Indianapolis Times, Volume 45, Number 202, Indianapolis, Marion County, 2 January 1934 — Page 11

JAN r . 2, 1934

New Bank Code Represents Step Forward in Business: Service Below Cost Uneconomic. BY RALPH HENDERSHOT

Timm Special Financial Editor The proposed code for New York banks includes an interesting innovation in the proposed service charge. Entirely aside from the question of whether the proposed charges are excessive, the fact that attention is given tc properly adjusting the costs of operating banks may be regarded as a step forward in the business. Generally speaking, a service which will not sustain itself should not be- furnished if economic practices are to be maintained. If a bank furnishes a service below cost to one group of depositors the difference

must be borne by another. Special services in banks came into practice when the competition was keen between the institutions —when they became more interested in size than in safety. While it is highly improbable that the checking services furnished small depositors below cost contributed in an important way to banking emergency, it probably can be said that the motives which prompted such services constituted a serious weakness in the banking situation. If it is deemed advisable to furnish free checking service to small depositors it might be better to enlarge on the operations of the postal savings system to take care of them. b a tt Bank Must Earn to Be Safe If a bank is to be a safe place in which to deposit funds it must be permitted sufficient earnings to pay its operating costs and return a reasonable rate on its capital. Our banks had gotten into the habit of making their profits on side lines, such as security

Ralph llrndershott

underwriting affiliates, but since this has now been changed to a large extent, and rightfully so. an entire readjustment must be made in their manner of doing business. They must now become strictly bankers, and it would seem that they must be paid a fair rate for the banking services performed. There is another factor which should be considered also in weighing the advisability of the new servicp charges. Many competent authorities believe that if we are to have a sound economic structure in this country interest rates must be reduced They maintain that the normal risks and expenses in business will not support the compound interest system we have maintained in thp past. a a a a tt B Pay Heavily for Accounts There was a time, a few years ago. when banks were being bought almost entirely on a basis of the amount of their deposits. High prices were being paid, and the assumption was that these deposits would yield profits accordingly It was rather common knowledge in banking quarters. however, that the profits from a strictly conservative banking business would not justify the prices paid, and subsequent developments tended to prove that this was the case. Profits for a time were made by unloading securities on the depositors so acquired, but few would wish to see a return of that type of business. A bank must make its profits either on the services rendered or on its investments. If the services rendered do not pay for themselves the difference must be made up on the investments. And if a reasonable rate of interest is to be paid on deposits, and this difference must be made up in addition, the bank must invest in securities and make loans which may not be of the best.

New York Stocks 1 (Bt Abbott. Hoppin At Cos. I

—Jan. 2 Oils— p rev High. Low 10:30. close. Amerada 4 5 42 p i?, Atl RU .... 28 * 77* Barnsdall ln ,® Consol Oil ••• {I, 77.- * Coni of Dei ' 8 {j Houston 1 new 1 ... ~ Houston 1 old 1 . Xo c 2l? m : 13% >3, Ik U { B , |o‘“ Pure Oil ■H* 11 11 " 8 Royal Dutch .. kgm Sbd Oil 2 2,; “?7^ Shell Un H 8 g,“ Simms Pet • ■ 1. SOofcai 41 % 'm. 40% 41 6OOf N 1 4oQ J? ,* Texas Corp Tidewater Assn .![,* 1R7 2 Un Oil of Cal 18 8 18 8 Steels— 1R 7 a Am Roll Mills • IR3 ‘iki. 37 Beth Steel 37 36*4 36 4 Bvers A M • Col t <el A- Iron 2 ,, 2 Crtic .steel {5 * Ludlu ■ eel . ■ 4g3 1 Rep Ir'o'll & Steel i6% 16*4 lb 8 * }? 3/4 g P S Ir Bmelt St ° lOOti 100 3 100 101 Vai in “3 7- 4 22% t-- , 2 Mid sn el 13 2 Iq. l q.' 4 U s Pipe & Fdy ■ J-., 8 u S Steel . sat* 48 8 7.4 U S Steel pfd ■ • S3. 8 Young ’n S & T ■ • Atrh“on 51 56' 2 56'2 56% Atl CU Line . •• 41 . 2 - 5> n & pa o c hic ion 40% 4o ; : CM& St P ■ 4 * 4 8 C M & St P pfd . . • • • • • ‘ 8 Chi N W L| 4 q 7 o Chi R Isl 3 " 2 8 Del a A Hud ?? 1 Eric ini IQ3Grt Northern. . .. *9 8 in-, 8 111 Central . ... 30% 30 * 30 s a MKA T . 82 5 8 Mo Pac J 3 . Mo Pac pfd , N Y Cent " ' 77^ N Y New Haven .. 15 J N Y ont & Wes 5 8 Norfolk & Wes. .. 455 Penn P ß R 30** 30_ 30 30% Sou Pic 20 19* 19* 19* Sou R R Xo* 8 Sou R R pfd ,fs, 8 Union Pac • U ;, J W: hash West Mary • "4 Motors— , Auburn • • ®2. 8 .i Chrysler .. s,’a 57'4 S‘% 55* Gen Motors 3S 4 Jj t Graham Mot • • •• Hudson .... - • 14 4 14 Mack Truck "? 2 Nash 25 25 Packard ... ... 8 8 5 " Reo 3 8 St idebaker 4% j% Yellow Truck 4 1 . 4% Motor Access — Bendix l', Bohn Alum sb-4 5 * Berk Warner 22 a Bricks 12,9 Budd Wheel 3 " Eaton Mfs 14;’s 14 Elec Auto Lite.. .. ... 20'4 20 Houd A 4 Mullins Mfe ... 6 5 * Murrav Body ... 6 s 6 Stew Warner .... ... ••• 6 2 Timken Rol 30% 30% Mining— A'aska .tun - ‘2*4 22-_a Am Smelt 44% 44*4 44 44 u Anaconda 14% 14*4 14% 14^* Cal A- Heela , • 4% Cerro do Pasco 36 35 % 26 35 4 Gt Nor Ore 11 11 Homestake Min 327 Hov e Sound J 8 Int Nvkel 22 22 Kennecott Cop -O'2 -0 2 Noranda Cap 34** 34 34 34 * Phelps Dodse. .. . . 16% 16*4 Tobaccos— Am Sum Tob ... ... . 16 Am Tob A . .. ... 67% Am Tob B 69*, 69** Gen dear 27 Lice A- Myers B 78 Lorrillard ... Reynolds Tob B 44** 44 % Eouinmpnts— Allis Cha'mers 17% 17% Am Car A- Fdv 24'2 Am Loco . 26*4 Am Mach A- Fdy ... 13% 13 Am Steel Fdv .. . .. 20 Bald Loco 11% 11*2 11*4 11% Burroughs 15% 15% Case J I 69 Cater Tract 25 25 Coleat Palm Pee* o s * 10** 10** 10’* Corcoleum 24'3 Foster Wheeler 14 Gen Am Tank C 35 Gen Elec 19% 19* a 13% 19% Gen R R Slg 33*4 Incso! Rand 62 61' 3 62 61 Tnt Harvester. 40 Ke'vlnator .. ... 12% 12% Nat' Cash Reg 18'; 18% Proc A Gamble . 39 Pullman T nc ... 53 *3'3 Simmon* Bed . . 18’* 18'* Unri F'llot . . ... .37*4 37', Wes' A-.r 71 26% Westtngh Flee ... 38*. 38 Wonhr.gton Pmp .. ... 22*4 Utilities— Am A- For Pw r . .. ... 8 % Am Pwr A- Lit. .. ... 6% 6% A T A- T 11l 111** Am Wat Wks .. .. 18** Brook Un Gas .. ... . 64% Cos! Gas A- Flee 12% 12% Col C A- E pfd 54 Com A- Sou 1% I*4 Consol Gas .. . . 38% 38** Elec Pwr A- Lit 5 4*4 E P A- L Dfd. 8% Int T A- T . 14** 14% 14% 14% Nat Pwr A- * ;t 9% 9 , North Amer . . 15% 15% Pac G A E 16% 16 Pub Serv N.l 35% 35% 35% 36 So Cal Edison . 16% 16% 16% 16% Sr a C.as 7% 7% 7% 7% Srd Gas pfd 7*4 8% United Corp .. 4% 4% Un Gas * mD 15% 15 15 15 Ut Pwr A- Lit ‘A’ 38 3 Western Union 55 54-% 55 54 Rubbers— Firestone 19% 19% Ooodrlch 13*4 13*. 13% 13% Goodvear 35*4 35*4

“—————————— rrsQsf COLLATERAL 7 % LOANS / lu/ No Co-Mu Iters Repaid Oir a W hole Vrar The Indianapolis Morris Plan Cos. & E. Corner Dels Mure and Ohio St* ai. 153*.

Wall Street

U S Rubber .. 16% 16 16 16 U S Rubber pid 26% 26% Kei Spring 2 % 2% Amusements— Loews Inc . ... ... 28 28% Radio Corp ... 6% 6 \ RKO 2% Warner Bros 5% 5% Foods— Am Sugar . 43% 48 Armour A .... ... 4% 4% Beatrice Cream. . ... . 10% Borden Prod .. 20% 20% 20% 19% Cal Packing .. .. ... 19% 19% Canada Dry G A . . ~ . . . 26 Coca Cola ... . . . 96 Cont Bak A ... ... 7% Corn Prod 7434 Crm of Wheat.. .. ... 28% Gen Foods . 33 % 32% Gold Dust ... 17% 10r 8 G W Sugar 30% 30% Hershey . 50 50 lilt Salt ... ... 21 Natl Biscuit . ~ ... .46% 451, Natl D Prod 13% 12% S Porto Rico S 36 35% Std Brands . ... . . 22 21% United Fruit 60 59% Retail Stores— Ass Dry Goods 12 Gimbel Bros 45/. Gr Ull Tea 434 43* Hahn Dept St.. 51 Kresge S S 13% 13% '13% 13% Kroger Groc 24% 24% Macy R H 55% 55% May Dept St. . 30 30 Mont Ward 22% 22% Penny J C 531. Safeway St ... . . 45i 2 Sears Roebuck .. 4234, 401,. Woolworth lii? Aviation— Aviation Corp ... ... 73 73 Curtiss Wright . 2% 2% United Aircraft. 32-% 32% 32% 31% Chcmica's— Air Reduction 99% Allied Chem . ... 148% Am Com Alcohol 54% 53% 54 1 r 523. Col Carbon 61% Com Solvents ... 32% 31% Dupont ... 955 s 953., Freeport Tex . 44% 45 Liquid Carb ... 29 28% Math Aikali 3534 36 Tex Gulf Sulph 40% Union Carbide 475, 471 2 U S Ind 'Alcohol 54 53 Natl Dist (New) 26% 26 26% 26 Drugs— Cotv Inc 3' 4 Lambert 22'% 22% Zonite Prod ... , 6% 6% Financial— Adams Exp ... . 7% 7% 7% 7% Allegheny Corp . . 3% 33, Chesa Corp .34% Transamerica 6% 6% Tr Conti C’orp . 4% 4% 434 4% Building— Am Radiator ..... ... 14% 14% Gen Asphalt 15% 15% lilt Cement 30 •Johns Manville ... ... 60 3 4 60’ j Libbv Owens Gls 36% 36% Otis Elev ... 15% Ulen Const ... ... ... 23 4 Miscellaneous— Am Can . .. ... 99% 99 Brklvn Man Tr. 33'2 33 % Conti Can 76% 75 Eastman Kodak . . 81 Owens Bottle 81% 81 Gillette 934 9% 9% 9% Glidden . . .. . 16 Gotham Silk ... 7% Indus Ra'on .... ... . . 80 Inter Rapid Tr.. 13%

Investment Trust Shares

(By Abbott. Hoppin ft Cos.) . —Dec. 29 Bid. Ask. American Bank Stocks Corp... .73 .81 American & General Sec (A).... 400 2,50 American ft Inv Tr Sh 1 50 2.50 Basic Industry Shares 3.29 3.33 British Type Inv Tr Sh 43 53 Collateral Trustee Shares -A> 4 j a 4sß Corporate Trust Shares (old) . 2.21 225 Corporate Trust Shares inew) 2.29 2.33 Cumulative Trust Shares 3.91 Diver ir.ed Trust Shares iA*. . . 625 .. . Diversified Tr Shares <Bi 7.00 7.25 Diversified Tr Shares 1C 1 .... 292 294 Diversified Tr Shares Di ..4 63 4.73 Firs: Insurance Stock Corp. 13i 1.34 First Common Stock Corp 83 98 F.xeci Trust Oil Shares iA).... 6 43 8 63 Fixed Trust Oil Shares (8).... 6.93 7.18 Incorporators Investments ...17.70 19.22 Land Bank Bond Shares ,94 1.05 Law Priced Shares .. 5.33 .... Mass Inv Trust Shares .. . 17,-U? 19 00 Nation Wide Securities ... 3.08 3 15 No Amer Tr Shares 153) 1 83 .... No Amer Tr Sh (55).. . . ... 229 233 No Amer Trust Shares 10S1.. . 2.40 2.65 Selected Amer Shares 2.55 .... Selected Cumulative Sh 6.35 .... Selected Income Shares 3.36 3 83 Std Amer Tr Shares -A). . 2.75 3 50 Trust Shares p f Amer 2.73 278 Trustee Std O.i <A) 523 5.43 Trustee Std Oil >B) 487 5.00 U S Elec Lt % Pur A 950 987 Universal Trust Shares. 2.90 295

Federal Farm Loan Bonds

•By Blyth ft Cos .^lnc.) —Dec. 23 Bid. Ask 4s Nov 1. 1957—37 79 80% 4s Vay 1. 1958—38 79* 80% 4%s Jiiy 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. 1955—38 SO% 81% 4%s May 1. 1942—32 S7 88% 4%s Jan 1. 1943—33 83% 84% 4%s Jan. 1, 1953—33 83% 84% 4%s July 1. 1953—3? 83% 84% 4%s Jan 1. 1955—35 83% 84% 4%s July 1. 1955—35 83% 84% 4%s Jan. 1. 1956—36 83% 84% 4'iS Julv 1. 1953—33 86% 88 4%s Jan. 1. 1954—34 86', 88 4%s July 1. 1934—34 . 86% 88 5s Mav 1. 1941—31 93% 94% 5s Nov 1. 1941—31 93% 04% Home Loan 4s July 1. 1951 . 84% 85% LONDON SEES SKY AGAIN Worst Fog in Years Lifts Over Southern England. By ( nited /’reus LONDON. Jan. 2. London saw the sky again today after a day of blanketing fog that covered southern England and caused seven deaths. It was the worst fog in years, covering 8.000 square miles and dislocating traffic here. There were untold minor collisions and one railway crash.

STOCK VALUES RISE AT START OF NEW YEAR Weakness in U. S. Dollar and Steady Gold Price Are Factors.

Average Stock Prices

Average of thirty industrials for Saturday; high 100.47 sow 98 36. last 99.90. up 123 Average of twenty rails 40.93. 40.44. 40.80, up .38 Average of twenty utilities; 23 48 23 00 23.29 up .20. Average of forty bonds 84 SO. up .26 BY ELMER C. WALZER United Press Financial Editor NEW YORK. Jan. 2.—There was a rising note to prices on the New York Stock Exchange today at the inaugural session of 1934. Most advances were fractional. A weakened dollar in foreign exchange trading—although the Reconstruction Finance Corporation maintained the same price for gold at 534.06 —aided the optimism felt for the market. This spirit was reflected in the cotton exchange where prices were up as much as SI a bale. Rail Shares Strong The first stock to come out was Container Corporation B, at $2.50 a share, an advance of 12 % cents from the closing quotation of 1933 In the main list trading was rather spotted without any definite leadership and no great amount of activity. Prominent in the opening quotations were 3,000 shares of United Aircraft at 32%, up 1%; 1,000 shares of Commercial Solvents at 32, up ’2,and 1,000 share blocks of Chrysler at 57%, off hi ; Du Pont at 95%, unchanged, and 3,000 United Drug at 10%, up hi. U. S. Steel showed % point advance to 48%, w’hile American Telephone dropped % of a point to 111. Rail shares generally opened 1934 higher. New York Central's opening sale was at 33% for % point gain. Atchison, Topeka & Santa Fe advanced % to 57, while Pennsylvania gained 'i to 30%. Chesapeake & Ohio lost fractionally.

Oil Issue Uneven Oils were mixed with Standard Oil of New Jersey up hi at 45%, and Phillips off % at 16 %. Metal shares held about steady. U. S. Smelting declined hi point to 100% while American Smelting was unchanged at 44%; Alaska Juneau gained % of a point at 22%, and Mclntyre Porcupine was unchanged at 42. Utilities eased with Consolidated Gas and Public Service of New’ Jersey both showing fractional declines.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 2 Clearings $2,980,000 Debits 6.285.000 TREASURY STATEMENT —Jan. 2 Net balance for Dec. 28. $1.057,256 690.85 Misc Int Rev Rcpts 10,719,529 61 Customs repts. mo. to da) 24.021.971.81 New York Curb (By Abbott, Hoppin & Cos.) —Dec. 30— Close! Close Allied Mills. . 7% Glen Alden Coal 12%i Alum Cos of A 74% Gulf Oil of Pa 59% Am Cyanide B 16% Hiram Walker.. 53% Am & For P W 5% Hud Bay Min... 9% Am Gas ft E!.. 21% Humble Oil . 100 Am Superpower 2% Imperial Oil Ltd 13 Ass Gas & El.. % Int Petrol .... 20 Atlas Corp ... 12 Lake Shore Min 45% British A T A 29 Libby McN Libbv 3 British Celanese 3% Lone Star Gas 6% Can Indus A1 A 19% Natl Bellas Hess 2% Can Marc 2 Newmont Min.. 52 Carrier Corp .. 6% Nia Hud Pwr... 5% Cities Serv .... 1% Pan Am Airways 49 Commonw'lth E 35 Penn Road ..... 2% Consol G of 854 St Regis Paper.. 2% Cord Corp 7%Sal Creek Prod.. 6 Deere & C 0..., 28 Sherwin Wms.. 47% Distillers Lim.. 20% : Std of Ind 32% Distillers Corp. 23% Std of Kv 15% Vow Chem .... 73%'Stutz Mts 4% El Bond & Sh. 12 Technicolor Ind 9 Fisk Rubber 9% Teck Hughes G 5% Ford of Can A. 15% Un Pwr & Lt A 2% Gen Aviation .. 5% Wright Harg Min 6% Great Atl & P. 126 New York Bank Stocks (Abbott. Hoppin St Cos.) —Dec. 30— Bid. Ask. Bankers 51% 52% Brooklyn Trust 66 69 Central Hanover 110% 112 Chase National 19% 19% Chemical 30% so 1.! National Citv 21% 22 Corn Exchange 41% 42% Continental 12 12% Empire 14% 15% First National 1,175 1,195 Guaranty 254 256 Irving 13% 13% Manhattan & Cos 23% 23% Manufacturers 14% 14% New York Trust 76% 78 Public 19% 20

Foreign Exchange

(By Abbott. Hoppin & Cos.( —Dec. 30 — „ Close. Sterling England $5.14% Franc. France 0619% Lira. Italy 0830 Belgias. Belgium 2200 Mark. Germany 3765 Guilder. Holland 6350 Peseta. Spain 1300 Krone. Norway 2585 Krone. Denmark 2300

U. S. Government Bonds

By T nited Press NEW YORK. Dec. 30.—Closing Liberty bonds. (Decimals represent thirtyseconds. —Liberty—--3%S (32-47) 100.18 Ist 4%s 101.18 4th 4%s 133-48' 101.28 4th 4%s (33-38' called 101.1 —Treasury—--4%s (47-52) 106 24 4%s 3%s 143-45) 99.8 4s 144-54) 103.18 3%s 146-56) 101.25 3%s 143-47) 99 8 3 "sS 141-43) March 99.14 3%s '4O-43' June 99 20 3%s (41) 98.30 3%s '46-49) 95 26 3s (51-55) 94 15

Daily Price Index

By United Frets NEW YORK Dec. 29.—Dun & Bradstreet's daily commodity price index of thirty commodities compiled for the United Press: (1930-1932 Average. 100) Today 100.59 Yesterdav 101 25 Week ago 99 87 Month ago 100 01 Year ago ". 70 43 1933 high 1 July 18' 113 32 1933 Low 1 Jan. 20' 67,86 Copyright. 1933. by Dun & Bradstreet. Inc. CHICAGO FRUIT MARKET By United Prttt CHICAGO Jan 20.—Apples—Michigan Jonathans. *1.3501 50; carrots: Illinois. 50 ®6sc; spinach 75c'd51.25; beans Southern green. *1.500 2 25: mushrooms. 15 0 25c: mushrooms. 15®25c. cucumbers: Southern S2O 2 50. Tomatoes—Florida *2 500 3 25: Illinois and Ohio hothouse. Sl® 1.25. Leaf Lettice: Illinois hothouse 15c Celery— Michigan. 65c® *1.35. Cabbage—Wisconsin. $2 2502.75. Sweet Potatoes—lllinois. *1.25 0150: Indiana. *1.5001.65. Onion Market—Western Valentlas. *[email protected]; central We*tern YeUowa. $1.0561.15.

THE INDIANAPOLIS TIMES

Chicago Stocks 1 1 1 By Abbott. Hoppin St CO.l

(Total Sales 37.000 Sharesi. —Dec. 30— High, Low. Close. Altorfer Bros .... 14 12% 14 Associated T <5: T 'A' .. .. ... 1% Bastian-Blessing . . 6% Bendix Aviation 17% 17 17% Borg-Warner . . 22% 21% 21% Brown Fence & Wire A .. ... 6 Brown Fence <st Wire B . ... 1% Butler Bros ... 4% Castle AM .. 14 13% 14 Cent & So West . % Chi ft N Western 7% 7 4 Chi Corp, com 2% 2% 2% Chi Corp. pfd . 23% Cities Service 1% 1% 1% Commonwealth Ed .1. . 35 34% 35 Cord Corp 7% 7% 7% Goldblatt Bros 20% 20 20% Great Lakes Dredge... 21 20% 20% Grigsbv-Grunow % Hall Printing 3% Houdailie-Hershey A .. 11% 11% 11% Illinois Brick 3% Iron Frieman 7% 7% 7% Katz Drug 20% 20% 20% Libbv-McHeil ... 3 Lynch Corp 32 31% 32 Manhattan-Dearborn .. 2 1% 2 Mapes Cons Mfg Cos 32% Marshall Service 13% Middle West Utilities % Midland United % % % Miller & Hert, pfd 10 8% 10 National Leather .. ... 1 Nob-Sparks Ind. Inc 24 North Amer Can ... 4 3% 4 North Amer Lt & Uow 4 3% 4 Peabody Coal B 1 % 1 Penn Gas & Elec 7% Public Service .. 13 Public Service. N P... . ... 13% Public Serv 6% pfd .. 33 32 33 Public Serv 7% pfd 38 Quaker Ooats. pfd ... 115 Reliance Mfg Cos ... 14 So W G & Elec, pfd ... 39% Stand Dredging Cos. pfd 3% 2% 3% Swift & Cos 14% 14% 14% Swift International 27 Thompson. J R 6% 6V 4 6% Utah Radio 1% Utility & Ind % % % Utility & Ind. pfd .... .. 1% Walgreen Cos. com .... 18 17% 18 Ward. Mont. ‘A' 88'4 87% 88% Wis Bank shares 2%

On Commission Row

—Jan. 2 Fruits Cranberries—Cape Cod early blacks. 25lb. box, $2.60. Grapes—Semi sawdust. 24-lb. lug. $2.75. Pears— Washington A’Ajou. 90-1655, $2.50; Avascados. Fla.. 16-16s. crate. $1.75. Strawberries —Florida, 27%c per pint. Bananas—Per pound. 5%c. Apples—Wealthy. " Wolf River, Grimes Golden. Jonathan. Florida, $1.2501.85 a bu.. fancy Staymans. $2.25 a box. Grapefruit—s2.7s® 3.75. Oranges—California Navels. $4.25 a box. Lemons—36os, $6.25. Vegetables Cabbage—Eastern Danish. 50-lb. bag. $1.60; new Texas. 70-lb. crate. $5. Onions —Indiana white, 50-lb. bag. $1.35; Indiana yellow'. 50-lb. bag, $1.35. Beans—Round stringless, hamper. $2; best, $2.75. Beets—Bulk per bu.. $1.15: Texas, new, $1.75 a crate. Peas—3o-lb. hampers. $3'5'3.25. Carrots—California, $2.50 a crate; per doz., 50c; Michigan. $2,50 per crate, doz., 60c: bulk, per bushel. sl. Cauliower • California (11-12 c), crate $1.85. Celery—Michigan Mammoth, bushel. 65c; medium bunch, 45c; hearts, $1.15; 15-bunch per crate, $2.25; California. $3 crate. Cucumbers—Florida. $4 bushel; hothouse. 90c per dozen. Lettuce —Iceberg best (4-ss) crate. $3.50; hothouse. 15-lb. basket, 75c. Radishes—Hothouse button. 75c dozen. Spinach—New Texas. $1 per bu. Turnips—Per bu., 85c. Tomatoes—lo lbs.. $1.25®1.50. Potatoes —Northern round white, 100-lb. bag. $2; R. R. Ohios, 100-lb. bag. S2; 15lb. bag. 35c; Idaho Russets. 100-lb. bag, $2.25; Texas Triumphs, new. $2 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu.. $1.60.

Produce Markets

Delivered in Indianapolis prices—Hens, 10%c: Leghorn hens. 7%c; heavy springers over 5 lbs., 11c; unden 5 lbs., 9c; Leghorn springers. 6c; cocks. 5 lbs. and up. sc; under 0 lbs., 4c; ducks. 4% libs, and over, full feathered and fat, 6c; under 4% lbs.. 4c; geese, full feathered and fat, 6c. Turkeys—No. 1 young hens. 8 lbs. and over, lie; No. 1 young toms. 12 to 20 lbs., 13c; No. 1 young toms over 20 lbs., 13c: old toms, 10c; Nu. 2 thin crooked breasted. 6c: young guineas. 1 % to 3 lbs., 35c; old guineas. 25c; No. 1 strictly fresh country run eggs loss off. 18c; each full egg case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1, 25®26c: No. 2. 22®23c. Eutterfat—lie. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. Jan. 2.—Eggs—Market, easy; receipts. 1,956; extra firsts, 21c; fresh graded firsts. 19c; dirties. 11@13%c: current receipts. 18%c; checks, 11%C. Butter —Market, steady; receipts. 8,310; storage extras (92 score) 17%c; storage standards (90 score), 17%c; extra firsts (90-91 score). 17%®17%c: extras (92 score), 17%c: firsts 'BB-89% score). 16%®. 16%c; seconds (86-87% score), 15%c; standards 190 score). 17%c; specials, 18® 18%c. Poultry—Market %c to 2c lower; receipts 33 trucks. 1 car due; turkeys. 15c; hens. 12%c; Leghorn chickes, 9c; colored springs, 12c; colored Rocks, 13c; roosters. 8c; ducks, 12c; geese, 12c: black chicks. 8c; Plymouth Rocks. 12%@13; White Rocks, 12 %c. Cheese—Twins, 9%® 10; Longhorns, 10® 10Vic; S. Daisies, 10®10%c. Potatoes —Supply moderate; demand and trading fairly good: market firm; Idaho Russets U. S. No. 1, $1.7001.80; mostly around $1.75: combination grade, few sales. $1.55; Colorado McClures U. S. No. 1. $1.70® 1.75; Wisconsin Red Whites U. S. No. 1 $1.50®. 1.55; occasional select car higher; Nebraska Triumphs U. S. No, 1. 1 car $1.55: Minnesota Red River Ohios U. S. No. 1, $1.40®. 1.45; few' higher: shipments 1.622 (since Friday); arrivals 183; on track 240. CLEVELAND, Jan. 2.—Butter—Market firm: extras. 22c; standards. 21#. Eggs— Market steady: extra whites. 21c; current receipts, 18c: fresh pullets, 15c. Poultry— Market firm, colored fowl. 4% lbs. and up, 15c; colored fowl, medium, 13c: Leghorn fowl, 3% lbs. and up. 12c; springers. Rock. 4% lbs. and up. 12c: springers, Leghorn heavy. 12c; ducks, white. 5 lbs. and up. 15® 16c: ducks, light, 13c; geese, heavy fat, 15®16c: ordinary. 13c; old roosters, Bc. Potatoes (all quotations based on U. S. No. 1 and 100 lb. sacks) Maine Green Mountains and cobblers, best $2.15®2.25: partly graded. $1.90 02; Idaho Russet Burbanks. $202.10; mostly $2.10; Ohio and New York, best $1.50® 1.65; partly graded. $1.25® 1.35.

In the Cotton Markets

CHICAGO —Dec. 30— High. Low. Close. January 10.25 10.21 10.25 March 10.44 10.35 10.44 May 10.60 10.50 10.60 July 10.73 10.64 10.73 October 10.91 10.81 10.90

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 *l4 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 i Pocahontas forked lump 9.25 I Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg . e. 50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. GASOLINE PRICE CUT HA LFCENT A GALLON Reduction in Federal Tax Passed Along to Motorists. Removal of a half cent from the Dz-cent federal gasoline tax brought a half cent a gallon reduction by major gasoline companies yesterday. When the tax was imposed, it was provided that it was to be reduced to 1 cent on the Jan. 1 following repeal of the eighteenth amendment. The major companies are selling high test gasoline at 20.9 cents a gallon. Medium grade‘is selling at 18.9 cents and the lowest grade is 15.4 cents a gallon. FIRM CHANGES NAME Fenner. Beane & Ungerleider Resumes Name of Former Company. Announcement was made today that the firm of Fenner, Beane & Ungerleider. international investment company, has been changed to Fenner & Beane, effective since Jan. 1. The firm resumes its name under which it was originally established in 1917. The change results from the recent retirement of Samuel Ungerleider as a partner, who resigned for the purpose of entering another line of business. The company has sixty-seven branch offices throughout the country.

PORK MARKET STEADY TOIO GENTSHIGHER Cattle Prices Show Uneven Range: Vealers Move Downward. Porker prices were mostly steady to around 10 cents higher than Saturday’s average at the Union Stockyards this morning. Initial trade developed slow and demand was fair. The bulk. 160 to 275 pounds, sold for $3.35 to $3.60, while extreme heavy weights from 275 to 350 pounds were salable at $3.20 to $3.40. Lighter grades weighing from 130 to 160 pounds sold at $2.90 to $3.25. Light slaughter pigs scaling 100 to 130 pounds brought $2 to $2.75. Receipts were estimated at 12,000. Holdovers, 110. Trading was irregular in the cattle market, with beef steers around steady at the previous close. Few early loads were salable at $5.50 to $6. Some held above $6.25. She stock was active and unchanged. Receipts were 2,000. Vealers moved down 50 cents, selling at $7 down. Receipts numbered 800. Lambs were strong and active to slightly higher than the previous session, with few’ early sales quoted at $7.50 to $7.75. Few' small lots held at SB. Receipts were 1,500. Early bids on hogs at. Chicago remained steady with yesterday’s average at $3.45 down. Bulk prices w r ere undetermined. Receipts were estimated at 30,000, including 7.000 direct. holdovers 1,000. Cattle receipts were 10.000; calves, 2,000; market w r eak. Sheep receipts numbered 15,000; market stationary.

HOGS J? c - „ T °P Receipts 26. $3.40® 3.50 $3.50 9,000 27. 3.500 3.65 3.65 5.000 28. 3.30® 3.45 3 45 8,000 29 3.20® 3.35 3.35 9,000 30. 3.35# 3.50 3.60 12.000 J an. 2 3.35® 3.60 3 60 12.000 Market, higher. (140-160) Good and choice . $3.10® 3.25 —Light Weights—-fJ§o-180i Good and choice 3.50® 3.60 (180-200) Good and choice. .. 3.50® 3.60 —Medium Weights— £ ood and choice 3.40® 3.55 (220-250) Good and choice. .. 3.40® 3.55 —Heavy Weights—-(2so-290) Good and choice. .. 3.30® 345 (290-350) Good and choice. .. 3.20® 3.40 —Packing Sows — (350 down) Good 2 50® 2 75 (350 upi Good 2 40® 260 'All weights) Medium , . . 2.25® 2.40 —Slaughter Pigs—-(loo-130) Good and choice ... 2.00® 2.25 CATTLE Receipts, 2,000 market, steady. (1.050-1,100) Good and choice $ 5.25® 6.50 Common and medium 3.50® 5 25 (1,100-1,500) Good and choice 5 00® 650 Common and medium 3.75® 5.00 (675-7501 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® 275 Cutter, common and medium.. I.oo® 2.00 VEALERS Market lower. Good and choice $ Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice 3.50® 5 00 Common and medium 2 00® 3 50 —Feeder and Stocker Cattle—f 500-8001 Good and choice 3 75® 4 75 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. 1,500; market, higher. (90 lbs. down) Good & Choice $7.50® 8.00 '9O-110 lbs.) Good and choice. 7.0007.75 (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 CHICAGO. Jan 2. Hogs Receipts. 30,000, including 7.000 direct; market fairly active, fullv steady with yesterday's averages; bulk 180-190 lbs.. $3.40® 3.45; top $3.50; 140-170 lbs., [email protected]: pigs, $2.25 down; packing sows mainly $2.50® 2.75. Light lights, 140-160 lbs., good and choice, $3®3.35; light weight 160-200 lbs., good and choice. $3.20® 3.50: medium weights 200-250 lbs., good and choice. $3.40 0 3.50: heavy weights 250-350 lbs., good and choice. $3.1003.45: packing sows 275-550 lbs., medium and choice. $2.40® 2.90; slaughter pigs 100-130 lbs., good and choice, $2.350 2.85. Cattle Receipts. 10.000; calves. 2.000; strictly good and choice light- and long yearlings strong to shade lighter: active; several loads s6® 6.50: top. $6.85: medium weight and weighty steers and ir-between grades on heifers and mixed yearlings slow; most weighty steers steady; bulk selling at $4.50®5.50; with medium weight up to $6; slow, steady on sow's; fully steady on bulls: vealers. $ 50® 1 lower at ss® 5.50; comparatively little at $6. Slaughter cattle and vealers—Steers. 550-900 lbs., good and choice. $5.5007; 900-1.100 lbs., good and choice. ss® 6.85; 1.100-1.300 lbs., good and choice, $506.50: 1.300-1.500 lbs., good and choice. $4.25® 6: 550-1.300 lbs., common and medium. $3%5.25; heifers. 550-750 lbs., good and choice, $4.7506.50: common and medium. S3O 4.75: cows. good. $2.75® 3.75; common and medium, $2.2502.75: low cutter and cutter. $1.40® 2.25: bulls (yearlings excluded) good (beef 1 . $3713.50: cutter, common and medium, $2.50®3.25; vealers. good and choice. $4.50® 6.25; medium, $3.50® 4.50; cull and common, S3O 4. Stocker and feeder cattle —Steers, 550-1.050 lbs., good and choice. $3.75® 5; common and medium. $2.50®3.75. Sheep— Receipts. 15.000; generally asking around steady on all killing classes with desirable fat lambs around $8: asking upward to $3.75 and above on toppv fat ewes; feeding lambs active. Slaughter sheep and lambs —90 lbs. down, good and choice, $7.25®8; common and medium. $5.25®7.40; 90-98 lbs., good and choice. s7®B: ewes. 90-150 lbs., good and choice. $2.25® 3.85: all weights common and medium. $1.50® 2.90. Feeding lambs. 50-75 lbs., good and Choice. S6O 6.50. FT. WAYNE. Jan. 2.—Hogs—sc to 10c higher: 160-200 lbs.. $3.50; 200-250 lbs.. $3.40: 250-300 lbs.. $3.30: 300-350 lbs.. $3.15; 150-160 lbs., S3 15: 140-150 lbs.. $3.05; 130140 lbs.. $2.95; 100-130 lbs.. 52.50. roughs, $2,50; stags. $1.50; calves. $6.50; lambs. $7.50.

LAFAYETTE. Jan. 2.—Hogs Market, steady to 5c higher: 170-225 lbs., 53.30®. 3.35;; 225-275 lbs.. 53.200 3.25. 275-325 lbs., 53.10®3.25: 275-325 lbs.. 53.10®3.15 140170 lbs., $2.9003: 120-140 lbs.. $2.400 2.60: 100-120 lbs.. 5i.75®2; roughs $2.50 down; top calves, $5.50: top lambs. $6.50. EAST ST LOUIS. 111.. Jan. 2 —Hogs— Receipts. 13.500; market. 15c to 20c lower; a few pigs and light lights steady to 10c lower; top $3.40, paid sparing!'-; bulk 160 to 260 lbs.. 53.3003.35; mostly $3.35; 140 to 150 lbs. S3O 3.15; 100 to 130 lbs., $2®2.75: sows. $2.150 2.40. Cattle—Receipt# 4,000; calves. 1.800; market slow with indications about steady, on desirable steers: mixed yearlings and heifers opened steady; some sales *4.500 5: inquiry limited for cows; a few sales steady in early run; bulls were unchanged; top sausage kinds. $3: vealers 25c lower with top 56.25: slaughter steers. 550 to 1.100 lbs. eood and choice. $5.25® 6.25: 1.100 to 1.500 lbs., choice. $5.25® 6.25. common and medium. $3®5.25: good $4.5006: medium.-, $3.750 5.25 Sheep— Receipts, 2,000; market, not fully established: a few choice lambs to small killers steady to 25c higher at $7.75® 8; packers talking lower; throwouts. $4.50®5: desirable vearlings. $6 50: fat ewes. S2®3: lambs 90 lbs. down, good and choice. $7 03; common and medium. $4®7.25: yearling wethers. 90 to i 110 lbs., good and choice. $4.5006.50; ewes • 90 to 150 lbs., good and choice. $1.75® 3: all weights common and medium. *1 0 2 25 By Timet Bperiul LOUISVILLE. Jan. 2.—Cattle—Receipts. I 200; run moderate; fair demand for I slaughter classes: market mostly steady; bulk common to medium steers and 1 heifers. 43 50'4.50: ver- few’ included eligible above $5: bulk beef cows. S2®2 50; j good smooth kinds eligible i around S3. low cutters and cutters mostly $1.2501.75: sausage bulls scarce, quotable S3 25 down: bulk common to medium native Stockers and feeder" salable $2 50® 3.50. Calves Receipts. 175: steady to weak: bulk better grade vealers ss'" 5 50: medtum grade. S4O 450 plainer kinds , S3 50 down. Hogs—Receipts. 900: includ- : ing 229 directs: 15c higher: 180-250 lbs.. | $3.65: 255 lbs. up. $3.35: 140-175 lbs 53.25: 110-135 lbs.. $2.50: 105 lbs. down, SI 85: I sows. *2.35: stags. 81.10. Sheep—Receipts. 50. steady; mostly *5.50@6 for medium to good lambs; choice kinds to $6.50: bucks discounted *1; throwouts. *3 50; desirable ' ewes. $2,

—Today and Tomorrow — Roosevelt Declares From Now On U. S. Is Opposed to Armed Intervention.

LAST week on the anniversary of Woodrow Wilson's birthday the President made an address dealing with our policy in Latin America. He said that the time has come "to supplement and to implement" President Wilson’s declaration at Mobile in 1913 ‘that the United States wiU never again seek one additional foot of territory by conquest." President Roosevelt's Supplement’’ is to declare that from now on the United States is "opposed to armed intervention." He "implemented" his promise by saying that if intervention "becomes necessary" it is now "the joint

concern of a whole continent.” In other words the President has promised that he is opposed to sending armed forces into a Latin-American country on the decision of the United States alone. This promise has an immediate practical bearing upon our relations with Cuba. It calls for the abrogation of Article 111 of the Platt amendment which is embodied in the permanent treaty (ratified in 1904 between Cuba and the United States. Under this article Cuba “consents that the United States may exercise the right to intervene for the preservation of Cuban independence, the maintenance of a government adequate for the protection of life, property, and individual liberty. . . For clearly, if we are giving up the right to intervene anywhere in Latin America when w r e think it necessary, we have to give up that right as given to us specifically in our treaty with Cuba.

There are excellent reasons for giving up the Platt amendment. The Cubans dislike it. The rest of Latin America dislikes it. Were we to intervene in Cuba under it. our legal position would be correct, but our moral and political position would be no better than if the Platt amendment had never existed. It is, therefore, an empty right. It produces suspicion even when it is not exercised, and it does nothing to allay hostility when it is exercised. If ever it became necessary to intervene in Cuba, we should have to find a better justification than the Platt amendment. We should have to obtain a mandate from the public opinion of Latin America. So there is no point in preserving a legal right which has ceased to be a real right.

THIS would seem to be the first definite consequence of President Roosevelt’s declaration. Others must surely be implied, and it may be useful, therefore, to fix in mind the broad outlines of our policy toward Latin America. The foundation was laid in Washington's rule about avoiding political connections with Europe. In 1823 President Monroe was faced with the double threat of a Russian advance down the Pacific coast from Alaska and of a war in South America to reconquer the rebellious Spanish colonies. He enunciated the Monroe doctrine, which stated that the United States would “consider any attempt on their (i. e. Europe’s) part to extend their system to any portion of our hemisphere as dangerous to our peace and safety.”

This doctrine tve have maintained I successfully against many attempts j to infringe it from the time when Clay, in 1823, prevented the sale of Cuba to France until 1912 when Senator Lodge opposed the leasing of Magdalena Bay to Japanese interests. We may call this the simple Monroe doctrine. Under it we are prepared to go to war to prevent any European or Asiatic power from obtaining new territory in this hemisphere. That was the whole of the doctrine until about 1902. Throughout the nineteenth century we did not oppose European intervention in Latin America provided the acquisition of new territory was not involved. and there were at least half a dozen occasions when British war vessels, and Spanish, too. blockaded Latin-American ports. But in 1902, when Britain, Italy and Germany blockaded Venezuela to enforce some property claims, Theodore Roosevelt assembled the battle fleet at Puerto Rico and ordered the Germans, who were the active party, to desist. This initiated the second phase of the Monroe doctrine under which we oppose any armed intervention in this hemisphere. This led quickly to the third phase. If Europe was to be forbidden to intervene to collect debts or quell disorder, then, said President Roosevelt, we must ourselves be prepared to intervene so as to make their intervention unnecessary. This is usually known as the Roosevelt corollary, and was proclaimed in 1904. It is under this corollary that we have repeatedly intervened in the Caribbean region. BUB THE next development occurred under President Coolidge. It may be described as an attempt, which failed, to extend the Monroe doctrine to include not merely the protection of foreign property against disorder in Latin America but against social reform. T his is an ugly chapter in our history. It arose out of the Mexican revolution which in 1917 declared that the oil and minerals of Mexico were to be the property of the nation. This infringed the vested rights of American and European oil companies. The state department made itself the advocate of the oil companies, and President Coolidge, probably without a clear understanding of what he was doing enunciated the theory that property rights once acquired by foreigners could not be impaired. This flagrant denial of the elementary rights of sovereignty pretty nearly led us into war with Mexico, how nearly the American people have never fully realized. Suffice it to say that at the eleventh hour President Coolidge saw where he was being led, sent Mr. Dwight W. Morrow to Mexico City, and allowed the new ambassador to extricate the United States from the entanglement into which the oil companies had taken us. The Morrow mission to Mexico is one of the great diplomatic achievements of our nistory. It marks The real end of dollar diplomacy end financial imperialism, and the beginning of the policy of friendliness and non-intervention which President Hoover and Secretary Stimson, President Roosevelt and Secretary Hull, have sincerely and earnestly been developing ever since. r a a THE perfecting of that policy can not be achieved by the United States alone. It is possible for us to renounce conquest as President Wilson did in 1913. It is possible for us to renounce the Platt amendment, which President Roosevelt seems to be obligated to do. It is possible for us to renounce the right to intervene to protect property rights against social reform, which in substance what Ambassador Morrow did. It is possible for us to declare that we are “opposed” to armed intervention by ourselves alone, which is what the President has just done. But we can not guarantee that there will never be armed intervention if a state of anarchy should break out. If we are to make good the President's promise that we will not intervene alone, then Pan-America must come forward, must set up j appropriate diplomacy machinery, i and must enter into undertakings, by means of which joint action can be taken quickly if the lives of for- j eigners are in danger as a result of the breakdown of local authority. We should be deceiving ourselves and Latin America and all the | world if we did not make this clear. A state of anarchy will, in the fu-

BY WALTER LIPPMANN

ture as in the past, provoke intervention if there is danger to human life. The question is whether that intervention will be by international mandate of the Pan-American nations or by our own decision. Unmistakably we wish to relinquish the responsibility of acting alone. Whether we can relinquish it, depends upon Latin America. (Copyright, 1934)

1934 DELIVERS FIFTEEN BABIES Nine Boys and Six Girls Born on First Day of New Year. Fifteen babies were born to Indianapolis parents on New Year's day. Nine boys and six girls made their appearance on the first day of the year. Parents of boys born yesterday are Mr. and Mrs. Robert B. Johnson, 147 Blue Ridge road; Mr. and Mrs. Albert Peters, 321 Parkway avenue; Mr. and Mrs. Leo T. Wilson, 1130 Wade street; Mr. and Mrs. Ralph Carson, 3340 West Michigan; Dr. and Mrs. Thomas Hanna, 1604 North Capitol avenue; Mr. and Mrs. Frank StochofT. 2940 Eastern avenue: Mr. and Mrs. Richard Collester, 1508 Broadway; Mr. and Mrs. Elmer Phillips, 342 Rybolt street, and Mr. and Mrs. William Mitchell, Negro, 634 Agnes street. Girls were born to Mr. and Mrs. Harold C. Braun, 4611 East Twelfth street; Mr. and Mrs. Frank Sauer, 1220 York street; Mr. and Mrs. Wesley Gordon, R. R. 12. Box 183; Mr. and Mrs. E. Johnson. Mr. and Mrs, Beryl Ricketts. 3345 East Twentieth street, and Mr. and Mrs. Charles Mitchell. 526 North Elder street. SANTA FE TO HANDLE SHIPMENT OF AUTOS Service, Limited With Passenger Traffic, Will Start Jan. 15. Charges for handling automobiles in expedited freight service incidental to passenger transportation of the Santa Fe railroad will be reduced Jan. 15. according to W. J. Black, passenger traffic manager. The new charge will be one first class one-way ticket on a basis of 3.6 cents a mile together with two tickets, one-way or round trip, of the '•lasses a t present accepted for the transportation of one or two passenge -and their automobile between all points in western territory. POLICE HOLD TWO IN POOLROOM ROBBERY Employes Alleged to Have Tried Hoax on Owner. Police investigation last night revealed an alleged hoax of an employer. In charge of a poolroom at 701 Massachusetts avenue operated by Martin Pennington, 59, of 723 North East street, Mr. and Mrs. Harry Middleton's, 703 Massachusett avenue, reported a robbery last night. Following a search, police say that they found a sack containing $57 on Mrs. Middleton's person. She and her husband were held on vagrancy charges. LYNCH LEAVES TIMES FOR HOME LOAN JOB Former Reporter New’ Secretary to E. Kirk McKinney. A1 Lynch, city hall and general assignments reporter for The Times, has resigned and started today in his new position as secretary to E. Kirk McKinney, Indiana manager of the Home Owners’ Loan Corporation. Mr. Lynch formerly was employed by the Indianapolis Star and International News Service. M'MURRAY IS GIVEN OATH AS SCHOOL HEAD Justice Treanor Officiates at State House Ceremonies. Oath of office was administered to Floyd I. McMurray, newly ap- 1 pointed state superintenednt of public instruction, by Justice Walter Treanor of the supreme court at the statehouse at 10 today. RADIO STORE ROBBED Sets Valued at S3OO Removed, Manager Tells Police. Radio sets valued at more than S3OO were stolen from the R & R radio store at 225 East Washington street, during the week-end, according to a report made to police today by Phil Glidden, manager. INDIANAPOLIS WAGON WHEAT City (train elevators are paying 77 cents lor Ho. 2 soft red wheat. otter grades oa their merits.

BULLISH NEWS FAILS TO LIFT WHEAT PRICES Com, Oats Rise Fractions: Gradual Upturn Is Predicted. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Jan 2—Wheat ignored the strength in stocks and cotton and dollar weakness today, and opened 1934 unchanged to % cent lower on the Chicago Board of Trade. May wheat was 85% cents, unchanged. and July 84. down % cent lower on the Chicago Board of Trade. May wheat was 85% cents, unchanged, and July 84. down %. Corn was off % cent and oats were % cent higher. Provisions were weak. Liverpool was firm and fractionally higher. Most traders took an optimistic view of the new year, with several expressing the view that price trends in the immediate future probably will depend upon congressional developments at Washington, and weather conditions in the southwest. The dry condition there still prevails, and. combined with a better milling demand, the trade looked ' for a steady, strong market. Sterling, which opened lower but showed strength enough to go above its Saturday’s close, also was a bullish factor. From a world statistical position, the wheat market still is regarded as bearish. With the monetary talk still undimmed, however, traders expected prices gradually to work upward.

>pp

Lippmann

Chicago Primary Receipts —Dec. 30Bushels. Last . Today week. . 363 600 Holiday Gorn 378.000 Holiday Oats 88.000 Holiday Chicago Futures Range —Jan. 2 WHEAT— p rev . High. Low. 10:00 close. May 86% .85% 86% .65% July 85% 84 .85 .84% Sept 86% 85 .86 CORN— May 52% 51% .52% ,50% July ... .54% .53 .54% 53 Sept 55% ... OATS— May 37% 37% .37% .37% July 36% .35% .36% 35% Sept .36% .35% .36% ..... RYEMay 59% .58% 59% 58 July 60% 60 . 60% .59% BARLEY - May 54 .53% 54 .53% July 5334

Indianapolis Cash Grain

—Dec. 29 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b shipping point, basis 41% New York rate, were: Wheat—No. 1 red. 77® 78c; No. 2 red. 76 0 77c; No. 2 hard 76®77c. Corn—Steady; No. 3 white. 39%®40%c’ No. 4 white. 38%039%c: No 3 yellow’. 38% ®39%c; No. 4 yellow. 37%®38%c: No. 3 mixed. 37%®38%c; No. 4 mixed. 36%® 37%c. Oats—Firm: No. 2 white. 32®33c: No. 3 white. 31032 c. Hay—Steady. <F o. b. country points taking 23%c or less rates to Cincinnati or Louisville >. Timothy—No. 1. $7 590 8: No. 2 timothy. s7® 7.50. —lnspections Corn—No. 4 white. 1 car; No. 3 yellow, 3 cars; No. 4 yellow. 1 car. Tcta!. ears. - Oats—No 2 white. 1 car; No. 3 white. 1 car. Total. 2 cars. CHICAGO CASH GRAIN By Times Special CHICAGO. Dec. 30 — Cash grain: Wheat —No. 2 hard. 84%®85c. oCrn old) — No. 3 yellow. 48%®48%c; No. 3 yellow. 48c; No. 2 yellow. 47%®48c; No. 3 yellow. 46% ®47c; No. 5 yellow. 44%c; No. 6 yellow’ 44%c; No. 3 white. 48 %c. Oats—No. 2 white. 36%®37%c; No 3 white, 36©36%c; No. 4 white. 35'ic. Rye— No sales. Barlev— 46081 c. Timothy— ss.soo6. Clover seed—sllol3.7s Cash provisions: Lard. $4.85; loose. $4.62: leaf. $4.62: S. bellies. $5.75.

LEGALS 56 Legal Notices ANNUAL MEETING —Os stockholders and election of directors of the INSURANCE SAVINGS AND LOAN ASSOCIATION. 505 Indiana Trust Bldg Monday, Januarv 8. 1934 8 30 P M. NOTICE OF BOND SALE. Center Township. Marlon County. Notice is hereby given that the Trustee end Advisory Board of Center Township of Marion County. Indiana, will meet at the office of the Trustee at Indianapolis, Indiana, on the 15th day of January. 1934. at, the hour of 9:00 o'clock A. M.. and at said time and place will receive bids on and sell to the highest bidder therefor an Issue of Judgment Funding Bonds of said Townrhip in the amount of $113,230.00. Said bonds are dated January —, 1934, bear interest at the rate of 5% per annum, payable on July 1. 1935, and seml-annunllv thereafter; will be In the denomination of $500,00 unless otherwise requested by the successful bidder; and will mature in semiannual series beginning on July 1. 1936. as follows: July 1, 1936 $lO 000 00 Jan. 1. 1937 10 000 00 Julv 1. 1937 10.010.00 Jar,. 1. 1938 10 000.00 July 1. 1938 10.000.00 Jan. 1. 1939 10.000.00 July 1, 1939 10,000.00 Jan. 1, 1940 10.000.00 July 1. 1940 10.000.00 Jan. 1. 1941 10.000.00 July 1 1941 10 000.00 Jan. 1. 1942 3 230.00 Said bonds are being issued pursuant to the provisions of Chapter 30 of th Acts of 1931 for the purpose of procuring funds with which to pav and satisfy a certain ludgment rendered against said Township on account of poor relief funds advanced to said Township by (Marion County. The right Is reserved to reject anv and ali bids, and no bid will be considered for less than the face value of said bonds, plus the interest accrued and to accrue thereon from the date thereof to the date of payment therefor. In th event acceptable bids are not received on said date for all of said bonds, the Advisory Board and Trustee will convene in an adjourned special session at the same hour, on the same dav. of each week thereafter for the purpose of receiving bids on said bonds without further advertisement, until all of said bonds are sold or until the further order of the Advisory Board. We are advised bv counsel that these bonds are payable out of unlimited general taxes levied on all of the taxable property. both real and personal, in said civil township. Dated this 11th dav of December. 193 J. HANNAH A NOONE, Trustee Center Township, ANNOUNCEMENTS 1 Death Notice* ALEXANDER. ELMIRA 1 Ella • Beloved wife of Charles J Alexander and mother of Mrs H W Mohler of Forest. Ind.. and Dale E Alexander of Indianapolis, departed this life Monday. Jan. 1. Mineral Wednesday Jan. 3 at the residence of her son. 2834 East Eighteenth st.. 830 a m and Greensburg. Ind., 1C 30 a m Burial Greensburg. Ind. Friends Invited. Funeral under direction of MOORE AND KIRK BENHAM. HlßAM—Beloved father of Mis* Pearl B-r.ham Mrs Lula Suarts. Mrs. Ruby Lain. Frank Benham of McCordsvlUe sister of Mrs. Emma White of Noblesvllie. passed away at his home near McCordsviile. Sunday morning. Funeral Wednesday 10 30 a m. at the M E Church McCbrdsvilie. Burial McCordsviile. Friends invited. Funeral under the direction of GEO M’CARTY. FOPTVILLE CLARK. JOSEPH RICHARD—Age 44 years beloved husband of Dal’a Clark, and father of Joseph W. John and Jack C:ark and Mrs He.er. Demaree. brother of Margare* Gravson. Mrs Ruth Reeves Mrs Laura Cunningham and Robert Clark passed awav Sunday. D-- 31 Funeral a' the late residence. 1005 S Warmer. Ave Wednt.dav. Jan. 3 at 2 t m Friends invited Burial New Crown Friends mav call at the residence anv ;e

PAGE 11

WANT ADS Continued on NEXT PAGE