Indianapolis Times, Volume 45, Number 161, Indianapolis, Marion County, 15 November 1933 — Page 15

NOV. 15, 1935

-Wall Street.

Real Estate Mortgage Troubles Extend Back Several Years —Banks Are Victims, Too. By RALPH HENDERSHOT

Timei Siwflil Financial Writer A reader writes in to ask why first mortgage real estate bonds are no longer considered first-class securities for banks to hold. He points out that up until five years ago they were looked upon very favorably and is inclined to blame the bank examiners and those who dictate their policies for the situation. Certainly no one could be elected to any high office who announced his policy as destructive of the cash value of our homes, he adds. It would be very difficult to place the blame for the present sorry plight of real estate mortgages. There were so many contributing factors that probably every one would be pulled into the net if such an attempt were made. One must go back, several years

to get the proper picture. Beginning a few years after the post-war deflation in 1921 business conditions began to improve. A shortage of housing and office space had developed during the big conflict due to cessation of building activities, so what was more natural than that construction work should get under way at an active pace. Rents were high, making building profitable, and because of that fact banks loaned readily on mortgages. Every one encouraged the work because it made for greater prosperity. m m m Building Is Overdone The generally favorable conditions in business made it possible for more people to have good homes, and the demand thus created spurred the builders on in their efforts. They found their operations profitable, so they soon began to speculate. It so happened that the securities market was good, too,

m

Ralph Hendershot

so the big-time builders found they could get money easily from the real estate security underwriters when they could not get it from banks. Eventually this phase developed into more or less of a racket, and, as a consequence, more buildings were constructed than were needed. Under such circumustances it was but natural that real estate values should suffer severely with the advent of the depression, and it was just as natural that real estate mortgages should suffer—the good along with the bad—with the drop in property values. The banks had been liberal in their mortgage purchases in the boom days because they appeared to be excellent investments. They were quite careful for the most part, however, in selecting only those of merit. mum m m m Depression Worse Than Expected Few people realized that the depression would go as far as it did or that the equity above many good mortgages would be wiped out. But that is what happened, and the banks found themselves unable to resell the mortgages or to get their money back at maturity. Things got so bad that they could not even collect interest on their investments in many cases, and they were obliged to foreclose on many properties or make unsatisfactory arrangements with the property owners to carry on. The situation would not have been so bad had not the depositors in the banks became frightened and began demanding their money. To meet the demand the banks were obliged to keep as much cash as possible. There was nothing for them to do but stop buying more mortgages, and the bank examiners were only doing their duty in insisting that the banks do their best to correct their investment positions. In recent months the government has stepped in with capital to take over distressed mortgage situations where the equities are reasonably sound, and this should prove beneficial to both the home owners and the mortgage holders.

New York Stocks

— -(By Abbott. H —NOV. 15. — Prev. Oils— High. Low. 10:30. close. Amerada ••• , J 4 Atl Rfg 30% 30 30'a 30% Barnsdall •• ••• ,§ * /x Consol Oil 12 11% 12 12 Oont of Del 18% 18% Houston (newt.. .. ... ... ’'* Houston (01di... .. ... ••• Mid Cont Pet.. .. —. 12% 12% Ohio Oil .. • 15% 15 s Phillips Pet 16% 16% Pure Oil 12% 12% Roval Dutch 38 ♦ 3 Sbd Oil 35 % 3 “ A Simms Pet ••• 1~.% Skellev Oil 9*4 8% 8% 9% Soc Vac 14% 14% 14% 14 4 SO of Cal .... 42% 42% 42% 43 S O of Kan 34,8 SO ol N J 44% 43 * Sun Oil ™ * Texas Corn 25 25 4 1 idea ater Assn 10% 8 i Un Oil of Cal 20% l#'/ Am ** Roll Mills.. 17 16% 16% 17% Hi n Steel ... 431% 32 Byers AM 23% 23% 23% 23% Coi Fuel A Iron 5/ 5 Cruc Steel O' 4 Inland Steel 30 a I.ualum Steel i*, 8 McKeesport Tin 84% 85 2 Natl Steel • 39-l> Rpn I & S••• 108 U S smelt ....101 100% 100% 99% Vanadium *2' 4 Mia Steel Shell Un 8% 8 4 U S Pipe A Fdy .. ... ••• 16% U S Steel 41 40% 41 41-e U S Steel pfd 81 a Youngstn S A T .. ... ••• 18/s Kails— Atchison 47 48 Atl Coast Line 32‘2 BA O 23% 23% Can Pac 12% 12% ’ 12% *2% Ch & Ohio 40% 4040 40 C M & St P 5 C M & St P pfd 8 Chi N W -* ... 7% 8 Chi R Xsl .is ... 3% Chi R 1 7% pfd .4 - ... 6Va Dela A Hud ... 52 51 Erie .• 15% 15% Grt Northern.... . -ft ... 18 111 Central 2 .2 25% 26 K C Sou a. 4 .•. 10% Lou & Nash..... a* £ 42 42% M K & T „ 75 ... 8% Mo Pac • ... ... 4% Mo Pac pfd....a. .. ... ... 5% N Y Cent 34% 34% 34% 34% N Y Chi & S b p 16 N Y New Haven 16% 16% N Y Ont A Wes 8% Norfolk A W..es .. ... ... 149 Nor Pac 21% 21% Penn R R 25% 25% 25% 26% Reading .a. . ... 19% ... Sou Pac 22 21% 21% 19% Sou R R 22 Sou R R pfd. m ... ••• 23% Union Pac. . t yk 4 i .%> ... 108 Wabash ..a>w I J* ••• 2% West Marvl.i**k X T. ... 8% Motors—. Auburn .. 41% Chrysler „.a4t. 43% 43% 43% 43% Oen Motors 30% 30% 30% 31% Graham Mot 2% Hudson a. „ 10% Hupp 3% Mack Truck 28% Nash 19% 20 Packard ........ 3% 3% 3% 3% Reo 3% Studebaker .... M 4% 5 Yellow Truck.. . ... ... 4% Motor Access—tendix ... 14 14% ohn Alum 0, ... 47% 47 Borg Warner 4. ... 15% Briggw 9% Budd Wheel 3 Eaton Mfg . ... ... 11 Elec Auto Lite.. .* ... 15% 15% Houd A. ... 3% ... Murray Body 5% 5% Stew Warner 6 Timken Rol .... 28 27% 27% 28% Mining— Alaska Jun .... 24% 24% 24% 25% Am Smelt 47 46 % 46% 46% Anaconda 15% 15% Cal A Heola 5 Cerro de Pasco.. 39% 38% 39 38% Granby 10% Gt Nor Ore 10% Homeytake Min 340 j Howe Sound ... .e ... ... 32 Ins Copper • ... 5% 5% | Int Nickel 21% 21 21 21 Kennecott *Yip . 22 21% 21% 21% Noranda Cop ... 35% 34% 34% 35% Phelps Dodge 16% 16% Tobaccos — Am Sum Tob.. .. ... ... 14% Am Tob A ... 69 % 70 Am Tob B 72 72% Gen Cigar ... 29% Ligg A Mvers B ... ... 82% LorrtKard 17% 17% 17% 17% Reynolds Tob B 44% 44% Equipment*— Ailis Chalmers.. .. ... 19'* 19 Am Car A Fdy.. .. ... ... 23% Am Loco ... ... 28 Am Mach A - Fdy ... .. 13% Am Steel Fav . .. ... 17% 17% Bald Loco 11% 11 11 11% Burroughs Case J I 71% 71% Cater Tract ... 22% 22'* Colgat Palm Peet . .. 13% Conso'cum 24% 24 24% 23% Elec Stor Bat 42 Foster Wheeler 15 Gen Am Tank C 29% Gen Elec 20% 20% | Gen R R Sig Ingsol Rand ... 57 57 j Int Bus Mach... 140% Int Harvester . 40% 39% 40% 40% Kel*-inatnr ... 10 s " Natl Cash Reg 15% Prcc A Gamble . .. ... ... 41 % Pullman Inc 45 Simmons Bed... 18% 18 18 18% Und El’iot 27 West Air ißi 2n% Wes: inch Elec 38 37’ 4 Worthington P 23 Utilities— Am A- For Par 10% 10% 10% 10% Am Power A Lit 7% A T A T 116% 117% Am Wat Wks. . . . . 18% 18% Col Gas A Elec . 11% 10% 10% 11 Col G A E pfd . . 60 Com A Sou 2 2 Consol Gas .... $7% 36*4 37 37% Elec Par A Lit. . .. . 5%; Int T A T . 14% 14% 14% 1 % : Lou Cl A E 'At 15% 15% Nat Pwr A Lit 10% 10’, North Alter .. 15% 15 s , Par O A E 17% Pub S*r-, N J.. 13% 33 33% 33% So Cal Edison.. . 15% Std Grs 9% 8% Std Gas pfd 9% United Corp 5% 5% 5% 5% Bn oar 1mp.... 15 14% 14% 15% 1

ippln 3k Cos.) Ut Pwr & L (A) 3% 3V, Western Union.. 53 52% 52% 53% Rubbers— Firestone ... ... 21% Goodrich 14% 14 Vi Goodvear 36% 36% 36% 36% U S Rubber ... 17% 17% U S Rubber pfd 27% Kel-Sprlng ;.. ... 2% Amusements— Crosley Radio 10% Fox Thea 151/2 Loews Inc 28% Radio Corp .... 7% 7 7% 7% RKO 2 % Warner Bros 6% 6% Foods— Am Sugar 57 56% 57 57 Armour A 3% 4% Beatrice Cream. .. ... . . 13% Borden Prod ... 23 22’i 23 23 Cal Packing ... 21% Can Dry G Ale.. .. ... ... 26% Cont Bak A .. 10 Corn Prod 7i% 71% Crm of Wheat ... ... 28% 28% Gen Foods 36% 36% Gold Dust 18% 18 18% 17% G W Sugar ... 37% 37% Int Salt 24% 23% Loose Wiles ... . . 391 2 Natl Biscuit ... 43% 431, Natl D Prod 15% 15% 15% 15% Purity Bak ... ... 15% S Porto Rico Sug .. ... 42 Std Brands 24 23% United Fruit ... ... 62 Ward Bak A s Wrigley 54% 54 \ Retail Stores— Best & Cos 28 Gimbel Bros 6 Gimbel pfd 23 % Gr Un Tea 5 Hahn Dept Sts.. 5% sVsi 5% 5% ewel Tea 30% 30% Kresge S S 12% 12% Kroger Groc .... 22% 22 22 22 Macy R H ... ... 48 May Dept St ... ... 26% Mont Wadjfi .. . 21% 21 21 21% Penny ,IT 48% 48 Safeway St 40% 41 % Sears Roebuck 39% 40% Woolworth 38% Aviation— Aviation Corp 8 8 Douglass Air .. 14% Curtiss Wright 2% 2% Curtiss Wright A 5% 5% Nor Am Av ... 5% 5% United Aircraft. 32% 32% 32% 33 Chemicals— Air Reduction .. 103% 102% Allied Chem 133% 132% 132% 134% Am Com Alcohol .. ... 49% 50 Col Carbon .. 58 59 Com Solvents... 32% 31% 31% 32 Du Pont 81% 80% 81% 80’ Freeport Tex 46 Liquid Carb ... ... 25<2 Math Alkali 40% Tex Gulf Sulph. .. ... ... 41 Union Carbide. 44% 43% 43% 43% U S Ind Alcohol 64% 63% 63% 64 Natl Dist 1 new 1 30 29% 29% 29% Coty Inc 9% Drugs— Lambert .. ... ... 30% Lehn & Fink... .. ... ... 6% Financial— Adams Exp ... ... 8 Allegheny Corp. .. ... ... 3% Chesa Corp 33% Transamenca 5% 5% Tr Conti Corp 5 Building— Am Radiator 13 12% 12% 12% Gen Asphalt ... . 15% Int Cement 32 % 32 Johns Manville 52% 51% 51% 52 Libbv Owens Gls 29% 29% 29% 30 Otis Elev 14% 14% Miscellaneous— Am Bank Note. .. ... . . 12% Am Can 92 91% 92 91 Anchor Cap ... 20% Brklvn Man Tr 27% 27 Conti Can ... 67 66% Eastman Kodak .. ... 71 73% Owens Bottle .... ... ... 78 Gillette 11% 11% Glidden 16 16 Gotham Silk ... —B% Indus Ravon ... ... 73% Inter Rapid Tr 8% Rea! Silk Hose 9%

Federal Farm Loan Bonds

ißv Blvth * Cos.. Inc.) —Nov. 14 Bid. Ask 4s Nov. 1. 1957-37 80 82% 4s May 1. 1950-38 80 82% 4’-is Julv 1. 1956-36 82 84% 4%s Jan. 1. 1957-37 82 84% 4% s Mav 1. 1957-37 82 84% 4%S Nov. 1. 1958-38 82 84% 4%s Dec. I. 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 Julv 1. 1953-33 84 85% 4%* Jan 1. 1955-35 84 85% 4%s Julv 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 Mav 1. 1941-31 92’, 94% 5s Nov. 1. 1941-31 92’, 94% Home Loan 4s July 1. 1951 83 84%

Daily Price Index

By I nitrd Prrts NEW YORK Nov. 14.—Dun and Brad-stre-t's dailv wngh’ed price index of thirtv basic commodities, compiled for the United Pres <1930-1932 Average. 100< Today 102 77 Yesterdav 102 30 Ncv. 6 100 08 Month ago 95 92 ’"‘•a' ago 75.94 103- High <Julv 18' 113 52 ’"73 Low i.tgn. 20' 67 86 C nvr srh\ 1933. bv Dun dr Bradstreet. Inc.

Foreign Exchange

'By Abbott. Hoppin * Co.i —Nov. 14— Close. Sterling England $5 31', Fr~nc France (16't! iv ’ 'I" fS7I " r. E'(t;um ?3’b '-"Any 395' r s ’ - H" land 667 ' 2'" : • Spain 1334 Krone. Norwar Denmark .S3CP.

LEADING ISSUES GAIN FRACTIONS IN LIGHTDEALS Weak Dollar and Improved Business News Aids Stock Shares.

Average Stock Prices

Average of thirty industrial* for Tuesday: high 98 26. low 94.73. last 95.50. off 48 average of twenty rails: 39 78, 38 01, 38 23, off 66; average of twenty utilities: 24 60 23 50. 23 66, off .55; average of forty bonds: 80 16. off 23. BY MAX BUCKINGHAM United Press Financial Writer NEW YORK. Nov. 15.—Stocks displayed a better tone today after a late setback in the preceding session. Small buyers were reported before the opening and initial prices of leading issues made fractional gains. The feature in the financial community was the dollar which broke below 60 cents in relation to the French franc, anew low since Civil war days. Gold at London rose sharply as the pound sterling shot to $5.40. The London rate worked out at an American equivalent of $34.71 per ounce for gold, against the RFC price of $33.56, the same as yesterday’s. Business news was improved with electricity output registering a rise over 1932 of 6.3 per cent, against a percentage rise in the preceding week of 3.8. Steel operations, according to the Iron Age, “have apparently struck at least a temporary resistance level. Public works awards are heavier, automotive steel requirements have improved moderately, and export business has picked up, especially in tin plates, but the combined gains have not been sufficiently large to foreshadow a material increase in mill operations.” The government’s public works program swung forward and plans were announced that eventually would give employment to 4,000,000 men.

Bank Clearings

INDIANAPOLIS STATEMENT Clearings $2,325,000.00 Debits 5,994,000.00 TREASURY STATEMENT —Nov. 15Net balance for Nov. 13.. .$1,306.705.956.55 Misc. int. rev. receipts 1.504.533.85 Customs reepts. imo. to d.i 12.284,210.87 New York Curb (By Abbott, Hoppin & Cos.) —Nov. 14 Close.; Close. Allied Mills ... 9% Ford of Europe. 6y* lum Cos of Am. 71 %|Glen Alden Coal 13 Am Beverage... I%'Gulf Oil of Pa.. 56 Am Cyanide B. 10’ 8 Hiram Walker.. 36% Am&For Pwr Wr 7 ; Hud Bay Min.. 10% Am Gas & El.. 20 Humble Oil .... 91 1 /, Am Superpower 3 Imperial Oil Ltd 14% Ass Gas & El.. %jlnt Petrol 20% Atlas Corp.... 11%;Lake Shore Min 43’/ 8 Brazil Tract&Lt 11%'Lone tar Gas... 6Vs British Am Tb A3o%jMassey Harris.. 5% British Celanese 3% Mt Producers... 4% Can Ind Ale A. 16% Natl Bellas Hess 2% Can Marc 2’, ewmont Min.... 51 Carrier Corp... 6 Nia Hud Pwr... 5% Cities Serv.... 2% Novadel Agene.. 46% Commonwlth Ed 28%;Pan Am Airways 50% Con Gas & Balt 53 Park Davis 22% Cord Corp .... 7% Penn Road .... 2% Creole Petrol.. 11 jSt Regis Paper. 2% Crown Cork Inti 7% ; Sal Crk Products 6% Deere & C 0.... 31 % Sherwin Wms.. 42% Distillers Lim.. 21% Std of Ind 31% Distillers Corp. 19% Std of Kv 16% Dow Chem 70 Teck Hughs Gold 6% El Bond & Sh.. 15%'Un Pr & Lt A 2% Fisk Rubber... 7%jWrt Hargvs Min 7% Ford of Can A. 12

Investment Trust Shares

<By Abbott, Hoppin & Cos.) —Nov. 14Bid. Ask. American Bank Stock Corp.. .76 .86 American & General Sec A... 550 6.50 Amer & Gen Sec Inv Tr Sh 1.50 2.50 Basic Industry Shares 3.14 320 British Type Inv Tr Sh 45 .55 Collateral Trustee Shares A.. 4.50 4.75 Corporate Trust Shares <old) 2.17 221 Corporate Trust Shares (new) 228 2.31 Cumulative Trust Shares 3.92 4.00 Diversified Trust Shares A... 625 .... Diversified Trust Shares B. .. 6.92 7.02 Diversified Trust Shares C.... 2.98 3.04 Diversified Trust Shares D. .. . 480 4.90 First Insurance Stock Corp... 1.35 1.40 First Common Stock Corp .. .83 .98 Fixed Trust Oil Shares A 8.45 Fixed Trust Oil Shares B ... 6.95 Investors Inc 17.12 18.50 Land Bank Bond Shares 93 1.04 Low Priced Shares 5.38 5.48 Mass Inv Trust Shares 17.25 18.75 Nation Wide Securities 3.08 3.15 North American Trust Sh < 53) 1.81 . .. No American Trust Sh <55-561 2.30 2.34 Petroleum Trust Shares A.... 800 11.00 Selected American Shares.... 2.50 .... Selected Cumulative Shares.. 6.50 6.75 Selected Income Shares 3.50 3.75 Std American Trust Shares A 2.87 2.93 Trust Shares of America . ... 2.70 2.80 Trustee Std Oil A 5.62 5.75 Trustee Std Oil B 4.90 5.10 U S Electric Lt & Pwr A 11.25 11.62 Universal Trust Shares 2.88 2 94

U. S. Government Bonds

By T nitrd Prftg NEW YORK, Nov. 14. —Closing Liberty Bonds; 1 Decimals represent thirty-seconds) LIBERTY 3%s <32-471 100.6 First 4%s <32-471 101.14 Fourth 4%s (33-38 < 101.27 TREASURY 4%s (47-52) 106 22 4s <44-541 103.44 3%s <46-56) 101.24 3%s <43-47) 99.22 3%s <4l-431 March 99.12 3%S <4O-43) June 95.23 3%s '46-491 96.26 3s <sl-55) 96 3%s 141) 99,16 4%s called 101.17 4%s 145) 99 18

In the Cotton Markets

—Nov. 14— CHICAGO High. Low. Close. January 10 22 10.10 10.14 March . 10.43 10 26 10.30 May 10.57 10 40 10 44 July 10 66 10 55 10.57 October 10 88 10.72 10.77 NEW YORK January 10.18 10.07 10.12 March 10.35 10 21 10 26 May 10.48 10 34 10.39 July 10 60 10.46 10.53 October 10 79 10 66 10 71 December 10.12 9 98 10.02 NEW ORLEANS January 10.17 10 04 10.07 March 10 34 . 10 18 10 22 Mav 10 45 10 31 10.36 Julv 10.60 10 44 10.48 October 10.76 10.63 10.65 December 10.09 9.94 9.96 NEW YORK RAW SUGAR FUTURES —Nov. 14— High. low. Close. January 1.19 1 16 1.16 March 1 r? 1.21 1 21 Mav 1 29 1 27 1 27 Julv 1.34 1 32 1,33 September 1.40 1 38 1.78 December 1.17 1 13 1 '7

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 9.25 "’occhontas mine run 7 25 *7'w River s pokeless 825 '”'st V -jin -i lump 675 ' -st Yi'jti" a egg . 650 -nd fee:; 7 00 "7%re charge of 50c a ton for wheeling cal. and $1 a ton for coal carried to iMn.

THE INDIANAPOLIS TIMES

Bright Spots ] By I'nited Pres* Delaware & Hudson Railroad Corporation earns September net income of $74,876. against net loss of $318,363 in September, 1932. First National Stores reports October sales of 58.150.826, up 4.6 per cent from corresponding 1932 period. Murray Corporation of America earns third quarter net profit of 5133.359 against net loss of $293,106 in similar quarter last year. Plymouth Motor Company reports product iorf for 1933 to date of 250,000 cars, an increase of 158,712 cars over corresponding 1932 period.

On Commission Row

—Nov. 15Fruit* Cranberries —Cape Cod early blacks. 36lb. box, $2. Grapes- California seedless, crate. $2.25; California Tokavs. crate. $1.60; Ohio Concords, 12 2-quart baskets. $1.75; New York. 12-qt. basket, 55c. Melons-California Honevdews (9-12s), s2® 2.50; Casabas 18s) per case. $2. Pears—Washington D'Anjou <9O-1655), $2 75; Washington Bose iIOO-1355). $2.75; Avacos. Fla. ilO-16si. crate. $2. Bananas—Per pound. 5%c. Apples—Wealthy. Wolf River. Grimes Golden Jonathan. Florida (46s to 80c). $1.25® 1.75 a Dushel; fancy Jonathans. $2 a box. Grapefruit—s3.2s <53.50 Prunes—ldaho Italian. 16-lb. lugs. sl.lO. Oranges—California Valencias, $3.50(5.4 a box. Lemons—(36os). $5.50® 6. Vegetable* 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-ib. bag. 75c; 10-lb. bag. 18c Beans—Round stringiess. namper, $1.75; flat stringless. $1.50. Beets—Home grown, dozen. $3.50; bulk per bushel, 85c. Carrots—California. 53.50 crate. Cauliflower—Utah (10s-l ls-12s l. 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 <4s-ss) crate, $4.25; hothouse, 15-16. basket. 75c. Radishes —Hothouse button. 40c dozen. Spinach—Broadleaf. per bushel. 75c. Turnips—Per bushel. 90c. Tomatoes—California. $2 25; 30-lb. basket hothouse, 75c 8-lb. basket. Potatoes—Northern round white. 100-lfc. bag. sl.s°; 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, 51.25.

Produce Markets

Delivered In Indianapolis prices—Hens. oC; Leghorn hens, sc; heavy Dreed springers, 8c; Leghorn springers, 6c; cocks, 5 lbs. ana up, oc; under 5 duc is s -, 4 ' / ’ _ lbs - and over, full feathered and fat. sc; under 4'% lbs 3c: geese, full feathered and fat. 3c; No. i strictly fresh country run eggs. 24c; sirictjX ts 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 Nov 15. Eggs Market, r^ C o e ' p ' s ; 529: extra firsts. 28%c% dirties. 12@14Vac; current receipts. 21®24c. Bu , e lr; Market steady; receipts, 7.583: spe--2 extras, 23%c; extra firsts, 20 j®2l %c; firsts. 18# 19%c; standards. 21 Uc; seconds, 17®17%c. Poultry—Market steady; receipts. 44 trucks; light hens, 8; heavy hens, 10%c; Leghorn chickens, 7c; Plymouth Rocks, 10c; heavy white, ducks 9%c; small ducks, B‘/ac; heavy colored ducks. BVac; geese. 9c; turkeys. ;S. I/S roosters. Bc. Cheese—Twins. 12® 12%c: Longhorns, 12%® 12%c. PotatoesSupply liberal; no trading on account of cold weather; operators not opening cars; market nominally unchanged; shipments, 516; arrivals. 57; on track 29.8 NEW YORK. Nov. 14.—Potatoes—Steady; Long Island, $1.15®3.60 per bbl.; Maine, $1.05®3 per bbl.; Idaho. $1.75®2.15- per •sack; Canada. $1.65® 1.75 per bbl. Sweet ; Potatoes—Firm: Jersey basket, 40c®51.25: southern barrel, $1.15® 1.50; southern j basket. 40e®$l, Flour—Steady; springs: patents. $6.75®7 per sack. Pork —Quietmess, $16.50 per bbl. Lard Firm; middle west spot. *6.50® 6.60 per 100 lbs. Dressed poultry—Quiet; turkeys, 12®21c; chickens, 8® 18c; broilers. 10®22c- capons 21®3Ccfowls, 9® 15c; Long Island ducks, 15%® 16 ac. Live poultry—Dull; geese, B<oT2cturkeys, ll®18c: roosters. 9®loc; ducks, 9® 12c; fowls. 9® 14c: chickens, 10® 15ccapons. 16® 23c: broilers, 15® 16c. Cheese —pull: state whole milk; fancy to specials, 20®21%c; Young America fresh, 12%® 13%c. Butter—Receipts, 26,878 packages; market, steady; creamery, higher than extras. 23%®24%c; extra. 92 score, 23’ 2 c ?o S s' ■?,? t 0 91 score - 21%®22%c; firsts, 88 to 89 score, 19%®20%c: seconds. 17%® 18%c. Eggs—Receipts. 12.767 cases: market, irregular; special packs, including unusual hennery selections, 37®41c; standards. 36c: firsts. 31c; mediums. 20%c; dirities. 19®2.0c; checks. 17c. CLEVELAND. Nov. 14.—Butter—Market firm; extras 26%c; standards, 25’4c per lb., in tubs. Eggs—Market, firm; extras white. 34c; extras brown, 27c; extra firsts 13c; current receipts, 21c; fresh pullets. 18c. Poultry Market steady; colored fowl 4% lbs. and up, 13c; colored fowl medium. 11c: Leghorn fowl 3% lbs. and up. 10c; Leghorn fowl light. 8c; Rock springers 4% lbs. and up. 11c: springers Leghorn heavy. 9c; springers light. 10c; broilers colored, 10c: ducks white 5 lbs. and up. 11c; ducks light, 9c; geese heavy fat. 12c: turkeys young. 16c; old toms, 12c; old roosters. Bc. Potatoes—(All quotations based on U. S. No. 1 and 100 lb. sacks.). Maine Green Mountains and Cobblers best mostly $1.85; few, $1.90; partly graded $1.75: Idaho Russet Burbanks mostly $1; few fine quality. $2.15® 2.20; Red River Valiev Cobblers, $1.35® 1.50: Michigan Cobblers. $1.35®1.50: New York mostly partly graded $1.25®1.30; Ohio best $1.40® 1.50; partly graded $1.25# 1.30: Pennsylvania, $1.35. CINCINNATI. Nov. 14.—Butter—Packing stock No. 2. 14c; No. 3.10 c: butterfat. 17c. Eggs—Steady; (cases included), extra firsts, 35c: seconds, 25c; nearby ungraded. 32c. Live poultry (following quotations represent prices for poultry in good healthy condition. Thin and coarse stock sells only at heavy discount)—Fowls 5 lbs. and over. 10%c; 4 lbs. and over, 10c; 3 lbs. and over. 8c: Leghorns. 3 lbs. and over. 8c: roosters, 6c; colored broilers 1 lb. and over, 15c; 1% lbs. and over, 13c; 2 lbs. and over. 12c: colored fryers, 3 lbs. and over, 10c; roasting chickens 4 lbs. and over, 11c: Leghorn broilers 1 lb. and over, 15c; 1% lbs. and over, 13c; 2 lbs. and over. 9c; partly feathered, 8c: capons 8 lbs. and over. 18c; under" 8 lbs., 13c; ducks, under 3 lbs. sell at liberal concessions; ducks white, 4 lbs. and over, 8c; under 4 lbs., 8c: colored 4 lbs. and over, 8c; under 4 lbs.. 7c; guineas, old, 6c; young guineas l'/z lbs. and over, 13c: 2 lbs. ana over, 13c; No. 1 young turkevs, ysung hens, 8 lbs. and over, and voung toms. 10-15 lbs.. 12c: young toms over 15 lbs., 15c: No. 1 old toms. 13c. Other Livestock BY UNITED PRESS CLEVELAND. Nov. 15. —Cattle—Receipts. 400; market steady in slow dealings; nrices on steers and heifers unchanged rem yesterday: steers choice at $6.25 top; common to good heifers. 53#4.75; medium o good cows. s2® 3. Calves—Receipts. •!90: market steady; prices unchanged with choice to prime, *7® 7.50: fair to good ss® 6 and common downwards to *3. Pheep—Receipts. 1.300: market active and 25 cents higher on good eastern demand end light receipts; spring lambs: choice, $6.50® 6.75; good to choice. s6® 6.50: medium to good. ss®6; common and cull. s3® 5. Hogs—Receipts. 1.600: market st-ady to 5 cents lower: market cleaned up cf er considerable effort with bulk of re-c-ipts quoted ct $4 40: heavies, $4.15®4.40: choice and butchers and choice york-e-s. $4.35® 4.50: stags, 52®2.25; pigs. $3.75 ® 4 PITTSBURGH. Nov. 15.—Hogs—Receipts. 1.800; holdovers. 450: steadv to 10 cents ’ower; de-line on weiahts above 220 lbs.. c rike continues to curtail local buying: 220-!b down, including pigs. $4.50: 220 so 300 lbs $4.40: packing sows. $3.25® 3.75. Cattle—Receipts. 10: nominal. Calves—Receipts. 190: steadv; good and choice vealer*. s6® 4 50. Sheep—Receipts. 800: 15c to 25c higher on choice sorted lambs: 66 to 90-lb. sorted fat lambs. $6 50 @6.75: tops. $6.75: culls to medium. $2.50 ®5.50: aged wethers and ewes, steadv FT. WAYNE. Nov. 15— 10 cents lower: 18-250 lbs.. $4.05: 250300 lbs *3 95: 300-350 lbs S3 90; 160-180 lbs., $3.95: 150-160 lbs . $3.80: 140-150 lbs,. *3 65: 130-140 lbs.. $3 40: 100-130 lbs.. *3: stags. $2: calves. $6; lambs, $6 50. LAFAYETTE Nov. 15.—Hogs—Ma rket 10 ®2sc lowe- 200-250 lbs.. $3.90®3 95 250300 lbs . $3 80#3.85: 300-325 lbs . S3 75: 15’200 lbs 53.65® 3.90: 130-150 lbs 53.29® 3.40: 100-130 lbs . $3: roughs. $3 25. Top calves. $5. Ton lambs. $6. KANSAS CITY. Nov. 14 Hogs—Receipts. 5 000 including 160 directs; closing active, steadv to 5c lower than yesterdav average; practical top $4.05: one load choice 220 ibs. *4.10; light lights. 140 to 160 lbs . $3.50-5 3 95. light weights. 160 to 200 lbs.. $2 85® 4.05: medium weights 200 to 250 lbs.. 53.955 4.10; heavy weights. 250 to 350 lbs . S3 65® 4 05: packing sows. $2.65® 3.35: feeder and Stocker pigs. $2 50 ®3. Cattle—Receipts. 6.500. Calves—Receipts 1.100 fed steers and long vearlings tending lower: vealers weak: otherwise market slow, steady: choice 591 lbs. fed calves. $5.75: steers, good and choice. 550 to 1.500 lbs.. $3.755 6 25: steers, common and medium. $2.75® 4 50; heifers, --od and choice. 550 to 900 lbs. $4.50® 6: cows. $2.15® 3/0: vealers. S3® 5.50 stoc’-'r* and f-eders. .$3.255 4.15 Sh-ep--Rece:’’T. 3.009; lambs generally steady; spots. 10c lower; sheep steady; top nat.%e lambs, $6.85. j

SWINE MARKET DOWN 15 GENTS AT STOCKYARDS Steer Trade at Standstill; Vealers Show Weak Undertone. With a large number of holdovers on hand at the Union stockyards this morning, porker prices showed a decrease of around 15 cents under yesterday's average. The bulk, 160 to 275 pounds, sold for $4.05 to $4.10. Few choice kinds held at $4.15. Initial sales on weights scaling from 275 pounds were quoted at $3.85 to $4. while 130 to 160 pounds brought $3.50 to $3.80. Lightest j classes sold at $3.25 to $3.35. Receipts were estimated at 12.000; holdovers numbered 1.654. Steer trading remained at a standstill in the cattle market, with a large accumulation of fresh and stale supplies. Very little bidding interest was shown, while several buyers remained inactive. Early buyers interested were talking around 25 cents lower than the prej vious sales. Low grade cows were unchanged and other she stock out of demand, j Vealers displayed a weak tone, mov- ! ing mostly 50 cents lower, selling at $6 down. Cattle receipts were 1,600; calves, 700. Only slight changes were shown in the lamb market, with the undertone extremely weak. Ewe and wether grades held largely at $6.50 to $6.75. Several small lots sold at $7. Bucks sold at $1 less and throwouts ranged down to $3.50. Receipts were 1.000. Asking held fully steady with yesterday’s average on hogs at Chicago at $4.60 down. No early bids were registered. Receipts were estimated at 30,000, including 12.000 directs. Cattle receipts numbered 11,000; calves, 2,000; market weak. Sheep receipts, 10,000; market steady to st^mg. HOGS Nov. Bulk. Top. Receipts. 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® 4.26 4 30 12.000 15. 4.05® 4.10 4.15 12,000 Market, lower. (140-160) Good and choice $ 3.70® 385 —Light Weights—-(l6o-180) Good and choice. .. 4.10 (180-200) Good and choice. .. 4.10 —Medium Weights—-(2oo-220) Good and choice. .. 4.05® 4.10 (220-250) Good and choice.... 4.05® 4.05 —Heavy Weights—-(2so-350) Good and choice.... 4.00® 4.05 (290-350) Good and choice. .. 3.90® 4.00 —Packing Sows—- ) 350 down! Good 3.40® 365 (350 up) Good 3 25® 3.50 (Ay.v weights) Medium 3.00® 325 —Slaughter Pigs—-(loo-130) Good and choice... 3.25® 3.35 CATTI.E Receipts, 1,000; mraket. steady. (1.050-1,1001 Good and choice $ 4.75® 6.00 Ccmmon and medium 2.50® 4.75 (1.100-1.500) Good and choice 4.50® 5.75 Common and medium 3.00® 4.50 (650-750) Good and choice 5.00® 625 Common and medium 2.50® 5.00 (750-900) Good and choice 4 25® 6 00 Common and medium 2.00® 4.25 —Cows— Good 3.00® 3.50 Common and medium 1,85® 3.00 Low cutter and medium Loo® 1.85 —Bulls (yearlings excluded) Good (beefi 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 700; market, lower. Good and choice 5.00® 6 00 Medium 3.00® 6.00 Cull and common 2.00® 3.00 —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 4.00® 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, 1,1000; market, steady. (90 lbs. down) Good & Choice.s 6.00® 7.00 (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 EAST ST. LOUIS, 111., Nov. 15.—Hogs— Receipts, 10,500, including 1.000 through and direct; market fairly steady: 160 to 250 lbs., $4.20® 4.25, mostly $4.25; heavies scarce; 140 to 160 lbs., $4®4.25; 100 to 130 lbs., $3.60® 4; sows. $3.10® 3.40. Cattle —Receipts. 3,500; calves, 1,500; market, slow on steers; supply light; indications about steady on desirable kinds; mixed yearlings and heifers opened slow and barely steady; cows unchanged; bulls 10c to 15c lower; vealers 50c lower, top $5.50: mixed yearlings and heifers largely. $3.50 #5.25; cows. $2.25®2.75; low cutters. sl® 1.50: top sausage bulls $2.60: slaughter steers, 550 to 1.100 lbs., good and choice. ss# 6.25; common and medium, $2.75® 5.25; 1.100 to 1.500 lbs., choice, $4.75® 6: good $4.25®5.75; medium, [email protected]. Sheep—Receipts. 1.00; market; no early sales, packers talking lower; asking strong; holding better lambs around $6.75 or above, lambs, 90 lbs. down, good and choice, $6.25®7: common and medium $3.50 ® 6.50: yearling wethers, 90 to 110 lbs., good and choice $4.25® 5.50: ewes, 90 to 150 lbs,, good and choice. $1.50® 2.75; all weights common and medium, sl#2. EAST BUFFALO. Nov. 15.—Hogs Receipts. 200; holdovers. 300; market fairly active; steady to strong at yesterday's average; desirable 160-240 lbs.. $4.60 to mostly $4.65; 130-150 lbs., $4,35®4.50; pigs, $4.25. Cattle—Receipts. 300; generally steady: medium to good yearlings, $5: medium steers, around 1.150 lbs.. $4; cutter cows. $1®1.75. Calves—Receipts. 200; vealers unchanged. $7 down Sheep—Receipts. 1.000: lamb market not fully established; most bids steady; scattered sales steady to 25c higher; good to choice. $6.50 @6.75. sparingly $7: bulk better lots held at $7; medium kinds and fat bucks. $5.50 @6; throwouts, $5.25 down. 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. 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. 10 - 000; calves, receipts. 2.000; active market on meager supply light heifers and mixed vearlings but dull and weak to lower on long yearlings and steers over 1.000 ibs.: best light yearling steers. $6.25: both light and weighty heifers. $5.50® 5.65; several loads weighty steers to shippeis. $4.25® 5.15: other killers uneven; cows weak; bulls steady: vealers 50c lower; best around $6: slaughter cattle and vealers: steers 550-900 lbs., good hid choice. $5 25® 6.50: 900-1100 lbs., good and choice. ss® 6.25: 1.100-1.300 ibs.. good and choice. $4 75® 6; 1.300-1.500 ibs.. good and choice. 54.25® 5.60; 500-1.300 lbs., common and medium. s3® 4.75; heifers 550-750 lbs., good and choice. $5.25®6.50; common ana medium. s3® 5.50; cows. 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. food and choice. $5®6.50: medium, s4® : cull and common. s3®4 srocker and feeder cattle: steers 550 5 1.050 lbs. good and choice. S3 25® 5: common and medium. $2.25® 3.50. Sheep—Receipts. 5.000; fat lamb trade slow, fully steady: few choice handiweights to outside purchasers. $7; bulk s6*s 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, ss® 6 50; ewes 90-150 lbs., good and choice, $1.75® 2 85: all weights common and medium. sl2s® 2 25; feeding ambs 50-75 ibs.. good and choice. 55.75®6 25. By Time * Special LOUISVILLE. Nov. 15.—Cattle—Receipts. 200: supply, light: quality, plain; market, mostly steady: bulk, common to medium: steers and heifers. s3® 4 better finished fed offerings eligible $4 50® 5 50: buik beef cows. s2® 2 50; few good to $2.75; low cutters and cutters mostly $1.25® 1.75: bulk sausage bulls. $2.50 down: most native Stockers and feeders salable S2®3; desirable Hereford heifer stock calves, mostly $4.50. Calves—Receipts. 15C: veaiers, mostly 50c lower: bulk better grades. s4® 4 50: medium and lower grades. $3 down. Hogs—Receipts. 800 steady; 180-275 ibs., $4 15: 280 lbs., up $3 50; 140-175 lbs . $3 55; 135 lbs . down $2 70: sows. $2 70. stags. $1.45. Sheep—Receipts. 150: steady; bulk medium to gool lambs, $5.50®6: choice kinds to $5 V): most bucks. $4.50® 5: throwouts. $3 50: fat ewes Sl®2 Receipts Yes - day—Cattle. 224; calves. 243; bogs. 1.538; sheep, 168. Shipments yesterday—Cattle, 90; calves. 115; hogs. 469; sheep. 238.

-Today and Tomorrov

Newspapers’ Code Under National -Recovery Act Still Unsettled at Washington. BY WALTER LIPPMANN

THE place cf newspapers under NRA is as yet unsettled. While most newspapers are operating under the so-called blanket code and are entitled to display the blue eagle, the specific newspaper code has not yet been approved. The point of contention has been a demand put forward by the publishers that their code should contain the following paragraph: “In submitting this code, or in subscribing or assenting thereto, the daily newspaper publishers do not thereby agree to accept or to comply with any requirements other than those herein contained, or waive any

right to object to the imposition of any further or different requirements, or waive any constitutional rights or consent to the imposition of any requirements that might restrict or interfere with the constitutional guarantee of the freedom of the press.” The authorities in Washington have not accepted this paragraph, and a deadlock has resulted. The general impression is that the newspapers have asked the administration to recognize their special guarantee under the first amendment, which forbids congress to make a law “abridging the freedom of speech, or of the press”; that the administration has replied that no such recognition is necessary since it could not if it would, and would not if it could, abridge the freedom of the press; and that the newspapers have been retorting: “Why, then, do you object to saying so?” But a close reading of the proposed paragraph will show that it means more than that the free expression

of opinion shall not be interfered with. The vital clauses, it seems to me, ire those in which the newspapers “do not thereby agree to accept or :omply with any requirements other than those "contained in their proposed code," or waive any right to object to the imposition of any further requirements. These clauses reject the idea of an evolution and elabora-

j tion of the codq,. either by act of the | President or on the initiative of any i association in the newspaper indusj try. IN effect, the newspaper says: We are prepared to accept the rules in this code, but we do not agree that you can proceed to use codes to legislate for the newspaper business. In order to appreciate the issue which has been raised, it is necessary to realize that an NRA code is federal legislation for a particular industry; it is framed by trade associations. labor associations, and the executive and is as enforceable as if it were a statute that had been written by the congress of the United States. Mr. Ford, for example, though he has never signed a code, is subject to the law of the automobile code precisely as if that code had been passed by congress. A code is thus a very striking example of the delegation of legislative power. If I read correctly the paragraph on which the newspapers are insisting, it means that they refuse to agree that the power to legislate for the newspaper business shall be delegated. They are willing to subject themselves to a particular set of rules, but not to the principle that) the NRA go on legislating about newspaper publishing. This means that while the newspapers are willing to accept certain requirements about labor conditions, they really do not wish to be brought under the NRA system. In other words, they do not wish to have a code in the true meaning of the term. It would be better if they said so frankly. The issue would be clearer if they did. It would be much better in the long run to take the forthright position that newspapers do not belong under the code system contemplated by the national industrial recovery act. For the code system as authorj ized in that act contemplates the ' setting up of control over whole ini dustries. The immediate purpose of I that control is to prevent destructive price and wage cutting; the ultimate purpose is to promote balanced, co-ordinated and planned management of whole industries. 00 NOW while newspapers are for the most part profit-making enterprises, their main function, which is to provide news and opinion, cannot be brought under the conception of industrial planning. At least not in a free country. Thus, for example, it may be wise to say, as the administration recently has said, that the cotton textile industry should not enlarge its plant. That may be good planning. But, no one can or ought to say that a new newspaper should not be started or that two old newspapers should be combined, as we are saying that two railroads should be combined. Competition may be wasteful in industry. In newspapers it is the indispensable condition of freedom. The industrial philosophy of NRA is, therefore, wholly inapplicable to the newspapers. For they ought not to be combined. They ought not to be co-ordinated. They ought not to be set up as public utilities and brought within the orbit of government. lam myself a believer in the immense possibilities of the code system as applied to basic industries and to highly competitive manufacture. But there is no surer way of discrediting NRA than to apply it indiscriminately and at wholesale. It never should have been applied to little shops, to small stores, to the large mass of modest enterprises. It has not been applied to the government itself. It should not be applied to churches, schools, colleges, or nonprofit making institutions. It should not be applied to any activity which does not naturally and readily fit into the concept of industrial planning. Even with all these exceptions the field in which NRA does apply is immense. It is so immense that the task of working out and enforcing codes in that field will take all the brains and all the energy that Washington can enlist. Why, then, not concentrate on doing well what NRA was meant to do. and give up trying to extend it into fields where it does not apply and will not work? (Copyright. 1933 > ENDEAVOR SOCIETY TO HEAR LOCAL PASTOR The Rev. E. G. Homrighausen will addrnss the Capitol City Christian Endeavor convention on “Youth's Adventure With God in World Relations." at 8:30 Friday in the First United Brethren church, Park avenue and Walnut street. Mr. Homrighausen is pastor of the Carrollton Avenue Reformed church and is conducting a course in Bible study at Butler university. OPTOMETRISTS WILL ASSEMBLE AT DINNER Zone 7 Business Meeting to Follow At Athenaeum. Optometrists of Zone 7 of the Indiana Association of Optometrists will meet tomorrow night at the Athenaeum. Following dinner at 6:30 a business and educational meeting will be held. Dr. W. L. Van Osdol. second vice president of the association, will preside.

ir’

Lippmann

BUS DRIVERS OF CITY APPEAL TO FEDERALJOARD Strike Threat May Be Aired Before New Regional Commission, Bus drivers of the People’s Motor Coach Company, who have voted to strike because the Indianapolis Railways will not recognize their union, appealed to the federal labor board today to settle their differences. The appeal was taken as the regional labor beard met and completed its organization, with the aid of John M. Carmody of Washington. representative of the national board, in the Chamber of Commerce building. Dr. Stanley Coulter, chairman of the regional board, Informed of the action of the bus drivers, expressed the opinion that they were wasting their time, “as the case unquestionably will be referred back to us for ruling.” Election Is Requested The appeal was sent to Washington by A. C. Nahand, president of the Indianapolis local of Amalgamated Association of Street and Electric Railway and Motor Coach Employes, and A. H. Burt, of Salt Lake City, Utah, organizer for the union. The federal plea asks that the railways enter into a contract with the union and requests an election in the coach company to determine whether the drivers wish to be represented by a company union or a regular labor union. Fight Company Union Officials of the railways look upon the bus drivers as but one unit of eleven diviisons in the entire railways system. The entire system is represented in collective bargaining by a company union. The bus drivers declare they are a separate and distinct organization and seek to be divorced from the company union plan. The regional labor board has the authority to settle labor disputes. The board will meet at 4 p. m. each Tuesday. An office may be provided for the board in the federal building. ‘Big Meeting’ Scheduled “Big Meeting” series of the Y. M. C. A. at the English theater will be opened Sunday by Dr. Fred B. Smith, executive committee chairman for the International Friendship. Dr. Smith's subject will be “America, Yesterday and Tomorrow.” A half-hour program of music has been arranged to precede the lecture. Church Sponsors Festival Members of the Heath Memorial M. E. church, Windsor and Commerce streets, will present a fall festival Friday and Saturday nights. Proceeds wall be used to pay the church debt. Births Boys John and Luella Obston, Coleman hospital. Roscoe and Mary Finkbiner, Coleman hospital. Welter and Daisy Hastings. 406 South Warman. Lloyd and Celia Strough. 2143 Bosart. Herman and Leona Shumaker, St. Vincent's hospital. Lawrence and Evelyn Balderson. 316 Dorman. Raymond and Ruth Williams. 1537 South State avenue. St. Francis hospital. Girls Clyde and Mildred Andrews, Coleman hospital. William and Rhea Davis. Coleman hospital. Louis and Florence Gootee, Coleman hospital. Dayton and Sylvia Lee, Coleman hospital. Maurice and Nadine Morton. Coleman hospital. William and Annabelle Patterson, Coleman hospital. William and Margaret Sulivan. Coleman hospital. William and Evelyn Saligoe, 947 North Warman. James and Mary O'Connell. St. Vincent's hospital Burris and Fern Clark. Bt. Vincent's hospital. William and Pauline Doran, 5039 West Sixteenth. Deaths Infant Thomas. 4 days. Methodist hospital, premature birth. Infant Thomas. 5 days. Methodist hospital. premature birth. John W. May. 59.. 721 Union, coronary thrombosis. Phyllis Stroud. 21 months. Rilev hospital multiple lung abscess. Paul Richard Pettigrew, 15. 3736 Guilford cerebral abscess. Elbert Lincoln Booth. 65. 136 West Thirtieth, carcinoma. Lucinda Littleton. 95. 3534 West Sixteenth, arteriosclerosis Nancie Jane Voyles. 84 1851 West Morris. chronic interstitial nephritis. Ann.e Taylor, 40. city hospital, chronic nephritis. Jennie Rainey, 53. 1463 East Sixteenth, chronic interstitial nephritis. Margaret Reynolds. 70. 717 Rochester, uremia. James Thomas Bohannon. 66. city hospital. fractured skull. Oswald Seidensticker. 65. city hospital, lober pneumonia. Julia Graham. 1 day. city hospital, intra-crania! hemorrhage. Harvey Henson. 54. city hospital, chronic cystitis. Harry Norman Brvan, 37. 1048 East Market, lobar pneumonia. Callie Lady. 52. Meridian St. and Pleasant Run boulevard. fractur*-?) skull.

PAGE 15

GRAIN FUTURES MOVE OFF ON WEAKjUPPORT Traders Watch Supply and Demand Situation as Stimulant. BY HARMAN W. NICHOLS l'nitf*d Press Staff C'orre*i>ondert CHICAGO, Nov. 15. —There was a I lack of support and grains moved lower on the Board of Trade today, i Wheat futures were % to % cent | lower than the previous close, corn was down h to \ cent and oats : were \ to % cent lower. Brokers were convinced the market needed constant support to maintain present levels. The trade continued to look to ' the supply and demand situation as a passible stimulant since millers were demanding more wheat than for some time. Corn continued with a stronger undertone and oats and rye were disposed to follow other grains. Chicago Futures Range WHEAT— " Nov ' 15 - p reT> _ . High. Low. 10 00 close! December 90’. .90 .90’, 91 ■ May 94’. 93’. .94% 95 tfORN- 92 91V * 92 ' 92 ' Vi December 48% .47’. 48% 48’, i May 55% 54% .55% 55% Ju iW 57, < S85 ’ 87 57 ’* December .... .36 35 35% .36% 1 May .39% 38% 39% 39% i JU IIYE-- 38 ’ 2 373 - 37 V 38% j December 61% 60% 60% 61% I May 67% 67 67% 68% J “bWey--December 48% 48% 48% 49', July SS ,J Chicago Primary Receipts —Nov. 14— Bushels—- . Today. Last week. Wheat - TTff . >f 299.000 250.000 Corn 640.000 634,000 Oats 288.000 99,000 INDIANAPOLIS WAGON WHF.II City grain elevators are paying 82 cents for No. 2 sort rea wneat. utner grades on their merits.

Indianapolis Cash Grain

—Nov. 14— 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. 85%586%c; No 2 red. 84%@85%c; No. 2 hard. 85'/2C. Corn—Strong: No 2 white, 42%4i43%c: No. 3 white. 41%(&42%c; No 2 yellow'. 41 %5 42%c; No 3 vellow, 40%541%c No 2 mixed, 40%@41%c; No. 3 mixed. 39%% 4OV2C. Oats—Firm; No. 2 white, 33%(534%c; No. 3 white. 32%*33%c. Hay—Steady; if. o. b. country point* taking 23%c or less to Cincinnati or Louisville!. No. 1 timothy, $65 6.50; No. 2 timothy, $5.50^6. —lnspections Wheat—No. 1 red. 3 cars; No. 2 red, 1 car; No. 1 hard, 1 car; No. 2 hard. 1 car; No. 1 mixed, 1 car. Total. 7 cars. Corn—No. 2 white. 2 cars; No 4 white. 1 car; No. 5 white, 1 car; No. 6 white. 1 car; No. 2 yellow, 11 cars; No. 3 yellow, 14 cars; No. 4 vellow. 17 cars; No. 6 vellow. 1 car; sample yellow, 1 car. Total, 55 cars. Oats—No. 2 white. 3 cars; No. 3 white, 2 cars; No. 4 white, 1 car. Total, 6 cars. CHICAGO CASH GRAIN By United Preaa CHICAGO. Nov. 14.—Cash grain: Wheat —No. 3 hard. 92%c; No. 3 tfard smut, 89%c: No. 1 mixed, 92%c. Corn (aid 1 No. 4 mixed, 48%C; No. 2 yellow, 49%% 50c; No. 3 yellow. 49 5 49%c; No. 4 mellow. 48%c; No 5 yellow, 46%c; No. 2 I white, 48%6150c; No. 3 white, 48%c: mewl | No. 3 yellow, 465 47c; No. 4 yellow. 455) i 45%c; No. 5 yellow, 44%c; No. 3 white, 46%c; Nb 4 white. 45' is' 45 1 ?c; No. 5 white. 44c: tnew and oldi No. 2 veliow, 48% 5 48%c; No. 3 vellow, 47c. Oats—No. 2 w'hite. 37(5 38%c; No. 3 white, 36%1117c; No. 4 white. 34%c. Barley—4s(s 73c. Timothy- $5.50(5 6.25. Clover seed—slo.so(s; 13.50. Cash provisions—Lard. $6 20; loose. $5.97; leaf, $6.12; and. s. bellies, $5 95. TOLEDO CASH GRAIN | By United Preaa | TOLEDO, Nov. 14.--Grain close: Grain in elevators, transit’billing: Wheat—No. 2 red, 93(5,94c. Corn—No. 2 vellow. 52 5 53c. Oats—No. 2 white, 40%(541%c. Rve—No. 2. 75-a 76c. Track prices, 28 %c rate: Wheat—No. 1 red, 90<5 90%c; No. 2 red. 89590 c. Corn—No. 2 yellow. 47%(548%c; No. 3 yellow, 43%5.47%c; No. 4 vellow, 40%(5 43%c; No. 5 yellow, 37% (5 40' 2 r. Oats—No. 2 white, 27%(5 29%c; No. 3 white. 36% 538 c Toledo seed c'ose: Clover—Dec., $7.558 March, $7.80. Alsike—Cash, $8.50; Dec.. $8.70. ST. LOUIS CASH GRAIN By United Preaa ST. LOUIS. Nov. 14.—Cash grain: Wheat —ln fair demand, %(5 1c higher on red and steady on hard; No 2 red. 94*/95c; No. 3 red, 94%; No. 2 red garlicky. 91 %c; No. 3 red garlicky. 91c; No. 2 hard. 91%c; nominal; No. 5 mixed. 90c. Corn—ln fair demand, unchanged to lc higher: No 4 mixed. 44c; No. 2 yellow. 495 49%c: No. 3 yellow. 48c; No. 4 yellow. 44%c; No. 2 white, 50%c; No. 3 w'hite. 50c: No. 5 w’hite, 47c; No. 6 white. 44%c. Oats—ln fair demand. Vic lower: No. 2 white, 37%c; No. 3 white, 37c; No. 4 white. 36%c. CHICAGO FRUIT MARKET By United Preaa CHICAGO. Nov. 15.—Apples Michigan Jonathans, $125; Baldwins, rush 5 1.10. Pearls—lllinois, bushel. 51 Illinois. 21:, 5 3*/i*c '"'Och. F • s and Missouri, 605 75c bushel. Bean*— Southern, green and wax. ..,..35 Cabbage Wisconsin. $1 25(5 1.50 crate. Celery-Michigan, 405 85c crate. Mushrooms—lllinois, 15 5 25c Cucumbers— Southern, $1.755 2.15; central western hothouse, $1.205 2. Tomatoes -California, sls 135; Illinois and Ohio hothouse. 605 75c. Beets—lllinois. 25 3c bunch; 40c bushel Leaf lettuce—lllinois househouse, $1,105 1.12%c. Onion market Washington and Idaho Valentias, bushel, 70 5 90c. Wisconsin—Yellows, bushel. 605 70c. Indiana— Yellows, bushel. 60 5 72%c. Illinois Yellows, bushel, 60572%c. Midwestern Whites, Chicago Stocks By Abbott. Hopoln A Cos ~~~~~~ (Total Sales. 30,000 Shares.) —Nov. 14— High. Low. Clos*. Abbot Lab 38% 38 38 Acme Steel Cos 26 25 26 Asbestos Mfg .. 3% Bastian-Blessing 8 V, 8 8% Bendix Aviation 14% 14 14 Borg-Warner 16% 15% IS 3 , E. L Bruce Cos ... 13% Butler Bros 4% 4 4% Cent Pub Util ... '/a Chi A North Western.. 8% 8 8 Chicago Corp C0m.... 2% 2% 2% Chicago Corp Pfd .... 22% 22% 22% Chicago Flexible Shaft. . ... 9 Cities Service 2V* 2 2 Commonwealth Edison 39 38% 37 Consumers ... '/* Cord Corp 8 7% 7% Crane Cos 6% 6 6 Crane Cos pfd ... 37 Dexter Cos ... 4% Gardner Denver Cos ... 18 Great Lakes Dredge. 19% 18% 18% Grigsby Grunow I s , 1% 1% Houdaille Hershey A . . 10% Houdaille Hershey B ... ... 3% Kalamazoo Stove ... 18 Katz Drug 20% Lindsay Nunn Pub 1% Lion Oil Refining C 0... 6 5% 5% Lvnch Corp ... 32% Mapes Cons Mfg Cos 33V Marshall Field 13% 12% 12* Middle West Utilities.. . ... 1% M West Util 6% pfd A Midland Util 6% P L 1 National Elec Pow A ... "4 National-Btandard *O% Noblitt-Sparks Ind Inc. 24% 24 24 North American Car 3% Northwest Bancorpora 4% Pines Wmterfront 1% Prima Cos 13 13 12% Public Service N P .17 15% 15'a Public Service 6% pfd. 47 48 47 Public Service 7% pfd 51 Ryerson A Son * ■ **• Sears Roebuck 42% 40% 40% Swift ACo 14% 14 14 Swift Internacional 28% 2.% 27% Vortex Cup Cos 6% 6% 6% Walgreen Cos com 18% 17% I‘w* Ward Montgomery IAI 69% 67% 67% West P L A Tel IAI * NEW YORK COFFEE FUTURES —Nov. 14— SANTOS High. Low. Close. January 8 46 March 8 72 8 65 8 68 Mav 8 80 8 71 8.7 T .July 8 82 8.73 8 83 September 8 96 December 8 48 8 44 8.44 RIO January 8.08 March . 626 8.19 622 Mav 6 32 6 28 6 32 July 6 38 633 6 37 September 8.42 December 6.08 8.00 6.05