Indianapolis Times, Volume 45, Number 162, Indianapolis, Marion County, 16 November 1933 — Page 19

NOV. 16, 1933..

Natural Forces Beginning to Demand Decision by the Administration on Money Policy. By RALPH HENDERSHOT

Timet Special Financial Writer The administration in Washington would seem to be getting into a position where it must either fish or cut bait in a monetary sense. In other words, it must take a more definite stand as between inflation and eo-called sound money. Last week the market for United States government bonds began to weaken. Prices dropped quite abruptly as a result largely of the government's gold price increasing policy. The decline was not of so

much importance from the standpoint of losses to investors, but it was important in that it indicated the government s credit has begun to suffer. The government proposes to help pull the country out of the depression with its public works program. It also proposes to extend relief, both directly and indirectly, to the public and to industry. It requires vast amounts of money to carry out these policies. It can get this money either by selling bonds to investors or by printing it. man Two Methods of Support Open. It can support the bond market only by adopting a “sound money" program or by ordering the federal reserve banks to make purchases in the open market. The latter course is an artificial one, and it is being opposed in banking quarters. It amounts, in a sense, to conscription of capital, and if losses should result they would have to be borne by banks and individual depositors in those banks in proportion to the amount

•3 f

Ralph Hendershot

of funds they had at stake. Up until recently the reserve banks had been supporting the government bond market. But in recent weeks the open market purchases of those banks have grown gradually smaller. The decline was the immediate cause of last week's drop in prices. Heavy short selling was indulged in, and a recent rally was due primarily to short covering on a report that the administration was planning to come out with some reassuring statement concerning its monetary policy. a a a Banks Have Huge Reserves The banks have plenty of funds with which to buy government bonds. Excess reserves amount to approximately $750,000,000. If the reserve banks were to resume their buying operations it is felt in responsible banking quarters that the market situation would correct itself, even though such purchases were in moderate volume. If a “sound money” policy is adopted commodity prices would be more likely to recede than advance, and the President's promise to raise such prices probably would have to go by the board. But if inflation is continued in an effort to raise farm prices and if the bond market is given no artificial support it would seem reasonable to suppose that the government must print a sufficient amount of currency to carry out its program. Taxes currently are not sufficient to pay for the proposed public works and at the same time provide the relief which has been promised, and it probably is out of the question to think of getting the needed funds through additional taxation.

New York Stocks “ 1 (By Abbott. Hoppin St Cos.) —————

—Nov. 16— Prev. Oil*— High. Low. 10:30. close Amerada • 45 Atl Rfg 30% 30% Barnsdall . .. ... 8% 8% Consol Oil 11 s . 11% 11% 11% Cont of Del . ... 18% 18 18% 18 Houston tnewj.. . *% Houston told) .... ... ... *5 > Indian Rfg '_ 4 v Mid Cont Pet .. .. ... 12% Ohio Oil }?% }5% Pet Corp 11V 11% Phillips Pet 16'/a 16% Pure Oil 11 4 12 Royal Dutch 39 .9 Sbd Oil 35 6hell Un 8% 8% . Simms Pet 9% 10 Skelley Oil •• ••• • ,9 Soc Vac 15** 15 15% 15/ S o of Cal 43*a 43% SO of Kan • • I 351* SOof N J 44% 44% Sun Oil 51 Va 57 Texas Corp .... 26 25% 26 25% Tidewater Assn. .. ... ... 10 Un Oil of Cal 19% Steels— ~ Am Roll Mills 16% Beth Steel < ... 30*a 30% Byers AM ... ••• 23.* Col Fuel & Iron 4% Cruc Steel 18.. Inland Steel fl Ludlum Steel I},, McKeesport Tin •• 8o a Natl Steel 38% 38% OePS0 eP S Smelt B, '‘ el loo% 100% iOO% 100*: Vanadium 19% J’ 2 Mid Steel U 8 P & Fdy , • J" ■ U S Steel 40% 40% 40% 41 u S Steel pfd . . 80% 80 80 82 Ygs S & T 18 Rails— ~ Atchison 46 s . 46% Atl Cst Line 31 B<tO 22 1 a 22* 22‘a 22% Can Pac 12% 12 12 12% Ch & Ohio .. 39*a 39% 39*. 39% C M & St P 4% C M & St P pfd 2% Chi N W 2% Dela & Hud 50 % Erie 14% Gt Northern 16*4 16% 111 Central 25% 2a Lou & Nash .... 39% 39% 39% 39Vi MK& T 8 Mo Pac 4% Mo Pac pfd 5% N Y Cent 33% 33% 33% 33% K Y C ft St L 13 N Y C & St L pf 12 N Y New Haven 16% 16% N Y Ont & W 149 Nor Pac 20% Penn R R 25% 25% 25% 25% Sou Fac 19% 19 19% 19% Sou R R 21% 21 % 21*/* 21% Sou R R pfd 22% Union Pac ...... .. ... 105 106% Wabash 2% West Mary! 8% Motor*— Auburn 40% 40% Chrysler ...: 43% 43% 43% 43% Gen Motors 30% 30% 30% * 30*4 Graham Mot 2% 2% Hudson 10 Hupp 5% Mack Truck 27% Nash 19% Packard 3% Reo 33 Studebaker 4% Yellow Truck 4% Motor Access— Bend lx 13% 13% Bohn Alum ... 46% Borg Warner 15% Briggs 8% Budd Wheel f. 3% Eaton Mfg 10% Elec Auto Lite 15 15% Houd A 3% 3* Murray Body ... ... 5% Stew Warner 5% Timken Rol 28% 29 Mining— Alaska Jun 24 23% 24 23% Am S melt 48% 45% 46*. 45% Anaconad 15% 15** 15% 15% Cal & Hecla 4% Cerro De Pasco. 38 37% 38 37% Granbv 9% 9% Gt Nor Ore 9% Homestake Min 535 Howe Sound 31% 30% Ins Copper 5% 5% Int Nickel 21% 21% 21% 21 Isl Creek Coal 24% Kennecott Cop 21 s * 21% Noranda Cop... 34% 34 34 34 Phelps Dodge... 16% 16% 16% 16% Tobacco* — Am Snuff 48 Am Sum Tob 13 Am Tob A 69 68 % 68% 69 Am Tob B 71% 71 71 72% Gen Cigar 28% 29% Ligg & Myers B 83 Lorrillard 16% 17 Reynolds Tob B 45 44 5 , 45 44% Equipments— Allis Chalmers 18% 18% Am Car Si Fdy 23 Am Mach & Fdy 14 14 Am Steel Fdy 17% Bald Loco 11 11% Burroughs . . 14% 14% Case J I 70*4 69% 70% 69% % Cater Tract 22 22 Colgat Palm P. .. ... ... 13% Cor.goleum ... ... 23% Elec Stor Bat 42 Foster Wheeler 15% Gen Am Tank C .1. 29 Gen Elec 20% 19% 20 20 Ingsol Rand 57% 57 Int Bus Mach 140 Int Harvester 39% Kelvlnator • • }£% Nat Cash Reg 15 19** Proc & Gamble 41** Pullman Inc 44% 45 Simmons Bed .... ... ... 17% Und Elliot 28 West Air B . ... 26% Westingh Elec .. 37 36% 37 37 Worth Pump 23 Utilities— Am & For Pwr . ... ... 10** 10% Am Pow & L ... 7% 7 7% 7** AT&T 117% 117 117% 117% Am Wat Wks 18*, 18*. Brklvn Un 62% Col G& El .... 11 10% 11 10% Col G & E pfd .. 57% Com & Sou 2% 1% 2 2 Cons Gas 37% 36% 37% 37 Elec Pwr & Lt .. 5% 5% 5% 5%

Bank Consultation Department This Department Is prepared to furnish complete analysis of securities holdings and acts in an advisors’ capacity to Banking Institutions. Inquiries Invited T. P. BURKE & COMPANY INCO#BOATtO INVESTMENT SECURITIES 217-224 Circle Tower Telephone Riley 853i Ft. Wayne—s3s Lincoln Bank Tower.

Wall Street

E P & L pfd 10 Int TANARUS& T 14% 14 14% 14 Lou G & E A 15 Nat Pwr &Lt lO'/g 10% North Amer 15% 15% 15% 15% Pac G & E 17 17 Pub Serv N J 33 33 So Cal Edison .. 15% 15% 15% 15% Std Gas 8% 8% Std Oas pfd jj% 9% United Corp 514 534 Un Gas Imp 15% 15 15% 15 Lt Pwr & Lt A 33 Western Union 53% 51% Rubbers— Firestone 21% 21% Goodrich 14% 14 14% 141/. Goodyear 36% 36% 36% 36% U S Rubber .... 17% 17', 173, 171, U S Rub pfd * . 4 27'! K-Springfd I. 2% Amusements— Crosley Radio 10 Fox Thea 14 Loews Inc 2 8% Radio Corp ... 7 6% 6% 7' RKO 23A Warner Bros J “8% 6% Foods— Am Sugar 57 Armour A 354 Borden Prod ... ‘2214 22% Cal Packing 20% 20% Canada Dry G A 25% 26 Coca Cola 97 Cont Bak A 10% Corn Prod 69 \ 68% 69% 69 Crm of Wheat 28% Gen Foods 355/, 35% Gold Dust 1734 G W Sugar 38 37% Hershey 4734 46 i Int Salt 24% Loose Wiles 40 Natl Biscuit ... 44% 43% 44% 44% Natl D Prod 15% 15% Purity Bak 15 y x S Porto Rico S 40% Std Brands 23% 23% United Fruit 82 Wriglev 54% 54% 54% 54% Retail Stores— Ass Dry Goods 13 Best & Cos 28 Gimbel Bros 5% Gr Un Tea 5 Hahn Dept Sts 5% Jewel Tea 30% Kresge S S 12 12% Kroger Groc 21 21 21 Kroger Groc 21 21% Macy R H 47 46% 47 47 May Dept St 25% Mont Ward 25% 20% 20% 20% Penny J C 47% Safeway St 40% Sears Roebuck 40 39=4 Woolworth 38% 38% Aviation— Aviation Corp 7% Douglass Air 14 Curtis Wrsight . 2% 2% 2% 2% Curtiss Wright A 5 Nor Am Av 5% United Aircraft .32 31% 31% 31% Chemicals— Air Reduction 103% 103% Allied Chem 133% 132 Am Com Alco -... 49% 50 Col Carbon 56% Com Solvents 31% 31’*r Dupont 81% 80% 81% 80% Freeport Tex 46 V* Liquid Carb 24 Math Carb 24 Math Alkali 40% Tex Gulg Suiph 41 % 40% 40% 40% Tex Gulf Suiph. 41% 40% 40% 40% Union Carbide .43 42 'a 42% 43 U S Ind Alco. 64 63% . 64 63% Natl Dist (new) 30 29% 29% 29% Drugs— Coty Inc 3% 3% Lambert 29% 30 Lehn & Fink 18% ... Zonite Prod 7% Financial— Adams Exp 8 Allegheny Corp.. 3% Transamerica 5% 5% Tr Conti Corp 4% Building— Am Radiator ... 12% 12% 12% 12% Gen Asphalt 15% Int Cement .... :. ... ... 32 Johns Manville 52% 51% 52% 51 Libbv Owens Gls 29% 29% Otis Elev 14 14% Ulen Const ... 2% Miscellaneous— Am Bank Note 12% Am Can 92 91% 91% 91% Brklyn Man Tr 27 Conti Can 67% 66% 67% 67 Eastman Kodak. 71 70% 71 69 Owens Bottle .., 79 78% 79 77 Gillette 11 11% Glidden 15% 15% Indus Rayon 72 72% Inter Rapid Tr ... 8% Real Silk Hose 9%

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Nov. 15Bid Ask. American Bank Stocks Corp.. .76 .80 American & General Sec A... 5.56 6.50 American & Inv Tr Sh 1 50 2 50 Basic Industry Shares 3.08 3.16 British Type Inv Tr Sh 44 54 Collateral Trustee Shares A . 437 4.62 Corporate Trust Shares (old) 2.14 2.17 Corporate Trust Shares (new) 2.22 226 Cumulative Trust Shares 3 84 3 92 Diversified Trust Shares A... 6 25 . .. Diversified Trust Shares B. ... 680 690 Diversified Trust Shares C. . . 2 92 2.96 Diversified Trust Shares D 4.75 4 81 First Insurance Stock Corp. . . 1.32 1.38 First Common Stock Corp... 83 .98 Fixed Trust Oil Shares A 8.35 . .. Fixed Trust Oil Shares B 6 85 . .. Investors Inc 17.12 18 50 Low Priced Shares 532 540 Mass Inv Trust Shares 17.25 17.50 Nation Wide Securities 3.04 3 08 North Am Tr Shares < 53> 19.50 179 North Am Tr Shares (55-561.. 3 25 3.28 Petroleum Trust Shares A 800 11.00 Selected American Shares 2 50 . .. Selected Cumulative Shares.. 650 6.75 Selected Income Shares 3.50 3 75 Std American Trust Shares A 2 82 2 86 Trust Shares of America 266 2.72 Trustee Std Oil A 550 587 Trustee Std Oil A 4 75 5 12 U S Elec Lt & Pwr A 1135 1162 Universal Trust Shares 2.84 2 88

ISSUES DISPLAY EVEN ACTION IN FAIRJURNQVER U. S. Dollar Touches New Low; Gold Value Is Unchanged.

Average Stock Prices

Average of thirty industrials were: High 96.35, low 93 27, last 94 36. off 1.14; average of twenty rails. 38 28 37.01. 37.34. off .89; average of twenty utilities, 23 72. 22.02, 23.31, off .35; average of forty bonds. 79.75, off .41. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Nov. 16. Stocks opened steady today in moderately ! active turnover. The dollar dropped below 59 cents to anew low since the Civil war, in terms of the French franc, while the R. F. C. gold price held at $33.56 per ounce, the same price quoted for the past two days. A sizeable list of issues was unchanged from the previous close. Among them were Case at 69%; United Gas Improvement, 15; Radio, 7; U. S. Smelting, 100%; International Nickel, 2114 on 1,000 shares; Gold Dust at 17%; American Water Works at 18%; General Foods at 35%; New York Central, 33%; U. S. Industrial Alcohol, 63%; American Can, 91%; Standard Brands, 23% and North American, 15%. Small gains were made by Chrysler at 43% up %; American Smelting, 46% up %; Socony-Vacuum, 15, exdividend, up %; Texas Corporation, 25% up %; and Standard Oil of New Jersey, 44%, up %. Fractional losses were sustained by U. S. Steel at 40%, off %; American Telephone, 117%, off %; United Aircraft, 31%, off 14; Auburn Auto, 4014, off %; Union Carbide, 42%, off %; and Dome Mines, 3614, off %. Union Pacific, one of the heaviest losers, was down 1% points at 105. Firmness In oils was a feature. Utilities were steadier, while rails were mostly lower. Trading was light and price movements narrow and irregular.

Bank Clearings

INDIANAPOLIS STATEMENT —Nov. 18Clearings $2,082,000.00 Debits 7,408,000.00 TREASURY STATEMENT —Nov. 16Net balance for Nov. 14. . $1,300,647,302.38 Misc. int rev. repts... 1,356,513.87 Customs repts. mo to date 13,136,531.93

Foreign Exchange

(By Abbott, Hoppin & Cos.) —Nov. 15Close. Sterling, England $5.41% Franc, France 0656% Lira, Italy 0884 Belgies, Belgium 2340 Mark, Germany 3995 Guilder, Holland 6760 Peseta, Spain 1358 Krone, Norway 2720 Krone, Denmark 2429 New York Curb By Abbott, Hoppin & Cos. —Nov. 15— Close; Close Allied Mills ... B% IGt A & P 128 Alum C of Am. 70% Glen Alden C .. 13% Am Bev l%jGulf Oil of Pa. 57 Am Cyan B ... lOlel Hiram Walker . 36 Am G & E ... 19% | Hud Bay M 10 Am Superpower 2% i Humble Oil ... 92 Ass Gas & E .. %|lmp Oil Ltd ... 14% Atlas Corp .... 11 |lnt Petrol 20% Brazil TANARUS& L . . 11 |Lake Sh Min... 48% Brit Am Tob A. 30%|Lone Star Gas.. 6 Can Ind A1 .. 18% Massey Har ...•40% Can Marc 2%IMt Producers .. 4% Cities Serv . . 2%’Nat Bellas H .. 2% Cons Gas of B. 51 iNewmont Min . 51% Cord Corp .... 7%!Nia Hud Pwr .. 5% Cieole Pet .... 11' iNovadel Agene . 46% Deere & Cos ... 30 7 /s!Park Davis .... 22% Dist Lim 22 I Penn Road .... 2% Dist Corp 19%iSt Reg Paper... 2% Dow Chem 68% Sal Crk Prod... 6V's El B & Sh 15%!Sherwin Wms . 42% Fisk Rub 7^Bl std of Ind 31 % Ford of Can A. ll%TStd of Ky 16 Ford of Europe. 6>/BlStutz Mts 7%

Federal Farm Loan Bonds

By Blyth & Cos., Inc. —Nov. 15Bid. Ask. 4s Nov. 1, 1957-37 81 82% 4s Mav 1, 1958-38 81 82% 4'4s July 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 1958-36 82% 84% 4%s Dec. 1, 1933-32 99% 100% 4%S Mav 1. 1942-32 86% 88% 4%s Jan. 1 1943-33 86% 88% 4%s Jan. 1. 1953-33 84% 86% 4%s July 1, 1938-33 84% 86% 4%s Jan. 1. 1955-35 84% 86% 4%S July 1. 1955-35 84% 86% 4%s Jari. 1, 1956-36 84% 86% 4%s July, 1953-33 86% 88% 4%5 Jan. 1. 1954-34 86% 88% 4%.i July 1. 1954-34 86% 88 % 5s Mav 1 1941-31 93% 94% 5s Nov. 1. 1941-31 93% 93% Home Loan 4s. July 1. 1951. 83 84%

U. S. Government Bonds

By United Press NEW YORK, Nov. 15.—Closing liberty bonds: (Decimals Represent 32nds.) Libertv. 3%s (32-47) 100.1 First 4%s (32-47) 101.4 Fourth 4%s (33-38) 101.20 Treasury 4%s (47-52) 106.4 4s (44-54) 103.8 3%s (46-56) 101.10 3%s (43-472 101.10 3%s (43-47 W 99.24 3%s (41-43) March 99.18 3%s (40-43) June 99 20 3%s (46-49) 96.16 3s (51-55) 95.15 4%S (45) 99.11 3VS (411 99.10 Fourth 4%s called 101.18

Daily Price Index

By United Press NEW YORK. Nov. 15.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities, complied for the United Press: (1930-1932 Average. 100) Today 102.42 Yesterday 102.77 Week ago 101.06 Month ago 95.46 Year ago 76.24 1933 high (July 18' 113 52 1933 Low (Jan. 20) 67.86 Copyright.. 1933, by Dun & Bradstreet. Inc.

In the Cotton Markets

—Nov. 15— CHICAGO High Low. Close. January 10.20 10.10 10.15 March 10.37 10.26 10.33 May 10.55 10.40 10.50 July 10.61 10.51 10.59 December 10.14 9.98 10.06 NEW YORK January 10.18 10 07 10.14 March 10.33 10,20 10.27 Mav 10 48 10.33 10.41 July 10 60 10 45 10.35 October 10.78 10 68 10.73 December 10.11 9.98 10.05 NEW ORLEANS January 10.09 10.02 10.08 March .. 10 28 10.17 10 23 May 10 43 10.30 10.33 July 10.54 10 43 10 50 October 10 69 10 65 10 69 December 10.04 9.93 9.99 ST. LOUIS CASH GRAIN By Unitrd Prett ST LOUIS, Nov. 15—Cash grain: Wheat—ln slow demand, steady to lc lower on red and 2c lower on hard: ,o 2 red. 92&94%c; No. 3 red garlicky 90c; No. 2 hard, 89%e: nominal; sample mixed, 79%c. Corn—ln fair demand. % to 2c lower; 0,3, yellow, t%c: No. 3 yellow, 469 , No. 4 yeilo* 42%c. Oat*— In fair de- / 1, %eic lower; No. 1 mixed 37%c! i mixed, 36%c; No. 2 red. 3<%c.

THE INDIANAPOLIS TIMES

Chicago Stocks ’" ’ I By Abbott. Hopoln A Cos. ———

i- Nov. 15TOTAL SALES. 28.000 SHARES High. Low. Close. Allied Product* 8% Altorfer Bros 4 Bastisn-BJessir.g 8% 7% 7% Bendix Aviation 14% 13% 13% Brach & Sons Butler Bros 4% 4 4% Cent D1 Pub Serv pfd 19 Cent Pub Util % Chicago Oorp com 2% Chicago Corp pfd 22% 22% 22% Cord Corp 7% 7V 7% Crane Cos 5, Curtis Lighting 3% Dexter Cos 4% 4% 4% Great Lakes Dredge ... 19 18% 18% Grlgsbv-Grunow 1% % 1 Hail Printing 4% Iron Fireman 8 Kalamazoo Stove 18,, Llbbv-McNeil 3% Lion Oil Refiining Cos 6 Lvnch Corp 32% 30% 30% Marshal Field 12% 12% 12% Meadows Mfg Cos com 1 Mid Wst Util 6% pfd A 1 ’ Midland United ... % Modlne 7% 7 7% Muskegon Motor Spec A 10 Nachmann Spnngnlled 8 National-Standard 30% Oshkosh Overall 3% 3% 3% Prlma Cos 12% 11% 12% Process Corp - ... Public Service N P... 15% 15 la Quaker Oats Iff Quaker Oats pfd Ho Raytheon VTC ... 1% Reliance Ffg Cos 12% 12 12% Ryerson & Son 12 Sears Roebuck 40 So West G & Elect pfd .. ... 44% Swift &Cos 14% 13% 13% Swift Internacional.. . . 27% 27 27 Transform Cp of Amer .% Utility & Ind pfd . , ... 3 Vortex Cup Cos 8% 6*4 6 * Vortex Cup Cos A 34 / Walgreen Cos Com * Ward Montgomery A Wieboldt Stores I°% Wisconsin Bankshares .. •• • f Zenith Radio 1% * 1% 1%

On Commission Row

—Nov. 16Fruits Cranberries —Cape Cod early blacks. 25lb Grapcs—California seedless, crate. $2.25; California Tokays, crate, $1.60; Ohio Concords, 12 2-quart baskets. $1.75; New York. 12-qt. basket. 55c. . Melons—California Honeydews (9-12s). $2®2.50; Casabas 18s) per case, $2 Pears—Washington D’Anjou (90-165s>. $2.75; Washington Bose (100-135si. $2.75; Avacos, Fla. (10-16s>. crate, $2. Bananas —Per pound, 5%c. Apples—Wealthy. Wolf River. Grimes Golden Jonathan, Florida (46s to 80c), [email protected] a bushel; fancy Jonathans, $2 a box. Grapefruit—[email protected]. Prunes—ldaho Italian, 16-lb. lues. sl.lO. Oranges—California Valencias, $3.50@4a box. Lemons —(3605). $5.50®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 stringless, hamper, sl.7a @2; flat stringless, $1.50. Beets—Home grown, dozen, $3.50; bulk per bushel, 85c. Carrots—California. $3.50 crate. Cauliflower California (10slls-12s) crate $1.50. 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-lb. 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-lb. bag. [email protected]. R. R. Ohios, 100-lb. bag, $1.60; 15-lb. bag. 33c; Wyoming triumphs. 100-lb. bag, $2.10. Sweet potatoes—lndiana Jerseys. No. 1 hamper, $1.75@2. Nancy Halls, per bushel. $1.25.

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. BY UNITED PRESS CHICAGO, Nov. 16.—Eggs—Market, firm; receipts 1.206; extra firsts. 28He; dirties, 12@14%c% current receipts, 21®24c. Butter—Market, steady: receipts, 11,467 tubs; specials. 22%@23%c; extras, 23%c; firsts, 18%@20c; standards, 21%c. Poultry—Marget unsettled; receipts, 48 trucks one car; light hens. 8c; heavy hens. lOc'/s Leghorn chickens, 7c; Plymouth Rocks, 9%c; ducks, %c; geese, 8c; turkeys, hens, 12c; turkey Toms 11c; roosters, Bc. Cheese—Twins, 12 cold weather; operators did not open cars; Supply liberal; no trading on account of ®l2%c; Longhorns. 12%@12%c. Potatoes—market nominally unchanged; shipments, 702; arrivals, 84; on track 266.

Other Livestock BY UNITED PRESS ' CHICAGO, Nov. 16— Hogs—Receipts, 40,000, including 19,000 directs; still deadlocked; practically no bids on any weights: all quotes nominal: light lights, 140-160 lbs., good and choice, [email protected]; light weights, 160-200 lbs., good and choice, [email protected]; medium weights. 200-250 lbs., good and choice, $4.50®4.60; heavy weights, 250-350 lbs., good and choice, [email protected]; packing sows, 275-550 lbs., medium and choice, [email protected]; slaughter pigs, 100-130 lbs., good and choice, $3.50 fai. Cattle—Receipts, 6,000; calves, 2.000; slow around steady with Wednesday's average; best heifers and mixed yearlings and good to choice little steers under 950 lbs.; all western steers on catch-as-catch-can basis. [email protected]; most long yearlings and fed steers of 1.350 lbs.. $3.75®4.25: best light steers, 56.10; several loads mixed heifers, [email protected]; cows again weak to lower: most steers, $3.50® 4.50; vealers $3.50®4.50; best, $5: slaughter cattle and vealers, steers, 550-900 lbs., good and choice. [email protected]; 900-1,100 lbs., good and choice. $4.50®6.25; 1.100-1.303 lbs., good and choice. $4.25®5.75; 1,300-1,500 lbs., good and choice. $3.75®5.25: 550-1.300 lbs., common and medium, [email protected]; heifers, 550-750 lbs., good ana choice. $5.25 @6.50; common and medium, $3®5.50; cows, good. $2.75® 4; common and medium. $1.85(53; low cutter and cutter, $1.25 @1.85; bulls, yearlings excluded, good (beef), $2.75®3.25; cutter, common and medium, s2@3; vealers, good and choice, [email protected]; medium, $3.50@4; cull and common, [email protected]: stocker and feeder cattle, steers. 550-1.050 lbs., good and choice, [email protected]; common ana medium, $2.25® 3.25 Sheep—Receipts. 10,000; fat lamb trading opening slow; early bids around steady; asking unevenly higher, with the best S7 and higher; sheep scarce and steady; slaughter sheep and lambs, lambs, 90 lbs. down, good, and choice. $6.50® 7T5: common and medium, [email protected]; ewes, 90-150 lbs., good and choice. $1.75@3; ali weights, common and medium, [email protected]® mbs - 50-75 lbs., good and choice! s£>.7D(s 6.25. CHICAGO FRUIT MARKET By L mted Press CHICAGO. Nov. 16.—Apples—Michigan Jonathans. $1.25; Baldwins. slOl. lO. Pears —lllinois, $1 bushel. Carrots%lllinois, 2® 3c bunch. Spinach—lllinois and Missouri. bushel. Beans—Southern green, [email protected]; wax. $1®1.75. Cabbage—Wisconsin, $1.25® 1.40 crate. Celerv—Michigan, 40® 85c crate. Mushrooms—lllinois. 20® 30c. Cucumbers—Southern. $2 bushel Tomatoes—California. [email protected]; central western hothouse. 60®75c. Beets—lllinois, Leaf lettuce—lllinois hothouse, io@l2 s c. Onion market—Washington idaho Valencias. 70@90c; Wisconsin yellows. 60@72%c: Indiana yellows. 60@72%c; Illinois yellows, 60®72%c: midwestern whites, [email protected]. NEW TORK RAW SUGAR FUTURES —NOV. 15— , High. Low. Close. January 1.15 1.13 1.14 March 1.20 1.17 1.19 May 1.26 1.24 1.25 July 1 32 1.30 1.30 September 1.37 1.36 1 36 December 1.12 1.10 1.10 Births Girls, Clarence and Louise York, Methodist hospital. John and Leona Wayt, Coiemand hospital. Frederick and Henrietta Leete. Methodist hospital. Richard and Hazel Lubens. Methodist hospital. Paul and Esculine Work. Methodist hospital. Louis and Clara Lukenbill, Methodist hospital. Boy* Clarence and Marguerite Parks. 2622 Paris. Eiwood and Lucille Proctor, 1250 Calhoun. Norman and Donna Self. Coiemand hospital. Ernest and Irene Schaedel. Colemaad hospital. Ralph and Marv Foster, Coiemand hospital Roy and Myrtle Phillips, Coiemand hospital. Jesse and Evelyn Thomas. Methodist hospital. Edward and Helen Hilgemeier. Methodist hospital. Seth and Marv Jefferies. Methodist hospital. Deaths Warren Hall. 10. city hospital, appendictis. Rosella York. 10 hrs.. Methodist hospital, premature birth. Wilson McDaniel. 80. 908 West Wtlnut, chronic interstitial nephritis. Lizzie Q. Horn, 63. 1321 Olive, carcinoma. Dorothea Maxine Shartell, 18, Methodist hospital, tuberculous meningitis. Sam MurelL 52, 2417 Columbia, lobar pneumonia. Sylvan L. Mouser. 41. Methodist hospital. intestinal obstruction.

PORK MARKET HOLDS STEADY AT CITYYARDS Cattle Sales Scarce and Unchanged; Veals Off 50 Cents. Trading on hogs at the Union Stockyards this morning held in a narrow range, with practically all classes on hand selling around yesterday's average. A slightly larger demand was evident than in the previous session. Bulk, 160 to 275 pounds, sold for $4.05 to $4.10, while initial top held at $4.15. Weights scaling 275 pounds and up brought $3.85 to $4. Grades weighing 130 to 160 pounds were salable at $3.50 to $3.85. Lighter classes from 100 to 130 pounds sold at $3.25 to $3.35. Receipts were estimated at 8,000; holdovers, 1,124. General trade in all classes of cattle was scarce, with a large carry-over for yesterday’s session. No improvement was registered in the early demand and most all classes ranged stationary and inactive. Receipts numbered 600. Vealers were weak to mostly 50 cents lower, with the general run selling at $5.50 down. Few fancy calves’ sold at $6. Receipts were 500. Steady and slow trading featured the lamb market, with ewe and wether classes salable at $6.50 to $6.75. Few early choice lambs sold at $7. Bucks were discounted sl, while throwouts sold down to $3.50. Receipts were 1,200. Dull action continued in hog trading at Chicago, with best kinds holding around steady with yesterday’s average at $4.60. No initial sales or bids were evident. Receipts were estimated at 35,000, including 14,000 directs; holdovers, 20,000. Cattle receipts were 6,000;* calves, 2,000; market weak. Sheep receipts numbered 10,000; market unchanged. HOGS Nov. Bulk. Tod. Receipts. 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 13,000 14. 4.20® 4.25 4.30 12,000 15. 4.05® 4.10 4.15 12.000 16. 4.05® 4.10 4.15 8,000 . Market, steady. (140-160) Good and choice $ 3.70® 3.85 —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—(3so down) Good 3.40® 3.65 (350 up) Good 3.25® 3.50 (Ayy weights i Medium 1 3.00® 3.25 ■ —Slaughter Pigs—-(loo-130) Good and choice... 3.25® 3.35 CATTLE Receipts, 600; market, steady. (1,050-1,100) Good and choice $ 4.75® 6.00 Common 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® 6.25 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 I.oo@ 1.85 —Bulls (yearlings excluded) Good (beef) 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 500; market, lower. Good and choice $ 5.00® 6.00 Medium 3.00® 4.50 Cull and common 1.50® 3.00 —Calves—-(2so-500) 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, 1,200; market, steady. (90 lbs. down) Good & Choice .$ 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. 16.—Hogs— Receipts, 11,500; market. 5c lower; bidding 10c lower on 220 lbs., up; pigs not established; bulk 160 to 210 lbs., [email protected]; some held higher; bidding 54.10 on 220 lbs. and up; 140 to 150 lbs., $4'®4.15; sows. $3 @3.35. Cattle—Receipts, 3,500. Calves— Receipts, 1.200; market; light supply of steers meeting little or no demand; other classes opened about steady in every slow trade; a few mixed yearlings and heifers. $3.50@5; cows, [email protected]; low cutters, sl@ 1.35; top sausage bulls, $2.60, paid very sparingly: top vealers were $5.50; slaughter steers, 550 to 1,100 lbs., good and choice, Ss@6; common and medium, $2.75®5.25: 1,100 to 1.500 lbs., choice, $4.75®5.75; good. [email protected]; medium, $3.50@5. Sheep—Receipts. 2.200; opened steady to shippers and small killers; packers talking lower; better wooled lambs, $6.50®6.75; throwouts, [email protected]; fat ewes, $2®2.75: lambs 90 lbs. down, good and choice, $6.25®6.75; common and medium. [email protected]; yearling wethers. 90 to 110 lbs., good and choice. $4.25®5.50; ewes. 90 to 150 lbs., good and choice, [email protected]; all weights common and medium. $( @2. EAST BUFFALO, Nov. 16.—Hogs—Receipts. 1,500; holdovers, 340; slow; most sales 10c to 15c under Wednesday’s average; desirable, 150-240 lbs.. $4.500 4.55; 130-150 lbs., quoted [email protected]. CattleReceipts, 450; steers and yearlings draggy, 25c and occasionally 50c under Monday: bulk unsold: medium to good steers arid heifers, $4.25® 4.50: plainer lots downward to $3.50; cows cutter grades, sl@ 1.75; fleshy kinds. $2.25. Cattle—Receipts 250; vealers slow: barely steady with some bids lower; good to loice mostly $7: common and medium, [email protected]. Sheep —Receipts. 600; lambs steady at Wednesday’s uneven advance; good to choice ewe and wether. $6.75@7: medium kinds and fat bucks, $5.7’5@6; throwouts. [email protected]. CLEVELAND, Nov. 16.—Cattle —Receipts, 500; market slow and dull; few sold: choice steers [email protected]: others, $3.25@ 5.50; according to weights and grades common to good heifers. [email protected]. Calves— Receipts. 300; market, slow and dull with few held over; prices mostly steady; choice to prime, $6.5007; choice to good. s6® 6.50: common, [email protected]. Sheep—Receipts. 1.800; market, active and strong on good demand; choice spring lambs, $6,750,7; good choice. $6.2>@6.75; choice wethers. 52.5003.25. Hogs—Receipts. 1,100; market active and 5c higher; bulk selling at $4.40: all sold early: heavies, [email protected]; butchers and Yorkers. $4.40; pigs $3.75 @4. PITTSBURGH, Nov. 16 —Hogs—Receipts. 2,000; holdovers. 1.000: mostly steady on 170 lbs. up; tops. $4 50: local demand practically nil; 170-220 lbs. $4.40®4.5C; *OO-300 lbs.. $4.40: nothing done on weights 170 lbs., down; packing sows, S3 25@3 65. Cattle—Receipts, 25. nominal. Calves—Receipts. 100: dull, 50c lower; good and choice vealers. $5.500 6. Sheep—Receipts. 1,000; early sales fat lambs, steady, at $6.75: some interests packing up to $6.85; medium, [email protected]; aged wetners, $3.25 down. LAFAYETTE. Nov. 16.—Hogs—Market, steady. 200-250 lbs., $3.9003.95; 250-300 lbs., $3.8003.85; 300-325 lbs., $3.75; 150200 lbs.. $3 6503.90: 130-150 lbs.. *3.20@ 3.40; 100-130 lbs., $3; roughs. $3.25 down; top calves, $4.50 down; top lambs. $6. FT. WAYNE. Nov. 16.—Hogs—Steadv: 180-250 lbs., $4 : 250-300 lbs.. $3.90 : 300350 lbs.. $3.80: 160-180 lbs.. $3.90 150-160 lbs.. $3.75: 140-150 lbs , $3 65; 130-140 lbs., $3.50; 100-130 lbs., $3; stags, $2; calves. $5.50; lambs. $6.25. By Times Special LOUISVILLE. Nov. 16.—Cattle—Receipts. 200: slaughter classes in light supply; quality generally plain: market draggy mostly steady on all classes except lower grades steers and heifers; these mostly 25c lower; bulk common to medium steers and heifers. [email protected]; plainer grassers down to $2 25 and less: best fed lightweights considered eligible to around S5 50; most beef cows. [email protected]; practical top, $2.75: low cutters and cutters. [email protected]; most sausage bulls $2.50 down; native stockers and feeders mostly, s2® 3: desirable Hereford heifer stock calves mostly. $4 50 Calves—Receipts. 150; steady: bulk better vealers. [email protected]: medium and lower grades $3 50 down Hogs—Receipts. 800: steadv; 180 to 275 lbs., $4.15: 280 lbs. up 53.50: 140 to 175 lbs . $3 55; 135 lbs. down $2 70; sows $2.70 and stags, $1.45. Sheep—Receipts, 100. steady; most medium to good lambs. $5.500 6: choice kinds. $6.50; bucks mainly S4.SO@3; throwouts. 83.50 and fat ewe* $lO 2. Receipts Wednesday; Cattle. 285: calves. 108; hogs. 890. and sheep 109. Shipments Wednesday: Cattle, 112: calves, 106. and hogs 574,

-Today and Tomorrow-

Center of Liberalism and Democracy Located in United States and England. BY WALTER LIPPMANN

AN old teacher of mine used to say: ''When you take to prophesying, remember that while a 7-pound baby grows up to be a 70-pound boy, and while the boy comes perhaps to be a 200-pound man, the process does not go on forever; 200-pound men do not grow up to be 2,000-pound giants." My teacher said this some years before the war when it was the fashion to believe that representative government, as we knew it in the United States, was destined to sweep the world and become the universal fashion. Since then we have lived through at least three dis-

tinct seasons in which it was believed that a particular form cf society was going to be adopted by all mankind. The first of these seasons may be called the Wilson period. It lasted approximately from April, 1917, to Christmas of 1918. Inf this era democracy was supposed to be conquering the world, and it was held to be only a question of time —a short time at that —when everybody, Russians, Germans, Chinese, Indians, would become Jeffersonian Democrats and Gladstonian Liberals. This springtime of idealism was succeeded by the Lenin season. This lasted from about 1919 to about 1922. Communism was about to sweep the world. "The Communists thought it would and the non-Communists feared it might. We almost have forgotten now how hysterical we were about that menace. But somehow anew season set in. It was known in

America as the Coolidge era. The new, marvelous, dazzling capitalism was about to sweep the world. Commissions arrived from France, Germany and England to find out the secret of our prosperity. We proclaimed the new era and invited the world to follow us. That lasted from about 1924 to 1929.

m a a THEN, gradually, anew season began. This time it was Fascism, and its apostle was Benito Mussolini. It, too, was to sweep the world, and for the moment millions of persons are spellbound by the universal doctrine, and Signor Mussolini, who is nobody’s fool, has just permitted himself to indulge in a speech prophesying a universal future for the notions he happens to be applying in Italy. Wilson did it in his season, Lenin in his. even Coolidge in his, so I suppose Mussolini has to do it in his. But there is no reason why any one who can remember the day before yesterday should be unduly impressed. There is no disposition in the human mind to believe that in the newest and most spectacular political movement there is some kind of irresistible and illimitable energy. But it seems to me that when we look into the history of great movements of thought and feeling, aspiration and action, we find that they are not irresistible and not illimitable. They do not sweep the world. Even the most successful of them are successful only within certain parts of the world. There was a time when Europe believed that Islam might sweep the world. It got to the gales of Vienna and no further. We speak of the rise of captalism, and when we are in a hurry, feel that it conquered the world. In the last three centuries capitalism has made great progress in Western Europe and North America. But it never did bring the whole world under the capitalist order; the greater part of Asia, Africa, South America and even Central and Eastern Europe has, in the main, known capitalism only as an external intrusion, through the operation of imperialism, rather than as the normal method of its life. There are capitalists and corporations in Mexico, for example, but Mexican life is, on the whole, not capitalistic at all. Russia, which overthrew “capitalism,” never really had it. The same might be said for a large part of Italy, most of the Balkans and great tracts of Central Europe. ana THE Reformation was one of the great movements of modern times. But it did not sweep Europe. The American and the French Revolutions of the eighteenth century were the signals for the advance of democratic doctrines. But those doctrines never did make any lastiffl impression east of the Rhine or south of the Alps and outside of Europe anywhere expect where the English-speaking people had settled. No one of these movements has been universal. The world still is composed of peoples professing all the religions, living under all conceivable political systems and'under different kinds of social order. The power of any doctrine is limited by deep underlying habits, by circumstances of geography and by the accumulated force of the past. The world is too varied, mankind is too deeply set in its ways to make it possible for any one set of ideas to become universal. The world never became wholly capitalistic or wholly democratic and it will not become wholly Communist cr wholly anything else. The parochial mind looks upon its idea as the one and only idea. It was parochial of us to think that we could impose democracy on the world and make the world safe for democracy. It was parochial of the Russians to think that when they took over the ruins cf czarist feudalism they had overthrown capitalism. It is parochial of the Italians to think that a form of dictatorship which seems to suit a country that has known a feeble imitation of democracy for fifty years is going, to suit countries inhabited by people who have been evolving democratic institutions for 700 years. It should not be too astonishing to any one that liberalism is officially declared dead in Russia; Germany and Italy. When, in heaven’s name, was it alive in those lands? a a a Liberalism win be dead when it is abandoned by the people who made libesalism and have lived under it", they and their ancestors before them. To say that the Russians accept autocracy today is to say that they accept what they have always accepted. To say that the Germans have set up a deified ruler is not really so astonishing when you recall that they got rid of William II only fifteen years ago. To say that Mussolini is a successful ruler in Italy should surprise no one who remembers the long line of his Italian predecessors. But in France, in Switzerland, in Scandinavia, in the British Nations, in the United States, there are peoples with a very different history and. therefore, with very different habits. It will be for them to say what is the future of liberalism, how it is to be preserved and where it is to be modified. It is not for nations which never have known it, or, having tried it for a short while, failed to live by it, to instruct the liberal peoples about the future of liberalism. So if it is Communism men wish to examine, they must go to Russia, if it is Fascism, they must go to Italy, but if it is liberalism and democracy they must go to France, to England, to Canada, to Australia, and to the United States. For that is where they will find the peoples who know what- liberalism and democracy mean. ICORTTight, 1933) i: . I ,

Lippmann

Indianapolis Cash Grain

—Nov. 15— 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—Easy; No. 1 red, 84%®85%c; No. 2 red. 83%@84%c; No. 2 hard. 83%® 84%c. Corn—Steady: No. 2 white. 42%@43%c; No. 3 white, 41%®42%c; No. 2 yellow. 41%@42%c; No. 3 yellow, 40%®41%c; No. 2 mixed, 40%®41%c; No. 3 mixed. 39% @4oc. Oats—Weak: No. 2 white. 32%®33%c; No. 3 white, 31%@32%c. Hay (f. o. b. country points taking 23%c or less rates to Cincinnati or Louisville) Steady; No. 1 timothy, [email protected];-No. 2 timothy, $5.50@6. —lnspections Wheat—No. 1 red. 2 cars; No. 1 bard, 8 cars; No. 1 mixed, 1 car. Total, 11 cars. Corn—No. 2 white, 2 cars; No. 3 white, 3 cars; No. 2 yellow. 1 car; No. 3 yellow, 6 cars; No. 4 yellow, 8 cars. Total, 20 cars. Oats—No. 3 white. 3 cars. Total, 3 cars. Rye—No. 1. 14 cars. Total, 14 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 son rea wneat. otcer grades on their merits. Chicago Futures Range —Nov. 16WHEAT— Prev High. Lotv. 10:00. close. £ ec 90 .88% .88% .89% May 93% .92% .92% .92% July 91% .90% .90.90% CORN— Dec 48% .47% .47% .47% May 54% .54% .53% .54 July 56% .55% .55% .55% May 38% .37% .37% .38% Dec 35% .33% .33% .34% July 38% .36% .36% .37% RYE— Sly::::::::: £ £3 %% JP JU B y AR L EY_'’ ’ 67 ‘ /2 ' 66 66 • 663/ Dec .. ,471/. 471/ May 52% .52% .52 [52% JuJ y .. .55% Chicago Primary Receipts —Nov. 15— Bushels . Today Last Wk. wheat 391.000 312.000 Corn 1,495.0000 645 000 Oats 212,000 159,000

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal deal- ? rs ’ „ A c j* sh discount of 25 cents per ton is allowed DOMESTIC RETAIL PRICES Anthracite sl4 25 Coke, nut size s 75 Coke, egg size 8.75 Indiana, forked lump 5.50® 5 75 Indiana, egg 5.25® 5!50 Indiana, mine run 4 75 Kentucky lump 700 Pocahontas lump 8 25 Pocahontas egg Pocahontas forked lump 925 Pocahontas mine run 725 New River smokeless ......... 825 West Virginia lump 6'75 West Virginia egg 6.50 Island Creek 700 Extra charge of 80c a ton for wheeling coal, and $1 a ton for coal carried to bin.

In the Air Weather conditions at 9 a. m.: Northwest wind, 7 miles an hour; temperature, 17; barometric pressure, 30.57 at sea level; general conditions, clear, smoky eastward; ceiling, unlimited; visibility, 15 miles. TOO LATE TO CLASSIFY AUTOMOTIVE 47 Autos Wanted. W £ LL BUY—Your car for cash. Thorn-burg-Vollrath Motor Cos., Inc., 328-34 N Delaware. LI-8112. WANTED—Cars to sell for private parties. Thornburg—Vollrath Motor Cos. Inc., 32834 N. Delaware. LI-8112. ANNOUNCEMENTS 1 Death Notices AI S? R^UH t , MRs. JULIUS inee Hoyt)— 28 years, beloved wife of Julius, mother °* j* 1 !? 1113 ? Myra Jo and Donald Paul died Tuesday. Nov. 14. Funeral Friday, Nov. 17. 8:30 a. m. at residence. 416 N Ay®-.: 9 , a. m. at St. Anthony's church. Friends invited. GEORGE W. ) harM ’ (Greencastle Papers ALLTOP, ZERELDA, MARY—Passed away Tuesday evening, Nov. 14. Funeral services, to which friends are invited, will be held at KREGELO & BAILEY'S, 2223 N. Meridian St., Friday morning, at 10 o clock. Dr. George Arthur Frantz in charge. Interment Memorial Park. ARNOLD. BARBARA—Mother of Fred* Max, Minnie, Theodore Arnold and Mrs’ Paul Shelhouse, passed away Wednesday afternoon Nov. 15, 4 p. m.. at the residence. 2151 S. Pennsylvania st. Funeral Friday, Nov. 17, 2 p. m.. at Second Reformed church, Shelby and Pleasant st s. Friends may call at the home Thursday afternoon and evening. Burial Ciown Hill cemetery. FISCHER, JOHN PHILIP—Aged 59 years Tuesday. 10:30 a. m.. at St. Francis hospital, husband of late Caroline Scherrer Fischer, father of Anna. Rose, Raymond and Anthony Fischer. Mrs. Elizabeth Dean. Mrs. Teresa Koerner, Mrs. Clara Mappes Meyers, Mrs. Helen Mappes Cheek and Alois Mappes, brother of Mrs. Emil Schober. Funeral at LAUCK FUNERAL HOME, 1453 South Meridian. Friday, 8:30 a. m.: Sacred Heart Church. 9 a, m. Burial St. Joseph cemetery. KIEFER. HARRIET PUTNEY—Entered into rest Wednesday, 4 p. m.. age 69 years, of 1649 North Alabama St., beloved wife of Charles L. Kiefer, mother of Leroy Putney and Helen Rinehart. Funeral HARRY W. MOORE FUNERAL PARLORS, 2050 East Michigan St.. Friday, 2 p. m. Friends invited. Burial Crown, Hill cemetery. MESSERSMITH, WALTER—Age 52, beloved husband of Dora Messersmith, father of Mrs. Audrey Law and Harold Messersmith, brother of Murrs yA. Messersmith. passed away Wednesday at Methodist hospital. Funeral services at the Castleton M. E. church Friday, 1 p. m. M'CORD SERVICE. ; ROLEN. CORA—Of 2715 N. Delaware, beloved mother of Mrs. Mable F. Crail of Indianapolis, and sister of Mrs. Marv Ann Bailey of Fortville Ind., departed this life Thursday, Nov. 16, age 63 vears. Funeral Saturday. Nov. 18. at the United Brethren church. 26th and La Salle sts. 2 p. m. Burial Crown Hill cemetery. Friends invited. Funeral under the direction of MOORE & KIRK. SEALS, MOLL IE —Os 3124 Hovey St , beloved wife of B. K. Seals, departed this life Wednesday. Nov. 15. age 54 vears Funeral. Sat . Nov 18. at the MOORE & KIRK FUNERAL HOME, 2530 Station st., 10 a. m. Burial Memorial Park. Friends invited. STONE. VERNON E —Of 2010 N Meridian Indianapolis, died at Henry county hospital. Newcastle. Ind.. Nov. 14. He is survived by his father and mother. Mr. and Mrs. Edward L. Stone and one brother, Jesse C. Stone of New Albany, Ind. Burial will be held at New Albany. Ind. TOLIN, NARCISSUS—BeIoved wife of William Morgan Tolln and mother of Florence Hamilton and grandmother of Pauline Tolin. departed this life Wednesday. Nov. 15, age 79 year*. Funenl Friday. Nov. 17, at the MOORE & >URK FUNERAL HOME. 2530 Station Bt., 2 p. m. Burial Memorial Park. Friends invited.

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FUTURE PRICES GAIN FRACTIONS IN SLOW DEALS Traders Hope for Definite Action of Monetary Program. BY HARMAN W. NICHOLS United Pres* Stiff Correspondent CHICAGO. Nov. 16.—Grains moved fractionally higher at the opening of the Board of Trade today. Wheat futures were % to ** cent higher, corn was up % to % cent and oats was 4 to % cent higher. Brokers believed the market waj so thoroughly dominated by politically and monetary information that it was hard to form opinion. The trade felt that the market would continue erratically until there is some definite announcement from Washington concerning the monetary program to be adopted by the administration in the future. It was hoped such an announcement will be made before the week-end. Corn, oats and rye continued with strong undertones and good statisti- ; cal positions. BUSINESS SERVICE THESE ADVERTISERS GUARANTEE PROMPT. EFFICIENT SERVICE. Auto Heaters HEATERS (Red Head), $9.50 Installed. LIBERTY MOTOR SERVICE. 744 Massachusetts. LI-1788. Auto Loans EQUITABLE SECURITIES COMPANY doing business as Buckeve Finance Company. 219 E. Ohio. LI-5561. Auto Parts JOHN E. STACK—Used cars and auto parts. 1364 Roache st. TA-2814. Automoile Services O. F. PERRY GARAGE—General automobile repairing. 618 Pierson Ave. Ll-8686. RELIABLE SERVICE GARAGE. General Automobile Repairing. 1001 S. Delaware. DR-4232. TAYLOR'S GARAGE—"General Automobile Repairing." 3823 E. 10th. CH--7323. IR-0684. Boiler Dealers NEW and used steam, hot water boilers, radiation and pipe. GOLDSMITH PIPE & SUPPLY CO.. 535 S. Illinois St. LI--1612. Boiler Furnace Repair w. H. EDWARDS CO.. INC., 2240 Alvord St, Comp, line of Refractories. HE-2565. Brake Sendee WE specialize in brake service TEMPLE GARAGE. 924 N. Illinois. RI-0264, Carburetor Service IF HARD starting see TOM CONNELL, carburetor service. 508 N. Capitol. LI-6688, Fire Brick SPECIAL SHAPES-^Mono-F'ibrik. plastic; Lightemperature Hilo-Set cement. R. M. Davies Fire Brick Cos., 321 W. 10th st. RI-4413. Floor Covering Linoleum, all grades, congoleum. Loir prices. BEROSS'S. 903 N. 111, RI-5851. Furnace Repairing FURNACE COILS furnished and installed. $2.75; furnace repairing. CH-5158. SUNBEAM FURNACES—We finance, repair and clean all makes. IR-1658. FIT any make: CAPITOL FURNACE ft STOVE REPAIR CO., 229 S. Meridian. LI-3451. FURNACE REPAIRING—Hand clearfinfF. Tinning. BINKLEY. 1449 Madison Ave. DR-2386. ARNOLD FURNACE CO. We clean and repair any make: estimates free. HU-4560. Fur Cleaning FUR COATS—Cleaned, relined; qualify work. ALVIS CLEANERS, HE-2166. Garages BOWERS & WEDDLE GARAGE. General Automobile Repairing. 5167 College Ave. WA-5167. LET us install your heater VICTORY PAINT AND BODY SERVICE. 1120 C‘entral, LI-4884. Law Book Selling, Buying WE SPECIALIZE Law book binding. Johns-Buttarworth Cos., 135 E. Market. LI-7016. Mattresses, Made Over OLD MATTRESSES made new. $3, including feather mattresses: inner springs, $7; also upholstering. CH-2856. Moving, Transfer, Storage FIREPROOF STORAGB Store now, pay six months later, free hauling to storage Moving *4 per load and up. PARTLOW JENKINS MOTOR CAR CO. RI-7750. 419 E. Market St. MOVING $1 UP—Local overland equip. covrd. trucks; White men. Pete’s. CH-2878. MOVING. $1.50 up; overland service. 25c per mile: large vans; free est. Ll-9404. MOVE YOU—Take in vour discarded furniture: work guaranteed; free estimatea. BE-4832-W. MOVE YOU—Take your discarded furniservice; free estimatea. Paper Hanging and Painting PAPER HANGING —S 2 room: quality paper. 5c roll up. Painting. BE-1185-W. Radio Repairing RADIO SERVICE—CaIIs free. ELEC. CONBTRUCTION CO.. 1030 College, RI-4966. Transfer WILL MOVE YOU FOR ODD PIECES OF FURNITURE; STOVES. RI-5116. Typing TYPING—Of any kind. Call for and deliver. MR. YATES. CH-7550. Watches, Clocks, Jewelry SALES—SERVICE—If in doubt try KELSO and be happy, 1537 N. 111. RI-3082. Weatherstrip FREE ESTIMATE CHAMBERLIN WEATHERSTRIP CO. 11l W. 21st St. TA-1511. Weaving WEAVING—AII kinds. Have your rags woven into rugs. 3325 Kenwood. Window Shades KEITH SHADE C 0.—1348 N. Illlnol*. RI--4995 Dealers Brenlin Shades. Cleaning. A N N OU NCEMENTS 2 Cards, In Memoriams DUNBAR—In loving memory of my dear mother, Mary Dunbar, who left me 8 years ago today. MRS. GEORGE TREFZ. HENRY—We wish to extend sincere thank* and appreciation for many kindnesses, messages of love and understanding and beautiful floral offerings from both our relatives and friends at the death of our son, RALPH HENRY. iSigned) MR. AND MRS JOSEPH HENRY. 3 Funeral Directors, Florists W. T. BLASENGYM 3226-23 Shelby Bt. DR-3570 FINN BROS. Funeral Home 101 N Meridian St TA-1835 GRINSTEINER’S 522 E. Market HISEY & TITUS 957 N. Delaware LI -18 2* j. c. whjßoh mo Prmrpect DR-0331-0333 4 Lost and Found LOST—Black, white, tan. 13-lnch beagle: male. Liberal reward for Information leading to recovery. Member of Central Indiana Beagle Club. 921 St. Peter St. DR-6315 R FOX TERRIER—BIack, white. Pal." Hit by car, disappeared east. IR-3622. Reward. MALE POLICE DOG—F’;tz ' Dr J F Rigs on collar. Call CH-4341. or CH-2031. Reward.

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