Indianapolis Times, Volume 45, Number 179, Indianapolis, Marion County, 6 December 1933 — Page 20

PAGE 20

Return of Capital as Result of Flight to Dollar May Prove Embarrassing to Washington. BY RALPH HENDERSHOT Timet Special Financial Writer

It is agreed quite generally that the flight of American capital to other currencies, particularly the pound and the French franc, has done much to hamper the normal operations of President Roosevelt’s monetary program Instead of going into tangibles, as many had supposed it would, the money was shipped out of the country. The aim was not only to preserve the fuil value of the money in terms of gold, but also to add to its value through speculation. But as the value of the dollar in terms of gold approaches the 50cent level there is every reason to believe that this “flight from the dollar'' will stop because congress has given the President power to cut

the dollar value by no more than 50 per cent. In fact, there is every reason to believe that the tide may turn in the other direction shortly, if it has not already begun to do so. On every sound factual basis the dollar is the safest currency in the world today. The United States has about one-third of the known world supply of gold; it is more self-sustaining than any other, and its assets per capita and in proportion to the amount of currency outstanding ranks among the highest. Moreover, it is a creditor nation of no mean standing. an tt Economic Troubles World-Wide Economic troubles today are w’orld-wide, and most of the important nations have gone off the gold standard. It is highly probable that others will follow'. The currency question is likely to become a more important issue as time goes on. Holders of capital are likely to switch from one currency to another just as they have been doing in recent months, and many na-

Ralph Hendershot

tions are likely to give serious thought to devaluation of their currencies. Before the world monetary troubles are over it is reasonable to assume that not only will those who sent their money out of the United States be in a hurry to bring it back, but there is also reason to believe that holders of many other currencies will want to convert them into dollars. Such a development would be a more serious handicap to the Roosevelt policy than the flight away from the dollar has been. President Roosevelt has been depressing the dollar partly by his gold buying policy and partly by holding the threat of inflation over the heads of speculators. It is possible, however, that even though the dollar were definitely devaluated it might be difficult to keep it at the “pegged” level in the foreign exchange markets if, as is likely, capital flies to the dollar for safe keeping. e u a u tt a Outside Capital Undesirable The return of our own capital would be likely to prove an important stimulus to trade in this country, and it undoubtedly would act as a spur to prices. But the influx of outside capital on a large scale would not be desirable. Floating capital never does any country any good because it is likely to be withdrawn just when it is needed, and its withdrawal frequently causes embarrassment. A step which would tend to keep out this unwanted capital and make it much easier to keep the dollar stable in the foreign exchange markets, if and when it eventually is revalued, would be to place a heavy tax on all foreign exchange transactions which were not for trade purposes. Such a tax also would force those who sent their capital out to pay their lair share of the cast of the depression, and it also would reimburse the government in part for its expenditures in connection with putting through its monetary policy.

New York Stocks (By Abbott. Hoppln & Cos.)

—Dec, from— Prev. High. Low. 10:30. close. Amerada . ■ ■ . 45% Atl Rfg 31'* 30% 31'a 30 T a Barnsaall - 9'* 9' 4 Consol Oil . 11 '4 11‘i Cent of Del 18*2 18% 18 1 2 18% Houston 1 new).. .. ... 4% Houston lOldi.. .. Indian Rfg ... . 3 Mid Coni Pet 13% 13% Ohio Oil 14% 14 2 Pet Corp .. ... 10% 10% Phillips Pet 17 17 Pure OH 12% 12% Sbd Oil 34% Shell Un 8% 8; 4 Simms Pet ... . 10' 4 Skellev Oil 8% Soc Vac ... 16% 16'* SO of Cal 42% 42% S O of Kan 37 S O of N J 46% 46% Sun OH 52 Texas Corp .. .. 26% Tidewater Assn. .. ... ... 10’ Un Oil of Cal 20% Steels — Am Roll Mills 18% 18% Beth Steel . ... 35% 35% 35% 35% Byers AM 27% 27% Cruc Steel . . ... 21 Gulf Sts Steel.. 23 Inland Steel .. ... 34 Ludlum Steel . .. 13 a McKeespoxt, Tin ... . 90 Natl Steel 47% 47% 47% 46’a Rep Iron A Steel 15% 15% la% 15 a Rep Iron St Stl p . 37% 37% U S Smelt 96% 96' 4 96% 96% Vanadium . . 22% 21 a Mid Steel 12% U S Pipe A Fdv 19% 13% U S Steel 46% 46% 46% 46% U S Steel pfd 83% Youngstown S-T 23% 23% 23% 23 Rail*— Atchison .. . 51% 50% 50% 50% Atl Coast Line . 39% 39% 39% 37-4 B it O 24' 2 24 24% 94% Can Pac .. . 13 12% 13 13 Ch & Ohio .41 40% 40% 40% C If & St P 5 4% C M A St P pfd 8% Chi N W 8% 8% 8% 8% Chi R Isl 3% Chi R I 7e„ pfd 5 Dela A Hud .... 55% 55 55 54 Erie 15 Grt Northern 19% 19% 111 Central . . 30% 30% 30% 30% K C Sou 11% Lou A’ Nash 49 47% M K A- T 8% 8% Mo Pac 4 Mo Pac pfd 4% N Y Cent 36% 36% 36% 36% N Y Chi A- St L . 15 . N Y Ch-St L pfd 18% 18 18% N Y New Haven 17% 17% 17% 17% N Y Ont A- Wes 8% Norfolk A Wes.. . . . .... 156% Nor Pac . . . 22% 22 Penn R R 28% 28% Reading 44 Sou Pac 19% 19% 19% 19% Sou R R 24% 24 24 23% Sou R R pfd 26 Union Pac 110% 110% Wabash 2% West Mary 9% Motors— Auburn .. . 46% 48 Chrvsler 51% 41% 41% 41% Gen Motors 34% 33% 33% 34% Graham Mot . 2% 2% Hudson 13% 13% 13% 13% Hupp . • 4% 4% 4% 4% Mack Truck 37% 36% 36% 37 Nash 25% 25 25% 25 Packard • 4% 4 Reo 3% 3% Studebaker ... 4a 4a Yellow Truck ... ... 4% 4% Motor Access— Ber.dix 16% 16% 16% 16% Bohn Alum . 52% 51% Borg Warner 19% 19% Briggs • 10% 10% Buna Wheel . 3% Eaton Mfg 12% 12% Elec Auto Lite . 18% 18% 18% 18% Hand A . 3% Murrav Body .... ... 6% 6 Ste" Warner ... 6% 6 Timken Rol .... 30% 30% 30% 30% Mining— Alaska Jun . 22% 21% 21 a 22% Atl! Smelt ... 45% 44% 44% 45% Anaconca . . 15% 15 15 15% Cerro Do Pasco .37 36% 36% 36% Granbv ... .. 9% G* Nor Ore 10 10 , Howe Sound 33% 33% In? Copper • 5 Ir.t N’.cnel . . 22% 22% 22% 22% Isl Creek C0a1... 28% Kennecott Cop 21% 21% 21% 21% Noianda Cop ... 34% 35% Phelp: Dodge 16% 16% Am Tob A 74 74 Am Tob B . .. ... <6'j *5% Ligg A- Myers B ... 86% 86% Lcrriliard 17% %% Remolds Tib B 4i 4i Equipments— Allis Chalmers 20% 20 Am Car & Fdv. .. ... . 23 s Am Loco 29% Am Mach A- Fdy .. . . ... 13% Am St-eel Fdv ... . . 1< Bald Loco . ... 11% 11% 11 ll** Burroughs .. .... If % Case J I 73 .2% <3_ <2% Cater Tract .. 24'a 24% Colgat Palm Peet .. 12 12 Congoleum 24 23 > Elec Stor Bat 45% 45 Foster Wheeler . . 15% Gen Am I Car.. 30% 30% 30% 39% Gen Elec .21 20% 20% 20% Gen R R Sig . . ... 30 Ingsol Rand . 65 64% 65 64% Int Bus Mach. .. 145 a Int Harvester . 42% 42% 42% 4* Ke.vinator 11% 11-% 11 • 11% Natl Cash Reg 16% 15% 16% 16 Proc A- Gamble . 42 Pullman Inc ... 47 46% 4. 46% Simmons Bed .. 17% Cnd Elliot 34% West Air B 26% 2*% Westingh Elec 40% 40% Worthmgtn Pmp 22% Utilities— Am A For Pwr 10 10 Am Pwr St Lit. 7% 6 a 6% 7% A T A T .118% 118 118 118% Am Wat Wks . . 19% 18% Brook Un Gas 64' S Col Gas A- Elec. 12% 11% Col G A- E pfd • 51% Com A: Sou 1% 1% Consol Gas 38% 3<% Elec Pwr A- Lit. 5% 5% 5% 5% E P A L pfd 9% 8% Int TA T . 13% 13% 13% 13% Lou GAEA' 16% Nat Pwr A- Lit 10 9% 10 9% North Amer 15*4 15% 15% 15% Pac GA E 17% 17% 17% 17% PUO Serv N J . 34% 34% 34% 34% So Cal Edison 16 16 Std Gag 9% 9 Std Gas pfd 9 a United Corp ... 5% 5% 5% 5% Un Gas Imp . 15% 15% 15% 15% Ut Pwr A Lit ’A 33 Western Union . 57 58% 56% 57% Rubbers— Firestone 22% 22% Goodrich 14% 14%

Wall Street.

Goodyear 38(4 38% U S Rubber .18 17% 17% 17% U S Rubber pfd 29% 29% Kei Spring 2% 2% Amusements— Croslev Radio ... ... 9'4 Fox Thea 14 14% Loews Inc 30% 307a Radio Corp 7 7 RKO 2% 2*/ s Warner Bros ... 6 6V* Foods— Am Sugar ... 53% 53% Armour A .... ... 3% 3% Beatrice Cream ... . . 11% Borden Prod . 21% 21% 21(4 21% Cal Packing 2174 21% Canada Dry G A .. 29% Coca Cola ... ... 97% Cont Bak A ... ... ... 8% Corn Prod ... 75 74 Crm of Wheat.. .. ... ... 28% Gen Foods ... 36 36% Gold Dust 16% 16% G W Sugar 37 37 Hershey ... 50 Loose VViles ... 41% 40 Natl Biscuit . 49% 49% Natl D Prod 14% 14 Purity Bak . 14 13% 14 14% S Porto Rico S . 38% 37% Std Brands 24% 23% United Fruit 65% 61% Wrigley 56% 56% 56% 56% Retail Stores— Best A- Cos 28% 27% Ass Dry Goods.. .. ... 13% 13% Gimbel Bros ... ... 5% Gimbel pfd ... ... 22 Hahn Dept Sts ... ... 5% 5% Kresge S S 13% 13’4 Kroger Groc .... ... 24% 24% Macy R H 53% Mav Dept St ... 27% 27% Mont W'ard 24 23% 24 23% Penny J C ... ... 53% Safeway St ... 4674 46 Sears Roebuck ... . . 44% 44(. Woolworth ... ... 41% Aviation— Aviation Corp .... ... 774 7% Douglass Air ... 15 Curtiss Wright 2% 2% Curtiss Wright A ~ ... ... 5% Nor Am Av ... 5*4 5% United Aircraft ... ... 34% 34 Chemicals— Air Reduction .... ... 104% 104% Allied Chem ... 149% 149 Am Com Alcohol .. ... 51 50% Col Carbon . 63% 62 % Com Solvents 32% 32>. 32% 32'. Dupcnt 92% 91*8 92% 91% Freeport Tex .... ... . . 47% Liquid Carb . ... 28% 27% 28% 26% Math Alkali 41% 41% Tex Gulf Sulph. 44% Union Carbide . 48% 48% 48% 48% U S Ind Alco 62% 62% Natl Dist inew) 27*4 2 1 27 27% Drugs— Coty fnc 4 Lambert 29% 29 29% 29% Lehn & Fink ... . 18% Zonite Prod 7% 7% Financial— Adams Exp 8% 8% Allegheny Corp.. .. ... 3% 3% Chesa Corp ... 35% 35% 35% 35 Transamerica. . .. ... 6% 6% Tr Conti Corp.. .. ... 4% 4% Building— Am Radiator 14% 14% 14% 14% Gen Asphalt . . 16% 16% Int Cement . 32% 31% Johns Manville. 61% 61 Libbv Owens Gls 34% 34 34 34 Otis Elev 14% 14% 14*8 14% Ulen Const . . ... 2% Miscellaneous— Am Bank Note.. . . ■ 16% Am Can 99% 99*4 99% 98% Anchor Cap ... 21% Brklyn Man Tr 29% 29% Conti Can ... ... 75 Eastman Kodak. . 83% 84% Owens Bottle 83% 83% 83% 82% Gillette 11 11 Gildden ... ... 15% Gotham Silk ... 9% 9% Indus Rayon .... . . 80 79% Inter Rapid Tr. .. ... ... 10 Real Silk Hose.. .. 10 New York Curb :Bv Abbott. Hoppin & Cos.) Close Close. Allied Mills .. 8% jt A A- P.. ..134 Mum Cos of Am 80 3ien Alden Coal 12% Am Cvandie B. 12% Gulf Oil of Pa. 57% Am Gas A El . 21 Hiram Walker 42% Am Superpwr. 2% Hud Bay Min. , 9% Asso Gas A El. 5 8 Humble Oil ....101 Atlas Corp 12% Imperial Oil Ltd 14% Brit Am Tob A 28% Int Petrol 21% Can Ind Ale A 16% Lake Shoe Mm. 48 Can Marc 2% lobby McN Libby 3% Carrier Corp . 5% Mt Producers 4% Cities Serv . . 1% Natl Bellas Hess 2% Com Edi .. 38% Newmont Min.. 50% Con Gas of Bal 46 Nia Hud Pwr. . 5% Cord Corp . .. 7% Novadei Agene. 49-2 Creole Petrol.. 10*8 Pan A Airways 48 Crn Cork inti.. 6% Park Davis 23 5 . Deere A Cos 32% Penn Road .. 2% Distillers Lim.- 20% St Regis Paper. J 7. Distillers Corp. 21% Sherwin Wms.. 43% Dow Chem . 73% Std of Ind 32% El Br.d ASh . 13% Teck Hughes Go 5% Fisk Rubber . 7 Un Pr ALt A 2% Ford of Can A. 15% W Hargraves Mt 7 Ford of Europe 6%

U. S, Government Bonds

New York. Dec. s—Closing Liberty Bonds: (Decimals Represent 32nds.) LIBERTY 3%S 132-47) 100 4 First 4%s '32-47' 101.4 Fourth 4%s '33-381 101.16 Fourth 4%s '33-38' called 101.7 TREASURY 4%s '47-52' 106. 4%5-3%s '43-45' 99 17 4S '44-54' 102 26 3%s .46-56' 101.6 3%s < 43-47 * 99 12 3%s '4l-43' March 99 20 3**s 40-43' June 99 26 S'.s '4l' 99.1 3%s 46-49. 96 29 3s (51-55' 95.24 CHICAGO FRUIT MARKET B<J I'nited Pr< CHICAGO. Dec 6.—Fruits, vegetables Apples. Michigan Jonathans. $125,150 Mclntosh. 31.25'ii 1.60. Baldwins, $1 10.. 115 Carrots. Illinois. 50.175 c bushel Spinach. Illinois. 50® 90c bushel. Beans Southern green. $1 .150 Mushrooms. Illinois 15® 25c lb. cartons Cucumbers. Southern. $2 / 2 75. Tomatoes. California. $1.50® 2: Illinois and Ohio hothouse 70® 75c Leaf Lettuce —Illinois hothouse. !2%® !5c box. Celery—Michigan. 40® 75c square crate Cabbage Wisconsin. s2®2 25 100 lb* Swjet Potatoes—lllinois. $1 25'® 135 bushel. Indiana. SI 40® l 50 Onion Market —Western Valentus. t .85® 1: centrar western vel'ow® ?o‘j.9oc. middle western 1 whites. $1.25-31 3*-

UNEVEN ACTION MARKS DEALS IN STOCK LIST Leading Industrial Shares Resume Advance; Wet Group Weak.

Average Stock Prices

Average of thirty industrials for Mondav: High 99.41, low 98.19. last 98.89. off 18 average of 'wenty rails 38.79. 38 11. 38 54. up 43; average of twenty utilities: ; 23 40. 22 98. 23.20. off .18. average of forty j bonds: 81.12. up .46 BY ELMER C. WALZER I'nited Press Financial Editor NEW YORK. Dec. 6.—Leading in- | dustrial stocks made moderate gains | at the opening on the Stock Exj change today. Utilities were better, j oils and rails steady and wet stocks i slightly lower. Trading continued fairly active. Prices ruled steady in the early trading and volume slackened somewhat. Steel common firmed up % to 46% and other steel shares were higher. Steel operations were reported slightly behind schedules but the longer term outlook was considered good. The feature of the week in the steel industry was pickup in railroad buying. Utilities met better demand. Consolidated Gas rose to 38%, up %, and Standard Gas 9%, up %. Rails picked up, featured by j Atchison and New York Central. ' Farm equipments were better. Chemicals continued in demand with Allied Chemical near its year’s high. Chrysler and General Motors v r ere active and firm in the automobile division. Mercantile issues were higher. A favorable item in the business news aiding the utilities was the weekly report of the Edison electric institute. The production of electricity for the last tw'o w'eeks was 5.9 per cent above the corresponding period of 1932. Both periods contain the Thanksgiving day holiday.

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

(By Abbott Hoppin & Cos.) —Dec. S—- „ Close. Sterling. England $5 15 Franc. France 0615 Lira, Italy 0831 Belgias. Belgium 2185 Mark. Germany 3752 Guilder. Holland 6327 Peseta, Spain 1284 Krone. Norway 2591 Krone. Denmark 2303

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Dec. 5 Bid. Ask. American Bank Stocks Corn... .74 84 American & General Sec A.. 3.50 5.50 American & Inv Tr Sh 1.50 2.50 Basic Industry Shares 3.36 3.42 British Type Inv Tr Sh 46 .50 Collateral Trustee Shares A. 4,62 4.87 Corporate Trust Shares (old) 2.35 2.38 Corporate Trust Shares mew) 2.27 2.32 Cumulative Trust Shares 4.05 .... Diversified Trust Shares A... 6.25 .... Diversified Trust Shares 8.. 7.25 7.50 Diversified Trust Shares C ... 3.03 3.08 Diversified Trust Shares D. . 472 4.80 First Insurance Stock Corp. . 1,32 138 First Common Stock Corp 83 .98 Fixed Trust Oil Shares A ... 8.65 885 Fixed Trust Oil Shares 8... 7.25 7.45 Investors Inc 17.50 17.75 Low Priced Shares 5.49 5.57 Mass Inv Trust Shares 17.75 18.00 Nation Wide Securities 3.09 3.16 North Am Tr Shares 153)... 88 .. .. North Am Tr Sh '55-561 2.36 2.39 Petroleum Trust Shares A. .. 8.00 1100 Selected American Shares... 2.52 .... Selected Cumulative Shares.. 675 7.00 Selected Income Shares 3.50 3.90 Std Am Tr Shares A 2.96 3.02 Trust Shares of America 284 2.88 Trustee Std Oil A 5.50 5.75 Trustee Std Oil B 5.15 535 U S Electric Lt & Pwr A 10.25 10.50 Universal Trust Shares 2.95 3.05

Daily Price Index

U>/ I'nited Press NEW YORK, Dec s.—Dun & Bradstreets daily weighted price index of thirty basic commodities, compiled for the United Press: '1930-1932 average, 100). Today 100.33 Yesterday 99.66 Week ago 99.64 Month ago 100 08 Year ago 71.98 1933 high (July 18) 113.52 1933 low (Jan. 20) 67 86 'Copyright. 1933. by Dun & Bradstreet, Inc.)

Federal Farm Loan Bonds

—Dec. 5 'By Blyth & Cos.. Inc.) • Bid. Ask. 4s Nov. 1. 1957-37 80% 81% 4s Mav 1. 1958-38 80% 81% 4%s July 1, 1956-36 81 82% 4*s Jan. 1. 1957-37 81 82% 4%s May 1. 1957-37 81 82% 4%s Nov. 1. 1958-38 81 82% 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 82% 84 4%s July 1. 1933-33 82% 84 4%s Jan. 1. 1955-35 82% 84 4%s July 1. 1955-35 82% 84 4%s Jari. 1. 1956-36 82*4 84 4%s July 1. 1953-33 86% 88 4%s Jan. 1. 1954-34 86% 88 4%S July 1. 1954-34 86% 88 5s Mav 1. 1941-31 93% 95 5s NOV. 1. 1941-31 93% 95 Home Loan 4s. July 1. 1951.... 88 84

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 5.50f? 5 75 Indiana, egg 5 25®. 550 Indiana, mine run 5.00® 525 Kentucky lump 7.00 Pocahontas lump 825 Pocahontas egg 8.25 Pocahontas forked lump 925 Pocahontas mine run 7.25 New River smokeless 825 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 j Extra charge of 50c a ton for wheeling ] coal, and $1 a ton for coal carried to | bin. ROOSEVELT TO SPEAK OVER NBC NETWORKS President to Talk Before Federal Council of Churches. President Franklin D. Roosevelt will be principle speaker before the twenty-fifth anniversary of the federal council of Churches of Christ in America Wednesday from 9 to 10 p. m. The entire program will be carried on the NBC-WJZ network with stations of the NBC-WEAF network. including WKBF, joining the broadcast at 9:30 p. m. President Roosevelt will speak both during the first and last half hour of the broadcast, accompanied by prominent Protestant clergymen and musical selections by the Westminister choir.

THE INDIANAPOLIS TIMES

On Commission Row

—Dec. 6 Fruits : Cranberries—Cape Cod early blacks, 25lb. box. $2.25. ' Grapes California emperors, crate, $1.75® 1 85. Pears—Washington D'Anlou (90-165$', $2 75 Washington Bose 1100-135$'. $2.75: Avacos. Fia. tlo-16s>. crate. $2. Bananas—Per pound. 5%c. Apples—Wealthy, Wolf River, Grimes Golden, Jonathan. Florida. $1,35®1.75. a bushel: fancy Jonathans, $2 a box. Grapefruit—s3ll4. Prunes—ldaho Italian. 16-lb. lugs, $1 10. Oranges—California Valencias, $3.5004 a box. Lemons —(360 c, $450415. 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-ib. bag, $1; 10-lb. bag, 20c. Beans—Round stringless, hamper, $1.75; flat stringless. $1.25. Beets—Bulk per bushel, $1; California, 85c per dozen. Peas—loo-lb.. $4. Carrots —California, $3 crate. Cauliflower—California (11-12s). crate $1 50. Celery—Michigan Mammoth, bunch, 65c; medium bunch. 45c; hearts, $1.15: 15-bunch flat crate, $1.15; California, $2.85 crate. Cucumbers—Florida, $3.50 bushel; hothouse, 51.15 per dozen. Lettuce—lceberg best (4-ss) crate, $4 25; ! hothouse, 15-lb. basket, $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. $1.5001.65; R. R. Ohios, 100-lb. bag. $1.50©1.65; 15-lb. bag. 33c; Wyoming | triumphs, 100-lb. bag, $2.10. Sweet Potatoes—Nacy Halls, per bushel, 11.35.

Produce Markets

1 Delivered in Indianapolis prices—Hens, j 9c; Leghorn hens. 6c; heavy breed springers. 8c; Leghorn springers, sc; cocks, 5 lbs. and up, 6c; under 5 lbs., 4c; ducks, 4% lbs. and over, full feathered and fat, 6c; under 4% lbs.. 4c; geese, full feathered and fat, 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 j breasted, 4c; No. 1 strictly fresh country run eggs 22c; strictly rots off; each full egg case must weigh 55 lbs. gross; a deauction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1, 25626 c; No. 2, 22®23c. Butter—No. 1. 25® 26c: No. 2, 22@23c. Butterfat—l6c. Quotea by the Wadley Company. BY UNITED PRESS CHICAGO, Dec 6. —Eggs Market, steady; receipts 1,062; extra firsts, 24c; fresh graded firsts, 22c; dirties, 11® 13c; checks, 10®il%c; current receipts, 176 19c. Butter—Market, unsettled; receipts, 5,190; extras, 20%®21c '92 score; storage standards 17%c i9oi; storage extras 18c '921; extra firsts 19®19%c 190-91 %); firsts, 16%@18%c (88-89%); seconds 15*2 616 c <B6-87 1 z>; standard 20c <901; specials 21 %® 22c. Poultry—Market mostly, steady: receipts. 47; no cars. 2 cars due; heavy hns 'chickens) 9c: light hens chickens B‘2; Leghorns, 7c; colored springs. 9%®. 10‘/ 2 c; Plymouth Reck, 10%@Tlc; White Rock 10%®ll%c; ducks 'heavy white) 8c; geese B%c; turkey toms, 13c; old turkey toms, lie; roosters. 6%c. CheeseTwins 11%®12c.; Longhorns 12%@12V3C; S. Daisies, 12 1 41{£ 12 Vac. Potatoes—Supply moderate; demand and trading slow: market, steady; Wisconsin Round Whites mostly, $i.25; Idaho Russets mostly $1.60, few as high as $1.65, some low as $1.55, combination grade, $1.35® 1.40; Colorado McClures, $1.60® 1.65; Minnesota and North Dakota—no sales recorded; shipments, 431; arrivals, 45; on track, 229. NEW YOTtK. Dec. 6.—Potatoes —Steady; Long Island, $1®3.55 per barrel; Maine, $1 Si 3 per barrel; Idaho, $1.856,2.10 per sack; Bermuda. s7® 11 per barrel; Canada, $1.60 61.75 per barrel. Sweet Potatoes—Steady and firm: Jersey, basket, $ .40® 1.25; Southern, barrel. $1.63® 2; Southern,' basket, $ .40® 1; Flour-Quiet and firmer; springs, patents, $6.356 6.60 per sack. Pork —Firm; mess, sl7 per barrel. Lard—Firm; middle west spot, $5.3065.40 per 100 lbs. Dressed Poultry—Steady and firm; turkeys, 11® 21c; chickens, 8 6 20c; broilers, 116 22c; capons. 17628 c; fowls, 8615 c; ducks, 116 14c; Long Island ducks, 15616 c. Live Poultry—Steady and firm; geese, 10®. lie; turkeys, 16620 c; roosters, 7c; ducks, 10® 11c; fowls, 96 15c; chickens, 9® 14c; capons. 14®22c; broilers, 146.15 c. CheeseDull; state whole milk factory to specials, 20 6 21‘ic; Young America, 12%i}#13*/ 2 c. Butter—Receipts, 12,979 packages: market steady; steamery higher than extras 22% 6 23c; extra. 92 score, 22c; first, 90 to 91 score, 20%®21%c; first, 88 to 89 score, 17%® 19c; seconds, 16%® nv.c; centralized, 90 score, 20'26 2lc: centralized. 88 to 89 score. 17%®19c; centralized. 84 to 87 score, 16%®17%c; ladles, current make, extras, 17<fi:17%c; firsts, 15 ®ls %c; packing stock, current make No. 1,13 c; packing stock, current make No. 2,12 c. Eggs—Receipts, 14,775 cases; market unsettled: special packs, including unusual hennery selections, 29®32%c; standards. 27628 c; firsts, 23c: mediums, 17%c; dirties, '176 18c; checks, 16c. CINCINNATI, Dec. s.—Butter packing stock No. 2,12 c; No. 3,8 c; butter fat, 17c. Eggs —Steady (cases included) extra firsts, 31c: firsts, 25c; seconds, 20c; nearby ungraded 28c. Live Poultry—l Following quotations represent prices for poultry in good healthy condition. Thin and coarse stock sells only at heavy discount.). Fowls 5 lbs and over. 10c; 4 lbs. and over. 9c; 3 lbs. and over. 7c; Leghorns, 3 lbs. and over, 7c: roosters. 6c; colored broilers, 2 lbs. and over, lie; colored fryers 3 lbs. and over 11c; roasting chickens, 4 lbs. and over, 11c; Leghorn broilers 2 lbs. and over 7c; Leghorn fryers, 4 lbs. and over, 7c; capons 8 lbs. and over 18c; under 8 lbs,, 13c; ducks under 3 lbs. sell at liberal concessions; ducks white 4 lbs. and over. Sounder 4 lbs., 7c; colored 4 lbs. and over] 7c; under 4 lbs., 6c: guineas old, 6c; young guineas 1% lbs. and over. 10c; 2 lbs. and over, 10c; No. 1 turkeys, young hens 8 lbs and over and young toms. 10-15 lbs.. 13c; young toms over 15 lbs., 13c; No. 1 old toms, 11c.

In the Cotton Markets

—Dec. 5 CHICAGO T ANARUS„„, Hi S h ' Low. Close. January 10.06 9.90 10.06 March 10.24 10.05 10.24 May 10.38 10.17 10.38 •July • 10.50 10.28 10.50 December 10.02 9.86 10 02 . NEW YORK January 10.02 9.87 10.02 March 10.16 9.96 10.16 May 10.31 10.08 10.29 October 10.64 10.40 10.60 December 9.99 9.79 9.99 NEW ORLEANS January 9.94 9 78 9.94 March 10.15 9.93 10.10 May 10.27 10.06 10.24 i ul y, 10.40 10.21 10.37 October 10.54 10.38 10.54 December 9 89 9.86 9.89 Other Livestock BY UNITED PRESS EAST ST LOUIS. Dec. 6 Hogs— Receipts, 9.500: market, slow; a few early sales. 160-230 lbs,, averages barely steady with Tuesday's average at $3.3503.40: little or no action on pigs; sows largely $2.40®2.50. Cattle—Receipts. 3.200; calves. 1.500; market, a fair run on low grade steers on sale; indications steadv on steers; one load of vearlings. $5.60: mixed yearlings, heifers, bulls and vealers steadv: bidding slightly iower on cows: mixed yearlings and heifers, $4®5.50: top sausage bulls, $2.65: good and choice vealers. $5.75. Slaunghter steers. 550-1.100 lbs., good and choice. ss® 6.25; common and medium. 25; 1.100-1.500 lbs., choice $4.5041 5.75; good. $3.750 5.50; medium. $3.25 ®5. Sheep—Receipts. 1.000; market, a few sorted lambs on butcher account. $7.25: nothing done by packers; run iight and quality, good: lamb>. 90 lbs. down, good and choice, $6.50® 7.25: common and medium. $3.50® 6.75: yearlings, wethers. 90-110 lbs., good and choice. $4.50® 5.75; ewes. 90-150 ibs.. good and choice. $1.50'" 2.75; all weights common and medium. SI ® 2. PITTSBURGH. Dec. 6.—Hogs—Receipts, 2.500: open slow; top. $3.75 or 30c lower; bulk. 170-250 ibs.. $3.75; 250-300 ibs., 53.50 <2 3.75; 140 lb. averages. $3.25; 110 lb. pigs, $3; packing sows. $2,504/2.85. Cattle—Receipts, 50: nominal; top ioaa steers Monday. $5.40. Calves Receipts, 200; 50c lower; bulk vealers, S7; cull to common, $24/4.50. Sheep Receipts. 800: strong; early sales fat lambs, mostly 5T.25; throwouts, $54/ 5.50; culls down to $2,50; odd lot aged wethers. 53.25. CLEVELAND. Dec. 6.—Butter —Market weak: extras. 24%4/25c: standards. 24c per lb., in tubs. Eggs—Market steady; extra white. 27c; extra brown. 23c: extra firsts. 22c; current receipts, 21c; fresh pullets, 18c. Poultry—Market steady: colored fowl, 4% lbs., and up. 13c; colored fowl, medium. 10c: leghorn fowl, 3% lbs., and up, 9c; leghorn fowl, light. 7c; springers, rock, 4% lbs., and up, 13c; springers, colored, 3% lbs., and up, 11c: springers, ieghorn, 9c: ducks, light. 8c; geese, heavy, fat, 12c; ordinary. 10c; turkeys, 16c: old toms. 12c; old roosters. 7c. Potatoes—(All quotations base don U. S. No. 1, and 100 lb. sacks'; Maine Green Mountains and cobblers, best, mostly $1.85; partly graded. *1.75; Idaho Russet Burbanks, mostly $2; few fine quality. $2.10® 2.20: Michigan cobblers. Si.3s®. 1 50: Ohio. best. $1,504/1.60: partly graded. SI 25® 1.30; Pennsylvania. $1.35. FT. WAYNE, Dec. 6.—Hogs—Steadv: 160200 lbs 53.35. 220-250 ibs. 53.25; 250-300 lbs.. 53.15; 300-350 lbs.. IS: 150-160 ibs.. $3.20: 140-150 lbs . $3.10: 13-14 lbs., 52.90; 100-130 lbs . $2,50 roughs, $2.50; stags. 51.50. Calves. S6. Lambs, $6.75. By Times .special LOUISVILLE. Dec. 6—Cattle—Receipts. 250; market less active but around steadv on most classes; bulk common to medium steers and heifers. $3 /4 better finished fed K.nds quotable from $4.25 to around $5.50 for best lightweights; bulk beef cows, $2 a 2 50; better finished smooth kinds to $2.75. iow cutters and cutters, S14 A 1.75: sausage bulls mostly $2.75 down, bulk common to medium native Stockers and feeders. $2.50® 3.59 Calves—Receipts. 200; vealers. steadv; bulk better grades, $4 504/ 5; medium and lower grades. S3 50 down Hogs—Receipts. 1 000: weights from 255-275 lbs . unevenly lower due to change of sort: other weights and classes steady. 180-250 lbs $3 45. 255 up. $2.85: 140-175 Ibs., $3 05. 110-135 lbs. $2.25: 105 lbs. down. $1.60: sows. $2 15. Sheen -Receipts. 150: steadv mostly $5 50® 6 lor medium to good iambs; choice kinds to $6 50: most bucks. $4 504: 5. and throwouts. $3.50; fat ewes. sl®2 ner hundred weight Receipts: Tuesday cat'le. 273: calves 249: hogs 1.343. sheep. 66. Shipments. Tuesday cattle, 145, calves. 57; hags. 357; steep. 170.

PORK MARKET HOLDS STEADY AT CITY PENS Steer Prices Unchanged to Lower: Veals Down 50 Cents. With only slight action displayed at the local stockyards this morning. porker prices remained steady at yesterday’s average. Initial trade was slow and draggy. The bulk, 160 to 275 pounds, sold for $3.30 to $3.40. Weights scaling 275 pounds and up were selling at $3.10 to $3.25, while smaller weights from 130 to 160 pounds sold at $3.10 to $3.35. Lightest kinds at 100 to 130 pounds brought $2.30 to $2.85. Receipts were estimated at 10,000. Holdovers, 199. Early steer trade remained around around steady, with several bids weak to lower than the previous session. Bulk of steers held at S4 to $5.75, while best lightweights were holding above $6. Vealers declined ] 50 cents or more, selling at mostly $6. Few choice grades sold at $6.50. Cattle receipts numbered 1,200; calves, 700.

Lambs continued to show a steady trading range, with ewe and wether grades salable at $6.75 to $7. Bucks ranged down to $6, while throwouts were quoted at $4. Receipts were 1,000. Initial asking on hogs at Chicago | held stationary with yesterday’s ; average at $3.50 down. Early trade was slow in developing and bid; were scarce. Receipts were estimated at 28.000, including 8,000 directs. Holdovers, 2,000. Cattle receipts were 8,000; calves, 2,000; market strong. Sheep receipts numbered 10,000; market unchanged. HOGS Nov. Bulk Top Receipts I 29. $3.55@ 3.65 $3.65 5 000 j Dec. 1. 3.456 3.55 3.60 7.000 2. 3 45® 3.55 3.55 3.000 c' 3 t£® 355 355 10.000 5. 3.30® 3.40 3.40 14,000 6. 3.30® 3.40 3.40 1,000 Market, steady. (140-160) Good and choice.. .$ 3.25® 3.35 —Light Weights—-(l6o-180) Good and choice.... 3.40 (180-200) Good and choice... 340 —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® 330 (290-350) Good and choice 3,15® 3.25 —Packing Sows—(3so down) Good 2.60® 285 (350 upi Good 2.356 2.75 (All weights) Medium 2.25® 2.50 —Slaughter Pigs—-(loo-130) Good and choice..., 2.35® 2.85 CATTLE Receipts, 1,200; market, steady. (1.050-1,100) Good and choice $ 5.00® 6 25 Common and medium 3.006 5.00 (1.100-1,500) - Good and choice 4.50® 6 15 Common nad medium 3.256 4.50 (675-750) “ Good and choice 5.00® 6.50 Common and medium 3.006 5.00 (750-900) Good and choice 4.25® 625 Common and medium 2.50® 4.50 Cow'S— Good 2.85® 3.25 Common and medium 2.00@ 2.85 Low cutter and medium I.oo® 2.00 —Bulls (yearlings excluded) Good (beefi 2.00® 2.75 Cutter, common and medium.. I.oo® 2,00 VEALERS Receipts, 700; market, steady. Good and choice $ 5.50® 650 Medium 3.50 6 5.50 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 6 3.50 (800-1,5001-Good and choice 3.50® 4.50 Common and medium 2.00(® 3.50 SHEEP AND LAMBS Receipts, 1,000; market, steady. (90 lbs, down) Good <fc choice $6.50® 7.00 190 lbs. down) Com. and meri.. 4.00® 6.50 '9O-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. CHICAGO, Dec, 6.—Hogs—2B,ooo, including 10,000 directs; active, steady with Tuesday; 170-300 lbs., $3.356 3.50; top $3.50; pigs, $2®2.50; packing sows, $2.50® 2.75: light lights. 140-160 lbs., good and choice, $2.75*i3.35; light weight 160-200 lbs., good and choice, $3.2563.50; medium weights, 200-250 lbs., good and choice, $3.406 3.50; heavy weights, 250-350 lbs., good and choice. $36 3.50; packing sows, | 275-550 lbs., medium and choice, $2.40® 2.90; slaughter pigs. 100-130 lbs., .*?ood and choice, $262.75. Cattle 2,000; light heifers, mixed yearlings ana light steers scaling under 900 lbs., active, steady to strong; long yearlings fully steady; other killing classes steady; practical top long yearlings steers. $6.50, some held higher; choice 1,350 lbs., bullocks 35.65; sizeable supply light and long year- ! lings, $5.5066; slaughter cattle Veali ers—Steerss, 550-900 lbs., good ana choice. 1 $5.50 6 6.85 ; 900-1-100 Ids.. good and [choice, $566.65: 1,100-1,300 lbs., good and choice. $4.7566.25- 1.300-1,500 lbs. good and choice, $3.756 5.75; 550-1,300 lbs., common and medium. s3® 4.75: heifers, 550-750 lbs., good and choice, ss® 6.65; common and medium. S3®s; cows. good. $2.7563.75; common and medium, $1.75® 2.75: low cutter and cutter. sl6 1.75; bulls iyearlings excluded' good ibeefi. $2.75® 3.25: cutter, common and medium. s2®3: vealers. good and choice, $4.50®5.50: medium. $3.50® 4.50; cull and common, $2.50 6.3.50; Stocker and feeder cattle, steers, 550-1.050 lbs , good and choice, 53.75® 5; common and medium. $2.7564. Sheep—--10.000; fat lamb undertone strong, higher: best offerings held above $7.25: most early bids $7; sheep firm; feeding lambs little changed. Slaughter sheep and lambs— Lambs. 90 lbs., down, good and choice, $6.756 7.25: common and medium. ss® i; ewes, 90-150 lbs 7. good and choice, $1,756; 3.25; all weights, common and medium. $1.256 2.25; feeding lambs, 50-75 lbs., good and choice, $5.506 6.10. KANSAS CITY, Dec. S.—Hogs—Receipts, 5,000 including, 480 directs; fairly active, steady to 10c lower than Tuesday's average; top $3.15 on choice 170-270 lbs. light iiglrts. 140-160 lbs., $2.8563.15; light weights, 160-200 lbs., $2 95® 3.15: medium weights. 200-250 lbs.. $3.05® 3.15; heavy weights. 250-350 lbs . s3® 3.15: packing sows. $2.25 6 2.60; feeder and Stocker pigs, $26 2.60. Cattle—Receipts. 6.000; calves, 1.000 light weight fed steers and vearlings steady; some strength on light vearlings: cows and setrong weight steers weak; other classes steady; top mixed yearlings, $6.50; steers, good and choice 550-1.500 lbs.. $3.506 6.50: steers, common and medium. $2.756 4.50: heifers. good and choice 550-900 lbs.. $4.50 66; cows. $1.85 6 3.25; vealers. $366: Stockers and feeders, $3.356 4.85. Sheep—Receipts. 3.500; sheep, steady; no lambs sold early: bidding, lower. LAFAYETTE, Dec. 6.—Hogs Market steady; 170-225 lbs., $3.206 3 25: 225-275 lbs., $3.106 3.15: 275-325 lbs.. $363.05; 140170 lbs., $36 3.10; 100-140 lbs.. $2.2562.5%; roughs, $2.75 down. Top calves, $565.50. Top lambs. $6. CLEVELAND. Dec. 6.—Cattle —Receipts, 350: market fully steadv; all sold early; prices mostly unchanged from Tuesday's close; choice. 750-1.100 lbs., steers, $5.706 6.25: good. 500-1.000 lbs. heifers. $4,256 4.75: good cows all weights. $2 506 3. Calves —Receipts. 600; market. 50c lower in slow trading: choice to prime. $6.50/6 7: choice to good. $66 6 50: fair to good. 556 6. Sheep—Receipts, 3,000: market active and 10c to 15c lower: choice wethers. J 2 50® 3.25: choice spring lambs. $767 35. Hogs —Receipts. 1.800. market. 10c lower in dull trading; heavies. S3 5063.65: choice butchers. 150-250 lbs.. $3 65 CINCINNATI, Dec. s.—Hogs—Receipts, 5.500 head, including 100 head direct and through: holdovers. 110 head; mostly 25 cents lower: heavies. 106,15 c lower; ton and bulk 160-225 lbs.. $3.50: 225-250 lbs. mostly. $3.40: 250-300 ibs. S3 20® 3 30; 130150 lbs , 52.756 3.15; pigs $2.50 down; good packing sows. $2.25® 2 50: heavy rough down to $2. Cattle —Receipts. 700: calves, 500; mostly, stezdv: handvweight fed vearlings scarce: active strong: bulk steers and heifers. S3 25 ': 4.75: good fed kinds. $566: small lots up to $6.25: bulk beef cows. $2.2563; cutters and low cutters, Sl® 2.25; bulls mainly. $2 2563: vealers active strong: good and choice. $5.506 6.■••0lower grades $36 5. Sheep—Rceipts. 200 head; onlv odd lots on sale, fullv steadv desirable lambs $6.50 67: throw outs. s4® 6: culls down to S3, slaughter ewes. $1 5 2. TOLEDO Dec. s.—Hogs—Receipts. 150; market. 10 6 25c lower; heavy Y’orkers. S3 35® 3.50: m.xed and bulk of sale' $3 35 6 3 50: pies and lights, $2.2562.75 medium and heavies. $363 50; roughs. $2.2562.75. Cattle—Receipts, light: market steady. Calves—Receipts, light: market steadv; choice to extras. $666 50: fair to good $5 ®6. Sheep and lambs—Receipts, light; market steady.

Today and Tomorrow J President’s ‘Stock’ Quoted at Various Figures as New Deal Is Attacked. Praised. BY WALTER LIFFMANN

THE President’s stock is listed on many different exchanges and the daily quotations nowadays are by no means all the same. There was a time when they were. Between March and July it mattered little whether you looked for the appraisal at home or abroad, in the east or in the west or in the south, among Republican conservatives or Republican progressives, among Bryan Democrats or Wilson Democrats. in the financial centers or the agrarian, among

employers or wage earners. There was virtually unanimous and unlimited approval. In this period the promise of the far-reaching social reforms embodied in the legislative program was accompanied by a spectacular recovery in agriculture and industry. The net result was immensely satisfactory. The country as a whole approved the intentions of the reforms while it enjoyed the substance of returning prosperity. Beginning in midsummer these conditions began to change. The reforms began to be applied. They were brought down from the high plane where they could be judged and applauded for their intentions into the rough reality where they began to bite and take hold. At the same time the pace of the recovery was halted and there was in fact a considerable recession. The net result was far from satisfactory. Men who

had approved the reforms when they we’re enacted began to challenge them now that they were not being put into effect quickly and drastically enough. It began to be said that the President was too radical. With equal vehemence it was said that he was not radical enough. Senator La Fol-

I lette was reported as being unhappy j and likewise Senator Reed. The President was attacked by Al Smith j for listening to professors, and re- > ports began to emanate from Wash- | ington that the professors were unI happy because he w r as not listening to them enough. But what really had happened ! was reasonably clear. The reforms, however desirable in themselves i and for the long run, were not pro- | moting recovery. In the absence of j a sufficiently rapid recovery, the 1 reforms themselves did not prosper and were becoming inordinately dis- ! ficult to apply. The charge which is most freI quently brought against the Presi- ! dent is that he is an opportunist, who veers now to the right and now to the left, following no single course whole-heartedly and clearly. Those who bring this charge do not, I believe, appreciate as well as he does the circumstances which compel him to work out, step by step, a combination of an ordinary j capitalistic recovery and a rather far-reaching social reconstruction. What is the principle of an ordinary capitalistic recovery? It is, I believe, that private initiative based on the expectation of private profit revives when the deferred demand for goods exceeds the accumulated supply, and the cost of producing new goods is low enough to 'be profitable. Obviously, measures which discourage initiative or raise costs before there is an increased volume of profitable sales must delay a capitalistic recovery. a tt tt ’VJ'OW what is the premise of the n social reconstruction, It is, I believe, that uncontrolled private initiative produces excessive profits that are distributed badly for a few boom years, followed by devastating unemployment and no profits in the ensuing depression. How to stimulate initiative for immediate recovery and yet to control it for a long-term stability has been the President’s problem. To find a way of stimulating and yet controlling has not been easy, nor has he been entirely successful. But no one can fairly judge his administration who does not take into account the dual nature of his task. The question naturally arises whether he is right in attempting to find a workable blend of stimulation for recovery and control for reconstruction. My own view’ is that he had no choice but to make j the attempt. In the first place, had he concentrated exclusivly on the orthodox measures of recovery, he would not, I believe, have achieved much of it. It is the fashion to point out that Great Britain seems, to be recovering without resort to drastic and novel measures. The example is misleading. Great Britain has a relatively simple industrial economy | compared with the complex industrial and agricultural economy of the United States. If comparisons are to be made with foreign countries, one would have to take Great Britain, plus Canada and Australia, imagine them far more closely in-ter-related than they are, and then ask whether the measures which | have been taken in the United j Kingdom would have sufficient in Australia. a a a THAT is the fairer view, and looked at this way, what do w'e find? We find that on such fundamental matters as the value J of money, the treatment of debts, fixed charges, and wages, there have been different policies pursued in j Britain and in Australia. Stanley i Baldwin and Montague Norman do | not have to make policies that work i equally well at both ends of the empire. But Franklin Roosevelt does have to make policies that work in New' York and in low’a. But it is not merely that the ordinary measures suitable to an industrial recovery are inadequate to cure the maladjustmets of the agricultural depression; one must also remember that the industrial crisis in the United States has disclosed moral failures in the financial and industrial world which a popular leader could not ignore even if he W'ished to. Thus there is an emotional impetus behind the reforms, an insistence from the conscience of the ; people, that inexorably compels farreaching reforms. We then may ask whether it was ; possible for the President to concentrate on reform and proceed unhesitatingly to a more socialized economy? It was not possible for 1 him to do that. Unless his reforms ■ are accompanied by an economic revival. they will be resisted and discredited and if persisted in will in I the end provoke an extreme conservative reaction. Without an accompanying revival there is only one way in which a social order can be radically and quickly reconstructed^ That is by dictatorship which ruthlessly suppresses manifestations for discontent. Therefore, the enthusiasts for the new deal are hideously shortsighted when they complain that the President shows too much concern for those things which would stimulate private initiative and promote confidence. They do not realize that economic improvement is the tide which alone can keep the ship of the new deal afloat. (Copyright. 1933, by The Times)

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I Chicago Stocks " By Abbott. Hop Din Cos. " • TOTAL SALES. 50,000 SHARES —Dec. 5 High. Low Close. Acme Steel Cos 25’ 2 24 6 25 > 2 j Allied Products 10 9% 10 American Yvette .. % Asbestos Mfg 3% 2% 2 8 Backstay-Welt 7 61* 7 Bastian-Biessing ... 7’ 2 I Bendix Aviation 16% 15*4 16% Binks Mfg l' 2 Borg Warner 19% 18*4 19Va E L Bruce Cos ... 12 Butler Bros 4% 4('a 4% Cent 111 Pub Serv pfd.... ... 18 Cent Pub Util % Cent & So West 1 Cent & So West P L p 6% 5 5 Chi & North Western.. 8% 3 Bs*8 s * Chicago Corp com .... 2(4 2(4 2 1 . Chicago Corp pfd 22 21 22 Chi No Sh & Mil R R p % Chicago Towel pfd 60% Chicago Yellow Cab... 11% Cities Service 174 1% 1% Coleman Lamp & S 6% Commonwealth Edison 38% 37% 38% Consumers % Cord Corp 7% 7% 7% Crane Cos 7*4 6% 7Vs Crane Cos pfd .. 33 MeMets Inc Pfnce 17 16'4 17 Dexter Cos ... 4% Electric Household ... Goldblatt Bros ... 18(4 Great Lakes Aircraft... 74 % 74 Great Lakes Dredge ... IS 18(4 19 Hall Printing 4 Houdaille-Hershey A... 10 9(4 10 Illinois Brick 4 Jefferson Elec 11*4 Kalamazoo Stove 20% Ken-Rad TUbe & Lamp. .. 274 Libby-McNeil 3*2 Lynch Corp 34(4 29>/4 34 1 2 Hanhattan Dearborn .... ... 1% Marshall Field 13% 12% 13% McGraw Electric 3% McQuay Norris 40 Meadows Mfg Cos com.. .. ... 1 Middle West Utilities.. V* (4 *4 Midland United pfd % Midland Util 7% A pfd % Midland Util 77$ P 1(4 1(4 1% Miller & Hart pfd .... 5(4 5 5% Muskegon Mot Spec A. .. ... 10 National Elec Power A. .. ... 14 National Standard 20(4 Noblitt Sparks Ind Inc. 24% 24 24 Northwest Bancorpora. 4(4 3% 4% Prima Cos ... 9% Public Service N P 16(4 16 16(4 Raytheon V T C % Reliance Mfg Cos 16 14 16 Ryerson & Son 12*4 Sangamo Elect com ... 5% Sears Roebuck 44 43% 44 So West G & Elec pfd. 41% 41 41 Standard Dred Cos pfd 274 Storkline Furniture ... 5 Swift &Cos 15(4 14% 15(4 Swift International ... 2914 28 5 4 29% Thompson J R 774 7 % 7% j U S Gypsum com 46% ! Utility & Ind pfd 2(4 I Vortex Cup Cos 7% I Vortex Cup Cos A .. 25% I Walgreen Cos com 18(4 18% 18(4 Ward Montgomery A... 92 85 87 1 Wisconsin Bankshares. .. ... 2‘4 [ Yates Machine (4 Zenith Radio 2(4 2*4 2% Births Boys Melvin and Lydia Stephens, 2602 N Gale. Floyd and Maxine Allen, Coleman hospital. Delmer and Dorothy Burton. Coleman hospital. Roy and Anna Flynn. Coleman hospital. Leslie and Cora Jenkinson, Coleman hospital. Melvin and Lois Nicholson, Coleman 1 hospital. John and Dorothy Pickerel, Coleman hospital. John and Lena Warrum, Coleman hospital. I Robert and Vern Leanord. 1526 Olive. Girls ] Otis and Janette Falconbury, ColeI man hospital. I Edward and Bessie McCurdy. Coleman 1 hospital. i Mackey and Madge Williams. Coleman ; hospital. I Raymond and Mildred Burgess. 112 N. Chester. Deaths John G. Schad, 80, 849 East 61st, cerebral hemorrhage. John W, Mark 67, Central Ind. hospit- ! al. chronic nephritis. I Louisa Bryant Lumpkins, 87, 805 West i 27th. chronic myocarditis. Lenora C'nandler. 42, Citv hospital, cardiac insufficiency. Thomas Davis. 53. 409 West 16th, coronary oocclusion. Alice Lowe. 55, 1403 E. Southern, coronary thrombosis. Oscar T. Kuhn, 89, 5600 E Washington. coronary thrombosis. James McCusick 75 52 S Oriental, lobar pneumonia. James Nicholl. 47. 811 River, acute cardiac decompensation. Grace McConnell. 39. City hospital, fractured skull. ! Mary Ann Adams. 1, Riley hospital, mastoiditis. Etta Viola Whittington. 79, 2017 Central, broncho pneumonia Lester Johnson. 37. 426 E. Merrill, pul- i monarv tuberculosis. Henrietta White. 87 316 E. Vermont, I arterio sclerosis. William Jefferson, 62, 924 W’est 24th, 1 aortic regurgitation. Herman Wiedenhaup. 73 . 260 N. Ta- I coma, cerebral hemorrhage Victor Raible. 37, 2616 E. Washington, j pulmonary tuberculosis. Sarah Grogdon, 66, 413 N. Liberty, mitral insufficiency. Omega Golden, 59, 1928 Calhoun, lobar | pneumonia Jasper William York 75. Methodist hos- ! pital, coronary occlusion. Edward Courtney. 58, City hospital, pul- i monarv tuberculosis. Nellie B. Stober, 53, 1418 Shelby, carcinoma. Jeanette Wolfrom. 80. 5807 N. Delaware, chronic myocarditis. Albert Lefthridge. 32, 823 Paca. lobar pneumonia. Della Woodruff, 52. 2337 N. Western, carcinoma.

Anna Laura Bohannon 68. 1723 Hall Place, chronic myocarditis. Marriage Licenses Herbert Cullison. 28, of 1138 North Illinois street, presser. and Florence Stoner. 29 of 1034 West Thirty-sixth street, housekeeper. Chester F Combs, 22 Brownsburg. teacher. and Ernestine Smith, 18. R. R. 18. Box 3425, factory work. Lloyd D. Porter. 27. of 214 Tacoma avenue. welder, and Isa Pearl Dillman, 31. of 1013 North Olney street, beauty shop. Carl Quillin 21. of 806 East FortysUth street, salesman, and Dorothy South, 17. of 5817 Rosslvn avenue, housekeeper Orville Peters. 23. of 3037 North New Jersey street, clerk, and Marjorie Jones. 21, of 312 Layman avenue, stenographer James LaCroix. 30. Fort Harrison, U. S. army, and Catherine Kinr.ic's 19 Laurence, clerk. Alan Weinkauf, 21, 331 East North street, clerk, and Margaret Walsh. 22 of | 617 North East street, housekeeper. M. King, 22, English hotel, dancer. : and Irene V. Stone. 19. English hotel. 1 dancer. George E. Wright. 68. of 322 North j Euclid avenue, carpenter, and Emma Bainbridge. 68. of 1318 West Twentysixth street, housekeeper. Harrv Rowlev. 23. of 2432 Mar.love 5l reet ; driver, and Pauline Sanders, i 20 of 2330 Cornell street, housekeeper Maurice Brown. 25. of 182 North Hard- ! ing street, waiter, and Mona Tvner 24 l of 1005 Roach street, waitress. Paul S. Simmons. 24. of 1105 West ‘ Tmrtv-second street, chauffeur, and Vir- ' ginia Clark. 19. of 1001 East Thil'tv-eighth street, housekeeper. • Joseph Harris. 23. of 1413 Bradburv ave- l nue. press-feeder, and Louise Beck 22. of 35 South Mount street. housek<-eDer George Singer. 50. MontDeiier baker and Vanzz Gafford. 38. of 1263 West New York street, housekeeper Horace Adams. 40. of 3857 Bvram avenue. casket trimmer, and Hazel Clifford. 18 of 736 Luett avenue, housekeeper Robert Patterson. 21 of 3207 North Illinois stre:. meat packer. and Helen Thompson. 19. ol 601 West Fortv-second street, housekeeper. NEW YORK RAW SUGAR FUTURES —Dec. 5 High, Low. Close. January 1.25 1 20 1 25 March 1 30 1.27 1 30 Mav 1.37 1 33 1 36 July 1.42 1.39 1.41 September 1.47 1.43 1 46 j December 1.21

GRAIN FUTURES GAIN FRACTIONS IN SLOW TRADE Strong Tone in Securities and Repeal Steadies All Months. BY HARMAN \V. NICHOLS United Press Staff Correspondent CHICAGO. Dec. 6.—The firmer undertone and improved sentiment developed yesterday in grains carried over today and grams opened higher on the Board of Trade. The market was steadied further by strength in stocks and hy repeal of the eighteenth amendm?nt. Wheat futures were % to % cent higher, com was up % cent and oats ranged from % lower to % cent higher. Brokers believed wheat was working an upward trend. Encouraged by the broadening of interest and by the market's ready response to buying, wheat traders expressed bullish sentiment and generally looked for a further upturn. With December liquidation out of the way and no hedging pressure expected by reason of limited interior supplies, it was felt a higher market could easily result. Chicago Primary Receipts —Dec. 5 —Bushels— Today Last week Wheat 238 0000 382 000 Corn 368.000 673 000 Oats 50.00 133.000 Chicago Futures Range ' —Dec. 6. Prev. WHEAT— High. Low. 10:00 close. May 87% .87% .87% 86% July 867. .86 .86% .85% CORN— May 53 .52% ,527i .52% July 54% .54(4 .54% .54% OATS— May 37% .36% .37% .36% July 36% .35% .36% .35% RYE— Mav 61% 60% .61% 60% July 62% .62 .62% .61% BARLEY'— May 48 .47% .48 .47% Indianapolis Cash Grain —Dec. 5 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b.. shipping point, basis 41(4 New York rate, were: Wheat—Strong: No. 1 red. 79®80c; No. 2 red. 78®79c; No. 2 hard 78®79c. Corn—Strong: No. 3 white. 39%®40%c No. 4 white, 38%®39%c: No. 3 yellow. 38%®39%c: No. 4 velow. 37%®38%c; No 3 mixed. 37%®38%c; No. 4 mixed. 36%® 37' 2 c. Oats-Strong: No. 2 white. 31%®32%c: No. 3 white, 30%® 31%c. Hay if. o. b. country points taking 23%c or less rates to Cincinnati or Louisville) Steady; No. 1 timothy. $7.50((i8: No. 2 timothy. s7® 7.50. —lnspections Wheat—No. 1 red. 2 cars Total. 2 cars Corn—No. 2 white. 1 car; No. 4 white 2 cars; No. 5 white, 1 car. No. 6 white 1 car: No. 3 yellow. 4 cars; No. 4 yellow. 12 cars: No. 5 yellow. 3 cars: No. 6 yellow 1 car. Total, 25 cars. Oats—No. 2 white, 1 car. Total. 1 car. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 76 cents for No. 2 soft red wheat. Other grades on their merits.

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TOLEDO CASH GRAIN Hy United Press TOLEDO, Dec. s.—Toledo grain: (Gram in elevators, transit billing.' Wheat— No. 2 red, 88® 89c. Corn—No. 2 yellow. 52053 c. Oats—No. 2 white. 38%®39%c. Rve—No. 2. 714:72c. (Track prices. 28%c rate.) Wheat No. 1 red. 84%4/85c;No 2 red. 83%84%c. Corn -No. 2 vellow. 47®; 49c: No. 3 vellow. 45%®)48c: No 4 vellow 44%4/45%c; No. 5 yellow. 43%® 44%c Oats —No. 2 white. 35%®36%c: No. 3 white. 34%4/35c. Clover- December. $7 90: March. $8 15. Alsike—Cash. $8.50, December. $8.70. NEW YORK CASH GRAIN By I’nited Press NEW YORK. Dec. s—Wheat—No. 2. red $1.02%: No 2. hard winter $1 02% corn. No. 2. mixed. 47%c. Oats— No. 3, white. 44c. All quotes C. I. F. New York. CHICAGO CASH GRAIN By United Press CHICAGO. Dec. s.—Cash grain close: Wheat—No. 2 hard, 84%c. Corn (oldi No 2 mixed, 47c; No. 2 yellow. 46%® 48%c; No. 3 yellow, 46%® 47c, (new) No 2 mixed, 45c; No. 3 mixed. 43%®45c: No. 2 yellow, 45®46%c: No. 3 yellow. 44%® 46c; No. 4 vellow 41%®44%c: No. 5 vellow 42 %® 43c: No. 2 white. 46047 c No 3 white. 44%046c. Oats No. 3 white, 34% ®35%c; No. 4 W'hite, 32%c. Rye—No 1. 63%c. Barley—4o® 66c. Timothy—ss sOo> 6. Cloverseed—sll® 13 75 Cash provisions: Lard, $4.95; loose. $4.65; leaf. $4.62: S. bellies. $5.50. ST. LOUTS CASH GRAIN By United Press ST. LOUIS. Dec. 5. Cash grain: Wheat—in good damand, 3c higher No. 1 red winter, 88%c: No. 2. red 88c; No 2. Red 89c nominal. Hard grades, 2%c higher. No. 2. hard 86%c; No. N 2, hard 88c; nominal. Corn in good demand, 1 to 2%c higher; No. 2. yellow, 48%c No 3 yellow. 46%c; No. 2. yellow' old. 47%c No. 1. white. 36c. NEW YORK COFFEE FUTURES —Dec. 5 SANTOS High. Low. Close. January 8 43 March 8 63 8 55 8 55 May 8.75 7 68 8 68 July 8 78 September 9 08 RIO January 6 04 March 6.15 6 06 6 05 May 6 28 6 20 6.20 July 6 42 September 6 42 December 6 00 5.16 5 96 The City in Brief TOMORROWS EVENTS Advertising Club, luncheon, Columbia Club. Engineering Society, luncheon, Board of Trade. Sigmi Chi. luncheon. Board of Trade. American Business Club, luncheon. Columbia (Tub. Caravan Club, luncheon, cathedral. Acacia, luncheon. Harrison. Illini Club, luncheon. Columbia Club. . Real Estate Board, luncheon, Washington. Alliance Francalse. 8 p. m., Washington. Firemen’s Association auxiliary, 8 p. m.. Washington. Sons of American Revolution, luncheon. Splnk-Arms. United Foreign Missionary Conference, alt day, First Baptist church. Indiana Library Trustees, convention. Lincoln. In the Air Weather conditions at 9 a. m : North northwest wind, 11 miles an hour; temperature, 34; barometric pressure, 30.07 at sea level; general conditions, overcast; ceiling, estimated 1,500 feet; visibility, 7 miles. Bov, 4, Steps on Nail Earl Gentry, 4, of 1042 South Keystone avenue, was injured yesterday when he stepped on a nail while playing in the yard at his home. He was taken to city hospital by police. Parked Car Is Looted Clothing and a blanket valued at $73 was stolen from the car of Mrs. Charles Thompson, Lexington Kv., while it was parked last night in front of 3510 North Pennsylvania street, she reported to police. Although the British navy gives a daily rum ration to its men, only about one-third of the men accept it; the others take the twopence in lisu of the rum.

DEC. 6, 1933