Indianapolis Times, Volume 45, Number 185, Indianapolis, Marion County, 13 December 1933 — Page 22

PAGE 22

Government Advances to Banks and Improved Security Prices Should Ease Business Credit. Times Special Financial Writer

Two important recent developments tend to make it easier for the business man to secure credit from now on. One is the general improvement in the prices of securities, and the other is the capital advances which the government has granted to the banks through the purchase of their preferred shares. A third, which is still somewhat problematical, is the return flow of capital to this flow'. The claim has been made that the banks of the United States have plenty of funds to loan to business, but that because of general conditions and the President's monetary policy, they have not had sufficient confidence in the trade outlook to do so. This claim 'is hardly supported

by facts. While most of the New York banks probably are well suppled with cash, the institutions throughout the country would seem to be in no such favorable situation. If the banks had all the free resources claimed for them one might well ask why they needed help from the government to comply with the provision of the law requiring them to set aside funds with which to guarantee deposits. It is rather obvious that this assistance would not have been given had it not been needed, and it is fair to assume that if it were merely a matter of having funds tied up in good securities, rather than having made outright purchases of preferred stocks, placing the funds in capital account. ana Helping Clients Hurt Banks The banks, generally speaking, are not apt to be blamed too severely for their lack of available lending j funds. The depression has wrought havoc with their

Ralph Hendershot

investments, the great majority of which were reasonably safe when made. And it probably is reasonably safe to assume that the banks W'hich really tried to make things as easy as possible for their borrowers when the slump came are among those now most in need of government assistance. In all probability many banks withheld loans to their clients in recent months so as to meet the guarantee provisions of the law’, which goes into effect on Jan. 1. But now' that the government has come to their assistance, they undoubtedly can feel much freer to extend credit where it is amply protected. Their recent upturn in the security markets also should make them more liberal in their loans. It has tended to improve their positions, and it has made some of their loans previously granted on collateral look much better. a a a ' Capital Beginning to Return The return of capital to this country would have the same effect on the banks as the return of hoarded funds did last March. That portion of it which is deposited in the institutions should make them just that much more able to carry on their normal functions. That this money has just begun to come back is reported in responsible quarters.

New York Stocks (By Abbott. Hoppin St Cos.i 1 " 1 1

—Dec 13Oils— Prev. High. Low. 10:30. close. Amerada • • • • • • All Rfg 30 17 , 20’a 29% 30% Barnsdail , 9 * Consol Oil 11% 11% H% 11 - Cont of Del .... 18% 11% 18% 18% Houston i newt ’*■* Houston told ... ••• *•> Indian Rig ", Shell Un 8% 8% Mid Cont Pet ••• *■?.>* Ohio Oil 11% I^% Phillips Pet 1?% Pure Oil U% 11 ’ Simms Pet 19 _ Skellev Oil • 8* o n Soc Vac 18% I®,* SO of Cal 42% 4*'2 42’b 42;. S O of Kan 38 1 SOof N J 4b% 4e a Sun Oil 51% ■■■, Texa* Corp 2o'* 2b a Tidewater Assn 10% 10 n In Oil of Cal 19% 20 Am Ron” Mills 19% 19% •Bern steel ... 38% 3b- * Brers AM 28'/# 28 28 l /a 29 Col Fuel & Iron 4% Cruc Steel 22% Gulf Sts Steel 23 ... Inland Steel 3J % Ludlum Steel •• !• - McKeesport Tin. .. ... 89% 89 Nati Steel ••• 89% 89 Natl Steel „ ••• *••,, 49;* Rap Iron & Steel 17% 17 17% h . Rep Iron & Stl pf ■ 40 U S Smelt 90 89% 90 89% Vanadium ... 23 * Mid Steel 14 14 U S Pipe & Fdy ~ 20 U S Steel 47% 47% 47% 4.% U S Steel pfd 88 88 Youngstn S&T .. ... 23% 23 2 Rails— Atchison ... • • • a At! Cst Line 41 41 B&O 25% Can Pac 13% 13% 13% 13% Ch & Ohio 40% 4040% 40% Chi & Ot W ... 3% 3% O M & St P pfd 8% 8% Chi N W * 8% Chi R Isl 3% 3% Chi R I 7% pfd 5% Dela & Hud 58% Erie 16% 16% Grt Northern 22 21% 21% 22 111 Central 33 32% 33 33% K C Sou •• 13% Lou & Nash ... 51% 51% j MK& T 9 9 Mo Pac 3% I Mo Pac pfd ... 5% 5 N Y cent 37% 367/ b 36% 37 N Y Chi & St L ' 16% N Y C & St L pf 19% 19 19 19 N Y New Haven 18 17% 18 17% N Y Ont & Wes 9% 9% Norfolk & Wes 161 160% Nor Pac 24% 25% Penn R R 31% 31% 31% 31% Reading . . 47 Sou Pac 21% 21% 21% 21% Sou R R 26% 26% 26% 26% Sou R R pfd ... . . 29% Union Pac 114 Wabash ... 2% 2 West Marl ... ... 9% Motors— Auburn 55% Chrysler 52% 51% 51% 52 Gen Motors ... 34% 34% 34% 34% Graham Mot . 33% Hudson ... 14% 14% MacE truck '.::::: ::: Nash ... 24% Packard 4% 4% 4% 4% Reo , 3% Studebaker 4% 4% Yellow Truck - . . 4% Motor Access— Bendix 16% 16 s * 16% 16% Bohn Alum ... ... 52% Borg Warner .. . 20% 20 20 19% Briggs ... 10% 10% Budd Wheel 3% Eaton Mfg ... 14 13% Elec Auto Lite 19% 19% 19% 19% Hond A J’* Murray Body 6% 6% Stew Warner ... ... 6% Timken Rol .... 31 30% 30% 30*2 Mining— „„„ Alaska Jun ...... ... ... 20% Am Smelt 43’* 43 43 43 Anaconda 14% 14% 14% 14% Ca! & Hecla . ... 4% Cerro De Pasco . 33% 33 33 33% Granov • ,j* Gt Nor Ore 10% 10% Homestake Mm ... ... Howe Sound 32 Ins Copper ... *,* Int Nickel 21% 21% 21% 21% Kennecott Cop . 20% 20% 20% 20% Noranaa Cop 34 3 Phelps Dodge 16% 16*b Tobaccos— Am Snuff ... 51 51 Am Sum Tob ... 16% 16% Am Tob A’ ... ... *3% I Am Tob B 75 Gen Cigar . . 29% Ligg & Myers B . ... Bb% 1 Lorriilard 17% 17% 17% 1< a Revno.ds Tob B. 48 1 48% 48% 48% Equ.pments— Allis Chalmers If % Am Car A: Fdy 25% 2d' 2 Am Loco 29% 25% Am Mach & Fdy • • 14 3 * Am Steel Fdy 20% 21 Bald Loco 12 3 b 12% 12% 12% Burroughs -■ *O% Case j 1 72 72% Cater Tract 25% Coigat Palm Peet • Congoieum ....... ... ••• 25% Elec St or Bat ... .. 4d% Foster Wheeler .16 15% 15% lb Gen Am Tk Car 32% 32% 32% 32 Gen Elec 20% 20% , Gen R K Sig 34% 34 Ingsoi Rand 64 In: Bus Mach.. .. ... •• 146% Int Harvester 42 42 Kelvinator 11% Natl Cash Reg 17% 17% Proc Si Gamble 40% Pullman Inc 48% 48% Stram ons Bed ... 1< * a Und Elliot 36 West Air B 27% W'estingh Elec.. 41 40% 40% 41 Worthing'n Pmp 24% Utilities— Am & For Pwr 9% 9% Am Power & Lit 7 7% AT&T 120 120% Am Wat Wits .*.. 19% 19% 19% 19'2 Brook Un Gas, 64% Col Gas & Elec 12' 12% Col G & E pfd 52% Com & Sou ... I*b 1% Consol Gas 38% 38% 38% 39% Elec Pwr & Lit s's E P & L pfd 9 Int T & T 14% 13% 13% 14 Lou G & E A 15'j 15% Nat Pwr & Lit 9% 10 North Amer 15% 15% Pac G & E 18% Pub Serv N J 35% 35% 35% 35% j So Ca! Edison .. 16% 16% Std Gas ... ... 8% St a Gas pfd ... ... 9% United Corp 5% s'* Un Gas Imp ... 15% 15% 15% 15%; Ut Pwr & Lit A 3 Western Union 59 59% Rubbera— Firestone 20% ! Goodrich 14% 14% ; Gcodvear 36% 36% V 3 Rubber 17 U S Rubber pfd 28 1 Kei Spring 2% 2% 2% 2%

Wall Street

Amusements—f Crosley Radio 9'% Fox A 15% Loews Inc 32 Radio Corp 7% 6 7 /s 6% 7% | HKO 2% 2% Warner Bros e% Foods—lAm Sugar 53% 51% [Armour A' 4% 4% 4% 4% Beatrice Cream .. ... 11% n* 4 Borden Prod ... 21% 21% Cal Packing ... ... 22% Can Dry G Ale 28% Coca Cola ... ... 97 Cont Bak A' 834 Corn Prod 77% 76% 76% 76- 4 Crm of Wheat 28 Uen Foods ... ... 37 Gold Dust ... 18 18% G W Sugar t 37 37 • iershey 51 int Salt 23 Loose Wiles ... 44% Natl Biscuit . 48% 48 48 49% Natl D Prod ... 131' Purity Brk .]. 741^ 3 Por Ric Sug 37 37 Std Brands 23% 23% United Fruit ... 64 Ward Bak A' . . .. ... '" 73,, Wrigley ... 56% Retail Stores— Ass Dry Goods 14 Best & Cos ... ' os 14 Gimbel Bros g Gimbel pfd ]..' 22 22 Gr Un Tea 51. Hahn Dept Sts 5% 6 Jewel Tea . 34 Kresge 8 S [" 14 Kroger Groc 14% 24 Macy R H 8 57 v. May Dept St 29% 29% Mont Ward 23% 23% 23 3 / 4 23% Penny J C .... 54'% 54% 54% 54% Safeway St 46% 46 i 4 bears Roebuck 43431/2 Woolworth 43 V A 42% 42 7 a 42% Aviation— Aviation Corp .... ... 734 71/. Douglass Air ... . 14% Curtiss Wright ’2% 2% Curtiss Wright A ... 5% 5% Nor Am Av ... . 53* United Aircraft.. 33% 33% 33% 32% Chemicals— Air Reduction 102% 103 Allied Chem ... 148 147 Am Com A1c0... 52% 52 52 52% Col Carbon 64 Com Solvents 32 32% Dupont 90% 91% Freeport Tex 4?% Liquid Carb 331% 30% Math Alkali 38'4 38% Tex Gulf Sulph 42% 42% Union Carbide . 46% 46% 46% 46% U S Indus Alco. .. ... ... 61% Nat Distl (new* 26% 26% 26% 26% Drugs— Cot.v Inc ... 4 4 Lambert ... ... 28% Lehn & Fink 18% 18% Zonite Prod c% 7% Financial— Adams Exp ... 8% 8% Allegheny Corp 3% 4 Chesa Corp ... . . 351/2 Transamenca .... ... 6% 6% Tr Conti Corp 434 Building— Am Radiator ... 15 14% 15 14% Gen Asphalt ... 15% 17% Int Cement 30% Johns Manville 60% 61% Libby Owens Gls 34% 34% 34% 35 Otis Elev 15% 15% Ulen Const ... ... 3 Miscellaneous— Am Bank Note 15% Am Can 98% 98% Anchor Cap ... . 20% Brklyn Man Tr. 31% 31% 31% 31% Conti Can 76% 76% 76'2 76% Eastman Kodak 82 83 Owens Bottle ... . . 83 Gillette 10 10 Glidden 16% Gotham Silk 8% Indus Ravon ... ... 82% Inter Rapid Tr. 11% 11 11% 11% Real Silk Hose.. .. ... 9% 10 Investment Trust Shares (By Abbott, Hoppln & Cos.) —Dec. 12— , , Bid. Ask. American Bank Stocks Corp. . .74 84 American & General Sec A... 3.50 5.50 American & Inv Tr Sh 1.50 250 Basic Industry Shares 345 355 British Type Inv Tr Sh 45 50 Callateral Trustee Shares A.. 4.75 495 Corporate Trust Shares (old*. 239 2.42 Corporate Trust Shares (new* 229 233 Cumulative Trust Shares 4 15 Diversified Trust Shares A... 625 Diversified Trust Shares B. . 7.37 7.52 Diversified Trust Shares C... 3.11 315 First Insurance Stock Corp. . 1.32 136 Diversified Trust Shares D. . 485 500 First Common Stock Corp 83 98 Fixed Trust Oil Shares A 8.90 910 Fixed Trust OH Shares B 750 770 Investors Inc 18.00 18.25 Land Bank Bond Shares 92 1.02 Low Priced Shares 562 572 Mass Inv Trust Shares 18.12 18*37 Nation Wide Securities 320 33c North American Trust Sh (531 191 North American Trust Sh *ss* 240 244 North Am Trust Shares (58* 255 275 Selected American Shares. 262 Selected Cumulative Shares.. 687 796 Selected Income Shares 370 400 Std American Trust Shares A 298 302 Trust Shares of America 290 295 Trustee Std Oil A 5.50 570 Trustee Std Oil B 515 525 U S Electric Lt & Pwr A 10 50 11 00 Universal Trust Shares 3.05 3.10 U. S. Government Bonds By United Press NEW YORK. Dec. 12. (Decimals represent thirty-seconds' LIBERTY 3* 2 s 132-47) 100 2 First 4%s (32-47' 101 3 Fourth 4%s (33-38) 101 14 Fourth 4 ! s i33-38' called 1012 TREASURY 4%S (47-521 92 24 Ji*-M) 102 26 3%S (43-4,1 98 25 3%s (41-43( March 98 27 3%s 140-431 June 98 30 3%s (411 98 19 3 l sS '46-491 95 16 3s (51-55) 94.10 Daily Price Index By United Press NEW YORK. Dec 12—Dun & Bradstreet's cailv weighted price index of thirtv basic commodities, compiled for tha United Press: _ (1930-1932 Average. 100* Today 100 87 Yesterday .. 10138 Week ago 100 32 Month ago 102 30 Year r.go 71 95 1933 H:sh (July 18* 113,52 1933 Low 'Jan. 20' . 67.86 Copyright. 1933. by Dun & Bradstreet. Inc.

STOCKS MOVE ! IRREGULAR IN SMALLRANGE Utilties Gain Fractions as Electricity Output Increases. Average Stock Prices — —— Average of thirty industrials yesterday: I 103.03 high, 101.06 low. 101 64 last, off 0.30. ! Average of twenty rails, 43.30. 42 09, 42.47, ; off 062 Average of twenty utilities, 24.74. 24.10, 24 37, up 0,04. Average of forty bonds, 83 12, up 0 14. Average of ten first I rails, 89 66, up 0.22 Average of ten second rails. 67.32, up 0.26. Average of ten utilities. 91.27. up 0.02. Average of ten industrials. 84.22. up 0.06. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Dec. 13.—Stocks turned irregular in a narrow range today in dull trading after mid-ses-sion. Some of the utilities made fractional gains on a sharp rise in output of electricity for the week ended Dec. 9. Fractional gains w'ere made by Public Service at 35%, North American at 15% and American & Foreign Power at 9 7/ g. Local tractions were firm. Electricity output for the week ended Dec. 9 amounted to 1.619,157,000 kilowatt hours, anew high for more than a month and up 6.6 per cent from the corresponding week of 1932. The New England region registered an increase of 6.4 per cent over a year ago; Rocky Mountain section 21 per cent and central industrial area 8.8 per cent. Radio Corporation opened 2,000 shares at 7 7 5, up V 8 and International Telephone 14%, up %. American Telephone eased % to 120. Electrical, equipments eased fractionally. Steels were steady around the previous close with U. S. Steel at 47%, off %. Copper shares were fairly active but little changed. Gold mining issues were up small amounts. Silver issues dipped slightly. - Rails were slightly higher. Bank Clearings INDIANAPOLIS STATEMENT —Dec. 12Clearings $1,843,000.00 Debits 4,353.000.00 TREASURY STATEMENT —Dec. 13Net Bal. for Dec. 11 $1,016,512,809.66 Misc. Int. Rev. Rcpts 6,830,195.24 Customs repto. (mo. to dt.) 9,676.487.03 New York Curb (By Abbott, Hoppin & Cos.) —Dec. 12— Close Close Allied Mills ... B%|Glen Alden C... 12% Alum Cos of Am 79 Gulf Oil of Pa 60 Am Beverage... lVHiram Walker.. 44 Am Cyanide B 13*4 Hud Bav Min... 8% Am Gas & El.. 20% Humble" Oil 103% Am Superpower 2Valmperial Oil Ltd 13% Ass Gas & El. . . ‘4;lnt Petrol 20% Atlas Corp lWLake Shore Min 42% British Celanese 3% Lone Star Gas. 6 Can Indus Ale A 15% Mt Producers... 4% Can Marc 2%|Natl Bellas Hess 2% Cities Serv l%iNewmont Min... 49 Common’th E. 38%.Nia Hud Pwr 5% Consol Gas of 848 Novadel Agene.. 57% ford Corp 7 Pan Am Airways 4f Creole Petrol .. 10 Park Davis 25‘/ 2 Crown Cork Inti 6%'Penn Road 2% Deere & Cos 32 3t Regis Paper.. 2% Distillers Lim. . . 21% Sal Creek Prod. 6 Dow Chem 73% Std of Ind 32% El Bond & Sh.. 14>V3td of Ky 15V, Fisk Rubber ... 7%Technicolor Ind. 9!4 Ford of Europe. 5% reck Hughes G 5% Gen Aviation... S%KJn Pwr & Lt A. 2% Gt Atl & Pac 139 I Wright Harg’s M 6%

Foreign Exchange

(Bv Abbott. Hoppin & Cos.) —Dec. 12— ' Close. Sterling. England $5.06% Franc. Francs 0607% Lira. Italy 0605% B-*lsias. Belgium 2152 Mark. Germany 3695 Guilder. Holland 6213 Peseta. Spain 1267 Krone. Norway 2555 Krone. Denmark 2270 Federal Farm Loan Bonds (By Blyth Sc Cos., Inc.) —Dec. 12Bid. Ask. 4s Nov. 1, 1957—37 79% 80% 4s May 1, 1950—38 79% 80% 4%s July 1, 1956—36 80 81% 4%s Jan. 1, 1957—37 80 81% •?%S May 1, 1957—37 80 81% 4%s Nov. 1, 1958—38 80 81% 4%s May 1, 1942—32 86 87% 4%s Jan. 1. 1943—33 86 87% 4%s Jan. 1. 1953—33 82 83% 4%s July 1. 1353—33 82 83% 4%s Jail. 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 86 87% 4%s Jan. 1, 1954—34 86 87% 4%s July 1. 1954—34 86 87% 5s May 1, 1941—31 93% 94% 5s NOV. 1, 1941—31 93% 94% Home Loan 4s, July 1, 1951 . . 84% 85% - Bright Spots By United Press Ainsworth Manufacturing Company declares extra dividend of 50 cents a share on common stock. Pie Bakers, Inc., declares dividend of $3.50 in account of accumulations. Chicago Flexible Shaft Company declares dividend of 26 6-19 cents a share, against previous payment of 15 cents a share. Providence-Washington Insurance Company declares extra dividend of 20 cents a share. In the Cotton Market —Dec. 12— CHICAGO High. Low. Close. January 10.12 March 10.27 10.18 10.20 May 10.46 10.31 10.34 July i 10.54 10.43 10.43 December 10.17 10.10 10.10 NEW YORK January 10.07 9.92 9 95 March 10.20 10.08 10.10 May 10.35 10.23 10.24 July 10.47 10.36 U* 37 October 10.65 10.55 10.58 December 10.07 9.92 9.95 NEW ORLEANS January 10.01 9 90 9 98 March 10.17 10.07 10.07 May 1031 10.21 10.22 July 10.44 10.34 10.35 October 10.60 10 51 10.51 December 9.96 9.89 9.89 CHICAGO FRUIT MARKET By United Press CHICAGO, Dec. 12.—Apples—Michigan Jonathans bushel, sl.3sft 1.50; Mclntosh bushel. $1,253 1.75. Carrots—lllinois. 50*>i ,5c bushel. Spinach—lllinois best, bushel. Boc. Beans—Southern green. sl.2s'*i $2,504) 2.75. Mushrooms—lllinois, 15325 c pound carton. Cucumbers—SouthJJ] n * ,5^ 2 ~ 5; central western hothouse, $23 3 Tomatoes—California. 51.65',; 2: Illinois and Ohio hothouse, si. Leaf lettuce—lllinois hothouse, 12%@15c box. Celery—Michigan square crate 3045 75c. Cabbage—Wisconsin. 100-lb sack $2 50 Sweet potatoes—lllinois. $1.1545-1.35: Indiana* 81.50. Onion market—Western Valencias, bushel. 35c isi; central western yellows, bushet •5 , :52 1 2c; western central western whites, bushel $1.35451.50. NEW YORK RAW SUGAR FUTURES —Dec. 12High. Low. Close. January ... 116 March ••• 1.21 1.20 1.20 May 1.27 1.25 1.26 July 1.31 September 1.37 1.36 1.36 December ... 1 ig

THE INDIANAPOLIS TIMES’

| Chicago Stocks | 1 B? Abbott. Hoppin St Cos. TOTAL SALES 70.000 SHARES —Dec 12— High. Low. Clooe. Acme Steel Cos 28 Advance Aluminum 2% Ainsworth Mfe 8 Asbestos Mfg 3% 3% 3% Assoc Telephone Util % i Bastian-Blesslne .... v% 7% 7% Bendix Aviation 17V* 16% 16% Borg-Warner 20% 19% 193* Butler Bros 4*4 4V* 4% Cent 111 Pub Serv pfd 18 Cent Pub Serv Class A V* Cent & So West \ Cent * So W pfd 3% Chi A North Western.. 9'* 8 s * 8% Chicago Corp com 2% 2% 2% Chicago Corp pfd ... 22% 22 22 Chicago Flexible Shaft.. 10*4 10 10 Chicago Towell pfd 65 Cities Service 2 1% 1 7 4 Commonwealth Edison.. 39 38 39 Cord Corn 7% 7 7 Crane Cos B*4 7% 8 Crane Cos pfd 47 42 45 Great Lakes Aircraft... I*4 1 lVa Great Lakes Dredges.. 19% 19V* 19% Grig6bv-Grunow % % % Houdaille-Hershey B 4% 4 4% Interstate Power 6% ... 7% Kalamazoo Stove .... 24 23 24 Kellogg Switch, Coin 3% Keystone Steel 10 9% 10 Keystone Steel pfd ... 65 LaSalle Extension Univ .. ... % Libby-McNeil ... 3V* Lynch Corp 35 34 34 Maples Cons Mfg Cos.. .. ... 32% I Marshall Field 15*4 14*4 14% McGraw Electric ... 4 Mickelberry's Food Prod 2% 2% 2% Middle West Utilities.. 48% 48 48 Middle West Ut 6% p A % National Battery ... 22% National Leather ... 1 National Repub Inv IV* Noblitt-Sparks Indu Inc 24*4 24 24*4 Northw Bancorporation 4*4 4 4% Northwest Engineering 5 No West Util Pr Lien 2% Potter Cos 4*4 3% 4% Public Serv N P 16% 15% 15% Public Service 7% pfd.. .. ... 43 Quaker Oats Ratr Packing 23*4 Raytheon VTC 2*4 Reliance Mfg Cos ... 15*4 Ryerson & Son ... 12 Scars Roebuck 44 So West G & E pfd 42 Stand Dredging Cos pfd 2% 2*4 2% Sutherland Paper Cos 5% Swift '& Cos 15 14% 14% Swift Internacional .. . 29% 28% 28% Thompson J R 7% 7% 7*/ U S Gvpsum com ... 47* * Utah Radio 2% 2 2 Utility & Ind % Vortex Cud Cos 9 8% 9 Vortex Cup Cos A ... 26 Wahl 1% Walgreen Cos com > ... 18 Ward Mont A ... 87 Wayne Pump pfd ... 1% Yates Machine ... % Zenith Radio 4 33% 1 On Commission Row —Dec. 13Fruits Cranberries —Cape Cod early blacks, 25lb. box, $2.50. Grapes California emperors, crate, $2 150 2.25. „„ , Pears—Washington D'Ajou (90-1655), $2.50; Washington Bose (100-1355). $2.75; j Avacos, Fla. (10-lSc), crate. $1.75®2. Bananas —Per pound. 5%c. Apples—Wealthy, Waif River. Grimes Golden, Jonathan. Florida. [email protected], a bushel: fancy Jonathans, $2 a box. Grapefruit—s3@4. „ „ Oranges—California Valencias, $3.50, a box. Lemons—(36oc), $5. Vegetables Cabbage—Eastern Danish, 50-lb. bog. $1.75. Onions—Western white. 50-lb. bag, $1.25; Indiana white, 50-lb. bag, $1.25; Indiana yellow. 50-lb. bog. $1.25. Beans —Round stringless, hamper, $1.75. Beets—Bulk per bushel, $1.15; California, $3 a crate. Peas —30-lb. hampers, $3.30. Carrots—Ohio, 40c per dozen. Cauliflower —California (li-12s), crate $1.05. Celery—Michigan Mammoth, bunch, 65c; medium bunch. 45c; hearts. $1.15; 15-bunch flat, crate, $1.15; California, $2.75 crate. Cucumbers —Florida, $4 bushel; hothouse, 90c per dozen. Lettuce —Iceberg best (4-ss) crate, $4.50; hothouse, 15-lb. basket, 90c. Radishes—Hothouse button, 40c dozen. Spinach—Broadlcaf. per bushel, 90c. Turnips—Per bushel, 75c. Tomatoes—Hothouse. sl.lO, 8-lb. basket. Potatoes —Northern Round white.-- 100lb. bag. $1.65® 1.75; R. R. Ohios. 100-lb. bag, [email protected]; 15-lb. bag. 33c; Idaho Russets. 100 lbs. bag. $2.10. Sweet Potatoes —Nacy Halls, per bushel, $1.50.

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% lbs. and over, lull featnered and fat, 6c; under 4% lbs.. 4c; geese, full feathered and fat, sc, Turkeys—No. 1 vpung 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, 20c; 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, 25@26c; No. 2,22023 c. Butter—No. 1. 254/26c; No. 2, 22@23c. Butterfat—l6c. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO, Dec. 13.—Eggs—Market weak, receipts, 1,567; extra firsts, 21%c; fresh graded firsts, 19 %c; dirties, 1145.13 c; checks, 1045.12 c; current receipts. 1745.18 c. Butter—market weak; receipts, 7,451; extras (92 score), 19c; storage extras (92), 16%c; storage standards (90), 15c; extra firsts (90-91%), 18@18%c; firsts *BB-394; 1, 14%@17c; seconds <B6-87%), 14c; standards (901, 18c; specials, 19%4520c; (89), 17%c; (88), 14%c; storage (89), 14c. Poultry—Market about steady; receipts, 57 trucks, 1 car due; Rock springs, 10%fr(> 11 %C; Leghorns, 7c; hens, heavy, 10c; colored springs, 9%4510%c; Plymouth Rocks, 10%45 11c; white Rocks, 10%45 11c; geese, 9%c; ducks, small, 7c; turkers, 114515 c; roosters, 6%c. Cheese —Twins, 11%4u ll 3 ic; S. daisies, 124;,12%c. Potatoes— Supply moderate; demand and trading moderate; market about steady: Wisconsin round whites, 51.254; 1.30; Idaho russets, [email protected]; combination grade. $1,354/ 1. .45; U. S. No. 2, $1.30451.35; Colorado McClures, $1.60; shipments. 426: arrivals, 49: on track, 216. Other Livestock BY UNITED PRESS CLEVELAND, Dec. 13.—Cattle—Receipts, 550; market steady in slow* trading; choice steers about 25c higher at $6456.50; good 550-900 lb. steers, $5455.50; good lOfl-1,000 lb. heifers, $4.25 454.75; good cows, all weights, $2.504;3. Calves—Receipts, 500; market 50c lower due to Christmas holiday lag in buying. Choice to prime, s6';; 6.50; choice to good, $5456; fair to good, $4(3.5; common, $3454. Sheep—Receipts, 2,000; market steady; choice wethers, $2.50 453.25; medium to good. $1,504(2; choice spring labs. $745 7.50; good to choice. $6457. Hogs—Receipts, 1,200; market steady in moderate trading, not much change in prices as compared with yesterday’s close; heavies, $3.25453.40; choice butchers. 150-250 lbs., $3.40: stags, 51.25; roughs. $2.25; pigs, $2.50. KANSAS CITY, Dec. 13. Hogs Receipts, 5,000, including 480 directs; active, uneven, steady to 10c higher than Tuesday's average: top S3 20 on choice 190-230 lbs.; light lights. 140-160 lbs., $2.604;3.05; light weights, 160-200 lbs., $2.904i.3.20; medium weights, 2'oo-250 lbs.. $3.20; heavy weights, 250-350 lbs.. $2,904/3.15; packing sows, $2.154/2.60; feeder *,nd Stocker pigs, $2452.50. Cattle—Receipts. 4,000; calves, 500; fed steers and yearlings steady to strong; quality rather plain; other killing classes unchanged; Stockers and feeders slow, steady; choice mixed yearlings held around 56.25; most sales fed steers anu yearlings 53.2545 5; steers, good and choice, 550-1.500 lbs., $3 2545.6.25; steers, common and medium. 52.75454.50: heifers, good and choice. 550-900 lbs.. $4.35456: cows. $1.7545 3; vealers, $345 5.50; Stockers and feeders, 53.35*34.85. Sheep—Receipts. 7.000; native lambs steady to weak; no fed lambs sold early; sheep steady; best fed lambs held above $7. NEW YORK COFFEE FUTURES —Dec. 12— . —Santos— ’ High. Low. Close. January 8.47 March 8.75 8.63 8.63 May 8.75 July .... 8 83 September 9.25 9.14 9.14 December 8.45 —Rio— January 6.07 March 6.17 6.10 6.13 Mav 6.23 6.22 6.22 July 6.32 September 6.47 6.43 6.43 December 6.02 SLAYER FOUND GUILTY BY NEWCASTLE JURY Samxnie Crabtree to Be Taken to State Reformatory. By Times Special NEWCASTLE, Dec. 13.—Sammie Crabtree is to be taken to the Indiana state reformatory today to begin serving a 1 to 10-year sentence, after having been found guilty of involuntary manslaughter in Henry Circuit court here in connection with the slaying of John Burris last September. The jury returned its verdict after five hours deliberation and sentence was immediately passed. Five Books. Blanket Taken Thieves who broke into the car of Charles Fancher, Maywood, last night, parked at Fountain Square, stole five library books and an Indian blanket, police were notified. Mr. Fancher said the only book title he remembers was “One Drop of Blood.”

PORKERS SHOW STEADY TREND AT Cin YARDS Cattle, Veals Unchanged; Lamb Prices Mostly 25 Cents Off. Trading on hogs at the Union stockyards this morning remained mostly steady with yesterday’s aver- , age. Early action was displayed in ; practicall all classes and receipts I continued heavy. The bulk, 160 to | 275 pounds, sold for 53.15 to $3.20. Several choice grades held up to 53.25, while heaviest kinds weighing i 275 to 350 pounds were selling at |s3 to $3.10. Bulk, 140 to 160 pounds j sold at $3.05 to $3.15, with 120 to ; 140-pounders salable at $2.60 to | $2.25. Light pigs brought $1.50 to $2.25. Receipts were estimated at 12.000; holdovers, 319. General trade in the cattle market held stationary. Early bulk of steers sold at $4.25. Few mixed steers and heifers were selling at $6.25, while most grades of heifers sold under $5. Receipts numbered 1,000. Vealers continued unchanged at $5.50 down. Receipts were 600. Initial action developed slow in the lamb market, and early sales were weak to around 25 cents or more lower at $7 down. Other bulk prices were not established. Receipts were 2,000. Asking was slightly higher or\ hogs at Chicago, with several early bids steady at yesterday’s average at | $3.25 for 200 to 250-pound grades. J Other kinds remained less active. | Receipts were estimated at 31,000, ; including 10.000 directs; holdovers, 1 3,000. Cattle receipts numbered 1 9,500; calves, 2,000; market unchanged. Sheep receipts were 17,000; market weak. HOGS Dec. Bulk. Top. Recepts. 7. $3.30(0 3.40 $3.40 9,000 8. 3.300 3.40 3.40 11.000 9. 3.250 340 3.40 5.000 i 11. 3.15® 3.25 3.25 14.000 12. 3.15® 3.20 3.20 12.000 13. 3.15® 3.20 3.25 12,000 , Market Steady (140-160) Good and choice.. .$ 3.05@ 3.15 —Light Weights—-(l6o-180) Good and choice.... 3.20 (180-2001 Good and choice 3.20® 3.25 —Medum Weghts—-(2oo-220) Good and choice 3.20® 3.25 (220-225) Good and choice 3.20® 3.25 —Heavy Weghts—-(2so-290) Good and choce.... 3.10® 3.15 (290-350) Good and choce 3.00® 3 10 —Packng Sows—(3so down) Good 2.35® 2 60 (350 up) Good 2.25# 2.50 (All weights) Medium 2.00® 2.35 —Slaughter Pgs—-(100-130) Good and choice.... 2.00® 2.63 CATTLE Receipts, 1,000; market, steay. (1,050-1,1001-Good and choce $ 5.00® 6.25 Common and medum 3.00® 5 00 (1.100-1,500) Good and choce 4.50® 6 15 Common and medum ....... 3.25® 4.50 (675-750) — Good and choce 5.00® 6.25 Common and medum 3.00® 5.00 (750-900) Good and choce 4.25® 6.00 Common and medum 2.50@ 4.25 „ , —Cows— I Good ; 2.60® 3.00 Common and medum 1.85®2.60 Low cutter and medum .... I.oo@ 1.85 „ , —Bulls (yearlng excluded i Good (beeff 2.00® 2 75 Cutter, common and medum.. I.oo® 2.00 VEALERS Receipts, 600; market, steady. Good and choce $ 5.00® 5.50 Medum 3.000 5.00 Cull and common 50® 3.00 - —Calves—-(2so-500) Good and c hoce 3.50® 4.50 Common and medum 2.00@ 3.50 -7^ Feecier and Stocker Cattle—-(soo-800) Good and choce 3.50® 4.50 Common and medum 2.00® 3.50 (800-1.500) Good and choce 3.50® 4 50 Common and medum 2.00@ 3.50 SHEEP AND LAMBS Receipts, 2,000; market, lower. (90 lbs. down) Good & choice.s 6.50® 725 l,?,- down > Com. and med.. 4.00® 6.25 (90-110 lbs.) Good and choice. 6.25® 7.00 —Ewes— Good and choee 1.75® ?75 Common and medum I.oo@ 1.75

Other Livestock BY UNITED PRESS. CHICAGO, Dec. 13.—Hogs—Receipts, 31,1 000 including 10,000 directs; mostly 10c e*l g *)n^'o C ii an , Tuesday; bulk 170-300' lbs., ? 3 b 3 Sj- 13 ' 40 ' la l, e top $ 3 - 45 : light lights, $2.90 r n P lg u* $2,254/2.75; packing sows, $2.30 5 2 ' f>5; i'ffrt Ughts, 140-160 lbs., good and choice, $2.8503.30; light weight, 160-200 lbs., good and choice, $3.2003.40; medium weights, 200-250 lbs., good and choice, $3.30 4;3 40; neavy weights. 250-350 lbs., good and choice, $34/3.40; packing sows 275-550 lbs., medium and choice, $2.1545 2,75; IDS * good and choice nnw r B ,;, Cattle—Receipts, 9,500; calves, 2,000: light steers and yearlings fullv steady; all other representative weights slow;; about steady on strictly good and choice long yearlings but lower grade long yearlings and light steers and old weighty steers weak; largely steer run; eveessive supply here: shipper demand comparatively narrow, especially on weighty bullocks* early top yearling steers, 56.65; several I ° ad ® c ° n |' de [ abl y higher; best medium w ! g ?K s3 ' 6 - 0: bulk Quality and common to sell $4.25*3 5.o0; sleughter cattle and val--550-900 lbs., good and choice. $54; 7: 900-1 100 lbs., good and choice. $5 Ji nz* ,i9 "L300 lbs., good and chc*e M-2506.2$ 1-300-1.500 lbs., good and choice] [email protected]: 550-1.300 lbs., common and medium. $2.75455; heifers, 550-750 lbs., good [email protected]: common and medium $2.7545 5; cows good. $2.75*3 3.75; common and medium, $1.75*3 2.75; low cutter and c i ut 3 e j\ [email protected]; bulls (yearlings excluded*, good *beef), 275-325; cut common and medium. S2O 3: yearlings good and choice. $4*35.50: medium. $334; cull and common, $2.5033; Stocker and feeder cattle: steers. 550-1.050 lbs., good and .S^ 1 ,??,* $3.7535.25; common and medium $2.75 3 4.25. Sheep—Receipts. 14,000; fat lambs opening slow, undertone weak to 25c lower; talking $73 7.50 on good to choice offerings with occasional sales higher; sheep steady to weak: feeding lambs scarce and firm: slaughter sheep and TSmbs* lambs 90 lbs. down, good and choice. $6.75 37.35; common and medium. $536.75; ewes 90-150 lbs., good and choice. $2.2533.50: aH weights coprmon and medium. $1,503 2 10: feeding lambs. 50-75-lb., good and choice. $5.50 3 6.10. EAST ST. LOUIS, Dec. 13.—Hogs—Receipts. 9,000; market 5 to 10c higher; pigs and light lights showing upturn; top $3.35 early; bulk 160-230 lbs.. $3.30- some held at $3.35; a few sales $3.25 dow*n: 140-150 lbs., mostly S3 3 3.20; 100-130 lbs., $23 2 75sows, $2.20 3 2.40. Cattle—Receipts, 3.500; calves, receipts. 1.500: market: steer supply unusually liberal, no early sales; indications lower; other classes opened steady; mixed yearlings and heifers largely $43 5.75: cows $23 2.50; low cutters. sl3 1.25: top sausage bulls. $2.75: top vealers] $5.25. Slaughter steers. 550-1.100 lbs. good and choice. $53 6.25; common and medium. $2.753 5 25; 1.100-1.500 lbs , choice $4.5035.75; good. $3.7535.50; mediums] $3.253 5. Sheep—Receipts, 1,500: market * no early sales: packers talking lower' holding better lambs around $7 and above* lambs, 90 lbs. down, good and choice] $6.753 7.25; common and medium, S3 503 7: yearlings. w*ethers, 90-110 lbs., good and choice. $4.503 5.75: ewes 90-150 lbs., good and choice. $1.603 2.75: all weights common and medium. sl@2. FT WAYNE. Dec. 13.—Hogs—5 cents hieher; 160-200 lbs.. $3.20; 200-250 lhs $3 10: 250-300 ibs.. $3: 300-350 lbs $2 85* 150-160 lbs . $2.95: 140-150 lbs.. $2.85; 130140 lbs.. $2.75: 100-130 lbs.. $2.35; roughs 52.25; stags. $1.50: calves. $5 50; lambs] 56.75. PITTSBURGH Dec. 13.—Hogs—Receipts 1.000: active, about steadv; good and choice 160-250 lbs . $3 653 3 70: top ana 1 bulk. $3.75: 275-325 ibs $3.50: 140-150 ibs ! $2 25: 120-140 lbs.. $2.753 l J 00: pigs 120-lb , down 523 2.75: packing sows. 15c higher at mainly S3. Cattle—Receipts. 25: nominal. ! Calves—Receipts. 75: slow; bulk vealers $6 * selected kinds. $6.50; medium. $4,503 5.50' 1 Sheep—Receipts. 80; indications steadv on all grades; choice graded lambs, quotable $73.7.50: common throw-outs around s3* aged wethers, $3.25 down. By Times Special Dec. 13.—Cattle—Receipts. 200: demand easier: market slow and about steadv on light supply; bulk common to medium steers and heifers $3 3 4.25: better finished fed offerings quotable $4.5035.75: bulk beef cows. $1.7532 25* practical top. $2.50: low cutters and cutters mostly sl*3 1.50: bulk sausage bulls. $2 50 down: best heavy kinds considered eligible higher: common to medium native stockers and feeders quotable mostly at 82.50 33 50. Calves—Receipts. 150 steady bulk better vealers. $43 4.50: medium and lower grades. S3 down Hogs—Receipts 900; 5c higher: 160-250 lbs.. $3 30; 255 lbs. up. $3: 140-175 lbs $2 90: 110-135 lbs., $2 10; 105 lbs down. $1.45: sows. J 2 Sheep —Receipts. 75; steadv; medium to good lambs mostly $5.500 6; bucks out at $1 discount; choice ewes and wethers quotable to $6.50; throwouts. $3 50, and bulk desirable slaughter ewees. $2.

—Today and Tomorrow — Professor Sprague's View on U. S. Abandonment of Gold Standard Draws Attack. BY WALTER LIPPMANN

1 SHOULD like to dissent from a contention advanced by Professor Spraguein the fifth article of the series he is writing for the New York Times and other newspapers. It is that our abandonment of the gold standard “has been of a strikingly different character” from Great Britain's. Professor Sprague's argument is that in Britain “the gold standard

was abandoned only after great efforts had been made to remain on gold” and that we did not make comparable efforts. With all due respects to Professor Sprague’s distinction as an economist, his practical experience as adviser to the Bank of England, and his complete scientific disinterestedness. I believe that he has misread the history of these events, and that his inferences are wrong. I believe, furthermore, that this fallacy, which is so widely accepted, is a serious cause of misunderstanding among the English-speaking peoples. Three months before Britain went off gold, the MacMillan committee, which had ben appointed by the chancellor of the exchequer, made a report diagnosing the British position. At the end of Chapter V the committee gave its conclusions as to why Britain’s trade position had become adverse, compared with that of her principal European competitors.

They were that Britain was under a “competitive handicap” which “the relative overvaluation of sterling and undervaluation of the French, ; Belgian and German currencies have imposed on our exporting manuj facturers.”

i They found that the difficulties of j the export trades and of trades which had to compete with foreign imports were “largely due” to the fact that “sterling costs did not prove adjustable.” What did they mean by “sterling costs"? Chiefly two things, wages and taxes. If Britain was to compete in the outer world, one of three things had to happen. Either world gold prices had to rise substantially, or the pound sterling had to be debased in relation to gold currencies, or wages and taxes had tc be “adjusted,” that j is to say, reduced. In the next : three months world gold prices did not rise. Therefore Britain had to choose between deflation of wages and taxes on the one hand and currency depreciation on the other. The British decided first to try deflation. They began with the budget and made what Professor Sprague properly describes as “great efforts.” They reduced the dole, government wages and salaries to the social services. To deflate that much Mr. McDonald’s labor government had to be wrecked, and the bulk of the labor party went into opposition. But when great effort had been made, it was still obviously not enough. Every one knew, labor as well as employers, that the next step had to be a reduction of wages in industry. To that step labor, which is very well organized in Britain, interposed a veto. The temper of the working classes was revealed on Sept. 15 when there was a mutiny in the fleet over the proposed cuts in pay. That ended all hope of restoring equlibrium by deflation. Six days later Britain went off the gold standard and the pound sterling depreciated. Now, it is perfectly true that Britain was forced off the gold standard. But what forced her off? It was not, as as usually said, her foreign creditors. It was the British working class, which would not submit to a reduction in wages. When Britain’s creditors and when the exchange speculators were convinced that Britain could not deflate any further, they knew the pound must eventually fall. So they fled from the pound and made it fall.

NOW what happened to us? We stayed on the gold standard and we deflated. While British wages in terms of sterling remained steady, we reduced factory pay rolls, through wage cuts and short time, by nearly 40 per cent. We cut farm prices by nearly the same amount. We deflated and deflated and deflated till at the end our banking system collapsed. Those were “great efforts” to stay on the gold standard, and no one, I believe, has the right to say that the American people did not pay a terrible price before they gave up the struggle. They fought eighteen months longer than the British, and they endured inordinate suffering and took great risks. Does any one doubt that if the British had been able and willing to cut their wages as ours were cut, and to subject masses of their people to the processes of bankruptcy and liquidation that our farmers and small business men had to undergo, they, too, could have stayed on the gold standard another year or so? Be that as it may, they did not deflate as we deflated, and the event showed that they w r ere wise. With the record what lt is, I, for one, do not think that any American need make any apologies or acknowledge for a moment that our moral position is in any way inferior to that of the British. What misleads many commentators, including, I think, Professor Sprague, is that the British gold stock was exhausted in September, 1931, whereas ours was very large in April, 1933. The inference is that if you have a lot of gold you ought to be able to stay on the gold standard. That is wholly misleading. Great Britain has ten times as much gold as Germany, but Great Britain is off the standard, and Germany is nominally on it. Great Britain has fifty times as much gold as Hungary, but the pengo is still at gold parity. Argentina has five times as much gold as Poland, but Argentina has a depreciated currency and Poland has -not. u a u LET us not be dazled by the glitter of gold. The problem of adhering to the gold standard is a wholly different problem; it is whether internal costs are sufficiently in adjustment with the gold price levels so that business can yield a profit. That this is the essential problem is shown by what is happening in Italy and France. Both countries are on the gold standard and would like to stay there. To do so they must deflate. Signor Mussolini has 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 FRICES Anthracite $14.25 Coke, nut size 8.75 Coke, egg size 8.75 Indiana forked lump 5.59 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 825 Pocahontas egg 8.25 Pocahontas forked lump 925 Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin.

,■ 1 -

taken the matter in hand. It is reported that he is going to reduce by about 10 per cent every salary and wake in Italy, and all charges for light, heat, food and transport; and since that is not going to be enough to make business secure, he is going also to guarantee the principal and interest on bond issues of private companies. It takes a dictator to do that. France, having no dictator, is struggling with the task of deflation. She is reducing government salaries and other costs. But that will not be enough. Unless gold prices rise she will have to cut costs in her industries or she will have to devalue the franc, or she will have to suffocate herself. It is the same problem that Britain faced and that we faced. I % respectfully suggest to Professor Sprague that the decision in France, as here, will not depend upon the size of her gold stocks. It will depend on whether the French people, in order to avoid devaluation, are willing to endure the sacrifices of a great deflation. Judging by the difficulties which the French government has been having in carrying through what is, relatively speaking, the easiest part of a delation—the cutting of the budget—it seems reasonably safe to say that if France is to stay on the gold standard the most difficult readjustments are still ahead of her. (Copyright, 1933, by The Times)

The City in Brief

TOMORROW’S EVENTS Ad Club of Indianapolis, luncheon, Columbia Club. Engineering Society, luncheon, Board of Trade. Sigma Chi, luncheon. Board of Trade. American Business Club, luncheon, Columbia Club. Caravan Club, luncheon, Scottish Rite Cathedral. Acacia, luncheon, Harirson. Illini Club, luncheon, Columbia Club. Real Estate Board, luncheon. Washington. Indiana Stamp Club. 7:30 p. m. Lockerbie. ARTISTS WILL HONOR KOKOMO EXHIBITORS Special Program to Be Given at Spink-Arms Exhibit. Kokomo exhibitors will be honored tomorrow at the Indiana Artists’ Club exhibition in the Spink-Arms. Mrs. Geraldine Armstrong Scott, one of the exhibitors, will be hostess, with the art department of the Woman’s Club of Kokomo in charge at night. Part of the program will include a living picture of Dolly Madison, f as she appears in the celebrated painting by C. Y. Turner. The scene will be given by Miss Catherine Cooper Graham, who has appeared under the management of the New York Theater Guild in several productions. She will give a monologue sketch written by Mrs. Gretchen Havens Gerhard of Kokomo. STETSON SPEAKER AT FELLOWSHIP BANQUET City Schools Head to Talk at Northwood Christian Church. Paul C. Stetson, city school superintendent, will speak at the fellowship dinner of the Northwood Christian church tomorrow night on “Public Schools and Public Welfare.” Don Dilson, Northwood Sun- > day school head, will be in charge j of the program. Special music has been arranged by Mrs. Carolyn Ayres Turner, church choir director. The Rev. R. Melvyn Thompson, pastor, will lead the devotional service. The Women’s j Council will serve a dinner. ASSISTANT SECRETARY OF TREASURY RESIGNS Thomas Hewes Gives Way to Morgenthau Selection. By United Press WASHINGTON, Dec. 13.—Thomas Hewes, assistant-secretary of the 1 treasury, today relinquished his post as Acting Secretary Henry L. Mor- ] genthou Jr. held to his plan of filling key positions with men of his own selection. Mr. Hewes followed the lead of Undersecretary Dean Acheson and of Dr. O. M. W. Sprague, economic ad- j viser, in resigning, after his duties had been transferred to Morgenthau appointees.

Abbott, Hoppin & Company 203 Continental Bank Building Riley 5491 Indianapolis New York Pittsburgh Chicago MEMBERS: New York Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Curb Exchange Chicago Board of Trade New York Produce Exchange Chicago Stock Exchange Commodity Exchange, Inc., N. Y. New York Coffee and Sugar Exchange Co-Managers James T. Hamill Kenneth K. Woolling

FUTURE PRICES TURN WEAK IN SELLING DRIVE All Grain Move Downward Despite Better Tone in Stock List. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Dec. 13—In the face of a better tone in stocks, selling developed at the opening of the Board of Trade and prices averaged lower. Wheat futures fell % to % cent below the previous closing levels, corn was % cent lower, and oats were off % to % cent. Brokers were convinced grains needed incentive to maintain present levels. There is no pressure on the market of a durable nature, as little wheat is moving to the market and local stocks are light. Europe re- | ports small offerings and a firmi ing tendency on the other side is | indicated. Chicago Primary Receipts —Dec 12— —Bushels— Today. Last week. ! wheat 216.000 238.000 I Corn 592.000 368 000 1 Oats 130.000 50.000 Chicago Futures Range —Dec 13— WHEAT— Prev. High. Low. 10:00 close May .86% .86 .86% 86% July .85 .84*. 84% .85 j CORN—- | May .53% .52-54 .52% .53% ! July .m .54% .54 .54 .54% OATS— May ....„ .38% .52% .37% .33% July ...UK* .36% .35% .35% .36% RYE—- ; May .59% .58% .58% .59% ! July .60% 59% .59% .60% j BARLEY— May 49 Vi .48% .48% .49% July CHICAGO CASH GRAIN By United Press CHICAGO. Dec. 12.—Cash grain: Wheat ~t?° 2 hard, 88c; No. 3 hard weevilv, 83%r Corn—(Old! No. 1 mixed. 51%c; No 3 mixed. 50c: No. 2 yellow. 51%® 51 %c: No. 3 yellow. 51c: No. 6 yellow. 50c; No. 2 white. 51%e: (New) No. 2 mixed, 50@50%c; No. 3 mixed. 49%®49%c: No 4 mixed. 48%c: No. 2 yellow. 50%c; No' 3 yellow, 49%®50e: No. 4 yellow. 48049 c: No. 3 white. 49%® 50c Oats—No 2 white 37 , 4®38* 2 c: No. 3 white. 37®37%c No 4 white. 34c: sample grade. 33®35c: sample grade feed. 29c. Rye—No sales. Bar-ley-Sale. 43c: quotable. 43®70c. Timothy —ss 50 06. Clover seed—sll® 13 85. Cash ; provisions— Lard, $4 85; loose. $4 60: leaf. $4.62; bellies, $5 50. TOLEDO CASH GRAIN By United Press TOLEDO. Dec. 12— Grain close (grain in elevators transit billing!: Wheat—No. 2 red, 90091 c. Corn—No. 2 yellow. 54%@ 55%c. Oats—No. 2 white. 40%®*1%c. | R.ve—No. 2. 690 70c. (Track prices 28'ic |rate). Wheat—No. 1 red. 86%®87c: No 2 red, 85%®86c. Corn—No. 2 yellow. 49%® 51%c; No. 3 yellow, 48049%'c; No. 4 yellow. 46%®47%c: No. 5 yellow. 45%®46%c. Oats—No. 2 white, 37%®38%c; No 3 white. 37®38c. Seed close: Clover—Dec.. $8: March, $8.25. Alsike—Cash, $8 50; Dec., $8.70. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Dec. 12.—Wheat—In good demand, l@l%c lower on red and I%® l%c lower on hard; sample hard. 75%c. Corn—ln good demand, unchanged to lc lower; No. 2 yellow, 51®51%c; No. 3 yellow. new', 48c; No. 3 yellows, old. 50%c; No 4 yellow, new, 47%c; No. 5 yellow, new, 44%c: No. 6 vellow, new. 43* 2 c. Oats —ln fair demand, %c lower; No. 2 white, 38c; No. 4 mixed, 35c: No. 4 cereal white. 33c. . Indianapolis Cash Grain —Dec. 12— The bids for car lots of grain at the call of the Indianapolis Board of Trade, U o. b shipping points, basis 41% New York rate, were: WHEAT—Weak: No. 1 red. 81®82c; No. 2 red. 80®81c: No. 2 hard. 80® 81c CORN—Weak; No. 3 white. 41®42c: No. 4 white, 40®41c; No. 3 yellow. 40®41c: No. 4 yellow. 39®40c: No. 3 mixed. 39® 40c; No. 4 mixed. 38039 c. OATS—Easy: No. ? white. 33>/ 2 @34'/ 2 c: No. 3 white, 32%®33%c. HAY (F. o. b country points taking 23%c or less rates to Cincinnati or Louisvillei—Steady; No. 1 timothy, $7.50®8: No. 2 timothy. $7®7.50. —lnspections—■ WHEAT—No. 2 red. 1 car. No. 1 hard. 1 car; No. 2 hard, 1 car. Total. 3 cars. CORN—No. 2 vfhite. 3 cars: No. 3 w'hite. 3 cars: No. 4 white. 5 cars. No. 5 white. 1 car: No. 2 yellow. 27 cars; No. 3 yellow, 40 cars; No. 4 yellow, 18 cars; No. 5 yellow. 9 cars; No. 6 yellow. 1 car; sample yellow. 1 car; No. 3 mixed, 1 car. Total. 109 cars. OATS—No. 2 white, 10 cars; No. 3 white, 1 car; sample white, 1 car. Total, 12 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 78 cent* for No. 2 soft red wheat. Other grade* on their merits. Marriage Licenses Walter Andrew Spratt, 21, of 628 Ft. Wayne avenue. factory worker. and Florence Feighner, 21, of 335 West Thirtyninth street, factory worker. John Mcßeynold/s. 63, of 1427 North Holmes avenue, salesman, and Anna Hastings. 52. of 520 North Traub avenue, housework. William C. Sexton, 24. Greenfield, Ind.. laborer and Alma Jean DcWeese, 18. of 3708 Washington boulevard, housework.

Lippmann

CITY Securities Corporation Dealers in r y Municipal, Road, School and * General Market 4 , Bonds * * Public Utility f | Preferred Stocks * * Real Estate * Preferred Stocks and Bonds Investment Trusts 420 Circle Tower Indianapolis Telephone: Lincoln 5535

-DEC. 13, 1933