Indianapolis Times, Volume 45, Number 198, Indianapolis, Marion County, 28 December 1933 — Page 13

DEC. 28. 1938

Guaranty Trust Takes Lead in Expressing More Liberal Wall Street Banking Thought. BY RALPH HENDERSHOT

Times Special Financial Editor This month's survey of business and finance by the Guaranty Trust Company of New York contains some very important material. It offers constructive suggestions for the correction of weaknesses in the American banking situation, the first to be offered by any important bank since the present emergency developed, and these suggestioas are followed with some rather pertinent comment on bankers. “They ithe suggestions) are offered in the belief that bankers 6noula put forth constructive suggestions for legislation affecting their own business.” the Guaranty says, adding: ‘lf bankers had more forcibly presented their views in the past our banking system might have developed along different and perhaps sounder lines. "The situation calls for a rapprochement between banking and government, such as has existed in other countries for many years, with obvious benefits. If Kw such an alliance can be achieved in the United States W it should be possible to create a banking system that ■CS| would be a credit to the nation.” ML, Banking Thought Changing *• I Those who have had any close relationship with the Wall Street banks will recognize in the above a drastic change in banking thought. The tendency of BA bankers in the past has been to fight all so-called IpprX banking reform They have regarded the business moro or less a® a private affair, and one in which '2 lB the government should not interfere. The idea of making suggestions for improvement would not have Ra lp h been entertained for a moment, llendershot 11 would be going too far to state that the Guaranty’s attitude is representative of Wall Street banking opinion. But it can be said without fear of contradiction that it has taken a liberal and forward-looking attitude on many important banking questions in the recent past. It has sought to present the practical angles on security underwriting legislation, and it has been first to attempt to regain the confidence of depositors and to bring about a better understanding of banking problems by the general public. nan nun Guaranty’s Position a Factor The Guaranty, of course, is in an ideal position to fit the banking business into the new deal picture. Its record of operations during the past ten years is said to be well above the average, relatively few of its underwritings having gone “sour,” and its loans and market operations passing muster in most company. The Guaranty is a Morgan bank, which makes its changed approach to banking questions of special importance. Whether its policy was influenced by the Morgan firm is not known, but it is fair to assume that this policy was passed upon favorably by that concern. if this assumption is correct it may be said that important banking history is in the making.

New York Stocks (By Abbott Hoppin As Co.) -

—Dec 28 Prev Oils— High. Low. 10 30 close. Amerada .. ... • • • 41 Atl Rig 28% 28'e Bamsdall ... 7% 7% Consol Oil 10% 10'a Cont of Del 16% 16% Houston (newi 3 a Houston i old i 20% Indian lifg f ' Mid cont. Pet 10% 11 Ohio Oil 13 12% Pet Corp Phillips Pet . 15% 15H 15% 15% Pupre Oil . 10*4 10% Royal Dutch . . 3RJ* Sbd Oil 2 ' 3 Simms Pet Skelley Oil ••• § '•> Soc Vac 16 15% 15% 16% SO of Cal 38% 38% S O Os N J 45 3 b Sun Oil • • ■ 32 Texas Corp • • 23 Tidewater Assn 3% 8 Un Oil of Cal. . 18‘s Steels— Am Roll Mills , ... 18 % Beth Steel 36% 36% 36% 3b a Evers AM 21-4 Col Fuel & Iron 3 Cruc Steel 20 2 Gulf Sts Steel 23 4 Inland Steel ?0 l / Ludlurn Steel ... I 3 McKeesport Tin 83 Natl Steel •• f8 a Rep I & S • • 17 lII* Rep I & Stl pfd 39% U S Smelt ... ■ 98’* Vanadium 22 /4 21 s Mid Steel ■ 12 a Shell Un 7' ? 7 a U S Pipe & Fdy. . ••• 17% 1® U S Steel 47% 4i% 47% 46 4 U S Steel pfd . ... ••• 53,, Youngstn S&T 23U 23 23 4 22 4 Kails- „ t 3 Atchison 5S *; Atl Cst Line - • “3 3 B & O 22% 22 a Can Pac 1; “ 8 Ch A Ohio 39', 4 38% Chi A- Gt W 2% C M & St P 3 3 4 3 s C M A St P pfd 7 6% Chi N W 034o 3 4 6 4 Chi R Isl 2'a Chi R I 7"r pfd •• 1, Dela & Hud 53% 52% Grt Northern pf ... 19 3/ 18*4 111 Central 30‘s K C Sou 10% Lou & Nash ... 4, M K & T 7% Mo Pac • 2% Mo Pac pfd , 4 3 *4 N Y Cent 32% 32% 32% 31% N Y Chi & St L 13% N Y C A St L pf ■ • 16% N Y New Haven 14% 14% N Y Ont A Wes 8 Norfolk & Wes -• 161 Nor Pac 22% 22% Penn R R 29% 29% Reading 44 Sou Pac •• • 19% 18% Sou H R 25% 25% 25% 24% Sou R R pfd 28% 28% Union Pac ... • 11 Wabash ... . - • 2 West Maryl .... .. ■■■ 8% 8% Motors — Auburn 53 52% Chrysler 54 3 a4 54% 53% Gen Motors . . 34% 34% 34% 34% Graham Mot .. ... 2% Hudson 14% 14 Maclt Truck . . ... 34% Nash 23% 23 3 4 23 3 4 23 3 Packard 3% Reo 2% Studeboker ... 4 4 Yellow Truck 4 Motor Access— Bendix ... 16% 16% Bohn Alum 54% Borg Warner ... 20% 20% Briggs 11% 11% ll'.a 11% Buaa Wheel . 3 Eaton Mfg ... 13% 13% Elec Auto Lite . 19% 19% 19% 18% Houd A 3% Mullins Mfg 5% Murrav Body 5% Stew Warner 6% 5% Timken Rol 30% 29% Mining— Alaska Jun 20% Am Smelt ... ... 43 Anconda Cal & Hecla ... 4 Cerro De Pasco 34% 34%

OFFICE SPACE

m Architects & Builders Bldg. Baldwin Big Four Circle Tower Consolidated Continental Guaranty Indiana Pythian Kahn Kresge Medical Arts Meyer-Kiser Roosevelt Stewart Block Traction-Terminal KLEIN & KUHN Inc. Property Management LINCOLN 3545

Wall Street

Granby 8 Gt Nor Ore 10% 10% Homestake Min 304 Howe Sound 38 37% Ins Copper 4% Int Nickel ... Isl Crk Coal ... 25 Kenn Cop ... 20% 20 Noranda Cop 331/, Phelps Dodge 16% Pitts Coal 9 9 Tobaccos— Am Snuff 49% Am Sum Tob 15% Am Tob A 63 % Am Tob B 67 66% Gen Cigar 22% Ligg & My B 75 Lorrilard i5/ g Reynolds Tob B 42% 42 Equipments— Allis Chalmers 17 Am Car & F 24% 23% Am Loco 27 % Am Mach & F 12% 12 Am Steel Fdv 19% Bald Loco . ... ... 11% Burrough 15% Case J I 66 5 8 Cater Tract ... 25 24% Colg Palm Peet. .. ... ... 10 Congoleum 23 % Elec Stor Bat 43% 43% Foster Wheel ... ... 13 Gen Am Tang C 32% Gen Elec 18% 18% Gen R R Sig 32 Ingsol Rand 60 Int Bus Mach . 141 Int Harvester SO?/* 39% 39% 39% Kelvinator ... ... 11% 11% Natl Cash Reg 17% Proc & Gamble 37% Pullman Inc 52 51% Simmons Bed .... ... ... 15% Und Elliot 36 West Air B 27 26% Westingh Elec 36% Worthington Pm 21 % Utilities— Am & For Pw 7% 7% Am Pw & Lit 5% AT&T 108 107 Am Wat Wks 18 17% IS 17 Brook Un Gas . . . 62% Col G& S! 11% 11% 11% 11% Col G & E pfd 51 Com & Sou .... 1% 1% 1% 1% Consol Gas 36% 36% 36% 35 % Elec P & Lit 4% 4 E P & L pfd 7% Int T & T . 13% 13% 13% 13% Lou G&EA 15% Nat Pwr & Lit 8% North Amer ... 15% 15% Pub Serv N J ... ... . . 34% So Cal Edison ... 6% Std Gas pfd 7% United Corp 4% 4% Un Gas Imp 14% Ut P & Lit ‘A’ 2% Western Union 51% Rubbers— Firestone 19 18% Goodrich 12% 12% Goodvear ... ... 38% U S Rubber . .. . 15% 15% 15% 15% U S Rubber pfd ... ... 24% Kel Spring ... ... 2% Amusements— Croslev Radio .... ... ... 7% Fox Thea ... 12% Loews Inc ... 28% 28% Radio Corp ... 6% 6% 6% 6V2 RKO 2 Warner Bros ... 4% 4% Foods— Am Sugar ... ... 46% Armour A ... ... 4% Beatrice Cream. .. ... ... 9 Borden Prod 19% 19% Cal Packing 18% Can Dry G Ale 24 Coca Cola ... ... 93 Cont Bak A 7% Corn Prod 73% 73% 73% 73% Crm of Wheat 28 27 Gen Foods 32% 32% Gold Dust 17% G W Sugar 29% 29 Hershev 46% Int Salt ... ... 21 Loose Wiles ... 39% Natl Biscuit 45% 44% 45% 44% Natl D Prod . 11% 11% 11% 11% Purity Bak ... 12% S Porto Rico Sug ... . 33 Std Brands 21% 21 21% 20% United Fruit 60 59% Wrigley 56 % Retail Stores— Asso Drv Goods. .. ... ... 11% Best A- Cos ... ... 26% Gimbel Bros 4% Gr Un Tea .. 4 Hahn Dept Sts 5 4% Jewel Tea 33% 32 Kresge S S 12% 12% Kroger Groc 23% Maev R H 541,, Mav Dept st 30 30 Mont Ward 21% Penny J C 51% 51% Safeway St 45 44 Sears Roebuck 42 41% Woolworth 39 Aviation— Aviation Corp 7% 6% Douglass Air 13% 13% Curtiss Wright 2% 2% Curtiss Wright A 5% Nor Am Av 4% 43 4 United Aircraft 30% 30% Chemicals— Air Reduction ... 99 Allied Chem ... 143% Am Com Alcohol 48 47 Cos! Carbon 60 Com Solvents 30% 39% Dupont 92% 92% 92% 92 Freeport Tex 42% Liquid farh . . 27% Math Alkali 34% Tex Gulf Sulnh. 39% 39% Union Carbide 4fir/ B 441. D S Ind Alcohol 48 47% Natl Dlst mew) 22% 22 22 21% Drugs— Cotv Inc ... 3S g 35 4 Lambert 2 0 19% lehn A- Fink ... iri, Zontte Prod ... . . 6 Financial— Adams Exo 6% Allegheny Corp 3% 3 Chesa Core 33 Transamerica 14% rs* Tr Cntl Corp 4% 37, Building— Am Radiator .. .. . . 14% 14 Gen Asphalt . 15% Int Cement . 29% 29 29% 29 Johns Man 58% 58 Libby Ow Gls 35% 35% Otis Elev 151. Ulen Const 21. Miscellaneous— Am Bank Note . ... 15 Am Can 98 97% 97% 97% Anchor Cap 171, Brklvn Man T .. 39% Conti Can 74% 74 74 73% Eastman Kod 79a, 757 Owens Bottle . 7a Sfflfi** 8% 8% 7% Gildden . 35 Gotham Silk 6% Indus Ravon ... 781Inter Rp Tr .... ... 121 b 12 1 - Real Silk Hose . . ... ... 71,

Foreign Exchange

•,Bv Abbott. Hopptn & Cos.) —Dec. 27 Close. Sterling. England $5 n Franc. France 0611'a Lira, Italv 0821 Belgius. Belgium 2174 Mark. Germany 3740 Guilder. Holland 6285 Peseta. Spam 1284 Krone. Norway 2575 Krone. Denmark 2385

STOCK SHARES RESUME STRONG upward™ Most Issues Advance Over a Point: Market News Turns Dull.

Average Stock Prices

Average of thirtv industrials for Wednesday: High 98 21. low 95.16. last 96 80 up .50. Average of twenty rails 40 09. 38.78. 39 42. up 16 Average of twenty utilities 22.50. 21.18 21.98, up 58 Average of forty bonds 83 54. up 29. Average of ten first rails 90 46 up 37. Average of ten second rails 68.80. up .10. Average of ten utilities 91.14. off .27 Average of ten industrials 84.25, off .06. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Dec. 28.—Stocks continued to advance at thfe opening today with gains running above a point and trading fairly active. A number of cash sales came out on the tape representing transactions to establish tax losses or gains. All sales for that purpose must be for. cash for the remainder of the week since deliveries of stock in deals made today will not be made until Tuesday. Most of today's cash transactions were made slightly below the prices on regular operations. Steel Common Firm Among the better gains in the main list were American Telephone at 108, up 1; American Commercial Alcohol 48, up 1; National Distillers 22%, up 1%; Howe Sound 38, exdividend, up 1%; Union Carbide 46%, up 1%; Consolidated Gas 36%, up %; Mclntyre Porcupine 40. up %, and Du Pont 92%, up %. United States Steel common firmed up to 47%, up %, on the first sale and held around that level in the early trading, although cash sales were made at 47. Chrysler made a small gain in a firm automobile section. Silvery Issues Strong Fractional advances were noted in New York Central, Pennsylvania and Atchison in the rails; American Can, Geneivl Electric, General Motors, International Telephone, Standard Oil of California, Kennecott and Sears Roebuck. Cotton futures ruled steady, unchanged to up 2 points. Sugar was unchanged to up 2 also, while silver futures were 5 to 16 points higher. Bonds quieted down after a heavy turnover yesterday, and prices moved irregularly in a narrow range. Volume shrank after the opening on the Stock Exchange with prices holding around the opening levels. There was nothing in the news to affect the market.

Bank Clearings

INDIANAPOLIS STATEMENT —Dec. 28Clearings $1,837,000.00 Debits 4.844.000.00 TREASURY STATEMENT —Dec. 28— Net balance for Dec. 26 .$1,072,221,087.10 Misc. int. rev. repts 6.561.017.23 Cust. reepts. (mo to datei 22,631,870.45 New York Curb By Abbott, Hoppin & Cos. —Dec. 27Close; Close Allied Mills ... 6% Ford of Can 'A'. 14>/ 2 Alum Cos of Am 74 Ford of Europe 5% Am Cyan 'B”. 15 % Gen Aviation . 42 Am & Fr Pw W 4%'Gre Al & P. .121 Am Gas & El.. 19% Glen Alden Coal 10% Am Superpower 2% Gulf Oil of Pa 55% Ass Gas & El.. 5-16 Hiram Walker.. 47% Atlas Corp .... 10% Hud Bav Min.. 8% Brazil Tr & Lt 10% Humble Oil ....100 Brit Am Tob A' 29 Imperial Oil Ltd 12% Brit Celanese. 3 3 8 Int Petrol 19% Can Ind Ale 'A' 17 Lake Shore Min 44 Can Marc 2 Libbv McN Libby 2% Carrier Corp .. 5% Lone Star Gas.. 5% Cities Serv ... 1% Massey Harris . 4 Consol G & Bit 52% Mt Producers .. 3% Cord Corp .... 5% Nat Bellas Hess 1% Creole Petrol .. 10%!Newmont Min . 48% Crown Crk Inti 6% Nia Hud Pwr... 4% Deere & Cos ... 27%:Pan-Am Airways 25% Dls Lim 20% * Park Davis .... 23% Dis Corp 20%; Penn Road 2% Dow’ Chem 72% St Reg Paper .. 2 El Bond & Sh.. 10%1 Sal Creek Prod. 5% Fisk Rubber ... BVSherwin Wms. . 46%

Investment Trust Shares

(By Abbott, Hoppin & Cos.) —Dec. 27 Bid. Ask. American Bank Stocks Corp.. .72 78 American & General Sec A.. 4.00 550 American & Inv Tr Sh 1.50 250 Basic Industry Shares 3.26 372 British Type inv Tr Sh 40 50 Collateral Trustee Shares A.. 4.45 4.65 Corporate Trust S hares (old 1 2.18 2.22 Corporate Trust Shares (new) 2.26 230 Cumulative Trust Shares 388 Diversified Trust Shares A 6.25 Diversified Trust Shares B . . 7.00 725 Diversified Trust Shares C... 2.89 2.94 Diversified Trust Shares D... 460 470 First Insuarnce Stock Corp... 1.26 1.32 First Common Stock Corp 80 .98 Fixed Trust Oil Shares A 8.40 3.50 Fixed Trust Oil Shares B 6.90 7.17 Investors Inc 17.25 17.62 Land Bank Bond Shares 90 1.05 Low Priced Shares 5.30 Mass Inv Trust Shares 17.25 17.50 Nation Wide Securities 3.05 3.15 North American Tr Sh (53i. 1.80 North American Tr Sh (55). 2.26 .30 North American Trust Shares 2.40 235 Selected American Shares.. 2.37 Selected Cumulative Shares 6.50 6.'i5 Selected Income Shares 350 400 Std American Trust Shares A 2.80 2.85 Trust Shares of America 2.70 275 Trustee Std Oil A 5.20 5.40 Trustee Std Oil B 4.87 5.00 U S Electric Lt & Pwr A 9.37 9.87 Universal Trust Shares 2.90 9.95

Federal Farm Loan Bonds

(By Blythe & Cos.. Inc.) —Dec. 27 4s Nov. 1. 1957-37 B(>% 4s Mav 1, 1950-38 79 80% 4%s July 1. 1956-36 80 81% 4%s Jan. 1. 1957-37 80 81% 4%s May 1. 1957-37 80 81% 4%s Nov. 1 1958-38 86 81% 4%s May 1. 1942-32 87 88% 4%s Jan. 1. 1945-33 87 88% 4%s Jan 1. 1953-33 87 88% 4%s July 1. 1953-33 82% 84 4%s Jan. 1. 1955-35 82% 84 4%s July 1. 1955-35 82% 84 4%s Jan. 1, 1956-33 82% 84 4%s July 1. 1953-33 86% 87% 4%s Jan. 1. 1954-34 86% 87% 4%s July 1. 1954-34 86% 87% as Mav 1. 1941-31 92% 94 5s Nov. 1. 1941-31 92% 94 Home Loan 4s. July 1. 1951 83% 84%

U. S. Government Bonds

Gy United Press Y< ?5 K P ec 2 "—Closing liberty bonds (Decimals represent thirtv-sec-onGS. i Liberty 3 ! 2S (32-37) inn 14 First 4%s 132-471 10110 Fourth 4%s .33-381 10126 Fourth 4%s (S3-38i called 10l'2 Treasury 4%s (47-521 106 11 4%5-3% s (43-45) 991 4s (44-541 103 8 <46-56. isf f 3%s (43-47) 99 4 3%s (41-43. March 993 3%s (40-43' June 99 15 JS* <> 98.21 3%s .46-49) 95 15 3s ) 51-55) 948

Daily Price Index

By United Press NEW YORK. Dec 27. Dun & Bradstreet s daily weighted price index of thirty commodities, compiled for the United Press (1930-1932 average. 100 c Today 101.00 \esterday 100 23 Week ago 98 08 Month ago 99 35 Year ago 70.34 1933 high (July 18) 110 52 1933 low (Jan. 20i 67.86 (Copyright. 1933. Dun & Bradstreet. Inc.)

THE INDIANAPOLIS TIMES

Chicago Stocks Abbott. Hoppin At Cos. 1

TOTAL SALES. 170.000 SHARES —Dec. 27 High. Low. Close. 1 Adams Mgf 5% Allied Products 8% Altorfer Bros ... 114* Asbestos M!g 3% 33 Associated Apparel 1% Asso Tel & Tel tA > 4 Asso Telephone Util ... % Asso Tei Util iAi pfd % Asso Tel Util 6% pfd % Balaban & Katz VTC 23 Bendlx Aviation 16 Butler Bros 3% 3% 3% Canal Construction .. 1% Cent 111 Pub Serv pfd . ... 13 Cent 111 Securities, com % Cent Ind Powers pfd.. .. ... i% Cent Pub Util % Cent Ac So West % % % Cent Ac So West pfd. ... 2% 2% 2% Cent <si So West P L p 4% 3% 4 Chi Ac North Western 6% 6Va 6% Chi City Ac Con Rys V* Chi City Ac Con Rys pfd . 1 Chicago corp com .... 2Vi 2Vi 2% Chicago Corp pfd 23 22-s 23 C No Sh & Mil RR p . % Chicago Yellow Cab.. . 11% 11 11% Cities Service 1% 1% i% Club Aluminum ... s, Commonwealth Edison. 34 32% 33 Construct Materials % Construct Materials, p % % % Consumers % % i e Consufers 6% Pr pfd ... l Consumers 1% pfd .. % Continental Steel 5 Cord Corp 6% 5% 5% Crane Cos 7Vi 7 7 Decker Ac Cohn i% Eddy Paper 51,. Electric Household 9 Fitzsimmons Ac Connell 13 Godchaux B ... 4% Great Lakes Aire 1 % 1 Great Lakes Dredge . 20 19% 20 Grigsby-Grunow % % % Hall Ptg 3% 3% 3% Harnlschfeger ... 6% Hart-Carter pfd 4y g 4% 4% Houdaille-Hershey A .... 10% Houdaille-H B -33“ Illinois Brick ... 4 Ind Pneu Tool ... 15 Iron Fireman ... 7 Kalamazoo Stove 21 Kellogg Switch com .. .. ... ' 3% Ken-Rad Tube Ac L .. .. ... 1% Keystone Steel 10% Manhattan-Dearborn .. 1% 1 i 3 4 Marshall Field 13 Vi 12% 13 Material Service ... 3 McGraw Electric ... 4 McWilliams Dredging Cos .. ... 14% Merchants & Mfrs A % Metro Industries 10 Mickelberrv Food Prod .. ... 2% Middle Western Tel ... 1 Middle West Utilities Vi Mid W Ut 6% pfd A % Midland United ... % Midlmd United pfd ... % Midland Util 6% A pfd % Midland Util 7% A pfd % Midland Util 6% P L % Miller Ac Hart nfd 7% Modine 9% National Elec Pow A Vi National Leather % % % National Repub Inv 1% National Securities Inv 1% Nat Sec Invest pfd 40% National-Standard ... 20 National Terminals ... 1 National Union Radio.. .. ... % North American Car 3% North Am Li Ac Power 1% 1% 1% Northwest Bancorp .... 3% 3% 3Vi Northwest Engineering .. ... 4Vi No West Util 7% pfd 1 Parker Pen 4 Penn Gas Ac Elec 6 Pines Winterfront Potter Cos 3% 33 Prima Cos 8 7% 7Vi Process Corp .. ... Public Service 11 10 11 Public Service N P... 12 9% 11% Public Service %6 pfd.. 30% 28 28 Quaker Oats 11 2 2 Ravtheon VTC 2 Reliance Mfg Cos ■ 14 Swift Ac Cos 13% 13% 13% Swift Internacional ... 27 26 V 4 26% Thompson JR 6% 6% 6% Transform Cor of Am ... ... % Twelfth St Store A 1 % % Union Carbd Ac Carbon 46% Un Printers Ac Pubs % Un Printers Ac Pubs pfd % Utah Radio 1% Util Pow & Lit N V 34 Util Ac Ind • ••• 'J* Util Ac Ind pfd 1% 1% lye Vortex Cup Cos A 25 % Wahl 74 % Y Walgreen Cos com 18% 18 18% Ward. Montgomery A.. 86% 84 84 Waukesha Motor 21 Wayne Pump com 1% West P L Ac Tel A % Zenith Radio 3 274 3

The City in Brief

TOMORROW'S EVENTS Exchange Club, luncheon, Washington. Optimist Club, luncheon. Columbia Club. Sahara Grotto, luncheon. Grotto Club. Reserve Officers’ Association, luncheon. Board of Trade. Phi Delta Theta, luncheon, Columbia Club. „ , U 1 Delta Tau Delta, luncheon, Columbia Club. Kappa Sigma, luncheon, Washington. Harvard Club, luncheon, Lincoln. Rainbow Division Veterans, dinner, Washington. _ ... Marion County Young Republicans, dinner, Washington.

On Commission Row

—Dec. 28Fruits Cranberries—Cape Cod early blacks, 25lb box. $2.50. Grapes—California emperors. crate. [email protected]. 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—s2.7s® 3.75. 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 white. 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 crate. 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. $1.15; 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. SI.80; 15-lb. bag. 33c; Idaho Russets, 100lb bag. $2.25; Texas Triumphs, new’. $2 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu., 51.40.

In the Cotton Markets

, —Dec. 27 CHICAGO High. Low. Close. January 10.15 10 03 10.15 March . 10.32 10.20 10.32 May 10.48 10.34 10 48 July 10.61 10.50 10.61 NE7W YORK January 10.11 9.99 10.11 March 10.25 10.12 10.24 May 10.40 10 26 10.40 July 10.55 10.40 10.54 October 10.74 10.59 10.73 December 10.87 10 73 10.87 NEW ORLEANS January 10.06 9.97 10.06 March 10.21 10 08 10.20 May 10.35 10:23 10.35 Julv 10.52 10.37 10.52 October 10.68 10.65 10.68 December 10.80

Indianapolis Cash Grain

—Dec. 27 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. 0. b . shipping point, basis 41% New York rate, were: WHEAT—No. 1 red. 78®79c; No. 2 red. 77® 78c: No. 2 hard. 77® 78c. CORN—Firm: No. 3 white. 39%@40%c; No 4 white 38%®39%c: No. 3 yellow, 38%®39%c: No. 4 yellow. 37%®38%c; No. 3 mixed. 37%@38%c; N0.4 mixed. 38%@ 39%c. OATS—Firm No. 2 white. 31%®32%c; No. 3 white. 30%®31%c. HAY—Steady; if. 0 b., country points taking 23 %c or less to Cincinnati or Louisvillei: No 1 timothy. $7.50@8: No. 2 timothy. $7®7.50 —lnspections WHEAT—No. 3 red. 1 car. Total. I car. CORN—No. 2 white. 5 cars: No 4 white. 2 cars; No. 5 white. 1 car No. 2 yellow, 3 ears: No. 3 yellow. 14 cars; No. 4 yellow. 20 cars: No. 5 yellow. 3 cars: No. 3 mixed. 1 car: No. 4 mixed. 1 car. Total. 50 cars OATS—No. 2 white. 5 cars; No 3 white. 5 cars; No. 4 white. 5 cars; sample white, 1 car; No. 2 mixed. 1 car. Total. 17 cars. INDIANAPOLIS WAGON WHEAT Citv grain elevators are paving 78 cents for No. 2 soft red wheat. Other grades on their merits. Stag Party Scheduled The Assumption church Men’s Club will hold a stag party Saturday night in the church parish, 1105 Blaine avenue. A buffet supper will be followed by surprise entertainment. The public is invited.

SWINE MARKET DIPS 15 TO 20 CENTS AT PENS

Cattle Scarce and Steady: Vealers Strong at $7.50 Down. Following a two-day advance hog prices at the local stockyards this morning turned lower and practically all classes were around 15 to 20 cents under yesterday’s average. Today’s session marked the first decline since late last week. The bulk, 160 to 275 pounds, sold for $3.30 to $3.45, while weights scaling 275 pounds and upward held at $3.10 to $3.25. Bulk 130 to 160 pounds were available at $2.85 to $3.20. Light pigs weighing 100 to 130 pounds brought $2.10 to $2.70. Receipts were estimated at 8,000. Holdovers, 168. General trade in the cattle market was slightly less active than the previous session, but prices held mostly steady. Several steers were quoted at $5.25 to $6. Most heifers sold under $5. Receipts were 700. Vealers continued to advance, moving around 50 cents higher than yesterday’s average. selling at mostly $7.50 down. Receipts numbered 300. With the early lamb market not fully developed indications were slightly lower. Fed western lambs held at $7.75 and above. Clippers were salable at $6.76. Receipts were 10.000. Initial trade on hogs at Chicago was slow ahd steady at yesterday’s average. Choice of 210 pounds sold at $3.40. Receipts were estimated at 30,000, including 7,000 directs; holdovers, 3,000. Cattle receipts were 8,000; calves, 1,000; market slow and steady to weak. Sheep receipts numbered 17.000; market unchanged.

HOGS Dec. Bulk Top Receipts 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. 3ao@ 3.65 3.65 5,030 28. 3.30 3.45 8,000 Market, Lower. (140-160) Good and choice...s 3.00® 3.20 „ —Light Weights—-(l6o-180) Good and choice . 3.40® 3.45 < 180-200) Good and choice. 3.40® 3.45 —Medium Weights—-(lßo-200) Good and choice... 3.40 (220-250) Good and choice . 3.35(3 3.40 „„„ —Heavy Weights—-<2so-2901 Good and choice... 3.25® 3,30 (290-350) Good and choice... 3.153 325 J —Packing Sows—(3so down) Good 2.40® 260 (350 up) Good 2.50® 2.75 < All weights) Medium 2.25® 2.40 „ —Slaughter Pigs—-(loo-130) Good and choice.... 2.10® 2.70 CATTLE Receipts, 700; market, steady. (1.050-1,100) Good and choice $ 5.25® 6.50 medium 3.50® 5.25 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 (750-900) 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) Good (beef steers) 2.00® 2 75 Cutter, common and medium. I.oo@ 2.00 VEALERS Receipts, 300: market, higher. Good and choice $ 7.00® 750 Medium 4.50® 7.00 Cull and common 2.00® 4.50 —Calves—-(2so-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 ’’S® 475 Common and medium 2.50® 3.75 (800-1,500) Good and choice 3.753 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS „ Receipts, 1,000; market steady. (90 lbs. down) Good Ac Choice $7.25® 7.85 (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 FT. WAYNE, Dec. 28.—Hogs—20 cents lower; 160-200 lbs., $3.35; 200-250 lbs.. $3.25 250-300 lbs., $3.15; 300-350 lbs. $3; 150-160 lbs., $3.05; 140-150 lbs.. $2.95; 130140 lbs., $2.85; 100-130 lbs., $2.35; roughs, $2.25; stags. $1.50. Calves—s 7. Lambs — $7.25. EAST ST. LOUIS, 111., Dec. 28.—Hogs— Receipts. 9,000, including 700 direct; market slow and 15 cents to'mostly 25 cents low’er than best time yesterday; top, $3.35; early bulk 160-230 lbs.. $3.3'0®,3.35 with some interests bidding $3.25 on butchers; a few around 140 lbs,, $3; sows, 52.25® 2.40. Cattle—Receipts. 1,800. Calves— Receipts. 1.000; market generally steady with bulls 10 cents higher and some interests bidding lower on cows; a few’ steers $4®5.60; some held above $6; mixed yearlings and heifers, $4®5.50; beef cows, $2.25®2.75; low cutters. $1.25® 1.65; top sausage bulls. $3: good and choice vealers. $7. Slaughter steers, 550-1,100 lbs., good and choice, $5.25®6.25; common and medium. [email protected]; 1,100-1.500 lbs., choice. ss@6; good, $4.25®5.25: medium. $3.75® 5. Sheep—Receipts. 2,500; market, early trading lambs inclined to a few on butcher account at $7.75: sheep unchanged; lambs. 90 lbs. down, good and choice. $6.75® 7.50; common and medium, s4@7; yearling wethers, 90-110 lbs., good and choice. $4.75@ 6; ewes. 90-150 lbs., good and choice. $1.75®3; all weights common and medium, [email protected]. LAFAYETTE. Dec. 28—Hog market 25 cents lower: 170-225 lbs., $3.20® 3.25; 225275 lbs.. $3.10®3.15; 275-325 lbs.. $3®.05; 140-170 lbs.. $2.75®3; 120-140 lbs., $2.25® 2.50; 100-120 lbs.. $1.50®.1.75; roughs. $2.50 down. Top calves, $6. Top lambs, $6.50. PITTSBURGH, Dec. 28.—Hogs—Receipts, 1,500: fairly active; mostly 15 cents lower; bulk. 170-220 lbs., $3.83; 230-250 lbs.. around $3.75; 260 lbs. up, $3.503.60: 145160 lbs. $3.25®3.50; 100-140 lbs., 53®3.25; nothing done on sows, quotable around $2.75. Cattle —Receipts, 50; nominal. Calves—Receipts. 50; steady; good and choice vealers, $6.50-7; heavy calves, down. Sheep—Receipts. 800; steady; good to choice sorted fat lambs, mostly $9. or 15 cents higher than yesterday; one load clipped lambs unsold early, eligible around $7; common to medium. $3.50® 6.50; aged wethers. $3.50 down CLEVELAND. Dec. 28.—Cattle —Receipts. 150; market, active and 25c higher; all sold early; choice steers, SS®6.SO; good. 600-1,000 lb. seifers. $4.25(5:4.75; good all w’elghts, $2.50@3. Calves—Receipts, 150; market continues strong and 50c higher; choice and prime. s7®7.ao; choice to good. s6@7; fair to good, s3@s. Sheep—Receipts. 1,500; market has weaker undertone; close quiet; choice wethers, $2 50® 3.25; medium to good. $1.50®2; choice spring lambs, [email protected]; good to choice. $7®7.50. Hogs—Receipts, 2.300: market, uneven with light weights rising 5c and heavy receipts dropping 10 cents: all sold; heavies, $3.25®3.40; medium 250-300 lbs., $3.65: choice butchers 220-250 lbs., $3.65; light butchers. $3.90; choice yorkers. $3.90: stands. $1.25®1.50; igs. $3(55,3 25. By Times Special LOUISVILLE, Dec. 28.—Cattle—Receipts, 300: fairly active; steady at week's upturn; bulk common to medium steers and heifers, $3 50®4.50; good fed lightweights eligible to $6: bulk beef cows. $2®2.50; good smooth kinds eligible around $3; lowcutters and cutters, mostly $1.25® 1.75; sausage bulls quotable. $3.25 down: well bred Hereford heifer stock calves salable at $4.50: common to medium grade native Stockers and feeders mostly $2.50® 350 Calves—Receipts. 100: vealers. 50c higher; bulk good and choice grades. $5 50 ®6: medium grades. $4.50®5: common kinds, $4 down. Hogs—Receipts. 850; weights from 140-175 lbs., 15c: low’er: all others. 10c off 180-250 lbs.. $3.65; 255 lbs. up 53.35; 140-175 lbs.. S3 25: 110-135 lbs.. $2.50; 105 lbs. down. $1 85; sows, $2.35; stags. $1 10 Sheep—Receipts. 50; steady; bulk medium to good lambs. $5 50® 6; choice kinds. $6.50; bucks discounted $1; throw-outs mostly $3.50: desirable ewes. $2. ANTHRACITE COAL NRA CONFERENCES ARE SET Industry’s Problems to Be Discussed at New Y'ork Sessions. By United Press WASHINGTON. Dec. 28—A new series of conferences on the anthracite coal industry’s problems will be held in New York, beginning tomorrow. it was stated today at headquarters.

-Today and Tomorrow—-

Federal Government Faced With Increased Financing Until Bank System Thaws. BY WALTER LIPPMAXX

NEXT week the President will present his budget for the year beginning July 1. While the details are not known and therefore can not be discussed, it may be useful to consider b~oad aspects of the general situation which are causing much concern. Asa starting point we may take the petition recently drawn up by the National Economy League in which it is pointed out that the national debt has increased about seven and one-half billion dollars in the last three years and is continuing to increase. In order to obtain an understanding of means, it is well to take a look backward over the past generation. Without attempting to give precise figures. I think it can be said truthfully

that if you take the combined indebtedness of all agencies of government in the United States, federal, state and local, there are four distinct periods. I take the combined indebtedness because that Is what the American people have to deal with as citizens and as taxpayers. In the first period, up to the war, the national debt may be regarded as stationary, whereas local debt increases rapidly. In the second period, that of the war. the national debt increases enormously, and local debt comparatively little. nan IN the third period, that of the postwar prosperity, the national debt is reduced by a large amount, and local debt increases roughly by the same amount.

In the fourth period, that of the depression, the national debt rises again and the local debt appears to stand still, and if defaults are counted, perhaps to diminish. In other words, it may be said that in normal times the federal government reduces its debt and local governments expand their debts; in abnormal times the reverse happens.

We are in an abnormal time. If we look at the new financing of the past two years, that is, at the new capital issues sold in the United States, and compare the situation with more or less normal years like 1925 and 1926, we find that in the good years the federal government reduced its debt about two billions and that local governments increased theirs about two and onehalf billions, whereas in the past two hard years the federal government has borrowed about six billions and local governments a little more than one billion. Now, part of the federal borrowing has been used for relief and for public works and, broadly speaking, it may be said that this part represents a transfer from the localities to Washington of the normal increase. In other words, the federal expenditures do not mean a net increase of ordinary government spending in the United States. In part they represent federal expenditures in place of local expenditures. This is very significant and should be kept in mind. A good deal of the money being spent in Washington is a substitute for money that would normally be spent by states and cities. a an BUT, of course, that does not account for the whole increase of federal expenditure. To get a perspective on that we have to make another comparison. In 1925-1926, for example, the federal government was not only borrowing, but was reducing its. debt by two billions. In those same years private in- 1 dustry here and abroad borrowed, say, dollars, in the past I two years, while the federal government was borrowing its six billions, private industry borrowed only about two billions. Now a good part of the government’s borrowing has gone directly or indirectly to private industry, to banks, railroads and other corporate enterprises. What is the general picture which emerges? it is the federal government acting as the banker for local government and private enterprise. in the broadest sense we have the national government performing the function, though on a reduced scale, which in normal times is performed by the banking system. In 1926, the banking system provided local government and private industry with about six billions of new capital. In 1933, the banking system has provided less than a sixth of that amount, but the federal government has provided about three billions of new capital. This is, I beleive, the real meaning of the huge increase in the national debt. It is not an ordinary deficit. The federal government if> not now running an ordinary deficit. It is engaged in a huge banking organization which has come about because local government and private enterprise are unable to borrow or the banking system unable to lend. If this is true, then certain broad conclusions follow. The first is that j the remedy for the increase of the federal debt is not to be found by demanding that the federal government cease borrowing. It is to be found by restoring the credit worthiness of local government and of private enterprise on the one hand and the efficiency of the banking system on the other. nan THE second is that the real import of the budget position is not the supposed danger of fiat money resulting from the inability of the government to borrow beyond a certain point. The national debt is large, but it is not unbearably large. What needs to be pondered is not the size of the debt, but the reason for it, and what that reason implies. We are in a position where local government in the United States is deeply dependent upon loans and subsidies from Washington. That is something that it is worth while to worry about. For—let us have no illusions about it—if this condition continued for a long time, if it is not a mere emergency which will soon be over, then we should pass from a federal system of states with home rule in the localities to a centralized state, the like of which the founders of the republic never dreamed of. For there is no surer road to the destruction of local self-government than permanent financial dependence on the central government. The other thing to be concerned about is the dependence of private industry upon the central government acting as banker for the nation. That, too, probably is temporary. But if it is not, it is a momentous change in the economic life of this country. A central government which virtually monopolizes the distribution of new capital would be something which the American constitutional system was never designed for. Yet it is clear that the government has not been carrying on this huge banking operation because somebody believes in a ceneralized and socialized state. The operation was initiated not by professors of the new deal, but by Mr. Hoover. He initiated it because the banking system was paralyzed. It was paralyzed because the fall in prices caused the loans in the banking system to freeze up. It follows that the banking system will not thaw out and revive until prices are restored to the level

7 * % I

Lippmann

at which the frozen loans were created. And until it thaws out and revives, we shall inevitably and inexorably find the federal government doing more and more financing. This financing will make itself visible as an increase of the national debt. (Copyright, 1933) A Correction In the article of Wednesday, dealing with the silver question. I made the statement that India was taken off the silver standard in 1925. This is incorrect. India was taken off the gold exchange standard in 1926 and put on the gold bullion standard, and the silver held in the Indian treasury was to be sold to create a gold bullion reserve. The error is regrettable, but it does not in any way affect the argument as presented.

Bright Spots

By United Press United States department of commerce reports exports for first eleven months of 1933 were $1,482,764,000. against $1,479,402,000 in similar 1932 period. Pennsylvania railroad earns November net income of $5,004,463, against $4,698,714 in November last year. American Power and Light reports power output last week was 77,110,000 kilowatt hours, up 8.9 per cent from similar 1932 week. Chicago, Great Western railroad earns November net income of $151,838, against deficit of $85,052 in November. 1932. Southern Railway earns November net income of 0934,281, against $757,025 in like 1932 month.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. DOMESTIC RETAIL PRICES Anthracite sl4 25 Coke, nut size 8.75 Coke, egg size 8.75 Indiana, forked lump 5 50 Indiana, egg 5.00 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 650 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. Births Boys Robert and Janie Denton, 916 Eugene. Paul and Margaret Farrell. St Vincent’s hospital. Irving and Ann Lees. St. Vincent's hospital. Herbert and Ruth Key, 1029 Miley. George and Florence Lane. 2818 Temple. Gobel and Rhoda Pollard. 1020 South Holmes. Albert and Musdane Shelton. 2030 Lexington. Louis and Ethel Williams, 1844 North Sharon. George and Martha Patterson, 2904 North Temple. Carl and Dorothy Welch, 1003 West Thirtieth. Earnest and Faye Madison, 211 Detroit. Henry and Esther Watterman, 907 Chase. Elmer and Lena Farley. 1127 Alton. Bert and Louise Means, 2060 Boulevard place. James and Dessie Crail. 713 North Alabama James and Mabel Perry, 3260 Orchard Stanley and Martha Moscoe, 2537 Union. Girls George and Etta Clidienst. 2501 North Euclid. Raymond and Louis Johnson. 2936 North Martindale. Jack and Hazel Pearson. 2339 North Illinois. Earl and Elizabeth Brooks. 705 North Elder. Carl and Vivian Canner. 215 Koehne. Oval and Irene Harrison. 1621 Ingram. Jesse and Fannie Powers, 1652 Spann William and Lorretta Jones, 554 Vinton. Deaths Lewis W Mayo, 75. 3519 West Michigan angina pectoris. George Leroy Binford 50. 1033 Chadwick, parenchymatous nephritis. Alma DuVen. 53, Sterns hospital, lobar pneumonia. Mary A. Stanfield, 63. 1121 West Twen-ty-seventh. chronic parenchymatous nephritis. James M Duncan, 50. 211 Geisendorff, pulmonary tuberculosis. Edward Campbell 16. Riley hospital fracture of vertebra Mary Magdalene Cornet. 69. 1718 North Meridian, chronic nephritis Cephas Thelen. 86. St. Vincents hospital. chronic myocarditis Catherine Shalley. 82. 126 East Thirtieth, acute cholecystitis Harry Blake. 29, city hospital skull fracture. Frank Glein. 40. city hospital, acute cardiac dilatation. Millie Helm, 73. 720 Locke, mitral regurgitation. Ellen Toomey, 72. 520 East Vermont, arterio sclerosis. Ronald E. Bryant, 4 months. 3228 East Newton, broncho pneumonia. NEW TORK COFFEE FUTURES —Dec. 27 SANTOS High. Low. Close. January 8.86 8.71 8 86 March 9 02 8 91 9 02 May 9 15 9 C 5 9 15 July 9 27 9 14 9.27 September 9.62 9 49 9 54 RIO January 6 32 6 28 6 32 March 6.53 6 45 6 51 May 6.67 6.60 6 64 July 6.75 6.60 6 73 September 6.81 6.78 6 81 CHICAGO FRUIT MARKET By United Bres CHICAGO. Dec. 26.—Apples—Michigan Jonathans. 81.25'JJ 1 50: Mclntosh. $1.25% I. Baldwin, tl.IS® 1.25. Carrots— Illinois 50 cents bushel. Spinach—Texas 70c® $1 15 bushel. Beans—Southern green. 11. 25® 1.75: wax. 5252.25. Mushrooms — : Illinois. 15®25c. 1-lb cartons. Cucum- ! bers—Southern. $2(3 3. Tomatoes—California. $2 25®2.75: Illinois and Ohio hothouse. $1.15® 125. Leaf Lettuce—lllinois hothouse. 12%®15c box. Celery—Michigan 25®85c square crate. Cabbage—Wisconsin s2® 2.35 100-lb sacks. Bweet Potatoes— Illinois, $1.25® 1.40; Indiana. $1.500180. Onion Market—Western Valentlas. 95c® $1.10; Central HII -CKEI

PAGE 13

GRAIN FUTURES ARE UNEVEN IN NARROW RANGE Bullish News Fails to Lift Wheat Prices: Initial Action Slow. BY HARMAN W. NICHOLS I’nited Press Staff Correspondent CHICAGO. Dec 28.—Grains disregarded a firmer tone in stocks at the opening of the Board of Trade and prices held about steady. Wheat was unchanged to % cent lower, corn was unchanged, and oats were unchanged to % cent lower. With an increased flour demand and possibility of further devaluation in the dollar, there was more confidence in the wheat market. Movement to terminals has been slow of late. • Traders were convinced farmers were determined to take advantage of the government's 45 cents a bushel loan plan for corn. Offerings from the country have been practically nil for several days.

Chicago Primary Receipts —Dec. 27 Bushels Last . Today week. Wheat 201.000 682 000 I Com 235 000 304 000 ! Oats 92.000 118.000 Chicago Futures Range —Dec. 28. Prev. WHEAT— High. Low 10 00. close. May 86% .85% .86 86% July 85% .84% .85 .85% CORN— Mav 52 .51% 51% 51% July 53% 53% 53% .53% OATS— Mav 37% .37% 37% .37% July 36 .35% 36 .36 RYE— May 58% .58*4 .58% 59 July . 60% .59% .59% .60% BARLEY— May 52% .52% .52% .52% July 52% TOLEDO CASH GRAIN By United Press TOLEDO. Dec 27.—Grain close (Grain in elevators, transit billing). Wheat—No 2 red. 89a90c, No 1 red. l%c premium. Corn—No. 2 yellow. 52%®53%c. Oats—No. 2 white. 39%®40%c. Rye—No 2. 67®68c. (Track prices. 28%c rate). Wheat—No. 1 red. 85%®86%c: No. 2 red. 84%®85c. Corn —No. 2 yellow. 47%®49%c; No. 3 yellow. 46%®47%c; No. 4 yellow. 45%46c: No. 5 yellow, 44®45c. Oats—No 2 white. 36%® 37%c; No. 3 white. 35%®36%c. Seed close: Clover—Dec.. $8: March. $8 25. Alsike—Cash. $8 50 NEW YORK CASH GRAIN By United Press NEW YORK. Dec 27.—Cash grain:/ Wheat—No. 2 red. $1.03%: No 2 hard! winter. $1.03%. Corn—No. 2 mixed. 59%c?, Oats—No. 3 white. 46%c. CHICAGO CASH GRAIN By United Press CHICAGO. Dec. 27.—Cash grain: W T heat —No. 2 hard. 84 %c. Corn—(Old 1 No 2 yellow, 48 %® 49c; No. 3 yellow. 48%c: No. 2 white. 48%c; (newi No 2 mixed. 47%c; No. 3 mixed. 44'2C: No. 2 yellow. 48%c; No. 3 yellow, 47%c% No. 5 yellow. 44c Oats—No. 2 white. 36%c: No 3 white. 36%c; sample grade white. 30c. Rye—No sales Barley—No sales: quotable. 46® 80c. Timothy—ss 503 6 Cash provisions— Lard. $4.90: loose. $4 60: leaf. $4.62% D. S. Bellies, $5.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Dec 27.—Cash grain: Wheat —ln fair demand. 2 cents higher on red and 2% cents higher on hard: No 2 red. 88%c nominal; No. 3 red. 87%c: No. 2 hard, 87c nominal. Corn—ln slow demand: 1 to 1% cents higher; No. 2 yellow. 48%c; new; No. 3. yellow, new. 48c. Oats —ln slow’ demand. % cent higher: No. 3 white. 36%c; No. 4. white. 35c. NEW YORK RAW SUGAR FUTURES —Dec. 27High. Low. Close. January 1.15 1.09 1.15 March 1 23 1.18 1.23 Mav 1.29 1.23 1.29 July 1.34 1 29 1.34 September 1 39 1.34 1 38 December _ 1 44 1 43 1 43 TOO LATE TO CLASSIFY LEGALS 56 Legal Notices GENERAL ORDINANCE NO 94 1933. AN ORDINANCE establishing certain passenger zones and/or loading zones in the City of Indianapolis pursuant to the provisions of Section 26 of General Ordinance No. 96, 1928. as amended by General Ordinance No. 31. 1931. as amended bv General Ordinance No. 58. 1931. and fixing a time when the same shall take effect BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF INDIANAPOLIS. INDIANA: SECTION 1. That, for the purpose of providing the owners or occupants of certain premises fronting upon certain public streets of the City of Indianapolis. Indiana, with ingress and egress for passengers and freight coming to or going from such premises, such owners or occupants having complied with the provisions of Section 26 of General Ordinance No. 96. Is2B as amended bv General Ordinance No. 31. 1931. as amended by General Ordinance No. 58. 1931. bv making written application and request to the Board of Public Safety for the establishment of such loading and or passenger zones as hereinafter set out. said Board having caused an investigation to be made thereof, and said Board having recommended the establishment of such loading and/or passenger zone, and pursuant to the terms of said Section 26 of said General Ordinance No. 98. 1928 as amended bv said General Ordinance No. 31, 1931. as amended bv General Ordinance No. 58. 1931. to-wit: 1. In front of 117 North Illinois Street, to extend eighteen HBl feet; requested by Johnston & Stapp. as proprietors of the Pretzel-Bell. SECTION 2 This ordinance shall be in full force and effect from and after its passage and publication according to law. STATE OF INDIANA MARION COUNTY. CITY OF INDIANAPOLIS ss: I. Henry O. Goett. Clerk of the City of Indianapolis. Indiana, do hereby certi'v that the above and foregoing is a full, true and complete copv of General Ordinance No. 94 1933: that said ordinance was passed bv the Common Council on the 18th dav of December. 1933. and was signed and approved bv the Mayor on the 20th day of December. 1933. and now remains on file and on record in my office WITNESS my hand and the official seal of the City of Indianapolis Indiana, this 26th dav of December. 1933. HENRY O. GOETT. (seal; citv cierk.

BUSINESS SERVICE THESE ADVERTISERS GUARANTEE PROMPT. EFFICIENT SERVIC*.

Floor Covering Berge’s: low priced: linoleum, all grades: congoleum. 903 N Illinois. RI-5831. Furniture CHAIRS made new by rebottomlng In cane, hickory or reed. BOARD OF INDUSTRIAL AID FOR BLIND. HA-0583. Moving, Transfer, Storage FIREPROOF STORAGE Btore now, pay six months lator. tre* naulmg to storage Moving $4 per load and up. PARTLOW JENKINS MOTOR CAR CO RI-7750 419 E Market S’.. LIGHT HAULING—Towing; courteous. careful. LILLY TRANSFER CO. DR-6285. FIREPROOF STORAGE Store now. pav six months later, freo hauling to storage Moving $4 per load and up PARTLOW JENKINS MOTOR CAR CO. RI-7750 419 E, Market Bt. Transfer and Storage STORAGE!—LocaI, long dis. hauling: return loads wanted Part loads service. OTTO J SUESZ. RI-3628. RI-6561. CH-Q699-W, MOVING—*I Up DAVIS TRUCKING CO.. 315 E, Mich. LI-2855. Welding WELDlNG—Electric or spray process. SOUTH SIDE WELDING CO.. 18 W. Bouth. LI-4684. Window Shades KEITH SHADE CO -1348 N Illinois. RI--4995 Dealers Brenlin Shades Cleaning.

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