Indianapolis Times, Volume 45, Number 178, Indianapolis, Marion County, 5 December 1933 — Page 18

PAGE 18

Wall Street

Guaranty Trust Offers Suggestions for Changing New Securities Act —Treats Issue Fairly. BY RALPH lIF.NDF.RSHOT

Time* Special Financial Writer The guaranty Trust Company of New York has prepared a comprehensive study of the new securities act and has proposed the only substitutions thus far offered for the features of the act which bankers claim destroy its effectiveness. Generally speaking, other important underwriters of securities are in agreement with the Guaranty, which makes its recommendations more noteworthy. It takes the stand that ' the unwillingness of honorable and experienced men to assume the risks of the act should be given serious consideration by its proponents with a view to appropriate revision,” and it takes the position, further, that three of the features must "sooner or

later be corrected, and if not by a prompt enactment of clarifying amendments, then, after years of doubt, confusion and painful litigation, by the costly method of court interpretation and legislative acts growing out of court decisions. The first feature it discusses deals with the recovery of losses by purchasers of securities arising from untrue statements made by the issuers and underwriters The Guaranty says the law is not clear whether such damages would be limited to actual losses and suggests that it be changed to include such limitation. B B B Might Collect Unfairly Many have feared, it continues, that if a security wore to decline in value because of some wholly extraneous and unforeseen disaster, such as a world depression or a war, the investor, by unearthing a material mistake in the registration statement having nothing whatever to do with the collapse of the secur-

mb ' jB

Ralph Hendershot

ity, might be able to recover the entire purchase price of the security. I*, would also more clearly define that feature of the law dealing with omissions of pertinent material. "The law,” it holds, “should be changed to state explicitly that anything which, in the light of subsequent developments, apjiears to have been a material omission but which at the time of the filing of the registration statement might reasonably have been unforeseen or which might reasonably have been considered immaterial, should not be deemed to have been a material omission.” nan Suggestions Appear Reasonable These two suggested changes woudl not seem to interfere with the aim of the act or to weaken it in any way, with the possible exception that it might leave loopholes through which escape might be made. If properly rewritten, however, it would seem that full protection could be incorporated in the act for both the seller and the buyer. There has been no indication that the administration or congress wishes to penalize either side, and it would be unfortunate if such were the case, for it would interfere with the free flow of capital to industry. The third change suggested by the Guaranty is less clear cut. It would change the provision which makes it possible for defrauded investors to reach beyond the issuing coloration and lay claim to the assets of its controlling stockholders in the event the corporation is unable to meet all claims. It is true, of course, that such stockholders might be assessed for damages even though they were w'holly innocent of any attempt to defraud, and it is reasonable to suppose that such is not the aim of the act. But, at the same time, investors should have some recourse where an attempt is made by issuing principals to hide behind a corporate structure.

New York Stocks (Bv Abbott. Hoppin <b Cos.)

—Dec. 5 Prev. Oils— High. Low 10 30. close. Amerada ... 45', Atl Rfg 29’2 29‘j Barm-rial! B’a 9 Consol Oil .11 10’, 11 11'. Cort of Del .18 17’, Houston inew*. . . 4’t Indian Rfg Mid Cont Pet. ... 13*2 13 Ohio Oil 14*2 14'. 14*2 14'a Pet Corp ...... ... 10 10* ! Phillips Pet 16*. 16 16 Id’s Pure Oil 12's 12‘s Royal Dutch ... 26'. Sbri Oil 33’s Shell Un 8 s B’.* Soc Vac 16>s 16 16's 16's 8 O of Cal 41’. 41 1 2 41’. 41 2 S O of Kan 36 2 800 lN J 46'S. 46's 46\ 46 Texas Corp 25' 2 2d 5 , Tidewater Assn. 10*4 10 10*. 10 Un Oil of Cal 19’s 19*a Steels— Am Roll Mills.. 18 17’, 18 ... Beth Steel .. 34*. 34'. 34’. 34 11\< : A M 26's 26 26's 26 Col Fuel .V Iron 4*2 Gulf Sts Steel 19 Inland Steely 3d ... McKeesport Yin • 89 s 89 2 Natl Steel 45 45 Rep Iron & Stl 15 14’* 15 14 4 Rep Iron A Stl p 36 35*2 38 35 U 8 Smelt 92'2 92 92'j 92 Vanadium ■ • 21*4 0 2 Mid Steel }2 U S Pipe & Fdy ... ... ... 18's U S Steel 45'2 45 4d'2 45 U S Steel pfd 82 82 Youngstn S&T 22 217* 22 21 2 Atchison 49*e 49 49’a 48’. At, Cst Line ... . Can Pac 12'a 12’. 12J, 12 a Ch A Ohio 39' 2 39'a C M & St P C M & St P P .. • • 8 8' a Chi N W * 3 Chi R Isl 3 Dela & Hud “2 Eric • • . • • . • • 13*2 Grt Northern... 18 ] 2 18 18'2 18’. 11l Central 28’. 28’, Lou A Nash. 44 , MK & T • to j,* Mo Pac 3* a. Mo Pac pfd.. . _• 4 8 42 N Y cent 35*2 35 35 2 35 N Y Chi & St L I 4 N Y Chi & S L p .. ... ■■■ IS 2 N Y New Haven 16* 16*2 16*2 16 2 Norfolk A West ’i*® Nor Pac • • ;2, 4 Sou Pac R ■ 18’. iß’ 2< 18’, 18*2 lou R R Pfd 24*. 23’, g|j= 23*2 Union Pac I*™ 2 u '® West Mary ••• ••• a Motors — Chrysler 49’s 49', 49’, 49*. Gen Motors . . 33's 3 33 a 33 Graham Mot * * Hudson *l 4 *I 7 4 Truck ... 36’, 36 Nash 24’. 23’. *4 a 24 Packard • • 4 i Reo • j. Studebaker 4 a 4 . 4 a 4 Yellow Truck .. .. ... ••• 4 2

Motor Access— TV’nrii v • 104 13 * Bohn Alum . 49 48'2 49 48*2 Boru Warner . ; ; ■ Buon Wheel ... ,?J 4 Eaton Mfg . .. ■■■ f* 2 Elec Auto Lite.. 17*. 17 I.*. l s Houd A 3 4 Mullins Mfg 4 3 * Murray Body ■ • ? 3 4 Stew Warner *' Timken Rol 28 . *8 2 Mining— . Alaska Jun •• -1 8 i“ 5 Am Smelt . 44 43 2 44 , I?',* Anaconda 14*2 14 4 14 2 14^a Cerr*dV e Pasco.'. 35*2 ‘3s*. 35*2 35 ' Gt Nor Ore *" 8 Howe Sound ... .. ■■ ■■■ Kennecott* Cop i 2o’. Nnranda Cop ... 34 . Phelps Dodge 18'. 16 8 Tobaccos — Am Tob 1A 1 ■ -22. 2? 2 Am Tob ißt. 75’a <s*. .s*. <5 C.en Cigar * Lig A- Slyers tßi ,■ ® 4 , 4 Reynold's T (Bi 46*2 46S 46*2 46 A'.fis U, Chaln*ers . 19’, 19*. 19’, 19, Am Car A Fdy • ■ 2 Bald Loco 11 2 l;, 8 Burroughs ’g, 4 id 4 Case J I 69 4 2? 4 Cater Tract r?, Colgate Palm Pt ” * Congoleum 2 -.a Elec St or Bat 4o Foster Wheeler i’ 8^n n CSr 20*. 20 '2o*. $1 Hi e g n ol ß Kad K 63 “l 2 AI 62 In: Bus Mach .145 144 145 lnt Harvester 41 2 j* Kelvinator Natl Cash Reg . i?, Pmc A- Gamble 42 4 * - Pullman Inc 43 * ?c * Simmons Bed 16 I®, Und Elliot ... • •■ ,2, ,2 4 West Air B .8 -• 2 -f. Westingh Elec 3S 8 2, , 2 Worthington Pmp .. 21 4 Utilities — Am A For Pwr 2 Am Power A- Lit .. ■ A T A T .117'. 117‘s H 4' 4 If 2 * Am Wat Kks 41 L,, Brook Un Gas 2 Col Gas A- Elec. 44 2 l*, 4 Col U A E pfd 50'2 50’. 50 * 50 2 Com A- Sou l s 1 ,l 4 ,1 * Consol Gas .37 36 * 3, 3* Elec Pwr A Lit 5 . f„t P T*A^ {and ::: :: ::: Lou G Sc E A • • ‘q 3 ‘ Nat Pwr & Lit... •• : . North Amer . . 15 i4 • 15 14 4 Pac G Ar E ... -• •• • _ ** . Ptlb Serv N J-. 43 33 ■ 34 33 a So Cal Edison. .. ••• 15 8 Std Gas B*a B*2 82 8 a Std Gas pfd ® 8 United Corp Un Gas Imp 15 15 Ul Pwr A Lit A ... 3 2 * Western Union.. 55*. 55 55'. 54-2 Jibbers— , Firestone ;i 2 9 , 4 Goodyear 3 2> ,’4 4 U S Rubber ... l.* I.'s I>' *• U S Rubber pfd 2 i*. Kel Sprinf 24 Amusements — Lo4**'S Inc . ■ ••• 12 29 Radio Corp .... 6 * e ‘ 6 8 „, 4 ... Z l * Warner Bros ... s’ s‘a s’ 5S Feeds — Am Sugar 52’* Armour A - Jj‘ Borttea Prod ... .. u 1 /* 20:* w

Cal Packing 20% 20% Can Dry G Ale. 28% 28% 28% 28% Cont Bak A 2% Corn Prod 7Q3* Crm of Wheat.. ... 28 28% Gen Foods . 351,. as/: Gold Dust 17 if 171“ G W Sugar . 37 36% 37 36% Natl Biscuit . . 4 471 0 Natl D Prod 133,, 135^ Purity Bak 13% {33“ S Porto Rico Sug . 37% 77 Std Brands .... 23% 23% 23% 23% United Fruit cki: wri ß>ey ::: 56% Retail Stores— Asso Dry Goods. ... 13 13 ®? st *£o 27 26% 27 27 Gimbel Bros . . 51Or Un Tea 45; Hahn Dept Sts . .. . *" 51® Jewel Tea 34 Kresge SS . .. 13% i2% '13% 12% Kroger Groc oas” Macy R H 52 51 May Dept St 26% 27'4 Mont Ward 22 * 22% Penny J C 52% 51% 52% 52 Safeway St 43% 43% Sears Roebuck 43 405 . Woolworth 41% 40% 41% 40% Aviation— Aviation Corp 714 71Douglass Air ... . 141,. Curtiss Wright 2% 2% Curtiss Wri (A) 51. 51 j Nor Am Av... 5% United Aircraft. 32% 32% 32% 32% Chemicals— Air Reduction .103% 102% 103 Vi . Allied C'hem .147 145 146% 144 Am Com Alcohol 50% 49% 50% 495. Col Carbon 62 61 Com Solvents . 31% 31 31% 30% Dupont 89% 88% 89% 88% Freport Tex 46% Liquid Carb . 25 24% Math Alkali 40 Tex Gulf Sulph 44% 44 44% 43% Union Carbide 47 46 47 46 U S Indu Alco. ... 61 Natl Dist (new/ 27% 27-% 27% 27% Drugs— Coty Inc 4 4 Lambert 09 an Zonite Prod I.] . 7% Finaneial— Adams Exp ... g 77 Allegheny Corp . 35“ Chesa Corp . . .' 341“ Transnmerica .. 6% 6% 6% 6% Tr Conti Corp ... .. 41,Ruilding— 2 Am Radiator 13% 13% 13% 13% Int Cement .. 301* Johns Manville . 58% 57 58% 56% Libby Owens Gls 33% 33 % 33' - 33 Otis Ele\ ' 13 Ulen Const ” oxi Miscellaneous— Am Bank Note . . ... 1454 Amer Can 99% 98% 99% 98% Brklvn Man Tr.. 29% 29 29 29 Conti Can . 74% 73% 74% 73% Eastman Kodak.. 80% 7% 80% 79 Owens Bottle 81% 80% 81% 81 Gillette 10% Gltdden 15% 15% 15% i5 Gotham Silk 8% 8% 8% 8% Indus Ravon 80% 78'- 80% 77% Inter Rapid Tr.. 10 Real Silk Hose.. . .. 9% 9 New York Curb IBv Abbott. Hoppin & Cos.) —Dec 4 Close Close Allied Mills . . 8 Ford of Can A 14%' Alum Cos of Am 74% Ford of Europe 6% Am Beverage 1% Great Atl & P. 134% Am Cyanide B . 11% Glen Alden Coal 13 Am Gas A- El.. 19'.: Gulf Oil of Pa 56 Am Superpower 2% Hud Bav Min. .. 9% Ass Gas & El.. % Humble Oil . . 98% Atlas Corn.. 11% Imperial Oil Ltd 14 Axton Fisher T 63 Int Petrol . ..21 Brazil Tr <fc Lt 10% Lake Shore Min 46% British Am T A 28% Lone Star Gas.. 6 British Celanese 3% Mt Producers . 4% Can Ind Ale A 17 Natl Bellas Hess 2% Can Marc .... 2 Nowmont Min... 50 Carrier Corp... 5% Nia Hud Pwr... 5% Cities Serv 1% Park Davis 23% Commonw'th Ed 37 Penn Road .... 2% Consol Gas of B 46% St Regis Paper.. 2% Creole Petrol... 10% Sherwin Wms. . . 43'Deere * Cos. . 31"* Std of Ind 32% Distillers Lim. 20% Std of Kv . ... 15% Distillers Corp. 22% Tcck Hughes G 5% El Bond A- Sh. 12'* Un Pwr A Lt A 2% Fisk Rubber ... 6% Wright Harg M 6%

Federal Farm Loan Bonds

Bv Blvth A- Cos.. Inc. —Dec. 4. Bid. Ask 4s Nov. 1. 1957-37 79% 80% 4s May 1 1958-38 79% 80% <%S July 1. 1956-36 80 81% 4%s Jan. 1. 1957-37 80 81 % 4%s Mav 1. 1957-37 80 81% 4%s Nov. 1. 1958-38 80 81% 4%s Dec. 1. 1933-32 99% 100% 4%s May 1, 1942-32 86 87% 4s Jan 1. 1943-33 86 87% 4 s Jan. 1. 1953-33 82 83% 4%s Jan. 1. 1955-35 82 83% 4%s July 1. 1955-35 82 83% 4%s Jan. 1. 1956-36 82 83% 4%s July 1. 1953-33 . 85% 87 4%s Jan. 1. 1954-34 85% 87 4%s Julv 1. 1954-34 85% 87 5s Mav 1. 1941-31 93 94 5s Nov 1. 1941-31 93 94 Home Loan 4s. Julv 1. 1951. . 82% 83%

U. S. Government Bonds

ISy i nitt and Vr> tt NEW YORK. Dec. 4.—Closing Liberty bonds: —Liberty—3*2* 132-47> IPO 6 First 4*,s (32-47) 101.12 Fourth 4 ,s (33-38' 101 17 Fourth 4',s (33-33' called 1019 —Treasury—--4s <47-521 106 3 4*s 3'.s (43-45' 99 23 45 (44-54' 102.29 3’,s 46-56' . . 101.10 3Ns (43-47* 99.12 3Ns 41-43. March 99.20 3\s (40-43' June 99 28 3'■ ,s '4l' 99 8 3‘as ‘ 48-49' 97 8 3s (51-55) 96 NEW YORK RAW SUGAR FUTURES —Dec. 4 - H.gh. Low. Close. January 1.23 1.19 1.23 March 1 28 1.25 1 28 May 134 1.31 134 July 1.39 1.37 1.39 September 1.45 1.42 1.44 December ... 1.18

STOCK MARKET . SHOWS GAIN OF 1 TO 4 POINTS Bullish Demonstration Aids All Issues as Tickers Fall Behind.

Average Stock Prices

Average of thirty industrials for Monda-. High 99.41. low 98.19, last 98.89. off .18. average of twenty rails: 38.79, 38.11, 38 34. up 43 average of twenty utilities: 23 40, 22 98 23 20, of! .18. average of forty bonds 81.12. up .48 BY ELMER C. WALZER United Press Finanrial Editor NEW YORK. Dec .5.—A bull demonstration in the late morning sent stocks up 1 to more than 4 points and caused tickers to lag a minute or so behind the actual market. Dullness returned before noon, but prices held around the highs of the session and sentiment was considerably more bullish than recently. Buoying up the stock market was a quiet but steady improvement in business. Steel operations are at the best levels since late October, building is better, automobile production is down in line with the usual seasonal trend, but outlook for 1934 is greatly improved and it is estimated next year’s operations will be 50 per cent over 1933, In the market upturn several stocks made new highs for the year, including Allied Chemical at 148*2, up 4*2; Continental Can 74%, up 1, and Dupont 90%, up 1%. Gains of 1 to 3 points were common. Eastman rose to 82, up 3; National Biscuit preferred 135, up 4%; Western Union 56*4, up 2; Industrial Rayon 80%, up 2% ; Missouri-Kansas-Texas preferred 18, up 3%; Liquid Carbonic 27, up 2%; Johns-Manville 59*4. up 2 1 a; Case 71%, up 2; Monsanto Chemical 75%, up 2%, and U. S. Industrial Alcohol 62%, up 1%.

Bank Clearings

INDIANAPOLIS STATEMENT —Dec. 5 Clearings $1,832,000.00 Debits 4,339,000.00 TREASURY STATEMENT * —Dec. 5 Net balance for Dec. 2 $1,040.187 225 78 Misc int rev repts 3.067.883.33 Customs repts mo. to date. 2.202 121 03

Foreign Exchange

Abbot. Hoppin & Cos. —Dec. 4 SteUing. England \ $ 5 09% Franc France 0604% D'ta. Italy 0815 Belzia, Belgium 2150 Mark. Germany 3700 Guilder. Holland 6220 Peseta. Spain ]1262 Krone. Norway 2570 Krone. Denmark .2285

Investment Trust Shares

By Abbott, Hoppin <fc Cos. —Dec. 4. . _ Bid. Ask. American Bank Stocks Corp... .72 82 American A- General Sec. A ... 3.50 5.50 Am & Gen. Sec Inv Tr Sh. . 1.50 250 Basic Industry Shares 328 338 British Hype Inv Tr Sh 46 .50 Collateral Trustee Shares A.. 4.50 462 Corporate Trust Shares (old/. 2.29 232 Corporate Trust Shares (new). 2.21 225 Cumulative Trust Shares 3.95 Diversified Trust Shares A. .. 6.25 Diversified Trust Shares B . 700 712 Diversified Trust Shares C 2.97 3.02 Diversified Trust Shares D... 460 4.70 First Insurance Stock Corp. . 1.30 1.34 First Common Stock Corp 83 .98 Fixed Trust Oil Shares A 845 8 65 Fixed Trust Oil Shares B 7.05 7.15 Investors Inc 17.25 17.50 Low Priced Shares 5.37 5.47 Mass. Inv. Trust Shares 17.50 17.87 Nation Wide Securities 3.04 3.12 N Am Trust Shares )53• 1.85 N Am Trust Shares (55-56) 2.31 2.34 Petroleum Trust. Shares A 800 11.00 Selected Amejcan Shares 2 52 .... Selected Cm-piulative Shares.. 6.62 6.87 Selected Inc/: me Shares 3.42 3.88 Std Am Trust Shares A 2.88 2.98 Trust Sharles of America 2.76 2.80 Trustee Std Oil A 5.40 5.60 Trustee Std Oil B 505 5.15 U S Electric Lt & Pwr A 10.12 10.37 Universal Trust Shares 2.90 2.98

Daily Price Index

By United Press NEW YORK. Dec. 4.—Dun A- Bradstreet’s daily weighted price index of thirty basic commodities, compiled for the United Press: /1930-1932 Average. 100) Today 99 66 Saturday 99.70 Week ago 99.35 Month ago 100.18 Year ago 72.26 1933 High (July 181 113.52 1963 Low /Jan. 20> 67.86 Copyright. 1933. bv Dun & Bradstreet. Inc.

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 5.507? 5 75 Indiana, egg 5.25® 550 Indiana, mine run 5.00® 525 Kentucky lump 700 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump 9 25 Pocahontas mine run 725 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 650 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin.

In the Cotton Markets

—Dec. 4 CHICAGO High. Low, Close. January 9.97 9 95 9.95 March 10.12 10.06 10.09 Mav 10.25 10.18 10.22 Juilv 10.35 10.30 10 34 October 10.55 10.53 10.54 December 9.92 9.90 9.90 NEW YORK January 9.92 9.85 9.86 March 10.07 9.97 9.98 Mav 10.17 10.09 10.11 Julv 10.30 10 22 10.25 October 10.50 10.14 10.43 December 9 86 9.80 9.82 NEW ORLEANS January 9 82 9 82 9.82 March 10 00 9.95 9.97 May 1014 10.08 10.10 Julv 10.27 10.22 10.23 October 10.43 10.41 10.41 December . . . , 9.76 NEW YORK COFFEE FUTURES —Dec. 4 SANTOS High. Low. Close. January ... 8 42 March 8 60 8 47 8.54 May 8.70 8.55 8,68 July 8 77 8 67 8.77 September 9 10 8 98 9.08 December 8.40 8 36 8.40 RIO January ... 5 95 March' 6.05 5 99 6.05 May 6 20 6 09 6.18 July 6 30 6 22 6.30 September 6 40 6 34 6 40 December ... 5.85 CHICAGO FRUIT MARKET By United Press CHICAGO. Dec 5 Apples—Michigan Jonathans. $1 JO® 150 Mclntosh. $1.25® 160; Spies. $1 15® 1.50. Carrots—lllinois. 50''/60c bushel. Spinach—lllinois. 75c® $1 bushel. Beans—Southern green. sl® 1 25; wax. $1®1.75. Mushrooms—lllinois. 10®: 20r No 1 cartons. Cucumbers—Southern, s2® 2 75 bushel. Tomatoes—California. 51.50®2: Illinois and Ohio hothouse. 60® 75c. Leaf lettuce—lllinois hothouse. 12%® 15c box Celery—Michigan. 40® 75c square cra:e. Cabbage—Wisconsin. $2®2.25. 100 pounds Sweet pot a tots—lllinois, $1.25®. US; Indiana. *1.50/.

THE INDIANAPOLIS TIMES

On Commission Row

—Dec. s—• Fruit* Cranberries—Cape Cod early blacks, 25lb box. $2 25, Grapes California emperors, crate. 51 75451 85. Pea rs— Washington DAnJou (90-165s 52 75 : Washington Bose /100-135$'. 52.75: Avacos. Fla. /10-16s>. crate, $2. Bananas—Per pound, 5%c Apples—Wealthy, Wolf River, Grimes Golden. Jonathan, Florida $1,354? 1.75. a bushel; fancy Jonathans, $2 a box. Grapefruit—s 34, 4 Prunes —Idaho Italian. 16-lb. lugs. $1 10 Oranges—California Valencias, $3.50®4 a box. Lemons—(36oc', $4 504(5. Vegetables Cabbage—Eastern Danish, 50-lb. bag, $1.35. Onions —Western white, 50-lb bag $1 40; Indiana white, 50-lb. bag $1.25; Indiana, yellow. 50-lb. bag. $1: 10-lb. bag. 20c. Beans —Round stringless, hamper. $1.75; Cat stringless, $1.25. Beets—Bulk per bushel, $1; California, 85c per dozen. Peas— 100-lb . $4. Carrots —California, *3 crate. Cauliflower—California (11-12s), crate $1.50. Celery—Michigan Mammoth, bunch. 85c: medium bunch. 45c: hearts. $1 15: 15-bunch flat crate, $1.15; California, $2 85 crate. Cucumbers —Florida, $3 50 bushel; hothouse. $1.15 per dozen. Lettuce —Iceberg best (4-ss) crate. $4.25; hothouse. 15-lb. casket. $1; Michigan endive. $1.50 per bushel. Radishes—Hothouse button. 40c dozen. Spinash—Broadleaf. per bushel, 75c. Turnips—Per bushel. 75c. Tomatoes Hothouse, [email protected] 8-lb. basket. Potatoes—Northern Round Whites. 100lb. bag, $1,504/1.65; R. R. Ohios. 100-lb. bag. $150<5 1.65; 15-lb. bag. 33c; Wyoming triumphs. 100-lb. bag. $2.10. Sweet Potatoes—Nacy Halls, per bushel, $1.35.

The City in Brief

TOMORROW'S EVENTS Kiwanis Club luncheon, Columbia Club. Lions Club luncheon, Washington. Purdue Alumni Association luncheon, Severin. Twelfth District Legion luncheon. Board of Trade. Mutual Insurance Association luncheon, Columbia Club. State Methodist council meeting. Meridian Street M. E. church.

Produce Markets

Delivered in Indianapolis prices—Hens, 9c; Leghorn hens. 6c; heavy breed springers, 8c: Leghorn springers. sc; cocks, 5 lbs. and up, 6c; under 5 lbs., 4c; ducks. 4*2 lbs. and over, full feathered and fat. 6c; under 4% lbs., 4c; geese, full feathered and fat. sc. Turkeys—No. 1 young hens, 8 lbs. and over, 10c; young toms, 12 to 20 lbs, 10c; No. 1 young toms over 20 lbs., 8c: old toms, 6c: No. 2 trin crooked breasted. 4c: No. 1 strictly fresh country run eggs 22c; strictly rots off; each full egg case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 2541:26c; No. 2, 22®23c. Butter—No. 1. 25®26c; No. 2. 22®23c. Butterfat—lßc. Quotea by the Wadley Company, Other Livestock BY UNITED PRESS. CLEVELAND, Dec. s.—Cattle—Receipts, 200; market steady; prices mostly unchanged from yesterday's close; choice 750-1,100-lb. steers. $5.75®'6.25; good 600-1,000-lb. heifers. $4.25(5 4.75; good cows, all weights. $2.50® 3. Calves—Receipts, 500; market 50c lower on medium and common grades: steady on best grades; choice to price, $7(5.7.50: choice to good, $64/7: fair to good $5416. Sheep—Receipts. 2,000; market active, fully steady with $7®7.50 paid freely for choice receipts; choice wethers. $2.50®3.25; medium to good, $1.50 (52: choice lambs. $74/7.50; good to choice, s6® 7. Hogs—Receipts. 1,300; market. 10c lower despite good active demand; all sold early; heavies. $3.65®3.75; choice butchers, 150-250 lbs., $3.75. CINCINNATI, Dec. s.—Hogs—Receipts 5,500 head, including 100 head direct and through; holdover*, 110 head; mostly 25 cents lower; heavies, 104/15c lower; ton and bulk 160-225 lbs., s'.so; 225-250 lbs. mostly, $3.40; 250-300 lbs.. $3,204/3.30; 130150 lbs., $2.75® 3.15; pigs $2.50 down; good packing sows, $2,254/2.50; heavy rough down to $2. Cattle —Receipts, 700; calves, 500; mostly, steady; handyweight fed yearlings scarce: active strong- bulk steers and heifers. $3.25®4.75; good fed kinds. ss®6; small lots up to $6.25; bulk beef cows, $2.25(5 3; cutters and low cutters. $1®2.25; bulls mainly, $2,254/3: vealers active strong; good and choice, $5,504/ 6.50: lower grades. $34/5. Sheep—Rceipts. 200 head; only odd lots on sale, fully steady: desirable lambs. 56.50®7; throw outs, $44/. 6: culls down to $3; slaughter ewes. $1 @2. By Times Special LOUISVILLE, Dec. s.—Cattle—Receipts, 200; moderately active and mostly steady; bulk common to medium steers and heifers, $34/4.25; one lot desirable 462-lb. calves. *5; best fed steers and heifers quotable to $5.50 or better; beef cows mostly, s2® 2.75; low cutters and cutters, sl4/1.75: sausage bulls mostly $2.75 down; Stockers and feeders nominally steady at $2.50® 3.50 for common to medium natives. Calves—Receipts, 175; fullv steady to strong; bulk better grades. $4.50®5; strictly choice handyweights eligible to $5.50; medium and lower grades $3.50 down. Hogs —Receipts, 800; 20 cents lower; 180-275 lbs.. $3 45: 280 lbs. up, $2.85; 140-175 lbs.. $3.05; 110-135 lbs., $2.25; 105 lbs. down, 51.60; sows, $2.15; stags. 90 cents. Sheep —Receipts, 100; most medium to good lambs, $5,504/6: choice to $6.50; bucks mainly $4.50®5; throwouts, $3.50; fat slaughter ewes. sl®2. Births Boys Roy and Katherine Judd, 745 Belle Vieu. Hugh ana Katherine O'Gara, 1427 Marlowe. Wilbur and Helen Riedy, St. Vincent's hospital. Richard and Mary Mills. St. Vincent's hospital. Robert and Genevieve Harper, 2218 North Arsenal. Girls Wayne and Magdeline Robertson, 2146 Gordon. Lewis and Rosemary Skinner. 3762 Park Theodore and Mary Domi, 2729 School. Harold and Virginia Klein, St. Vincent's hospital. Walter and Ethel Phillips, 1222 Mount. James and Vivian Kattan, 1415 Churchman. John and Garnett Burris, 1720 North Rural. Deaths Sarah McGowan, 65, Methodist hospital, coronary occulsion. Hattie Kepp. 43, Central Indiana hospital, hypostatic pneumonia. J. Anselm Chomel. 60. Fletcher sanitorium, lobar pneumonia. Ellen Thomas. 48, 3255 Carrollton, cerebral hemorrhage. Louisa Gehrke, 69. 1314 West • Thirtysixth. carcinoma Charles Hagan. 75. 1502 Totman, chronic myocarditis. James E. Murphy, 73, 2703 Guilford, chronic nephritis. Omer Roaiabugh, 84, 822 Eugene, chronic myocarditis. Virgil Seegars, 18. city hospital, fractured skull. Hattie Lewis. 61, city hospital, pulmonary tuberculosis. Arthur Jordan, 45, Long hospital, atrophy of liver. Infant Wade, 10 hours, city hospital, premature birth. Phillip Thurman, 58. city hospital, chronic nephritis. Frank Hobart Day, 49. Burford's printing room, coronary occuision. John J. O Melia. 73. 514 North Riley, carcinoma. Walter Dalton. 56. city hospital, chronic nephritis. Augusta C. Opper, 79, 2749 Adams, chronic myocarditis. Peter Liehr, 80, 411 North Noble, brnocho pneumonia. Mary W. MacGaughey. 88, 344 East Thirtieth, chronic myocarditis. Wilda Fagan Ford. 73 6192 Washington boulevard, coronary occulsion. Martha J. Boyer, 10. McPherson, cerebral hemorrhage. Otto M. Pollock. 68. Thirteenth and Delaware, fractured skull. A. Newton Braddock. 84, 335 North Grant, chronic myocarditis. GOBEL MAPS NONSTOP FLIGHT AROUND WORLD Intrepid Aviator Outlines Plan to Ft. Wayne Club. By United Press FT. WAYNE. Ind., Dec. 5.—A round-the-world non-stop airplane flight is not impossible, according to Colonel Art Gobel. intrepid 1927 Dole trophy winner, who last night announced plans for such an attempt “as soon as the necessary arrangements are complete.’’ The noted aviator who flew here from Detroit yesterday to appear before the Ft. Wayne Aero Club, said the flight could be accomplished by non-stop refueling at three points on his round-the-world dash. Gold Price Unchanged By T'ni.cd Press WASHINGTON. Dec. B.—The government today fixed its price on newly mined American gold at $34.01 an ounce, unchanged from i'esterday* -

SWINE VALUES DROP 15 CENTS AT STOCKYARDS Cattle Active and Strong; Lambs, Veals Remain Unchanged. A decline of around 15 cents under yesterday's average was evident in hog trading at the Union Stockyards this morning. Most all classes showed slight action and receipts continued in a large number. The bulk, 160 to 275 pounds, sold at $3.50 to $3.40, while 275 pounds and up were selling at $3.10 to $3.25. Lighter grades weighing 130 to 160 pounds sold at $3.10 to $3.35. Weights scaling 100 to 130 pounds were salable at $2.35 to $2.85. Receipts were estimated at 14,000; holdovers, 234. Slaughter classes of steers continued active and strong in the cattle market, with few grades moving 25 cents higher than last week's close. Beef steers and best heifers showed the most advance. Bulk of steers ranged from $4.75 to $6.15. Receipts numbered 1,600. Vealers held steady at $7 down. Receipts were 700. Only slight change was shown in the lamb market, and ewe and wether classes were selling at $6.50 $7. Bucks were quoted at $6 down. Throwouts ranged down to $4. Receipts were 1,600. With practically no early action displayed in hog trading at Chicago, initial asking remained steady and talking was slightly lower. Receipts were estimated at 25,000, including 3,000 directs; holdovers, 1,000. Cattle receipts were 11,000; calves, 1,500; market weak. Sheep receipts were 20,000; market unchanged to weak. HOGS 28. $3.55® 3.65 $3.65 10.000 29. 3.55® 3.65 3.65 5,000 Dec. 1. 3.45® 3 55 3 60 7.000 2. 3.45® 3.55 3.55 . 3,000 4. 3.45® 3.55 3.55 10.000 5. 3.30® 3.40 3.40 14,000 Market, lower. (140-160) Good and choice $ 3.25® 3.35 —Light Weights—-(l6o-180) Good and choice.... 3.40 (180-200/ Good and choice.... 3.40 —Medium Weights—-(2oo-220) Good and choice... 3.40 (220-250/ Good and choice.... 3.35@ 3.40 Heavy Weights—-(2so-290/ Good and choice 3.25® 3.30 (290-350) Good and choice.... 3.15@ 3.25 —Packing Sows—(3so down) Good 2.60® 2 85 • 350 up l Good 2.35® 2.75 (All weights) Medium 2.25® 2.50 —Slaughter Pigs—-(loo-130) Good and choice.... 2.35® 2.85 CATTLE Receipts, 1,600; market, higher. (1.050-1,100) Good and choice $ 5.00® 6.25 Common and medium 3.00® 5.00 (1.100-1,5001-Good and choice 4.50® 6.15 Common nad medium 3.25® 4.50 (675-750/ Good and choice 5.00® 6.50 Common and medium 3.01® 5.00 (750-900) — Good and choice 4.25@ 6.25 Common and medium 2.50® 4.50 Cows— Good 2.85® 3.25 Common and medium 2.00® 2.85 Low cutter and medium I.oo® 2.00 —Bulls /yearlings excluded/ Good (beef/ 2.00® 2.75 Cutter, common and medium.. I.oo® 2.00 VEALERS Receipts, 700; market, steady. Good and choice $ 6.50® 7.00 Medium 3.50® 6.00 Cull and common 1.50® 3.50 —Calves—-(2so-500) Good and choice 3.50® 4.50 Common and medium 1.50® 3.50 —Feeder and Stocker Cattle—-(soo-800) Good and choice 3.50® 4.50 Common and medium 2.00® 3.50 (800-1,500i — Good and choice 3.50® 4.50 Common and medium 2.00® 3.50 SHEEP AND LAMBS Receipts, 1,600; market, steady. (90 lbs. down/ Good & choice $6.50® 7.00 (90 lbs. down) Com. and med.. 4.00® 6.50 (90-110 lbs.) Good and choice. -6.25® 7.00 —Ewes— Good and choice 1.75® 2.75 Common and medium I.oo® 1.75 Other Livestock BY UNITED PRESS EAST ST. LOUIS. 111., Dec. s.—Hogs Receipts, 10,000. including 500 direct; market opened very slow; 10 to 15c lower than yesterday; top $3.40: early sales 170225 lbs., $3.25(6 3.40; a few around 140 lbs., $3.10: sows, $2.30®2.40. Cattle—Receipts, 5,000: calves, 2,000; market: trading slow; not developed on principal classes; indications steady on well conditioned light steers and lower on others; narrow demand early for mixed yearlings and heifers: bidding lower on cows: sausage bulls. 10® 15c lower with top $2.65; vealers 25c lower with top $5.75; slaughter steers, 5501,100 lbs., good and choice. $5®6.25; common and medium. $2.75®5.25; 1.100-1.500 lbs., choice. $4.50®5.75; good. $4®5.50: medium. $3.25®5. Sheep—Receipts. 2,000: market not established on lambs, one small lot on butcher account $7.50 with packers talking $6.75 and down: sheep, unchanged: fat ewes quotable, $2®2.75; lambs, 90 lbs. down, good and choice. $6.50(®7.25; common and medium. $3.50® 6.75; yearling wethers, 90-150 lbs., good and choice. $4.50 ®5.75: ewes 90-150 lbs., good and choice, $1.50®2.75; all weights common and medium, sl® 2. PITTSBURGH, Dec. s—Hogs—Receipts. 400: few loads here cleared early at 5 cent lower prices; bulk and cut, $4.05 for 170-250-lb. butchers: 250 lbs. up. $3.75®4: 120-140 lbs,. $3®3.25; pigs 120 lbs. down, 526 3; packing sows, mostly $3 30. Cattle —Receipts. 40; nominal; top load steers. $5.40. Calves—Receipts. 125: slow and about steady; good and choice vealers. $7 ® (.50: heavy calves. $5.50 down. SheepReceipts. 500; steady; better grade fat iambs, mostly $7.25; throw-outs, around $6; common, s3®4: aged wethers, $3.25 down. LAFAYETTE. Dec. s.—Hogs—Market. 10 ® 15c lower: 170-225 lbs . $3.20(6 3.25: 225275 lbs.. $3.1063.15; 275-325 lbs.. $3®3.05: 140-170 lbs.. $363.10; 100-140 lbs.. $2.25® 2.75; roughs. $2.75 down. Top calves. $5.50 @6. Top lambs, $6. FT. WAYNE, Dec. s.—Hogs—Market, 15c lower; 160-200 ins., 53.35: 200-250 lbs., $3.25: 250-300 lbs., $3.15: 300-350 lbs.. $3; 150-160 lbs.. $3.20: 140-150 lbs.. $3.10; 130140 lbs.. $2.90: 100-130 lbs., $1.60: roughs. 52.50; stags, $1.50. Calves. $6.50. Lambs, $6.75.

Factory Sale REPOSSESSED PIANOS We have purchased the entire repossessed stock of Grands, Players, and straight Upright Pianos of The Audit Adjustment Company, 508 New City Trust Bldg. Collection agents for some of America's best known manufacturers. Many of these pianos are practically new—all are fully guaranteed and quality plus original cost considered, have very small balances due on them. Never before have fine pianos been sold at such low prices. Never before has a Piano Dealer had such values to offer his customers. The Wilking Music Cos. is passing these wonderful bargains on to Indianapolis Music Lovers. Make your selection today—they are going fast. Attractive Terms Can Be Arranged (Trade in Y'our Old Piano—lt Will Be \ Accepted at Present Market Value, / WILKING MUSIC CO. 120 East Ohio St. Lincoln 6464 OPEN EVENINGS UNTIL 10 O’CLOCK

-Today and Tomorrow-

Mass of Moderate Drinkers Brought End to Prohibition, Being Celebrated Today. BY WALTER LIPPMAXN

TODAY there comes to an end the attempt to impose upon a whole people an absolute rule of personal conduct. The authors of the eighteenth amendment had seen the evils that alcohol can produce. They knew about the drunkard who ruins himself and brings disaster to his family. They know how the efforts to regulate the liquor industry in the interest of temperance had corrupted public life. They concluded that an appetite which had caused so much misery

should be suppressed, that a trade which had caused so much dishonesty should be outlawed. What they overlooked was the conscience of the great mass of people who did not drink immoderately and had no part in the political corruption. These were the men and women who resisted prohibition and defeated it. They refused to give up a pleasure which did them no harm in order to save the drunkards who abused it. They resented a rule of conduct which treated every one as if he were an instinctive drunkard. So they rebelled. The law was at odds not only with their appetites but with their consciences. They made prohibition unenforceable. They encouraged the bootlegger and the speakeasy by patronizing them. They nullified enforcement by discrediting it. In the course of time all the evils which had led

to prohibition were flourishing under prohibition, and in addition a monstrous hypocrisy and corruption peculiar to it. • Some time within the last two years the demonstration had convinced the people that the eighteenth amendment could not and should

not be enforced, that not to repeal it and not to enforce it was intolerable. B B B THE eighteenth amendment long will be remembered as a conspicuous example of a law that produced lawlessness because it traversed the working conscience of the great mass of the people. This generation, of Americans, at least, has learned from it a more certain feeling for the truth that legislation, however noble in purpose, can not effectively become the law unless its purpose is the actual purpose of the great mass of a community. Our forefathers would have said that the law must conform to the will of the people, and by that phrase they would have meant the abiding will, not the momentary opinion or the excited whim which propaganda or demagogery or a spectacular event may arouse. They would have meant the will of the people which is founded in habits, needs and experiences that change so slowly that for the practical purpose of the moment they are unchanging. To that will all laws and all reforms and all schemes must in the long run conform. It is a weird coincident that at the very moment when the nation looks forward hopefully to the ending of the most extensive lawlessness in its history, it is confronted with the action of a public official who openly approves the savage lawlessness of a mob. Governor Rolph’s attitude toward the San Joe lynching was an abject betrayal of hfc office. The reason he gave for approving the lynching amounted to a confession that the government, of which he is the head, is unable to cope with the crime of kidnaping, and not only that it is not able, but that it has given up in despair. a b b TT was a terrifying thing for the head of a government to proclaim that he is unable to deal with a crime; it was cowardly to show the white feather and invite the mob to do what the government exists for the purpose of doing. And it was vicious, not merely because it incites other mobs to more violence, but because it is a degrading admission that the Governor has no real purpose to suppress kidnaping by the force of the law. Yet the truth is, that in their hearts, multitudes of people agree with Governor Rolph. That truth we have to face and deal with. Why do they think he was right? They think so because they are in despair about the failure of our criminal law to work with reasonable certainty. Why there is this failure is a long and complicated story. The fact is plain and simple, and while it is a fact, American communities will be vulnerable not only to desperadoes but to mob vengeance. And so, while it is as important to denounce Governor Rolph as to denounce a commander who surrenders a post he has been ordered to hold, it will not cure the state of mind which Governor Rolph expressed. That can be done only by a reform of the administration of criminal justice which is sufficiently drastic to impress the criminal with its power and the community with its efficiency. Such reform we shall not get while the comfortable people of most of our cities lazily tolerate, and in varying measures participate in, the favoritism and privilege which corrode the foundations of local government. B B B THE struggle against lawlessness is the struggle for civilization itself. It is the herculean effort to bring under control the persistently primitive nature of men, their greed and lust and animal violence, so that their energies shall not destroy them. The laws perhaps can do only

Lippmann

what is most temporary and expedient for the moment; religion and education and morals are the radical forces, since they seek to transmute and regenerate rather than to regulate and police the energies of men, to make them inwardly civilized rather than to restrain them from without. The civilizing effort as a whole has, therefore, no one method on which it can fely exclusively. It is like the effort to subdue the fierce rebellion of the great waters of the Mississippi. No one device will work along the whole course; At this point there must be dikes, at that one anew channel; at another a reservoir, and on the slopes where the headwaters gather it is necessary to plant trees with faith and understanding, and sow the earth with seeds that the ground may be made firm. (Copyright. 1933)

Chicago Stocks ' 1 By Abbott. Hoppin & Cos. ■

TOTAL SALES 21,000 SHARES —Dec. 4 High. Low. Close. All-American Mohawk >/* Bastian-Blessing ... 7'% Bendix Aviation 15% 14% 15 Borg-Warner 18% 18 18% Cent 111 Pub Serv pfd.. .. ... 18 Cent Pub Util % Cent <fc So West 1 Chi <fe North Western. .. 8 7% 8 Chicago Corp com 2% Chicago Corp pfd 21 20% 21 Cities Service 1% 1% 1% Commonwealth Edison, 37 36% 37 Cord Corp 7% 7 7 Crane Cos pfd 33'% gardner-Denver Cos .... ... 18 rea-t Lakes Aircraft... % % % Great Lakes Dredge ... 18% 18 18% Hall Printing ... 4 Illinois Brick 4 Ind Pneu Tool 10 % Iron Fireman ... 6% Jefferson Elec ... 11 Keystone Steel pfd 65 Lion Oil Refining Cos ... 5% Loudon Packing ... 17% Manhattan-Dearborn .... ... 1% Mapes Cons Mfg Cos 33 Marshall Field ... 12% Middle West Utilities.. .. ... % Midland Util 7% A pfd . . ... % Midland Util 6% P L 1 Muskegon Motor Sp (A/ .. ... 10 National Leather 1 % 1 Northwest Bancorporalion 3% Penn Gas & Elec ... 6% Perfect Circle ... 23 Potter Cos 4% 4 4Vi Prima Cos 10 9 9 Public Service N P 16 Public Service 6% pfd.. ... 38% Quaker Oats 124% 124 124'% Ryerson & Son ... 11 St Louis Nat Stk Yards .. ... 50 Sears Roebuck ... 42% So West G & El pfd. 42 41% 41% Stand Dredging Cos pfd .. ... 2% Swift & Cos 14% 14% 14% Swift Intcrnacional .... 28% 28% 28'% Thompson, JR 7'% Utility & Ind ... % Vortex Cup Cos . .' 7% Walgreen Cos com 18 17% 18 Ward Montgomery A. . 85 82 85 Zenith Radio BUTLER STUDENTS TO PRESENT MELODRAMA “Ten Nights in a Bar Room” to Be Given on Dec 11. Coincident with repeal, Thespis, student dramatic society of Butler university, will present “Ten Nights in a Bar Room,” the famous melodrama setting forth the evils of liquor. The play will be given Dec. 11, 12 and 13 in the Thespis workshop in the basement of Arthur Jordan Memorial hall. Miss Frances Beik, instructor in dramatics and faculty sponsor of the organization, will direct the production. Members of the cast are Dale Smith, Harold Miller, Raymond Espinosa, Victor Griffin, Edward Baum. Stephen Bailey, Phiilipa Schreiber, Florence Tridle, Jeanne Helt, Florence Gipe and Mr. Berndt. In the Air Weather conditions at 9 a. m.: Southwest wind, 9 miles an hour; temperature. 50; barometric pressure, 29.84; general conditions, high, thin, broken clouds; ceiling, unlimited; visibility, 9 miles.

For properly aged HI-ALCOL-Beer Phone LI. 7578 The A&A BEVERAGE CORPORATION 22 South Delaware St. % Exclusive Distributors of Bruck’s CINCINNATI’S QUALITY BREW

DEC. 5, 1933

UNEVEN BUYING SENDS GRAINS UP FRACTIONS Uncertain Monetary News Holds Future Prices in Small Range. BY HARMAN \V. NICHOLS United Press Staff Correspondent CHICAGO. Dec. 5. There was scattered buying in the face of an unchanged monetary situation today and grains opened fractionally higher on the Board of Trade. Wheat futures were % to •% cent higher, corn was up % cent and oats were ' to cent higher. Brokers felt that no important upward swing in levels would be forthcoming until there is a permanent betterment of the monetary situation. Interest in the grain market is so light that the general expectation is for continued irregular price movements. It is regarded that a material increase in consuuptive demand is needed to stimulate the trade. Orders have been few and far between in corn of late. The small country offerings of corn are causing much comment. There is still a fair volume coming to market on consignment. Chicago Primary Receipts Dec. 4 —Bushels ~,. . Today. Last week. w (If at 962.000 942 000 Corn 969,000 1,231.000 Oats 212,000 152,000 Chicago Futures Range —Dec. 5 WHEAT— p r ev. High. Low 10 00, close] Mav 85% .84% .85 R 4 July 84% .83*2 .84% .83 CORN— May .... .51% .50% .51 .50 July 53 .52% .53 .52 OATS— May .35% .34% .35% .34% July 34% .33% .34% 33% RYE - May 59 .58% .59 .58 July 59% .59 % BARLEY— May 46% .45 .46'* .45 July 45% CHICAGO CASH GRAIN By Uniicil Press CHICAGO. Dec. 4—Cash grain: WheatRed No. 2. 82%c: hard No. 2. 82%r Corn (new) — Mixed No. 2. 43%®43%c: No 3 42%c No. 4. 41®41%c; No. 6. 42',c yellow No. 2. 44(6 45c; No 3. 42%®43%c: No. 4. 41 %®42c: white, o. 2, 44%c: No. 343 c No. 4, 40® ®4l %r. Oats—White No. 3, 31%® 32%c: sample, 31%c. Rye -63 c. Barley Cloyer seed—sll® 13.75. Cash provisions —Lard, $4.80; loose. $4.55; leaf, $4.62 S. bellies, $5.50. TOLEDO CASH GRAIN By Unite% Press TOLEDO, Dec. 4.—Grain close: (grain in elevators, transit billing/ Wheat—No 3 red. 85®86c. Corn—No. 2 yellow, 49® 50c Oats - No. 2 white. 36® 38c. Rye—No. 2. 69%®70%c. Track prices. 28%c rate Wheat—No. 1 red, 81%®82c No. 2 red. 80 1 2®81 1 20. Corn—No. 2 yellow, 44®46c No. 3 yellow. 42%®45c: o 4 yellow. 41%® 42%c: No 5 yellow. 404/ 41c Oats—No 2 white, 34® 35c: No. 3 white. 33® 34c. Soed: Clover—Dec.. $7.90: March, $8.158. Alsike —Cash, $8.50; Dec., $8.70.

Indianapolis Cash Grain

—Dec. 4 The bid for car lots of grain at. the call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 41' 2 New York rate, were: WHEAT—Weak: No. 1 red. 76W77c; No. 2 red, 75@76c; No. 2 hard. 75f ( ?76c. CORN—Steady! No. 3 white. 37'f7 38c: No. 4 white. 36®37c; No. 3 yellow. 36®; 37c: No. 4 yellow. 35®36c: No. 3 mixed. 35® 36c: No. 4 mixed. 34®35c OATS—Steady! No 2 white. 30®31c: No. 3 white. 29® 30c. HAY—Steady. (F. o. b. country points taking 23*2C or less rates to Cincinnati or Louisville). No. 1 timothy. $7,504(8; No. 2 timothy. $7®7.50. —lnspections WHEAT—No. 2 red, 1 car: total. 1 car. CORN —No. 2 white. 3 cars: No. 3 white. 1 car: No. 5 white. 2 cars; No. 2 yellow. 9 cars; No. 3 yellow. 12 cars; No. 4 yellow 14 cars: No. 5 yellow. 5 cars; No 4 mixed. 2 cars; total. 48 cars. OATS—No. 2 white. 1 car: No. 2 white, 2 cars; No. 4 white. 1 car; sample white. 1 car: total, 5 cars. RYE—No. 1, 6 cars; total. 6 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 73 rent* for No. 2 soft rea wneat. utner grades on their merits. Larrabee Is Kiwanis Speaker Ford Larrabee, Wabash college, will speak on “'The Real Heroes of the Depression,” at the Kiwanis Club luncheon tomorrow at the Columbia Club. * Club to Hear p^ngraver Carl Patterson of the Indianapolis Engraving Company will tell the? members of the Advertising Club of Indianapolis about advertising photographs at a luncheon at the Columbia Club Thursday.

COLLATERAL / VU LOANS ® /v No Co-3!aUer Repaid Over a Whole Year The Indianapolis Morris Plan Cos. S. E. Corner Delaware and Ohio Sts. RI. 1536.

Safe Deposit Boxes $3 a year and up Bankers Trust Cos.