Indianapolis Times, Volume 45, Number 197, Indianapolis, Marion County, 27 December 1933 — Page 11

DEC. 27. 1933.

Wall Street v London Sees Important Obstacles to World Trade Betterment: Would Resume Lending. BY RALPH HENDERSHOT Timn Sprriil Financial Editor Barclays Bank. Ltd., one of London’s largest banking institutions, is of the opinion that there is little prospect of a return to really prosperous conditions until international trade is again stimulated and sustained by a resumption of foreign lending. At the same time it holds out little hope for such a development until the international debt question has been settled and the currencies of the various nations have been stabilized on a common basis. If the bank knows whereof it speaks the outlook for international prosperity would seem to be rather bleak. The trend toward nationalism appears to be gathering momentum, and under such conditions it is rather unlikely that the war debts can be settled amicably, and foreign lending, especially by the United States, would appear to be out of the

question. There would appear to be little prospect of an early stabilization of exchange rates, either, although fluctuations of late have not been so wide. The creditor countries also will be obliged to relax their tariff restrictions so that their debtors shall not be prevented from discharging their obligations in goods, the bank believes. The possibility of such a development, too. would seem to be rather remote. Each country, including the United States and England, the two most important creditor countries, is anxious to protect its home industry, and each appears to be tightening rather than relaxing its import restrictions. a b a Sees Little Help from Manipulation "No manipulation of currencies,” says the bank, “or any other similar expedient can be expected to obviate the necessity of finding an adequate solution for these problems, which, far more than any defects in the monetary system, have been responsible for the present breakdown." It goes on to quote the Mac-

Ralph Hr-ndershot

millan committee on finance and industry to the effect that “no financial system, however devised, can work miracles; nor can it cope with all the problems which may be presented to it by an unsound national policy, whether internal or external. ’’ The bank points out that, while the committee’s comments were ■written primarily in connection with the position in England, they “are capable of much wider application and would seem particularly opposite at the present time in view of the tendency in many quarters to rely upon purely monetary expedients for a way out. of existing difficulties." Has United States in Mind Obviously Barclays has the United States in mind when it speaks of the wider application of the principle. And the bank is not alone in thinking that, the picture as it presents it contains a vast amount of economic truth. But so far as the United States is concerned it might be pointed out that it played Santa Claus for quite some time before it finally decided upon its present nationalistic policy. It played the gentlemanly game, never asking the other countries to show their hands. It finally decided, under the new deal, that a few “calls" would not be amiss. Now, it seems, there are those who would change the game entirely.

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

—Dec. 27 Prev. Oils— High. Lrrw 10.30. close. Amerada 40% AM Rfc 28 1 2 as 3 * 28% 28% Barnsdall 7% 7% Consol Oil ...10% 10 10 10‘a Cont ot Del. 16% 16% 16% 17 Houston inewi.. . 3% Mid Cont Pet 11 % 11 IP, 11% Onio Oil . 12% 12% 12> 12% Pet Corp • 9 1 a 9% Phillips Pet 50 15' 4 Pure Oil 10% 10 3 4 Roval Dutch ... 36% Sbd Oil . . 26% 26% Shell Un 7% 7% Simms Pet . 9 a Skellev Oil 8% 8% k Soc Vac 15 3 4 15’ 2 15% 16% S O of Cal. 37 3 4 37' a 37% 38 S O Os N J. 45 44% 44 3 4 ... Btn Oil . 52 Texas Corp 22% 22% 22% 23 2 Tidewater Assn. 8 7'b Un Oil of Cal 18 l i 18 V* Steels— Am Roll Mills . 18'4 18 18 18'2 Beth Steel 35% 35% 35>a 35 3 4 Biers AM 21% 21 'a Col Fuel & Iron 3‘4 Cruc Steel ... . 20 20% Inland Steel 41% McKeesport Tin ... 83*2 Natl Steel 4i% Rep Iron & Steel . . 16% 16% Rep Iron & S p . 40 TJ S Sni'-lt ■ ■ 96% 96 % 96% 96% Vanadium 2'4 2'a 2% 21*2 Mid Sleel . • .•• 12 U R Steel. . . 46% 4614 46% 47 1 4 U S Steel pfd. 90 1 a 90', Young*tn S& T 22 22% Rails— c . 4 , Jt Atchion .. .54 53 5/ 54 54 At 1 Cst Line . ■ • ■ 37*2 B& O 21 1 2 21% 21% 21% Can Pac 12% 12% 12% 12 a Ch *. Ohio 39% 39 Chi & Gt W. .. • 2 3 4 C M & St. P 3% 4 C M & St P pfd 6% g% Chi N VV 6 6% Chi R Isl 2% 2% Chi R I 7% pfd 4% Dela & Hud. . .. ... 52 Erie 14% 14% Grt Norlhern 18% 18% 111 Central 29* K C Sou 10 a Lou A- Nash 49 M K & T 7% Mo Pac • 2.8 2 a Mo Pac pfd 4'* 4% 4% % N Y Cent . . 32% N Y Chi St L J 2 N Y C & St L p 1o 3 4 lb * N Y New Haven . .. 14% N Y Ont & West 7% Norfolk & Wes 161% 161 161 1?? Nor Pac 21% 21% Penn R R 29%. 28% 28 29', Sou Pac 18% 18% 18% 16% Sou R R 24% 24 24 24 Sou R R pfd. 109% 28 Union Pac I°S 4 Wabash 2% 2 West Marvl . ... . • B', 8% Motors — Auburn „ ■ t 51 52 Chrysler 52’b a2 1 s 52*4 5f‘ * Gen Motors . . . 34 33 3 4 33 3 4 34 Graham Mot . 2*2 2*B Hudson _ 13*2 13^2 Mnelc Truck" 23% 23'% 23% 33% Nash 2j% Packard - . 3 , Reo ... . • • Studebaker ... 4% 4 4 a 4 Yellow Truck .. ... ... 4 Motor Access — Bendix ... 15% 15' i Bohn Alum .... ... . ■ 53% Borg Warner ... 19% 19% Briggs 10% 10% Bimo VA'heel . . ... 3% 3% Eaton Mfg.. 15% 15 15 15% Elec Auto Lite. ... 18% 18% Houd A . • 3% ... Murray Body . 5% 5% 5% 5% Stew AVarner ... ... 8% Timken Rol ... 30 Alining— Alaska Jun . 21% 20% 20% 31% Am Smelt . . . 43% 42% 43 43% Anaconda 13% 13% 13% 13% Cal & Hecla. .. ... 4% 4% Cerro De Pasco. .. ... 34% 34% Granby 8% 8% Crt Nor Ore 10% 19% Homestake Min .. ... ... 310 Howe Sound 37% Ins Copper 4% Int Nickel ... 21% 21% Kcnnecott Cop . .. ... ... 19% Nornnda Cop. . . ... 33% 33% Phelps Podge . .. ... ... 16% Tobaccos— Am Sum Tob... .. ... .. 15 Am Tobacco A 63% 63% 63% 63% Am Tob B . . 66% 65% 66% 66 Gen Cigar 24% Ligg & Myers B .. . . 73% 73% Lorrillard . 15 15 Reynolds Tob B. 42% 41% 41% 41% Equipments— Allis Chalmers 16% Am Car & Fdy 23% 23%. Am Loco ... ... 28 % Am Mach A Fdy 12% Am Steel Fdy 19 Bold Loco 10% 10% 10% 11 Burrough 14% 15% Case J I— 65% 66% Cater Trace .. ... 23% 23% Colgat Palm Peet .. ... ... 9% Congoleum 23 Elec Stor Bat 43% Foster Wheeer .. ... 12% 12% Gen Am Tank C 32% Gen Elec ... 17% 17% 17% 18 Gen R R Stg .... 32% 32 Ingsol Rand . . . . 58 Int Bus Mach . . . .. 140 . int Harvester 38% 38% 38% 38% r Kel'inator 10% Natl Cash Re 17% 17% 17% 17 Proc & Gamble 38% Pullman Inc ...... ... 51 51 Simmons Bed 15 Und Elliot ... . - 35 West Air 1 8 1 .... 25% 25% Westingh Elec 36% Worthington P 21% Utilities — Am * For Pwr 7', 7% Am Power * L 5% 5% 5% 5% AT&T. 106% 105% 105 s , 106% Am Wat "'ks . . 16% 16% Brook Un Gas 60% 60 Col Gas & El 10% 10% 10*, 10% Col G & E pfd . 50% Com & Sou. . 1% 1% 1* 1% C’onsol Gas 34% 34% 34% 34% Elec Pwr & Lit 3*B 3% E P & L pfd. 7*4 Int T* T. 12% 12 12% 12% Lou G & E <A'., .. ... 14% Nat Pwr & Lit 7% 7% North Amer. . 12*8 12*8 12% 12% Pac G & E 15 15 pub Serv NJ . 33% 33% 33*8 33% 50 Cal Edison 14% 15% Std Gas 6% 6% Std Gas pfd ... ... ,% .United Corp ... 4% 4 4 4% Un Gas Imp. 14% 14 14% 14% lit Pwr & L <At 2% 2% 2% 2% Western Union.. .. ... ... 52 Rubbers— Firestone . Goodrich 12% 12 12 12 Goodyear -3 33;* tt s Rubber.. . 14 s * 14•% 14 s * 14-2 U S Rubber pfd 24 ** 24 24 24 Kei Spring.. 2% 4museenl* — fox A.. .. ... 13 I Radio Corp'"!!! 6*. 6% 6% 6% ill X li! 4*. 4% Foods— Am Sugar ... 46% 4. ‘Armour A . 4% 4% 4- 4, Il'rdel* Pro™: 1,.. . 18'. 18|1 51 ■SfU iii" ::: JS H SSt

Coca Cola 931/, Cont Bak A. ... .. ... 6% 63, . Corn Prod 71% 72% Crm of Wheat.. .. .. 27% Gen Foods 33% 33% 33% 33 Gold Dust 16% 16% 16% 17% G W Sugar .27 26% 27 27 Hershev .. . 4714 Int Sait ~ .. ... 20% Loose Wiles ...... 42% Natl Biscuit . . . 45% Natl D Prod 11% 11% i 13 a ii% Purity Bak 12 11% 12 12% S Porto Rico Sug . ... ... 33% Std Brands 20% 20% 20% 20% United Fruit ... 29 Wrigley 55% Retail Stores— Asso Dry Goods. .. ... ... 10 1/. Best A Cos ... ... 26% Gimbel Bros ... 41? Gr Un Tea ... .. 4 Hahn Dept, Sts 6 5 Jewel Tea 32 Kresge S S '12% 12% Kroger Groc .. 23% 22% Macy R H 53 May Dept St 28 % Mont Ward . 21% Ponnv J C 56% 51 Safeway St 44 Sears Roebuck . .. ... 41 n, Woolworth 39% 38% 39% 38% Aviation— Aviation Corp 6% Douglass Air .... ... ... 1314 Curtiss Wright.. .. ... 2% 2% Curtiss Wright A .. ... $% 5% Nor Am Av 51, 5 United Aircraft. 30% 30% 30% 30% United Aircraft.. 30% 30% 30% 30% Chemicals— Air Reduction.. .. ... 9314 98 Allied ChciU ... 142 143% Am Com Alcohol .. ... 47 48 Col Carbon 50 Com Solvents. 29% 29% 29% 29% Du Pont ... . 91 Freeport Tex . 4334 Liquid Carb 26% Math Alkali .. . 36% 35% 35% 35 Tex Gulf Sulph. ... 39 391,4 Union Carbide.. 45% 45% 45% 45-4 U S Indus Alco .. ... 48 4g% Natl Distl (new) 21% 22 Drugs— Coty Inc 3% 374 Lambert . 19% 19% 19% 20 Lehn & Fink ... .. is Zonite Prod 554 5% Financial— Adams Exp .... .. ... . 67. Allegheny Corp 33 Chesa Corp 3214 Transamerica 6% 6% Tr Conti Corp ... 4% 4;,. Buildings— * Am Radiator .. .. ... 1314 13% Gen Asphalt 15 1534 Int Cement 28% Johns Manville. 56% 56% 56% 57 Libby Owens Gls 34'4 34% Otis Elev 15 Miscellaneous— Am Bank Note.. .. 15 Amer Can 96 95% 95% 96 Brklyn Man Tr.. . ... 32% 32 Conti Can 72% 72% 72% 72% Eastman Kodak ... 79 78'Owens Bottle ... ... 797, Gillette ... 734 7% Glidden ... .. 15 Gotham Silk 6% 7% Indus Rnvon 76' 2 76 Inter Rapid Tr , 12% Real Silk Hose.. .. ... ... 7% New York Curb (By Abbott. Hoppin & Cos.) —Dec. 26Close Close Mlied Mills ... 7% Gen Aviation .. 4% Mum Cos of Am 73 31en Alder. Coal 10'4 4m Beverage... 1% Gulf Oil of Pa.. 54 2m Cyanide B 15% Hiram Walker. 46% 2m & For P W 4% Hud Bay Min... 9% 2m Gas & El.. 18% Humble Oil 99% 4m Superpower 1% Imperial Oil Ltd 12% 2sso Gas * El % int Petrol 18% Mias Carp 10% Lake Shore Min 45 Tan Inch) Air A 17% Lone Star Gas.. 5% 'an Marc .. . 2% Newmont Mni.. 49% x arrier Corp. 5% Nia Hud Pwr . 4% -'•ties Serv I*B Pan-Am Airways 48% Com Wealth Ed 33% Park Davis 24 7onsol Gas of 852 Penn Road 2% x ord Corp .... 5% St Regis Paper. 1% x reole Petrol . 9% Sal Creek Prod . 5% .rown Cok Inti 6% Sherwin Wms... 46'* Deere A- Cos. . 27 Std of Ind 32% Distillers Lim.. 20% Std of Kv. . . 14% Distillers Corp. 21 Technicolor Ind 8% Dow Chem . 73 Teck Hughes G 5% El Bond & Sh. 10 Un Gas 3% Fisk Rubber . 8% Un Pwr & L (A' 1% Ford of C (A) 14% 25% Hargraves M 6% Ford of Europe 5% ;

Federal Farm Loan Bonds

tßy Blyth & Cos., Inc.) L S* r--4s Mav 1. 1958-38 78*4 80 , 4%s July 1. 1956-36 79% 81 4%s Jan. 1. 1957-37 79% 81 4%s Mav 1, 1957-37 79% 81 4%s Nov. 1, 1958-38 79% 81 4%s Dec. 1. 1933-32 86% 87*4 4%s May 1. 1942-32 82% 83% 4%s Jan. 1. 1943-33 86% 87% 4%s Jan. 1, 1953-33 82% 83*4 4%s Julv 1. 1933-33 82% 83% 4%s Jan. 1. 1955-35 82 1 - 83* 4%S Julv 1. 1955-35 82% 83% i 4%s Jan. 1. 1956-36 82% 83*4 ; 4%s July 1 1953-33 86% 87*4 4%S Jan. 1. 1.954-34 86% 87% 1 4%s July 1. 1954-34 86% 87*4 '■ 5s Mav 1. 1941-31 92% 933, 5s Nov. 1. 1941-31 92% 93% Home Loan 4s. July 1. 1951 . . 83*4 84% Daily Price Index By United Prt s* • NEW YORK. Dec 26 —Dun & Bradstreet s Dally Weighted price index of thirty commodities , compiled for the i United Press 0930-1932 Aierage. 1001 Todav 100.23 £F ld , a ? 99.87 35ee\_ 98.3 Month ago 99 3i I rear ago 70 79 1 1933 high iJulv 18> 113 S'* 1933 low (Jan! 20- i:":"": 6T66 Coprvieht, 1933. by Dun & Bradstreet. Inc U. S. Government Bonds j By ( niU and I'rt as I 26 —Closing liberty bonds: (Decimals represent thlrtv-sec-I onas. i Liberty | 3> : s .32-47! 100.20 First 4% s 32-47. 101.16 Fourth 4%s i33-38> . 101 28 Fourth 4%s .33-38' called 101.3 Treasury j!** *47-52' 106 16 4%5%3%s 43-451 99 00 J* '44-54' 103 6 3%s 146-56. 101 16 3%s > *3-47i . 99 8 3*BS (41-431 March 99 3 3-as (40-43i June 99 14 3%s till 98 20 3%s <46-491 95 20 3s (51-55) 84.7

STOCK SHARES IRREGULAR AS VOLUME GAINS Utility List Resumes Sharp Decline: Others Move Fractionally.

Average Stock Prices

Average of thirty industrials Tester-' v: 97.76 high, 95.56 low. 96.30 last, o’. Average of twenty rails: 40.15 39.08. r off .9 1. Average of twenty utilities: 2! 95. 2121. 21 40. off 63 Average of fortv bonds: 83.25, up 14. Average of ten firs; raiis: 90 09. up 19. Average'of ten second rails: 67 20. up 01 Average of ten industrials. 84 31, up 12 Average of ten Utilities 91 41. up .25. BY ELMER C. WALZER United Press Financial Editor NEW YORK. Dec. 27.—Prices continued to move irregularly at the opening on the Stock Exchange today with volume fairly large. Utilities headed lower following their clip yesterday. Allied Chemical broke 2% points to 142, but other changes were mostly fractional. United States Steel common stock broke a full point to 46 1 4 on a block of 1,500 shares reacting to a decline of more than 2 points in steel operations announced at the close of yesterday by the American Iron and Steel institute. Wall Street had interpreted that decline as favorable in that it was less than seasonal. Other steel shares were steadier than the leading issue. Motor shares were steady. Gold mining issues, oils and some of the rails made small gains, the latter aided by favorable earnings for November. Small lasses were noted in such issues as National Distillers. Westinghouse Electric, International Telephone. Texas Gulf Sulphur, Commercial Solvents and Atchison. During the early dealings prices were slightly under the openings with volume light. American Telephone firmed up after opening unchanged. Steel common also rallied moderately. Many others, however, sagged off fractionally without pressure in any section. American Commercial Alcohol, under investigation by the Pecora committee, declined a point, and other wet stocks made smaller declines. International Nickel opened 10,000 shares at 21%, off Vs, from the previous close.

Bank Clearings

INDIANAPOLIS STATEMENT —Dec. 27 nphol ntrS $2,033,000.00 ue(slts ••• 4.242,000.00 TREASUR2 STATEMENT —Dec. 27 2 , 3 $1,140,869,572.12 Misc Int Rev Rcpts 3,589,393 66 Customs Rcpts (mo to date! 20.205.'986.46

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Dec. 26 Bid a American Bank Stocks Corp.. 70 75 American & General Sec A.. 3®o 500 American Inv Tr shares l 50 2 50 Basic Industry shares 325 British Type Inv Tr sh 45 50 Collateral Trustee shares A.. 4.45 455 Corporate Trust shares (old) 2.13 2. 18 Corporate Trust, shares (new) 2.24 228 Cumulative Trust shares 387 Diversified Trust shares A.. 6.25 Diversified Trust shares B. .. 6.87 7.i2 Diversified Trust shares C.. 2.88 292 Diversified Trust shares D. . 452 462 First Insurance Stock Corp.. 1.26 131 First Common Stock Corp... .83 98 Fixed Trust Oil shares A... 837 850 Fixed Trust Oil shares 8.. 6.87 712 Investors Inc 17.C0 17.37 Lana Bank Bond shares... . 93 103 Low Priced shares . . 5.14 Mass Inv Trust shares 16.87 17 25 Nation Wide Securities 3.04 3 10 North American Trust she (53) 1.78 North American Trust sh (55) 2 24 228 North Amer Trust sh (58).. 2 37 2.62 Selected American shares 2.30 Selected Cumulative shares.. 6.37 615 Selected Income shares 340 3 70 Std Amer Trust shar A... 2.76 2.81 Trust Shares of America. .. 2.67 2.72 Trustee Std Oil A 5.20 5.30 Trustee Std Oil B 4.87 5.00 U S Electric Lt & Pw A 9.37 9.84 Universal Trust shares 2.85 2.96

Produce Markets

BY UNITED PRESS CHICAGO. Dec. 27.—Eggs—Market firm; receipts. 1.397 cases; extra firsts. 19%c; fresh graded firsts. 17%c; dirties, 10@12c; current receipts. 17c; checks. 10® 12c. Butter—Market firm; receipts, 10.016 übs; storage extras 192 score), 17%c; storage standards (90), 17%c; extra firsts (9091%). 17%®17%c; extras (92), 18c; firsts 'BB-89%). 16% ® 17c; seconds (86-87%), 16c; standard (90). 18c; specials, 18%@ 19c. Poultry—Market firm, higher; receipts. 33 trucks. 1 car due; turkeys ivoung), 14%c; hens. 11® 13c; leghorns. 9 @l3c: colored springs. 11%@12%c; roosters, 6%c; ducks, 10® 11c; geese. ll%c; black chicks. 8c; Plymouth Rocks, 12%® 13c: white rocks. i2%®13%c. Cheese — Twins, 9%@10c: Longhorns. 10@10%c; S daisies, 10®10%c. Potatoes—Supply moderate: no trading on account of cold weather: market nominally steadv; shipments. 256; arrivals, 33: on track. 199 NEW YORK. Dec. 26.—Potatoes—Firm: Long Island. $1,154(3.75 per barrel: Southern crate. $1.25® 1.75 per barrel: Maine. $1.10®3.10 per barrel; Idaho. $1.85®2.15 per sack; Bermuda. [email protected] per barrel; Canada, $1.75@1 85 per barrel. Sweet Potatoes—Steady; Jersey, basket, $ .4<)@1.50: Southern, basket, $ .50® 1.00. Flour —Dull; springs, patents. $6®6.25 per sack; Pork— Quiet: mess. sl7 per barrel. Lard—Firm; middle west spot. $4.90® 5 per 100 lbs. Dressed Poultry—Quiet; turkeys. 15®25c; chickens. B®23c: broilers. 12®24c; capons. 17®29c; fowls. 9@16c,: ducks, 12@15c; Long Island ducks. 15® 16c. Live PoultryUnsettled: geese. 7j@l2c: turkeys. 13®20c; roosters. 8c: ducks. 7® 12c; fowls. 10® 14c; chickens, 10@16c; capons, 17®20c broilers. 10® 19c. Cheese —Steady; state whole milk fiats. 1933. 15®17c; Young America. 11 %® 12c. Butter—Receipts, 7.996 packages: market firm: creamery, higher than extras. 20%@21c: extra. 92 score. 20c; first, 90-91 score. 19%c; first. 88-89 score, 18% ®l9%c; seconds. 17%@18%c; centralized. 90 score. 19%c: centralized. 88-89 score. 18%® 19%c: centralized. 80-87 score. 17% ® 18%c: ladles, current make, extras, 14%c; firsts. 13®13%c. Eggs—Receipts. 9.709 cases; market firm: special packs, including unusual hennery selections, 25® 26%c; standards. 23@24c: firsts. 21c; mediums. 17®17%c: dirties. 17@17%c; checks. 16%c. CINCINNATI. Dec. 26.—Butter—Packing stock No. 2. 8c; No. 3.6 c: butterfat. 11c. Eggs—Firm (cases included'; extra rsts. 20c: seconds. 18c: nearby ungraded. 19c. Live poultry—(Following quotations represent prices for poultry in good healthy condition; thin and coarse stock sells only at heavy discount)—Fowls. 5 lbs. and over. 11 1 a c: 4 lbs. and over, ll%c: 3 lbs. and over. 8c: Leghorns. 3 lbs. and over. 7c: roosters. 6c: colored broilers. 2 lbs. and over. 13c: colored frvers, 3 lbs. and oyer. 13c: roasting chickens. 4 lbs. and over. 14c: Leghorn broilers, 2 lbs. and over. 7c; Leghorn frvers. 3 lbs. and over. 7c: capons. 8 lbs. and over. 18c; under 8 lbs.. 15c; ducks, under 3 lbs. sell at liberal concessions: ducks, white. 4 lbs, and over. 10c: under 4 lbs . 9c; colored. 4 lbs. and over. 9c: under 4 lbs.. 8c: guineas, old. 6c: young guineas. 1% lbs. and over. 15c: 2 lbs. and over. 15c; No. 1 turkevs. young hens. 8 lbs. and over, and voting toms. 10-15 lbs.. ISc; voting toms, over 15 !bs.. 18c; No. 1 old toms. 13c. CLEVELAND. Dec. 26 —Butter Market firm; extras 22c: standards. 21 %c per lb. in tubs Eggs—Market firm: extra white. 19c: current receipts. 16c: fresh pullets. 15c Poultry—Market barely steady; colored fowl. 4% lbs . and up. 13c: colored fowl, medium, lie: Leghorn fowl. 3% lbs., and up, 10c; springers, rock. 4% lbs., and up. 14c: springers, colored. 3% lbs., and up. 12c: springers. Leghorn, heavy. 10c; ducks, white. 3 lbs., and up. 12c; ducks, light, 10c: geese, heavy, fat. 12c: ordinary, lie, turkeys. 18x20c; old toms. 13®)4c; old roosters. Bc. Potatoes—(All quotations cased on U. S No. 1 and 100 lb. sacks * Maine Green Mountains and cobblers, best quality. $1.85: partly graded. $1.75; Idaho Russet Burbanks, mostly $2 few fine quality. $2.10x 2 25: Ohio and New York, best. $1.40 S 1.50: partly graded. $1.25® 1.30. In the Air Weather conditions at 9 a. m.: Northwest wind. 4 miles an hour: te:/p vature, 1: barometric pressure, 2%'5 at sea level; general conditiens,, overcast; ceiling, estimated 8,000 feet; visibility, fifteen miles.

THE INDIANAPOLIS TIMES

Bright Spots

Bv United Pre* Pere Marquette railroad earns November net income of $105,357. against deficit of $2,851 in November last year. St. Louis-Southwestern Railway reports net income of 5166.689, against 55.136 in similar month last year. Hershey Chocolate Company declares extra dividend of $1 a share on convertible preferred stock. Delaw are, Lackawanna and Western Railroad earns November net income of $347,879, against $227,894 in November last year. Chicago, Milwaukee. St. Paul & Pacific Railway reports November net income of 5644,297, against 5129,884 in similar 1932 period. Rath Packing Company reports net profit for year ended Oct. 28, of $616,782, against $402,812 in preceding year.

Chicago Stocks '"(By Abbott. Hoppin <Ss Co.j —Dec. 26 High. Low. Close. Adams Mfg 6 Adams Royalty ... 2% Advance Aluminum ... 2 Asbestos Mfg 3 Associated Tel & Tel A 1 Bastian Blessing ... 6% Bendix Aviation 15% 15*4 15% Borg Warner 19% 19% 19% E L Bruce Cos ... 10 Butler Bros ... 3% Cent 111 Securities co ... */ Cent 111 Securties pfdm 6 Cent Ind Power pfd 1% Cent Pub Serv Class A. .. ... % Cent Pub Util % Cent Pub Util V T C Va Cent & So West % Cent * So West P L pf 4 Chi & North Western... 7% 8 6 Chi City <fe Son Rys pfd. . ... 1 Chicago Corp com 2% 2% 2% Chicago Corp pfd 23 22% 22 1 2 Chi N Sh & Mil RBPL % Cities Service 1% 1% 1% Club Aluminum ~ . % Commonwealth Edison. 34 32% 32*1 Construct Materials Va Construct Materials pfd 1 Consumers % Consumers 7% pfd Va Cord Corp 574 5% 5 3 .4 Great Lakes Aircraft.. IV B % l'/s Great Lakes Dredge... 19% 19V* 19V* Grigsby-Grunow ’/a 3 4 Va Hart S & M 11 Illinois Brick 4V 4 4 Ken-Rad Tube & Lamp 174 l*i 1% Kentucky Ut .Tr C pfd 10 Libbv-McNeil 27* Loudon Packing 17 Vi Lynch Corp 31 30/ 30'* Manhattan-Dearborn . Wa 1 1% Marshall Field 12% Merchants & Mfg "A" Va Middle West Utilities.. .. ... ’4 Mid W Util 6% pfd “A" % y* V* Midland United ... V* Midland United, pfd.... 74 3 4 % Midland Util 8% P L Va Midland Util 7% P L .. V/a 1 174 Modine 9% Monroe Chemical 274 Monroe Chemical, pfd.. .. ... 21 National Elec Pwr “A” 74 National Leather 1 74 1 National Repub 1nv.... 1% 174 11/*I 1 /* National Secur Invest 1 % Perfect Circle .. 23% Pines Winterfront 1% 174 17a Prima Cos 874 774 8 Public Service ... 9 Public Service N P. ... 1174 974 1074 Public Service 6(3, pfd, . 30% Quaker Oats 118 11674 116% Sangamo Elect, com Signode Steel Strapping 2 Signode Stl Strapping, p 774 Standard Dredging Cos 74 3 4 % Stand Dredging Cos, p . 274 274 274 Swift & Cos 14 13% 137s Swift Internacional .... 27 74 26% 76% Thompson, J R 6% 67-4 674 Twelfth St Store (A) 174 Utah Radio ... IV2 Utility & Ind ... 74 Utility & Ind, pfd 1% IVa 172 Vortex Cup Cos ... 8 Wahl 74 Walgreen Cos. com ... 1774 Ward. Montgomery (A) .. ... 85 Wayne Pump, com .. 74 Wisconsin Bankshares.. 274 2 2 Yates Machine ... % Zenith Radio 3 2 3 4 274

On Commission Row

—Dec. 27Fruits Cranberries—Cape Cod early blacks, 25lb box. $2.50. Grapes—California emperors, crate, $2.1502.25. Pears—Washington A'Ajou, 90-1655, $2.50; Avascados, Fla.. 16-165., crate, $1.75. Strawberries—California, 30c per pint. Bananas—Per pound. 6c. Apples—Wealthy, Wolf River, Crimes Golden. Jonathan, Florida, $1.25@2 a bu.; fancy Jonathans, $2 a box. Grapefruit—s2.7so3 75. Oranges—California Navels, $4.25 a box. Lemons—36oc, $6. Vegetables Cabbage—Eastern Danish, 50-lb. bag, $1.60; new Texas, 70-lb. crate, $5. Onions—lndiana w'hite. 50-lb. bag, $1.25; Indiana yellow, 50-lb. bag, $1.25; green, $6.50 a barrel Beans—Round stringless, hamper. $1.75; best. $2.50. Beets—Bulk per bu , $1.15; Texas, new, $1.75 a era# Peas—3o-lb. hampers, $3. Carrots—California, $2 75 a crate; per doz., 60c; Michigan, $2.50 per crate, doz , 60c; bulk, per bushel, sl. Cauliflower—California (11-12s), crate $2. Celery—Michigan Mammoth, bushel. 65c; medium bunch. 45c; hearts. 51.15; 15-bunch per crate, $2.25; California. $3 crate. Cucumbers —Florida, $3.75 bushel: hothouse. 85c per dozen. Lettuce—iceberg best (4-ss) crate, $3.50; hothouse. 15-lb. basket, 75c. Radishes—Hothouse button. 60c dozen. Spinach—New Texas. $1 per bu Turnips—Per bu., 75c. Tomatoes—Hothouse $1.50 8-lb. basket. Potatoes—Northern Round White, 100 lb. bag. $1.80: R. R. Ohios, 100-lb. bag. $1.80; 15-lb. bag, 33c; Idaho Russets, 100lb bag. $2.25; Texas Triumphs, new, $2 50-lb. bag Sweet Potatoes—Nancy Halls, per bu., $1.40. Other Livestock BY UNITED PRESS CHICAGO. Dec. 26. —Hogs—Receipts, 45.000, including 20,000 directs; market 10® 25c higher than Friday or steady to 10c lower than Saturday; 180-220 lbs., $3,500, 3.60; top, $3.65; strong v eight pigs. $2.75; packing sows. $2.5002.65; lightweights, $2.75 and better, lightweights. 140-160 lbs., good and choice. $2,850.3.25: lightweights. 160-200 lbs., good and choice, $3.150 3.65: medium weights. 200-250 lbs., good and choice. $3.3003.65; heavyweights, 250-350 lbs., good and choice. $2.90 0 3.40; packing sows. 275-550 lbs., medium and choice, $2.3502.85; slaughter pigs. 100-130 lbs., good and choice, $2.250 2.75. Cattle—Receipts, 12,000; calves, 2.000; liberal run. medium and weighty steers here; few early sales fully steady, but trade slow on kinds scaling 1.100 lbs. and up; lower on all representative weights; desirable light heifers and mixed yearlings, 25® 40c higher: best yearlings and medium weights. $6. but several loads held higher; other killers firm to higher: slaughter cattle and vealers: Steers, 550-9110 lbs., good and choice. [email protected]; 900-1.100 lbs., good and choice, SSO 6.50; 1.100-1,300 lbs., good and choice, SSO 6.25; 1,300-1.500 lbs., good and choice, $4,500,6: 550-1,300 lbs., common and medium, S3O 5.25; heifers. 550750 lbs., good and choice. $4.50, $6.50: common and medium. $2.7504.50: cows. good. $2.750 3.50; common and medium. $2,100 2.75: low cutter and cutter, $1.400 2.10: bulls, yearlings excluded, good beef, $2.75 @3.25: cutters, common and medium. s2® 2.85: vealers, good and choice. $4.5006; medium. $304.00; cull and common, $2 50 @3; Stocker and feeder cattle: Steers, 5501.050 lbs., good and choice. $3.750 5; common and medium. $2.5003.75. Sheep *— Receipts. 18.000; fat lambs held fullv 25c higher with both packers and shippers active: best held well above $7.75; bidding around $7 500 7.65 on nearlv good to choice kinds; sheep strong; slaughter sheep and lambs: Lambs, 90 lbs. down, good and choice. $7.1007.75; common and medium. $5.2507.25: ewes. 90-150 lbs . good and choice. $2.250 3.50: all weights, common and medium. $1.5002.75; feeding lambs, 50-75 lbs., good and choice, $5.7506.35. EAST BUFFALO. Dec. 26.—Hogs Receipts, 5.800: holdovers. 40; active to all interests: 15025 c over Friday’s average: buik desirable. 160-260 lbs.. $3.900 4: outside price rather sparingly on 190-240 lbs.: mixed weights and plainer quality. $3.65® 3 75; 110-150 lbs.. $3.250 3 65. Cattle—Receipts. 650: holdovers. 150; not much quality in run; market slow: steady to 25c higher; good to near choice, 1.070-lb. sters. $6.25; medium and shortfeds, $4.75 0 5.50; not many eligible above $5: common descriptions downward to $3.60; cows and bulls scarce: strong to higher: few f at cows, $3: cutter grades. $1.6002.25; medium bulls. S3. Calves—Receipts. 500; vealers active. 50c higher; good to choice, mainly $6.50; common and medium, S4O 5.50. Sheep—Receipts. 1.400; dependable lamb trade. 250 40c higher; good to choice ewes and wethers. $7 60 to largely $7.75® 7.85: medium kinds around $6.75; throwouts. $5.5006. KANSAS CITY. Dec. 26.—Hogs—Receipts. 5.000: including 1.200 directs, strong to 10 cents higher than Fridays average; closing active, top *3.25 on choice 190 to 230 lbs., light lights. 140 tc 160 lbs.. $2.65 53.15: light weights. 160 to 200 lbs.. $3 0 3.25: medium weights. 200 to 250 lbs.. $3.100 3.25; heavy weights. 250 lo 350 lbs.. *3O 3.20; packing sows. $2.1502 55: feeder and Stocker pigs. s2@ 2 50. Cattle—Receipts. 7.000; calves. 1.000; market steady to strong; in between grades fed steers predominating in the run; top long vearlings and light mixed vearlings. *5.75; steers, good and choice 550 to 1,500 lbs.. $3.650 6 25; steers, common and medium. $2.750 4.75: heifers, good and choice. 550 to 900 lbs. $4 3506; cows. S2@3; vealers. 53.50@ 6: Stockers and feeders. $3.500 5. Sheep—Receipts. 5.000: including 300 direct and through lambs active. 15 cents to mostly 25 cents higher; odd lots sheep steady; top and bulk fed woolen lambs. *7.25. •

PORKER PRICES MOVE 10 TOl5 CENTS HIGHER Cattle, Veals Show Strong Tone; Lambs Range at $7 Down. Strength continued in hog trading at the Union Stockyards this morning and prices moved from 10 to 15 cents higher than yesterday’s advance. Majority of classes showed a 10-cent increase, while underweights remained unchanged. The bulk. 160 to 275’ pounds, sold at $3.50 to $3.65. and heaviest grades weighing 275 pounds and up brought $3.30 to $3.50. Weights from 130 to 160 pounds were available at $3 to $3.35, while lightest kinds scaling 100 to 130 pounds were selling at $2.25 to $2.85. Receipts were estimated at 5.000; holdovers. 215. General trade was active and strong to higher in the cattle market. Initial sales on steers and heifers ranged from 15 to 25 cents higher than the previous session. Receipts numbered 800. Vealers displayed a strong trading range, selling from 50 cents to $1 higher at mostly $6.50 down. Early top was $7. Receipts were 200. An advance of around 50 cents featured lamb trading. Initial buik was quoted at $7.50 to SB. Early action developed slow and supplies were scarce. Receipts were 500. Asking was slightly higher on hogs at Chicago, with few sales and bids around steady at yesterday's close. Early top was $3.50. Receipts were estimated at 22,000. including 6,000 directs; holdovers, 7,000. Cattle receipts were 10.000; calves. 1.800; market strong. Sheep receipts. 8,000; market strong. HOGS Dec. Bulk Top Receipts 20. $3 00 ® 3.15 $3 20 6,000 21. 3.15® 3.30 3.35 6,000 22. 3.20® 3.30 3.35 7,000 23. 3.20® 3.30 3 35 2,000 26. 3.40® 3.50 3.50 9.000 27. 3.50® 3.65 3.65 5.000 Market, higher. (■l4O-160) Good and choice ...$ 3.15® 3.35 —Light Weights—--7160-180 Good and choice. .. 3.60® 3.65 (180-200) Good and choice.... 3.50 —Medium Weights—-(2oo-220t Good and choice.... 3.50 1220-250) Good and choice .. 3.55® 3.60 —Heavy Weights—-(2so-2901 Good and choice ... 3.45@ 350 (290-350) Good and choice. .. 3.35® 3.45 —Packing Sows — (350 down) Good 2.60® 2.85 (350 up 1 Good 2.50® 2.75 (All weights) Medium . . 2.25® 2.50 —Slaughter Pigs—-(llo-130) Good and choice. .. 2.25® 2.85 CATTLE Receipts. 800; market, higher. (1.050-1,1001-Good and choice $ 5.25® 6.50 Common and medium 3.50® 5.25 (1.100-1,500) Good and choice 5.00® 6.50 Common and medium 3.75® 5.00 (675-750) Good and choice 5 00® 6.25 Common and medium 3.00® 5.00 (750-9001 Good and choice 4.50® 6.00 Common and medium 2.75® 4.50 —Cows— Good 2.50® 3.25 Common and medium 2.00® 2.50 Low cutter and medium I.oo® 2.00 —Bulls (yearlings excluded 1 Good (beef steers) 2.00® 275 Cutter, common and medium. I.oo® 2.00 ‘ VEALERS Receipts, 200; market, higher. Good and choice $ 6.50® 7.00 Medium 4.00® 6.00 Cull and common 2.00® 4.00 •—Calves—• (250-500) Good and chocie 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-800) — Good and choice 3.75® 475 Common and medium 2.50® 3.75 (800-1.5001-Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, 500; market, higher. (90 lbs. down 1 Good & choice.® 7.50® 8.00 (90-110 lbs.) Good and choice. 7 00® 7.75 (90 lbs. down) Com. and med.. 4.50@ 7.00 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS EAST ST. LOUIS. 111., Dec. 27.—Hogs— Receipts, 7,000, including 250 direct; market. slow and barely steady with Tuesday’s average; top 5c lower at $3.60: most early sales 160 to 230 lbs.. $3.60. and a few $3.55; no action on pigs; sows unchanged: largely $2.40©2.65. Cattle—Receipts, 2.000: calves, 1,000: market; steers in relatively liberal supply; quality mostly medium: early sales steady to strong; mixed yearlings and heifers fully steady with spots 25c higher; cows strong; bulis 10c to 15c higher; opening vealer sales 50c higher, top $7 and some unsold; a few steer sales. $3.65® 5.65; mixed yearlings and heifers. $4.50® 5.50; individual heifers, $6; cows, $2.25®2.75; low cutters, $1.25 W 1.65: practical top sausage bulls, $2.90; slaughter steers, 550 to 1.100 lbs., good and choice, [email protected]; common and medium. $2.75®5; 1,100 to 1,500 lbs., choice, [email protected]; good, $4.25(3 5.50; medium. $3.50®5. Sheep—Receipts, 1.500; er; sheep unchanged; a few choice lambs market lambs opened strong to 25c highto packers, $7.50 with some held higher; s2®3; lambs 90 lbs. down. good and common throwouts, $3.50(5 4.50: fat ewes, choice, [email protected]; common and medium, $3.50®7: yearling wethers. 90 to 110 lbs., good and choice. $4.50® 6: ewes. 90 to 150 lbs., good and choice, $1.75®3; all weights common and medium. [email protected]. FT WAYNE. Dec. 27.—Hogs—Market. 5c higher: 160-200 lbs . $3.55: 200-250 lbs.. $3.45: 250-300 lbs.. $3 35: 300-350 lbs . $3.20; 150-16 lbs., $3.25; 140-150 lbs.. $3.15; 130140 lbs., $3.05: 100-130 lbs., $2.25: roughs. 52.50; stags. $1.75. CLEVELAND. Dec. 27.—Cattle-Receipts. 150: trading, slow with salesmen asking higher prices; choice 750-1.100-lb. steers, s6® 6.50; 600-1,000-lb. heifers. $4.25® 4.75; good cows, all weights. $2 50® 3. Calves — Receipts, 250; market, active and 50c higher; choice to prime, $6 70®7: choice to good. $6®6.50; fair to good. ss® 6; common. $3®4.50. Sheep—Receipts. 1,800; market, active and 15-25 c higher: choice wethers, $2.50®3.25; medium to good, 51.50 ®2; choice spring lambs, $7.50® 8; good to choice, $7®7.50; medium to good. s6® 7: common and cull. s3® 5.50. Hogs—Receipts, 1.200; market opening 15-25 c higher: no hogs sold at start: heavies, $3.50® 3.75; choice butchers, 220-25 lbs., $3 75; light butchers, 180-220 lbs.. S3 75® 3.85; choice yorkers. $3.85; pigs. $2.75®3. PITTSBURGH. Dec. 27.—Hogs—Receipts. 500; active, generally 25c higher; top and bulk, $4 on 170-220-lb. weights; 230-260 lbs.. 53.85® 4; 260 lbs., up. around $3.75; 140-150 lbs.. $3 40®3.50: 130 lbs . down, $2.75® 3.25: packing sows. $2 85: few higher. Cattle—No receipts: nominal; bulk fed steers yesterday. $5.25® 5.85. Calves —Receipts. 50; 50c higher: good and choice vealers. 56.50®7; medium. $4®5.50. Sheep—Receipts. 500: fat lambs, strong; top and bulk. $7.85; one load clipped lambs, $7 25; common. $3®4.50; aged wethers, up to $3.50. By Times Special LOUISVILLE. Dec. 27.—Cattle—Receipts. 200; supply light; market active and fuiv steadv at Tuesday's advance, bulk, common to medium. sters and heifers. 53.50 @4.50: one lot. good 717-lb. yearlings, $6: bulk beef cows. s2® 2.50: good eligible around $3; bulk low cutters .and cutter cows. $1.25® 1.75; sausage bulls quotable. $3.25 down: bulk desirable Hereford heifer stock calves. $4.50. common to medium natives mostly $2.5063.50. Calves—Receipts. 200; vealers 50c higher; bulk better grades. *s® 5.50: medium and lower grades. $4 down. Hogs—Market. 1,000; market, 15c higher; 180-250 lbs $3.75: 255 lbs. up $3.45: 140-175 lbs. $3.40; 110-135 lbs. $2 60; 105 lbs. down $1.95. sows $2.45; stags $l2O. Sheep. 50: steadv. bulk medium to good lambs. 55.50@6. choice kinds. $6.50; bucks discounted; throwouts. 53.50; desirable fat ewes. $2 APARTMENT OWNERS POSTPONE MEETING Next Gathering of Association Will Be Jan. 9. Pastponement until Jan. 9 of a meeting of the Apartment Owners' Association scheduled for today was announced by William P. Snethen, secretary. January meetings, which will be held in the Washington, will be under direction of a woman's committee headed by Miss Mary Malloy.

—Today and Tomorrow — Silver Would Be Used to Bolster Gold Reserves of Nations Under Pittman Proposal. BY WALTER LIPPMANN

IT is very difficult for Americans of this generation to think dispassionately about silver. To a large part of the nation, the city dwellers, it is the symbol of dangers that were averted once and for all in 1896: to discuss seriously the place of silver in the monetary system of the world seems like reviving a heresy that was exploded long ago. I know that I have never, until in recent years I began to realize it, been able to overcome my own childish memories in 1396. and that intuitively I have looked upon silver as too discredited and disreputable to be studied with an open mind. There must be many who have this ingrained prejudice. In the thirty

years or so since 1896 the prejudice has been confirmed by two things. One is that silver was associated with Bryan, and Bryan came to be associated in many minds with prohibition, with laws against the teaching of evolution, and with an appalling naivete on the subject of international peace. The ocher is that the Republican victory of 1896 on an anti-silver platform was followed by an era of very great prosperity. Asa consequence, those who were on the winning side in 1896. and those who went to school to them in the years since then, approach monetary questions with a deep bias that silver is one thing a sound-thinking America does not think about. BBS BUT the silver question, which men debated so furiously between 1873 and 1896. has not been dead. It has been dormant.

When the basic difficulties of the last quarter of the nineteenth century returned, when gold prices fell and then continued to decline, the silver question was revived, and we are compelled to reconsider it. The action of the President in ordering the purchase of all silver newly mined in the United States is generally recognized as significant because it brings silver to the front as a practical problem. That this action was not a mere Christmas present to American silver miners, but is a part of a large monetary program, is evident to any one Trlin evnminp* thp historical record,———

UUUUIO t UUt AO CV CL 1 K UA U mt gu uivii' who examines the historical record; of which it is a part. One June 19 the administration submitted to the London conference a currency program which is known as the Pittman resolution. This proposal dealt, with silver as well as gold. It called for the reestablishment of a reformed inter- j national gold standard. As to gold, j it called for a reduction of the gold reserve ratio of central banks to 25 per cent. As to silver it called for two things: One was that the price of i silver be raised, and the other was i that as much as one-fifth of the metal cover of central banks should be permitted to be in silver. The Pittman resolution thus committed the Roosevelt administration to an effort to raise the world price of silver and to the revival of the use of silver as part of the metal cover of the currency. At London Senator Pittman negotiated an agreement, among the silver-owning countries end the silver-producing countries, which dealt, with one part of this program; that is, the effort to raise j the world price of silver. The countries, like India, which have large stocks of silver, agreed not to dump them; the countries which produce silver, like the United j States, agreed to buy up or withhold from the market the new production. It is in accordance with this international agreement that the President has now acted, and presumably the other silver countries will do their agreed part. B B B T>UT in the light of the Pittman resolution, this measure is clearly only a first and a preliminary step. It merely stabilizes, perhaps a higher level, the price of silver as a commodity. But the procedure is artificial as long as .silver is merely withheld from the market, as long as there is no new demand for silver created. The Pittman resolution, however, proposes to create anew demand for silver by making silver a part of the permitted legal reserves of; the currency. If this were done, sil- j ver would cease to be a mere commodity in the western world, amd would become a substitute for an additional supply of new gold. When a country returns to the gold standard it promises to redeem its money in gold. Its money consists, of course, of its currency plus its bank deposits. It is impossible to have it all covered by gold. There is not enough gold. In order to keep people from calling for gold, there must, however, be enough gold on hand to make them believe they could get it if they wanted it. The workable propasition seems to be somewhere between $lO and sls of bank credit plus currency to I $1 of gold. If, therefore, a dollar ot gold is drawn out of the banks, and hoarded or taken out of the country, somewhere between $lO and sls of credit have to be canceled. This is not an absolutely accurate statement, but, broadly speaking, it is true. It follows that if for any reason there is a heavy demand for gold, credit must contract, and, when credit contracts, prices must fall. When prices fall, gold buys more goods, that is to say, it increases ( in value. The effect of that is to I step up the demand for gold, since that is the one thing which is becoming more valuable. The greater the demand for gold, the more credit contracts, and the more prices fall. Now between 1925 and 1932, or thereabouts, gold enhanced in value, credit contracted and prices fell. ■What hapened in those years? According to the monetary heretics, a number of things happened, all of which combined produced an abnormal demand for gold. In the first place, the gold supply itself was short, relative to the growth of business, owing to several years diminished gold mining during the war. In the second place, as one country after another, beginning in 1924, returned to the gold standard, it had to bid for gold to build up a gold reserve. Thus there was an enormous demand for a somewhat short supply. Yet prices in all countries were 150 per cent of prewar, and nuless credit was stretched beyond anything in history and kept stretched, there was not enough gold to maintain those prices. The position was made more difficult by ■ other abnormal demands for gold. 1 such as reparations and war debts, j tariffs raised by creditor countries and our bull market. All these things combined, a relatively short supply of gold, a high demand for gold to establish the gold standard, and the complications of postwar politics and finance, go a long way to'explain why world credit contracted and prices fell. B B B IT is here that the silver people enter the discussion with their most telling argument. They accept all the reasons outlined above for the rise in the value of gold, and they add another one . They argue that in the twenties a series of acts by governments in Europe and Asia destroyed the value of silver, and that this put an additional strain upon the gold standard. In 1920 Britain debased its silver

I

Lippmann

coins and sold its surplus silver. In 1925 India was taken off the silvei standard and put on the gold standard, and India's silver was sold or offered for sale. In 1928 and 1929 Indo-China and Belgium demoralized silver. Now, the effect of all these things was to reduce the demand for silver and to increase the supply offered for sale. The price of silver fell from about 70 cents an ounce in 1925 to about 30 cents or worse in 1932. Now why did that matter so much? Whom did it affect besides the silver interests? The argument is that, the investments and wealth of Asia have been kept in silver values. When the value of silver fell, there was a large flight of Asiatic capital out of silver currencies into gold. Thus there was created another very great demand for gold at the very moment when there was already an abnormal demand for a relatively short supply. Anyone who wishes to get rid of the silver agitation must be prepared to show 7 that this basic analysis of the collapsp of world prices is incorrect. If he can not show that it is incorrect, then he should be prepared to consider the practical soundness of the silver policy indicated in the Pittman resolution. That policy is, first, to raise the world price of silver in order to induce Asia to stop bidding for gold and, second, to use silver as a substitute for part of the gold reserve of the gold standard countries in order to increase their reserves, and thus enable them to expand credit without stretching it, as it was stretched in 1929, to the breaking point. (Copyright. 1933) SURVEY SHOWS BUSINESS GAIN Fenner, Beane & Ungerleider Report Large Increase in Employment. Remarkable increases in practically all lines of business, especially the southern agricultural area, were noticeable during the last few week’s following completion of a general business survey conducted by Fenner, Beane & Ungerleider, international investment company. In comparing the present conditions with those existing in March when the new national administration came into office, employment in the middle Atlantic stages is 30 per cent greater than in March and in the southwest section it showed an increase of approximately 65 per cent. Several districts, however, have reported complete elimination of unemployment and other areas nearing the goal. The average of retail trade generally is reported back to approximately the 1931 rate in dollar values, with some sections showing a return to 1928 or 1929 levels. Substantial improved praspects also are indicated for 1934 in the automobile industry, due practically to a revival of demand in the southern territory, where dealers indicate next year’s sales will total almost 30 per cent over the present year. CHICAGO FRUIT MARKET By Uniteri Press CHICAGO. Der. 26.—Apples—Michigan Jonathans. $1.25® 1.50; Mclntosh. $1.25® 1.75; Baldwin. slls® 1.25. Carrots—lllinois 50 cents bushel. Spinach—Texas, 70c® $1.15 bushel. Beans—Southern green. $1.25® 1.75: wax. $2@2,25. Mushrooms— Illinois. 15® 25c. 1-lb. cartons. Cucumbers—Southern. $2®,3. Tomatoes —California, $2.25® 2.75; Illinois and Ohio hothouse, $1.1561.25. Leaf Lettuce —Illinois hothouse. 12%@15e box. Celery—Michigan. 25® 85c square crate. Cabbage—Wisconsin. s2® 235 iOO-lb. sacks Sweet Potatoes— Illinois, $1256 1.40; Indiana. $1.50® 160. Onion Market—Western Valentias, 95c®, $1.10; Central Western yellows. 95c@$l Deaths Harrv J Newton, 47, 1353 Charles, acute myocarditis Calvin Silcox. 55. 528 West. Abbott, pulmonary tuberculosis Joseph Warner, 74. Long hospital, carcinoma. Agusta S Homeier. 85, 1220 Laurel, coronary occlusion. Anna Perry Hill, 39. 2232 Martindale. acute myocarditis. Jessi* K Fureason. 50, 1217 Congress, carcinoma. Idella Schreiber. 62. 622 Lexington, carcinoma. Josephine R Youngman. 65 5270 East Tenth, acute dilatation of heart Albert M Magley, 77. Sherman Hotel, broncho pneumonia Mary Ethel Burgetl. 4 months. 702 South Holmes acute bronchitis Blanche Miller. 55. 5506 Broadway, carcinoma Oscar N Jones. 56. Methodist hosortal cerebral hemorrhage. Alfred Emorv Sanders. 24 days. Rliev hospital, whooping cough. Samuel Graham, 79. city hospital, lobar pneumonia. John Jelliso, 51. citv hospital, lung abscess. Mae WoifT 57. St Vincents hospital, cerebral hemorrhage. Births Boys Clarence and Louise Beidelman 702 North RUev. Therma and Ida Buiock. 1228 Nordyke. Girls Robert and Juanita Baird 832 North California. Raymond and Mattie Martin. 962 North ShefTield. Hugh and Gladys Lee. 2417 Highland Place. Robert and Mildred Harris. 2101 Boulevard Place. Harry and Maud Foster. 1620 Williams.

l an7 Ind. Municipal Bonds N * w j° n Sell 415 I*emcke Bldg. Toad

PAGE 11

SELLING WAVE SENDS FUTURES OFF FRACTIONS Liverpool Opens Weak After Extended Holiday: Corn Offerings Light. BY HARMAN \V. NICHOLS I'nited Pres Staff Correspondent CHICAGO. Dec. 27.—Routine new* attracted selling at the opening of the Board of Trade today and gra:ft prices fell fractionally. Wheat futures were % to V cent* lower, corn was to 4 cents lower, and oats were *•* rent off Liverpool, after an extended holiday. opened lower than expected and stocks were irregularly lower. Paramount among topics of the day around pit circles were the extremely cold weather and mill buying of wheat which developed late in yesterday's trading session. The trade also was concerned with wires from the Texas panhandle that this year's wheat crop was going into the winter season in the worst condition in years. The area, which also includes part, of New Mexico is extremely dry and only 50 per cent of the seeded grain is out of the ground. An entire lack of offerings of corn from the country magnifies state- ; ments that farmers are holding the I yellow cereal for the government | loan proposition. Chicago Futures Range —Dec. 27WHEAT— Pr „ v High. Low. 10 00 close’ ••• 84% 83% .84% .34% July . 83% .82% .83% 33% CORN— May 31 % .50% .51 .50% July 53 .52% .53 52% OATS— May 37% 36% .37 36% July 35% 35% .35% .3%! RYE— May 57% 56% 571* 5714 July 58% .58% .58% 59 BARLEY— May 50% 49% .50% ,50% July Chicago Primary Receipts —Dec. 26 Bushels— Today. Last week. )J ,he at 985.000 477,000 S 0 ™ 1,102 000 604.000 ° ats 165.000 105.000

Indianapolis Cash Grain

—Dec. 26 The bids for car lots of grain at the cail of the Indianapolis Board of Trade f. o. b . shipping point, basis 41 % New York rate. were. Wheat—Steady No. 1 red. 76077 c: No. 2 red. 750 76c; No 2 hard. 75®76c. Corn—Steady; No. 3 white. 390 40c: No. 4 white, 38939 c: No. 3 yellow. 38039 c; No. 4 yellow 37 0 38c; No. 3 mixed. 37® 38c. No. 4 mixed. 36937 c. Oats—Steady: No. 2 white. 30%®31\c: No. 3 white. 29*4030*40. Hav—Steady; (F o. b country point* taking 23 %c or less rates to Cincinnati or Louisville'. No 1 timothy. $7.50 08; No. 2 tlmothv. $797.50 —lnspections Wheat—No. 1 red. 1 car; No. 2 red. 1 cars; No. 1 hard, 2 cars. No 5 hard. 1 car Total. 9 cars Corn—No 2 white. 2 cars. No 3 white. 1 car: No 2 vellow-. 7 cars: No. 3 yellow. 13 cars: No. 4 vellow. 14 cars: No 5 vellow, 3 cars: No. 4 mixed. 1 car. Total. 41 cars. Oats—No. 2 white. 12 cars: No 3 white, 8 cars; No. 4 white. 1 car. Total. 21 car*. INDIANAPOLIS WAGON WHEAT Citv grain elevators are paving 76 cent# for No. 2 soft red wheat. Other grade* on their merits. CHICAGO CASH GRAIN By t'nited Prrxx CHICAGO. Dec. 26 —Cash grain: Wheat —No. 2 hard. 83%c. Corn—Old. No. 2 mixed. 46%c: No 2 vellow. 98c; No. 3 yellow. 470'47%c; old and new. No. 2 yellow. 46%c; No 2 white. 47%c: new'. No. 3 mixed. 44%G45%c: No. 4 mixed. 43%c: No. 5 m.xed 41 %c; No. 2 vellow, 46% 0 47%c: No. 3 yellow. 45%046%c: No. 4 yellow'. 43%c: No. 3 white. 46c Oats— No. 2 white. 35*4 336 c: No 3 w hite. 34® 35%c: No 4 white. 34®34%c: sample grade, white. 28c Rve—No sales Barlev—Quotable 459 75c Timothy—*s.so 06. Clover seed—*llol3.7s. Cash provision* —Lard. $4,77: loose. $4.47; leaf. *4.50: D. 3. Bellies. TOLEDO CASH GRAIN By United Prca* TOLEDO, Dec 26—Grain and close: Grain in elevators, transit billing. Wheat —No 2 red. 87988 c. Corn—No 2 vellow. 51 1 20 52%c. Oats—No 2 white. 39040 c. Rve No. 2 . 66 0 67c. Track prices. 28%c rate. Wheat—No 1 red. 83% 9 84c; No. 2 red 82%®83c. Corn No 2 vellow. 46%@ 48%c; No. 3 vellow. 45 0 46%c: No. 4 yellow 42%944%c: No 5 vellow. 42%0 •*3%c. Oats No. 2 white. 36937 c: No 3 white. 35036 c. Toledo seed close: Clover -December. $8: March. $8 25. Alsike — Cash. $8.50. BT. LOUIS CASH GRAIN By United Preaa ST LOUIS. Dec 26.—Cash grain Wheat —ln fair demand, steady *o lc higher; No. 2 red garlicky. 84085 c: No. 3 red garlicky, 82%c; No. 3 dark hard. 86c. Corn —ln fair demand, unchanged to Vie higher: No. 2 yellow. 47%c; No 3 yellow, new. 46%e: I No 2 white. 48c. Oats— ln fair demand, lc higher. No. 4 white. 35ViC; No 1 mixed. 37c, No. 2 red, 36%037c.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 2o cents per ton Is allowed. DOMESTIC RETAIL PRICES Anthracite *14.25 Coke, nut size 1.75 Coke, egg size 8.75 Indiana, forked lump 5.50 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump 700 Pocahontas lump 825 Pocahontas egg 8.25 Pocahontas forked lump a25 Pocahontas mine run 7.25 New River smokeless 825 West Virginia lump 6.75 West Virginia egg 650 Island Creek 7 00 Extra charge of *oc a ton for wheeling coal, and $1 a ton for coal carried to bin.

In the Cotton Markets

- Dec. 26 CHICAGO H;gh. Low. Close. January 10 10 10 01 10 01 March 10.25 10,20 10.20 May 10 40 10 33 10.33 July 10 52 10.49 10 49 NEW YORK January 10.07 9 95 9 95 March 10 18 10 11 10.14 May . 10 34 10 25 10.26 July 10 46 10 38 10.39 October . . . 10 55 10 57 10 53 December .. ... 11 34 10 76 10.76 NEW ORLEANS January . 995 March . ... 10 15 10 10 10 10 Mav 10 31 10 24 10 24 July 10 45 10 37 10 37 October 10 61 10 55 10 55 December 10 73 10.69 10.69 NEW YORK COFFEE FUTURES —Dec. 26 SANTOS High. Low. Close. January 8 82 March 8 93 3 90 8 92 Mav 9 07 9 03 9 07 July 9.15 9 10 9 15 September 9 50 9 45 9.50 RIO January 6 3* March 6 49 6 44 6 46 May ... 6.56 644 655 July 6 70 6 63 6 63 September 6.71 NEW YORK RAW SUGAR FUTURES —Dec. 26 High Low Close January 1.13 110 1.10 March 1.20 1 18 1.18 May 1 25 1 24 1 2* July 1.31 1 29 1.2* ' September 136 134 1.3* December 1 43 1 40 1.41