 48% Brazil Tract-Lt 11% Lone Star Gas.. 6% Brit Am Tob A 29% Massey Harris . 5 British Celanese 3% Mt Producers .. 4% Can Indus Al A 16% j Natl Bellas Hess 2% Can Marc 2%!Newmont Min .. 50% Carrier Corp .. 6% Nia Hud Pwr... 5% Cities Serv . 2% Pan Am Airways 51% Con Gas of Salt 52% Park Davis .... 22 Cord Corp 7% St Regis Paper. 2% Creole Petrol .. 11% Sal Creek Prod. 6 Deere Ac Cos . . 32% Sherw’in Wms . 42% Distillers Lim.. 21 |Std of Ind 31% Distillers Corp. 21% Std of Ky 16% Dow Chem .... 69 iStut.z Mts 8 % El Bond-Share . 16% Technicolor Ind 10% Fisk Rubber ... 17% Tck Hughes Gld 6% Ford of Europe. *6 |Un Pwr-Lt "A” 2% Gen Aviation .. 5% Wght Hrgvs min 7%

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Nov. 13Bid. Ask. American Bank Stocks Corp .76 86 American & General Sec A . 5.25 6.25 Basic Industry Shares 3.11 3.16 British Type Inv Tr Sh 45 .55 Collateral Trustee Shares A 4.37 4.62 Corporated Trust Shares old 2.15 2.20 Corporated Trust Shares new. 2.26 230 Cumulative Trust Shares 3.90 3.98 Diversified Trust Shares A ... 625 Diversified Trust Shares 8... 6.87 7.00 Diversified Trust Shares C.... 2.96 3.00 Diversified Trust Shares D... 478 4.82 First Insurance Stock Corp... 134 1.40 First Common Stock SCorp 83 .98 Fixed Trust Oil Shares A 8 38 Fixed Trust Oil Shares B 6.78 Investors Inc 16.84 18.29 Low Priced Shares 5.35 5.45 Mass Inv Trust Shares 17.21 18.69 Nation W’ide Securities 3 06 3.14 North American Trust Sh (53) 1.80 .... North Am Tr Sh ’55-56) 2.29 2.32 Petroleum Trust Shares A... 8.00 11.00 Selected American Shares... 2.44 .... Selected Cumulative Shares. . 644 6.69 Selected Income Shares 3.31 3.75 Std Amer Tr Shares A 2 84 2.90 Trust Shares of America.... 265 2.75 Trustee Std Oil A 5.37 5.50 Trustee Std Oil B 4.80 4.90 U S Electric Lt & Pwr A 11.25 11.62 Universal Trust Shares 2.85 2.95

U. S. Government Bonds

NEW YORK. Nov. 13.—Closing Liberty bonds: LIBERTY 3%s 132-471 100.11 First 4%s 132-471 101.16 Fourth 4% s (33-38) 101.30 TREASURY 4%s i47-52i 107.4 4s '44-54' 104.10 3%s '46-561 102.12 3*s '43-471 99 22 3%s '4l-431 March 99.21 3-Hs '4O-431 June 99.25 3s 'sl-55' 99.6 3%s ' 41) 99 44 4%s (45' 99 26

Foreign Exchange

(By Abbott. Hoppin & Cos.) •-Nov. 13Close. Sterling. England $5.15% Franc. France .0631 Lira. Italy .0848 R"lgias. Belgium 5249 Mark. Germany 3850 Guilder, Holland 6497 Peseta. Spain 1313 Krone, Norway 2593 Krone. Denmark 2308

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 Anthracite *14.25 Coke, nut size 8.75 Coke, egg size 8.75 Indiana, forked lump 5 50® 575 Indiana, egg 5.25® 550 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 8.25 Pocahontas forked lump 925 Pocahontas mine run 7 25 New River smokeless 825 West Virginia lump 6 75 West Virginia egg .. 650 Island Creek 7 00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. NEW YORK RAW SUGAR FUTURES —Nov. 13— High. Low Close. January 123 1.18 1.18 March 1.27 121 1.22 Mav 1.31 1.26 1.28 July 1.37 1.31 1 34 September 1 40 1 38 1 38 December 1.21 1.16 1.16 Plumbing Permits John Anderson. 547 Tacoma; two fixtures. C. A. Johnson. 702 Livingston; four fixtures. L V. Mikesell. 10 North Ritter; two fix ures. . Porter Pate. 941 North Meridian; one fixture.

THE INDIANAPOLIS TIMES

On Commission Row

—Nov. 14. Fruit* Cranberries — Cape Cod early blacks. 25’^Grapes— California seedless, crate. $2 25: California Tokavs. crate. 81 60: Ohio Concords, 12 2-quart baskets. $1 75; New York. 12-qt. basket. 55c. Melons —California Honevdews (9-12s), $2®2.50, Casabas ißs) per case. $2 pears —Washington DAniou i9O-185s>. $2 75: Washington Bose iIOO-135si, $2 75: Avacos. Fla *lO-16*>. crate. $2. Bananas —Per pound. 5%c Apples—Wealthy, Wolf River. Grimes Golden Jonathan. Florida <46s to 80cl. $1.255 1.75 a bushel; fancy Jonathans. $2 a box Grapefruit—s3.2s® 3 50. Prunes—ldaho Italian. 16-lb. lugs. sl.lO. Oranges—California Valencias. $3,505.4 8 box Lemons —i36osi. $5.50 q 6. Vegetables Cabbage—Eastern Dannish, 50-lb. bag. $1.15. Onions —Utah Spanish. 50-lb. bag, $1.75; western white. 50-lb bag $1.40; Indiana white, 50-lb. bag. $1.25; Indiana, yellow, 50-lb. bag 75c; 10-lb. bag. 18c Beans —Round stringiess, namper. $1.75; flat stringless. $1.50. peets— Home grown, dozen, $3.50; bulk per bushel, 85c. Carrots—California, $3 50 crate. Cauliflower —Utah (10s-lls-12s), crate $1.75. Celery—Michigan Mammoth, bunch, 60c; medium bunch, 45c: hearts. 90c; 15-bunch flat crate, 90c. California. $3 25 crate. Lettuce —Hown grown. 15-lb. basket. 60c: home grown endive, dozen. 40c: Iceberg, best i4s-ss> crate, $4.25; hothouse. 15-10. basket. 75c. Radishes—Hothouse button. 40c dozen. Spinach—Broadleaf. per bushel. 75c. Turnips—Per bushel, 90c. Tomatoes —California. $2 25; 30-lb. basket hothouse. $1.15, 8-lb basket. Potatoes —Northern round white. 100-lb. bag. $1 50; R. R. Ohios. 100-lb. bag. $1 60: 15-lb. bag. 33c; Wyoming triumphs. 100lb. bag. $2.10. Sweet potatoes—lndiana Jerseys. No. 1 hamper, $1.60; Nancy Halls, per bushel, $1.25.

Bright Spots

By United Press The Pearce Young Agency, local branch of the Union Central Life of Cincinnati, reported a total of more than SIOO,OOO in net paid-for business written during October, a gain of more than 90 per cent over September’s total business. American Iron and Steel Institute reports current steel operations in United States are at 27.1 per cent of capacity, against 25.2 per cent last week. Chicago & North Western Railway earns September net income of $135,992, against net loss of $97,545 in September, 1932. Western Union Telegraph Company reports September net income of $347,403, against $218,629 in September last year. Safeway Stores. Inc., reports October sales of $17,455,840, up 6.7 per cent from like 1932 month. Reynolds Spring Company earns third quarter net profit of $l3O-556, against net loss of $39,353 in corresponding 1932 period.

Produce Markets

Delivered In Indianapolis prices—Hens. 8c: Leghorn hens. sc; heavy breed springers. 8c; Leghorn springers. 6c; cocks. 5 lbs. and up, sc: under 5 lbs.. 4c: ducks. 4% lbs. and over, full feathered and fat. sc; under 4% lbs., 3c; geese, full feathered and fat. 3c; No. 1 strictly fresh country run eggs. 24c; 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. Births Boys Oscar and Winona Cramer. 2434 West Walnut. James and Madge Ashley, city hospital. William and Nellie Bush. Coleman hospital. Russell and Mary Campbell, Coleman hospital. Thomas and Constance Finley, Coleman hospital. Harry and Kathleen Johnstone. Coleman hospital. Emmett and Elva Carpenter, 417 St. Peter Carl and Mary Quillen, 1011 Driver Place Willard and Marie Kelsey, 1918 South Delaware. Theodore and Alma Weber. 5230 Ellenberger. Delbert and Virginia Price. 1609 East lowa'. Allen and Rosetta Kaster, St. Francis hospital. Girls Claud and Vivian Van Benthuysen, city hospital. James and Susie Clark, city hospital. Edward and Dorothy Huber. Coleman hospital. Henry and Dorothy Humphrey, Coleman hospital. William and Evelyn Bentz. 881 Fletcher. Robert and Margaret Bogardus, 833 South West. George and Edith Blackburn, 317 Lockburn. Sylvester and Alice Oberting, 20 East Orange. Vernon and Irene Hennasy, St. Francis hospital. Deaths Louisa Rose Miller, 74 1917 Dexter, chronic myocarditis. Emily Whitesel. 88. 243 North Keystone, hypostatic pneumonia. Charlotte Coffman Soults 57. 3808 East New York, chronic myocarditis. Margaret. Mueller, 71, 28 South Dearborn. carcinoma. Charles B. Brickert. 76, 811 South Denison. diabetes. Dennis Logsdon, 65. 701 South Missouri, cardiac decompensation. Rose Dunnington. 48, 136 North Gladstone, chronic myocarditis. Anna Rutz Young. 56. 1217 Woodlawn, carcinoma. Cora Ellen Grubbs. 63, St. Vincent's hospital. angina pectoris. Matilda G Lay. 75. 945 East Minnesota, arteriosclerosis. Rose Landrigan, 70, St. Vincent's hospital, uremia. Katherine Socks, 17, Long hospital, cerebral thrombosis. Emma Montgomery. 61. St. Vincent's hospital, influenzal pneumonia. Robert Crawford. 17, city, hospital, fractured skull. Michael Breen, 73. 723 Massachusetts, cardiac failure. Rella Robinson Kampman, 73, 1220 Tecumseh. arteriosclerosis. Homer V. Allen. 74. Methodist hospital, chronic myocarditis. Thompson K Maines. 76, 2055 College, angina pectoris. Ruth Manie Ritchie. 18. 2602 Annette, pulmonary hemorrhage. America Conners. 58. 1020 North Missouri, acute nephritis. Raphen Null, 35. 208% North Davidson, pneumonia. Millie Carter. 71. 609 Dorman, cerebral hemorrhage Edgar Moore, 31, city hospital, encephalitis. Tom Adams. 44, 5’9 Spring, lobar pneumonia. Matilda Stone. 84 2143 North Alabama, coronary thrombosis. CHICAGO FRUIT MARKET By Vnitcd Prcxx CHICAGO. Nov. 13.—Apples—Michigan Jonathans. 51.25® 135; Baldwins. $1411.10 Pears—lllinois. SI bushel. Carrots— Illinois, 2% , f3%c bunch. Spinach—lllinois 654185 c bushel. Beans —Southern wax and green. 50c4i51.50 bushel. Cabbage—Wisconsin. S! 25 crate. Grapes—New York. 40 4i45c. 12-quart. Celery—Michigan. 354185 c crate. Mushrooms Cucumbers—Southern. 51.5052.25; central western hothouse. $1.50412 Tomatoes — California. SIS 1.35; Illinois and Ohio hothouse. 60575. Beets—lllinois. 1%412%c bunch Leaf Lettuce—lllinois hothouse. 104112%c box Onion Market—ldaho Valentias. 704190 e. Wisconsin Yellows—6o 4170 c. Indiana Yellows—6oS 70c. Illinois Yellows 62570 C. Midwestern Whites—sl4ll.lo.

CITY ENGINEERS TO STUDY TELEVISION Purdue Expert to Give Demonstration at Lafayette, Nov. 21. Indianapolis sections of the American Society of Electrical Engineers and the American Society of Mechanical Engineers will hold a joint meeting in the Electrical Engineering building at Purdue university. Lafayette, at 7:30 Tuesday, Nov. 21. R. H. George. Purdue engineering experiment station, will give the first public demonstration of a practical television system. J. W. Esterline, president of the Esterline-Angus Company, will talk on •The Present Responsibility of the Engineer as a Citizen.” L. H. G. Bouscaren, vicepresident of the Stone and Webster Engineering Corporation, will speak cn • Selling the Services of the Engineering Profession.”

PORKER PRICES REMAIN STEADY AT LOCAL PENS Bidding Lower on Cattle: Lambs, Veals Weak to Unchanged. Swine market displayed a steady trading range at the local stockyards this morning, with practically all classes holding at yesterday's prices. The bulk. 160 to 275 pounds, sold at $4.20 to $4.25, Top held at $4.30. Heavy demand among packers has prevailed during the last two days at the present market, with a sell-out of each days receipts. Heaviest classes weighing 275 pounds and up were selling at $4.00 to $4.15, while 130 to 160 pounds w r ere salable at $3.65 to $4. Lighter grades scaling 100 to 130 pounds sold at $3.35 to $3.50. Receipts w r ere estimated at 12.000. Holdovers, 161. With most supplies on hand in cattle consisting of beef steers and the market not fully established during the early trading, buyers were talking weak to slightly lower than the previous session. She stock held strong. Vealers w'ere weak to lower, selling at $6.50 dow'n. Receipts, 600; cattle, 2.800. Lamb prices remained weak and unchanged, with ewe and wether classes selling from $6.50 to $7. Most classes ranged from $6.75 dow T n. Bucks moved $1 lower, while throwouts sold dow'n at $4. Receipts numbered $2,000. Initial asking on hogs at Chicago was around 5 to 10 cents higher than yesterday’s average at $4.60 down. Early bids still remained scarce. Receipts w'ere estimated at 25,000, including 10,000 directs; holdovers, 9,000. Cattle receipts numbered 10.000; calves. 2.000; market, w’eak. Sheep receipts w'ere 5,000; market, steady to strong. HOGS Nov. Bulk. Top. Receipts. 8. $4.35® 4.40 $4.50 9.000 9. 4,15® 4 20 4 20 1.200 10. 4.20® 4 25 4.30 6.000 11. 4.25® 4.30 4 30 3,000 13. 4.20®. 4.25 4.25 IS.OOO 14. 4.20® 4.25 4 30 12,000 Market, steady. (140-160) Good and choice....! 3.85® 4.00 —Light Weights—-(l6o-1801 Good and choice..,. 4.25 (180-200) Good and choice ... 4,30 —Medium Weights—-(2oo-2201 Good and choice.... 4.25 (220-250) Goo dand choice ... 4.20® 4.25 —Heavy Weights—-(2so-350) Good and choice.... 4.15® 4.20 (290-350) Good and choice.... 4.05® 4.15 —Packing Sows — ) 350 down) Good 3.50® 3.75 (350 upi Good 3.25® 3.60 (All weights) Medium 3.00® 3.40 —Slaughter Pigs—-(loo-130) Good and choice.... 3.35® 3.50 CATTLE Receipts, 2,800; market, steady. (1.050-1,100) Good and choice $ 5.00® 6.25 Common and medium 3.00® 5.00 <l.lOO-1,5001 Good and choice 4.75® 6.00 Common and medium 3.259/ 4.75 (650-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.25 (750-900) Good and choice 4 50® 6.25 Common and medium 2.50® 4.50 —Cows— Good 3.00® 3.50 Common and medium 1,85® 3.00 Low cutter and medium I.oo® 1.85 —Bulls (yearlings excluded) Good (beefi 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts. 600; market. lower. Good and choice $ 6.00® 6.50 Medium 4.00® 6.00 Cull and common 2.00® 4.00 —Calves—-(2so-5001 Good and choice 4.00®' 5.00 Common and medium 2.00®. 4.00 —Feeder and Stocker Cattle — (500-800) Good and choice 4.00® 5.00 Common and medium 2.75® 4.00 (800-1,5001-Good and choice 4.00® 5 00 Common and medium ; 2.75®; 4.00 SHEEP AND LAMBS Receipts, 2,000: market, steady. )90 lbs. downi Good & Choice.? 6.00® 7.00 1 90 lbs. down) Com. and med.. 3.00®, 6.00 —Ewes— Good and choice 1.75® 2.75 Common and medium I.oo® 1.75 Other Livestock BY UNITED PRESS CHICAGO, Nov. 14.—Hogs—Receipts. 25.000. including 10.000 directs; few bids steady on 190 lbs. up. at $4.50® 4.55; holding at $4.60; light lights sold $4.10® 4.35; pigs, $3.75®4: bulk packing sows. $3.50®4; light lights 140-160 lbs., good and choice, $4.10® 4 35; light weight 160-200 lbs., good and choice, $4.25® 4.50; medium weights 200-250 lbs., good and choice, $4.45®4.55: heavy weights 250-350 lbs., good and choice, $4.10®,4.55; packing sows 275-550 lbs., medium and choice, $3.25®4.10: slaughter pigs, 100-130 lbs., good and choice. $3.60® 4.10. Cattle—Receipts. 10000: calves, receipts. 2.000: active market on meager supply light heifers and mixed yearlings but dull and weak to lower on long yearlings and steers over 1.000 lbs.: best light yearling steers. $6.25; both light and weighty heifers. $5.50® 5.65; several loads weighty steers to shippers. $4.25® 5.15; other killers uneven: rows weak: bulls steady; vealers 50c lower; best around $6: slaughter cattle and vealers: steers 550-900 lbs., good and chpice. $5 25® 6.50; 900-1100 lbs., good and choice. ss® 6.25: 1.100-1.300 lbs., good and choice, $4.75®6: 1.300-1.500 lbs., good and choice. $4.25® 5.60: 500-1.300 lbs., common and medium, s3® 4.75; heifers 550-750 lbs., good and choice. $5.25®6.50; common and medium, s3® 5.50: cow's, good. s3® 4.25: common and medium. $2.25® 3.25; low' cutter and cutter. $1.50® 2.25: bulls, yearlings excluded, good beef. $2.85® 3.25: cutter, common and medium. s2® 3.10; vealers. good and choice. ss® 6.50: medium. s4® 5; cull and common, S3® 4: stocker and feeder cattle: steers 550-1.050 lbs., good and choice. $3.25® 5; common and medium. $2.25® 3.50. Sheen —Receipts. 5,000: fat lamb trade slow, fully steady; few' choice handiweights to outside purchasers. $7: bulk $6.75 down; sheep scarce; feeding lambs dull, weak to 15c lower; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $6.50® 7: common and medium, 55®6.50: ewes 90-150 lbs., good and choice. $1.75®2.85: all weights common and medium. $1.25® 2 25: feeding lambs 50-75 lbs., good and choice. $5.75® 6.25.

EAST BUFFALO. Nov. 14.—Hogs—Receipts, 400: holdovers. 1,000; strong to 5 cents over yesterdays average; bulk desirable 150 to’ 240 lbs.. S4.6O'S 4.65; 130 to 150 lbs.. $4.35®4.50; pigs. $4 25. Cattle —Receipts. 225; practically nothing done on steers; most offerings too weighty for local killings: cows and bulls unchanged: cutter cows. sl3 1.75. few fleshy kinds to $2.50. Calves—Receipts. 75: vealers steady. $7 down. Sheep—Receipts, 100: holdovers. 700; lambs steady at Monday’s decline: good to choice ewes and wethers *6.50 to mostly $6.75. sparingly $7; medium kinds and fat bucks $5.503 6. EAST ST. LOUIS. 111., Nov. 14 Hogs— Receipts. 11.000: market, slow; most sales steady; majority bids lower: bidding lower' on pigs: top $4.25. some held higher: bulk 160 to 220 lbs., $4.203 4 25: few 140 to 150 lbs.. $43 4.15; sows, $3.103 3 50. Cattle —Receipts. 4.800. Calves—Receipts. 1.700; market slow on steers with indications about steady; mixed yearlings, heifers and cows opened steady with bulls unchanged and vealers 50c lower, top $6: mixed vearlings and Heifers largely $3 5035.50 with a few mixed yearlings. $5 753 6 cows, $2.2532.75; low’ cutters. $1 3150; top sausage bulls. $2.75: slaughter steers 550 to 1.100 lbs., good and choice. *53625; common and medium. $2,753 5 50' 1.100 to 1.500 lbs., choice. *4 753 6' good $4,253 if 75; medium, $3.753 5 25. Sheep—Receipts. 2.000: market: few choice lambs to citv butchers steady at $6.75 37; packers talking lower with indications steady on throwouts and sheep: lambs 90 lbs down, good and choice $6.25(&7; common and medium. $3.503 6 25. yearling wethers 90 to 150 lbs . good and choice. *4 253 5 25. ewes. 90 to 150 lbs . good and choice. $1.503 2.75 ail weights common and medium. sl3 2. Bn Timru Special LOUISVILLE. Nov. 14.—Cattle—Receipts. 225- slaughter classes in light supply; market mostly steady; bulk common to medium steers and heifers. $33 4: best fed lightweights eligible to $5.50: bulk beef cows. S2 3 2.50; few good. $2 75: low cutters and cutter cows mostly *1.253 1.75: light and medium weight sausage bulls mostlv $2 50 down: bulk na’ive Stockers and feeders. $23 3. best lightweights. S3 50: desirable Hereford stock calves mostly $4.50. Calves. S2: 50c lower on better grade vealers or mostly $4 503 5; most medium and lower grades. $4 down. Hogs—Receipts. 800: market. 20c lower: 180-275 lbs. $4.15. 280 lbs up S3 50; 140-175 lbs . $3 55; 135 lbs down. $2.75: sows. $2 70; stags. $1.45. Sheep, 150: steady; most medium to good lambs. $5.503 6: choice kinds io $6.50: most bucks. $4.503 5: throwouts. $3.50. lat ewes. 1132. Receipts yesterday; Cattle 1.169; caAes. 634; hogs. 943; sheep, 135. Shipments yesterday: Cattle. 486; calves, 192; hogs, 150.

Today and Tomorrow

Danger Lurks in Administration’s Changes of Externa! Value of Dollar, Bonds. BY WALTER LIPPMAXN

COMMENTING upon what happened last week to government bonds and to the external value of the dollar. Mr. Frederic Jenny, financial editor of the Temps, writes that "it proves that the human will is powerless to manage a currency, and that in a voluntary’ deprecication of the currency one does not continue to be master of its evolution, but that sooner or later one is overcome by uncontrollable psychological reactins.” We have begun to witness the psychological reactions, and though they are as yet by no means uncontrollable, they pointed last week in a direction that, if followed out, would mean very serious trouble. There were very clear signs that investors were becoming frightened.

were selling government bonds and trying to convert their dollars into foreign currencies. Obviously, if this continued, if the price of government bonds fell, two very dangerous consequences would result ; The banks which hold a very large part of these bonds as assets against deposits would be in difficulties, and the government, which must sell huge quantities of bonds to finance relief and public works and other items in the new deal, would be stymied. A failure of the government’s credit would, as the President has repeatedly pointed out, be a serious matter. Last week, for a day or two. there was at least a tremor in the government's credit. nun THE nervousness of the financial markets reflects the secrecy which covers the monetary operations now being conducted by the administration. The policy

never has been expounded. It is not understood by the public. No one seems to know who is administering it. Each day there is the announcement of anew price for gold. But who determines that price, on what principle and by what calculation he determines it or precisely what he is trying to accomplish by it, are mysteries. It is inevitable that rumor and suspicions should circulate when in matters of vital public interest there is official censorship and official silence.

When men look to unofficial sources for light they find little to help them in forming a clear opinion of what ought actually to be done. Thus Edward H. Collins of the Herald-Tribune, in the course of a very able discussion of the dangers of the present policy, concludes by saying that "whether a return to a 67-cent dollar is the best move from a sound-money standpoint, or whether a return to gold should be at an early or a distant date —these things, it seems to the present writer, are secondary, so far as the United States is concerned.” Mr. Collins is, no doubt, right in thinking that the gold content or the dollar now can not be determined exactly. But a firm public opinion is hardly likely to crystalize around the confession that the sound-money advocates do not know where or when they wish to stabilize the dollar. At the other pole we have the declaration of Senator Thomas of Oklahoma, that "there are many reasons for believing that our price of gold must go to double the statutory figure—that it must not stop short of $41.34 an ounce.” But what are those “many reasons?” Senator Thomas does not disclose them. And so with the official policy enshrouded in mystery, the unofficial sound-money view vague and inconclusive, and the unofficial heretic view dogmatic but unexplained, the ordinary man is likely to say this is a big operation and I guess I still am taking chloroform. nun ONE does not, however, like to give up completely the effort to understand. And so we turn for light to the writings of Professors G. F. Warren and F. A. Pearson. They are reputed to have provided the theoretical basis of the present policy. From very elaborate statistical studies covering a long period of time they have, as I understand it, reached ihis conclusion. I quote their own language: "For seventy-five years before the World war, world monetary stocks had to increase at the same rate as did the world physical volume of production in order to maintain stable commodity prices in England. If gold stocks increased more rapidly than did other things, prices rose; if they increased less rapidly, prices fell.” So much for England. What of the United States? Professors Warren and Pearson find that while “in general” this theory has held for the United States, it has not held nearly so well. "From 1834 to 1880 wholesale prices were lower than the gold supply would suggest”; since 1880 "prices in the United States were more erratic than those of England, primarily because of financial difficulties.” You look closer at the figures sustaining the basic generalization and you discover that “the ratio of gold to production and wholesale prices in England” is based on "five-year moving averages" which “eliminate short time variations.” Now what is one to make of this? Taking the theory at its own face value, all that Professor Warren really claims for it is that over a long period of time, on the average, there is a reasonably close correspondence between the supply of gold and the volume of production. He specifically disclaims an exact correspondence for the United States or a short term immediate correspondence anywhere. That being the case there should be no illusion even among those who adopt the Warren theory that with it they car immediately raise the price level where they wish it to be, or that they can closely or firmly control

Chicago Stocks By Abbott. Hoppln A Cos TOTAL SALES. 20.000 SHARES —Nov. 13High. Low. Close. Am Pub Serv pfd 4’ 4 4’ 4 4 5 4 Asbestos Mfg 3 * 3 2 3 * Bastian-Blessing B’. 8 8 Bendix Aviation 14’i 14 ! 4 14;< , Binks Mfg • ■ • - .] * i Borg-Warner 16 3 4 lo* J?, E L Bruce Cos Hal Butler Bros 4 Cent Pub Serv Class A Cent Pub Util * j Chicago Corp com 2l s Chicago Corp pfd 22*2 22 s * 22* Cities Service 2‘* 2 2 Cord Corp 7 7 * 7 S ’ 7% Crane Cos pfd 37 Dayton Rubber ••• *■ Dexter Cos •. . • • J'a Fitzsimmons A Connell 14 13 7 , 13 7 * Great Lakes Dredge ... 19 18 s 4 18 s 4 ; Grigsby-Grunow l s 4 l ! s I*2 | Harnischfeger W'a I Houdaille-Hershey B 3 s * Jefferson Elec 21 Leath pfd J Libby-McNei! - • 3 s * Lindsay Light 3 2 3 Lion Oil Refining Cos ® Lynch Corp 33 • Manhattan-Dearborn .. . .... 1,2 Marshall Field . 12 s * 12N 12‘2 McWilliams Dredging Cos Ha Meadows Mfg Cos com.. .. ... 1 Middle West Utilities '♦ Midland Util 67- A pfd ... 3 Miller & Hart, pfd S l * Muskegon Motor Spec A 10 National Battery 23 National Elec Pwr (At y* National Leather Nobhtt-Sparks Indu Inc 25 24'a 24' 2 Potter Cos 4 Public Service 67” pfd. .. ... / 46 Public Service 1% pfd. 51 5 4 50 50 Quaker Oats ... 119 Quaker Oats pfd 117 116'j 116'a Raytheon A T C 112I 1 2 Reliance Mfg pfd ... 90 Rverson A Son 12 ! 2 12 12'i Sears Roebuck 41 1 4 41 41 Signode Stl Strap pfd B', Sutherland Paper Cos "'2 Swift A Cos 14'* 14 14 Swift International ... 27 7 a 27 1 2 27’* Thompson JR ... 8 Utah Radio 144 I s * l s 4 Utility A Ind 1 Walgreen Cos com .... 18 174 18 W'aukesha Motor ... 30 Wisconsin Bankshares. .. ) ... 3 Y'ates Machine S Zenith Radio ......... * a. 14*

Lippmann

the monthly or even yearly fluctuations of the price level. It follows that there is nothing in the Warren theory which enables any one to do more than make a rough guess at the most convenient price of gold, nothing in it which warrant prolonging indefinitely an uncertainty which might become devastating. Accepting the theory at its full pretentions, nobody can really say that the present dollar is not depreciated enough. For internal prices have not yet nearly adjusted themselves upward to the immense depreciation which has already taken place. What the American people might reasonably ask for, since the principles of the monetary operation are to be kept secret, is some strong evidence that the administration is as much interested in the government credit as in some arbitrary price for gold. The best evidence it could give would be a demonstration that when circumstances call for it. it is just as willing to lower the price of gold as to raise it. So for a day or two it might reduce the price just to show that it can reach for the brakes as well as it can step on the accelerator. (Copyright. 1933)

Indianapolis Cash Grain'

—Nov. 13— 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. W’heat—Strong: No. 1 red. 84®85%c; No. 2 red. 83%®84%c: No. 2 hard. 83%®84%c. Corn Strong: No. 2 W'hite. 41® 42c; No. 3 white. 40® 41c: No. 2 yellow, 4C® 41c: No 3 yellow. 39® 40c; No. 2 mixed. 39® 40c: No. 3 mixed. 38® 39c. Oats —Strong; No. 2 white. 33® 34c; No. 3 white. 32® 33c. Hay—Steady (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville. 1 Timothy—No. 1. s6® 6.50; No. 2. $5.50® 6. —lnspections Wheat—No. 2 red. 6 cars; No. 2 red. 7 cars: No. 3 red. 1 car: No. 2 hard. 3 ears: No. 1 mixed. 2 cars; total. 19 cars. Corn— No. 2 white. 9 cars: No. 3 white. 6 cars; No. 4 white. 3 cars: No. 1 yellow. 1 car: No 2 yellow, 17 cars; No .3 yellow. 10 cars: No. 4 yellow. 4 cars: No. 5 yellow. 2 ears; No. 6 yellow. 3 cars; sample yellow'. 1 car; No. 3 mixed. 2 cars: total. 58 cars. Oats—No. 2 white. 7 cars; No. 3 white. 12 cars: total. 19 cars. Other Livestock BY UNITED PRESS CLEVELAND. Nov. 14.—Cattle—Receipts, 450: market, slow and dull: prices unchanged with best steers $5.75® 6.25: common to good 550-900 lbs., $3.50® 5.50; good cows, $2.50® 3. Calves Receipts. 250; market mostly steady; choice to prime, $7 ® 7.50: choice to good, s6® 7; common, $3 ® 5. Sheep—Receipts. 2,600; market steady; bulk of finest springers quoted at $6.25; choice wethers. $2.50®3.25; choice spring lambs. $6.25® 6.50: good to choice. S6® 6.25; common and cull. s3® 4.50. Hogs Receipts. 1.300: market active and 10c lower: ail sold early; heavies. $4.25® 4.50; choice and light butchers, $4.40 choice Yorkers. $4.40; stags, $2.25; pigs, *3.75®4. FT. WAYNE. Nov. 14.—Hogs—Steady to 15c lower; 180-250 lbs.. $4.15; 150-300 'lbs., $4.05; 300-350 lbs., $4; 160-180 lbs.. $4,05; 150-160 lbs, $3.90: 140-150 lbs.. $3.75; 130140 lbs.. $3.50; 100-130 lbs.. $3; roughs, $3.25; stags, $2. Calves, $6. Lambs, $6.25. PITTSBURGH. Nov. 14.—Hogs—Receipts. 1.000: holdovers. 150; local demand limited to few sales account of local packing strike; all interests quoting $4.50 for all weight hogs, including pigs; packing sows, steady at $3.25®3.65. Cattle—Receipts. 10 nominal. Calves—Receipts. 75; very slow; no demand; quotable mostly $6 for good and choice vealers. with selected kinds at $6.50. Sheep—Receipts. 500; steady to 10c lower; most early sales of sorted fat lambs. $6.50® 6.60; throwouts and extreme lightweights around $4.50; medium kinds, quotable $4.50® 5.50; aged stock, steady. LAFAYETTE. Nov, 14.—Hogs—Market steady. 200-300 lbs, $4.05® 4.10; 300-325 bs., $4; 150-200 lbs.. $3.75®4.05; 130-150 lbs,. $3 j 40 ®3.6 () ; 100-130 lbs., $3 15; roughs $3.50 down. Top calves, *s® 5.50. Tod lambs. $6.

The City in Brief

Tomorrow's Events Kiwanis Club, luncheon. Columbia Club. Lions’ Club, luncheon. Washington. Purdue Alumni Association, luncheon. Board of Trade. American Legion. Twelfth district, luncheon. Board of Trade. League for Hard of Hearing. 7:30 j>. m.. Stokes building. ? n** A na 3 Bureau, convention. I. O. O. F. building. Marion Countv Bankers’ Association, dinner. Washmsrton. Cost accountants, dinner. Washington. Shelbyville Merchant Dead Bn Time* Special SHELBYVILLE. Nov. 14.—John C. Sclioelch, 75, shoe store owner and one of the city's oldest merchants, died here yesterday. He established the shoe store in 1880.

Ground the world fares decreased Effective immediatelv—instead of X an increase as we expected, we announce a decrease, and a very substantial one. Just think it —a one-ship * X/kV trip of 104 days round ft ccon WOr i d costin £ only 0b.29 a day! X. For Complete Details Communirate With RI( HARD A. KCRTZ, Manager Travel Bureau Travel Bureau of Indianapolis Bunion trusts Jtajr 120 E. Market St. Riley. 5341

.'NOV. IX T 933

GRAIN MARKET MOVES UP ON GOOD SUPPORT Strength in Sterling and Higher Gold Values Aid Futures. BY HARMAN W. NICHOLS United Frrss Staff Correspondent CHICAGO, Nov. 14.—Continued strength in sterling and another advance in the price of gold furnished buying incentive today and grains were higher at the opening of the Board of Trade. Wheat futures advanced % to % cent from the previous close. Corn was 1 b to % cent higher and oats were •% cent higher. Rye was as much as % cent higher. Inflation talk continued to dominate action in the pits and operators expressed confidence in improved monetary developments. With the visible supply of wheat considerably less than reported if week ago. professionals believed this fact soon would impress the market. Action of wheat and corn continued to dominate oats and rye.

Chicago Futures Range NOV. 14 WHEAT— Frev. High. Low. 10 no. close. Dec. .92% .91*2 .91 % .91'* Mav .96 .95% .95% -94% July . ...TX!. .93% .92% .93% .92% CORN— Dec. .49% .48% .49 ,48% May jJJ, .55% .55% .55% 55% July ?} .57% .57% .57% .57V* OATS— Dec. .36% .36% .36% 36V* Mav ..**&(> .40% .38% .39% .39% July .38% .38% .38% .38% RYE— Dec. .62% .62 .62 .61% Mav ,(SjJUI .69 .68% .68% .68% July .. . ~7dlk .68% .68 .68 .67% BARLEY— Dec. .49% .49 .49 .49 May .54% .54% .54% .54% July .. .. .. .55'% Chicago Primary Receipts —Nov. 13— - Bushels— Today. Last week. Wheat - 714.000 581.000 Co/n 1 229,000 817.000 Oats .wTe.rJJT..... 268.000 223.000 CHICAGO CASH GRAIN By L'nitfit Press CHICAGO, Nov. 13.—Cash grain: Wheat No. 1 hard. 92c, No. 2 hard. 91®,91'c; weevily; No. 5. hard, 89c musty; No 2 mixed. 90%c. Corn (Old) No 2 mixed, 48%®48%c; No. 1 yellow. 49c; No. 2 yellow. 48® 49c; No. 3 yellow, 48®48 , c; No. 4 yellow, 47%®47%c; No. 6 yellow, 45%c; No. 2 white, 48%®49%c. (Newt No. 3 mixed. 45®45%c: No. 2 yellow, 47®48r; No. 3 yellow. 45® 46c; No. 4 yellow, 43®) 44c: No. 5 yellow. 42c; No. 2 white, 46%c. (New and old) No. 2 yellow. 47% 'n 48c. Oats—No. 2, white. 36® 38c No. 3 white. 35%®36c; No 4 white, 34® 35c. Barley —4s® 73c. Timothy $5.50® 6. Clover Seed —$10.50® 12.75. Rye- No. 4 weevily and musty, 89 Uc. Cash—Provisions: Lard—s6.ls; loose, $5.90; leaf. $6; D. S. Bellies, $5.75. TOLEDO CASH GRAIN By T’nited press TOLEDO, Nov. 13.—Grain close (Grain in elevators, transit billing) Wheat No. 2 red. 93® 94c. Corn No 2 yellow . 52®' 53c. Oats—No. 2 white. 40%®41%c. Rye —No. 2. 75®76c. (Track prices. 18%c rate). Wheat—No. 1 red. 90®90%c: No 2 red. 89'® 90c. Corn No. 2 yellow, 47%® 48%c: No. 2 yellow, 4.31® 47%r No 4 yellow, 40%® 43%c: No. 5. yellow. 37%®> 40%c. Oats- No 2 while. 37%®39c: No. 3 white, 36%®38c. (Toledo seed closei. Clover December. $7.40; March $7 65. Alsike—Cash, $8.50; December. $8 70. NEW YORK CASH GRAIN By T'nilrd Press NEW YORK, Nov. 13 Cash GrainWheat. No. 2, red. $107'%; No 2 hard winter. $1.07%. Corn. No. 2 mixed. 50%c. Oats, No 3 white, 36%c. All quotes C I F. New’ York. ST. LOUIS CASH GRAIN By J'nitrd Press ST. LOUIS. Nov. 33. Cash grain: Wheat- In fair demand %c higher: No 2 red. 94c; No. 3 red. 92%®93c%c: No 2 red garlicky, 88® 93c; No 2 hard 92e: No. 3 hard, 91%c; No. 5 yellow hard, 87%c; No. 2 mixed. 91 %c® 92 Vic. Corn—ln good demand. % to lc higher on old and * to 2c higher on new; No 2 yellow 48%c old; No. 3 yellow’ new 45c; No 3 yellow old. 48c: No. 4 yellow new 42%c; N <L 4 yellow old. 47%c; No. 6 yellow, old. 44®46c; sample yellow old. 45c; No. 1 white, 51c; No. 2 white. 50®:50%c; No. 4 white, new, 43c; No. 4 white old. 48c. Oats—ln fair demand, lc higher; No. 1 mixed, 38c; No. 2 mixed, 37%c. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 82 cent* on" their rnems. re<l Wn * at ’ ° tner erade *

' *7 M COLLATERAL f % LOANS • V No- Co-Makers Repaid Over a Whole War The Indianapolis Morris Plan Cos. S. E. Corner Delaware and Ohio St*. KI. 1538.

Statistical Department. Offers complete analysis of securities, Unbiased opinions based on present-day facts. Inquiries Invited. ALEX J. BOZIC, Statistician T. P.BURKE A COMPANY INCORPORATED Investment Securities Circle Tower RI-8535 Ft. Wayne Lincoln Bank Tower

Annuity Why should a man himself carry the responsibility of his old age financial happiness when he can turn that job over to an institution authorized to do that specific task? Ward H. dackleman And Associates Massachusetts Mutual Life Ins. Cos. 300 Continental Bank Hlilg.