Indianapolis Times, Volume 45, Number 204, Indianapolis, Marion County, 4 January 1934 — Page 16

PAGE 16

Wall Street Business Shows Progressive Improvement in 1933, and Promises Further Gain This Year. BY RALPH HENDERSHOT - Times Special Financial Editor Business was not good in 1933. although improvement was registered toward the end of the year. The chances are that 1934 will be somewhat better, and some authorities anticipate a smart improvement. One person’s guess is about as good as another’s, however, for a great deal depends on what steps the administration takes further to remedy conditions. Indications are that greater importance will be given to public Works in the new year and the extension of government credit to business &nd less to the furtherance of the gold price increase plan. While 1932 appears to have marked the low point in the depression Bs far as prices are concerned, another and more severe collapse probably was avoided early in March, 1933. by the quick action of President Roosevelt in closing all of the banks and immediately reopening them on a much sounder basis. Had the recession been permitted to run its course it is impossible to see how a complete panic could have

been averted. With the banking situation patched up temporarily, congress set out immediately to give it a more thorough overhauling. The result was the banking act of 1933, which provided, among other things, for the guarantee, effective recently, of all bank deposits up to $2,500 ,n federal reserve member banks and in many others or a period of six months. A permanent guarantee plan will then go into effect under which deposits up .o SIO,OOO will be fully guaranteed, from SIO,OOO to 150,000 75 per cent guaranteed and all over $50,000 50 per cent guaranteed. Because of the opposition to the permanent guarantee plan it is thought in some quarters that a substitute proposal will be worked out by congress before it goes into effect. I Among other features of the act was the provision calling for the divorcement of security underwriting companies from commercial banking institutions. This was expected to strengthen the banking situation mate-

Ralph Hendershot

rially in that less attention would be paid by the banks to long-term credits and to the activities or the stock market and more to the shortterm credit requirements of the various large and small business organizations. a st a u b tx Securities Act Helpful Another fundamental reform which touched the banking situation was the passage of the new security act. This placed definite and severe restriction on the sale of new securities to the public, and while it, too, may be modified somewhat during this year, the existing law provides a great many safeguards to investors and tends to direct long-term investment funds into safer and more profitable channels. Early in President Roosevelt’s administration the threat of currency Inflation developed. Prices rose sharply for a time due to forward buying on the part of manufacturers and speculators. When actual inflation failed to materialize, however, a severe reaction developed in midsummer. Stocks, commodities and other tangibles slumped so drastically in value that many thought the downward trend of the depression had been resumed. New steps were taken, however, and fresh threats of inflation developed, with the result that another upturn started toward fall, and slow but steady progress has been made ever since. The most important lever used by the government to stimulate a price rise was its gold-buying program. Under this program the price of the yellow metal was bid up sharply, the theory being that commodity prices would follow. The theory has not worked out as well as had been anticipated, although it is safe to say that it did an important part in supporting the advance which had been built upon the prospects of inflation.

New York Stocks —(By Abbott. Hoppin it Cos.) —— _ . Pn v Th o a

—Jan. 4 _ Prev. Oils High. Low. 10:30. close. 42 1 1 Amerada ~oi/ ooi, AM RfK Barnsdall . :x x , 103 ” Consol Oil 10 2 Cont of Del •• 'I, Houston (new). „? 3 “ Houston told . ; 7 , it 4 Mid Cont Pet }* 8 }‘ v Pure Oil ‘2 4 i2 4 Royal Dutch ••• SI., Sbd Oil ... 28 , 4 2 5, 8 Shell Un • 3 4 Si* Skeliey Oil :x 3 15 . r c o v ofcii:: 40'B 40 40'B 40^8 IO Sf N a j! 45% 44 7 a -m> 45H Texas Corp 23 8 4 . Tidewater Assn.. . ••• .S' 8 Un Oil of Cal * Alii 1 Ron” Mills .. 18 a 'e 18>♦ 18*8 18>.'a Cio Fuel 4s Iron * Cruc Steel 7, 4 Inland Steel ?;,/ Ludlum Steel *3' 4 12. 2 McKeesport Tin °a 2 Natl Steel 48 ’ 4 ?9 : , 2 Rep Iron & Stl 16 n 16,4 Rep Iron & Stl gn 7 2 U S Smelt Soi! Vanadium :x 3 . it ; 4 Mid Steel 12 4 “ 5 * U S Pipe & idv ■ ■ * 3 B U S Steel.... 47 U S Steel pld S3 * j Yosngsin S & T .. 23 8 Rails— = - Atchison “X 3 B U 4f S O. - nC . 23*s '23>* *23H 23 ‘s Can Pac 13‘s 13 13 13|a Ch & Ohio 40 8 4 , 7 2 C M & St P. a, ? 3 2 CM& St P pfd 7 a ;, 8 Chi N 2, 8 Chi R Isl • • • G c rl a Nor H P m::::: im ‘iw i* 2 °'° 111 Central 3U au Lou & Nash ... .. ■■■ a® 50 * MK & T 32->a 32'* 32': ... Mo Pac ■ • • J 7 * N Y Cent “i\* N Y Chi & S L 1° ‘ N Y New Haven 44 8 Penn P lt C R.. ■•. 29 7 a * 29 3 * M 3 * 30 Sou Pac 19' 4 l®! 2 Union* Pab .. lii ilO's HI H 3 Wabash 2^ ■West Mary s 8 Motors — Auburn •• -i 73 Chrysler 57 5 b a7-s 57 Ol * Gen Motors . • 34’s 34 J * 34 * 3o Graham Mot 3 Hudson 1 4 ' 4 14 * Hupp .... 4 8 Macs Truck " 9 Nash 24 24 Packard 4 Reo 3 8 3 9 Studebaker s 8 * Yellow Truck * 2 Motor Access — Ber.dix 16 * i®. B Bohn Alum 86 2 " Bor 4 Warner ... .. ... 21 l * 2 ' 2 Briggs 12-’* H e 12 8 12 -s Buad Wheel , 3 , 4 Eaton Mfg I 3 8 Eiec Auto Lite 19 Hand A 3 8 Mullins Mfg * Murrav Body 6 3 * 6 9 s Stew Warner 6 8 Timken Rol 30 Al”k n a n 21 3 * 21 3 , 21*2 22 Am Smelt . 43‘* 43 43 43^8 Anaconda ........ ••• 14 14 a Cal & Hecla 4 4 Cerro de Pasco 34 33’s 13 * 34 Granbv . .. ... ■• • 8 * Gt Nor Ore H‘ 11 Homestake Min .. ... ... 3*5 Hiwe Sound . ••• 3 ' s ‘ 2 Int Nickel ... 2l 3 a 21>* 21 3 21's Isl Creek Coal.. . ... ... *3' a Kennecott Cop 19 9 19* 19'* 19 8 Noranda Cop .... ... 34 Phelps Dodge .... 16 ‘2 Tobaccos— Am Sum Tob ... ... 16 Am Tobacco A.. . Am Tobacco B . ... 69 3 * 69*: Gen C'.ear 28 3 s Ligg A- Mvers B ... . *9 Lonllard ... 16'* 16 a Revnolds Tob B. .. ... 44’* 44*: Equipments— Allis Chalmers.. .. ... I'I** 1 ** I.'* Am Car <y Fdy.. .. 24*s 24 1 : Am Loco . ..... .. 2. 28 Am Mach <V Fdy .. ... 13'* 13's Am Steel Fdy .... ... ... 19 3 < Bald Loco 11‘ 2 Burroughs 15;* Case J I•• 6.U Cater Tract 24 24 a Col Palm Pcct 9' a Car.golcum 23 J * 23'* Elec Star Bat 45 a Foster Wheeler.. ... ■■■ 14'8 Gen Am Tk Car .... 34’ 2 Gen Elec 19 18 s * 18 s 19's Gen R R Sig ■ 34’ 2 Ingsol Rand 62'a 62'a Int Bus Mach 14' a Int Harvester ••• J9 3 b Kelvinator 12' I2‘ a Natl Cash Reg 8 Proc & Gamble. .. . - 3.' a 38 Pullman Inc 52s 52'* Simmons Bed ... 18 Und Elliot 38. West A’.r B ... f?' 2 Westingh Elec 3i' 3< 3. 3* 3 * Worthington P 22 S Utilities — Am A: For Pwr .. ... . 3 * Am Power *t Lit 6'g 6 6 6 3 s * T & T 169 109'a Am Wat Wks . 17's 17 17 17' 3 Brook Un Oas • . • • ■ • 6* Col Gas & Elec 11 9 r ll'= IVa 11’* Col O k S Pfd ■■ • • • 54 Com At Sou 2's 2 2 2 Consol Gas .. 36 5 s 36* a 36* j 3336 3 El Pwr 4c Lit .. 4S 4 S 4 S 5 Tifc TA T ... 14S 14 14 14S -Ht Pwr A- L 9 8 3 * 3 * 8 3 * 3 * ... North Amer 14 13 3 * 14 14'i Pac G & El 16's 16' 16' 16 Pub Serv N J. . 35 34*: 34'a 34 3 * So Cal Edison 15 3 15-'s Btd aGs * <’* Std aGs pfd ... ... i 3 * United Corp ... 4 3 * 4 9 , 4 9 , 4\ _Un Gat Imp ... 14 3 * 14*-5 14*: 14*j Ut Pwr & L (A> .. ... 2 3 3 Western Union 52Vj 53 3 * Rubber*— Firestor.e ... 18* 18’t ::: ■T? S Rubber... iSH liH 15H 15 1 * U 8 Rubber pfd 25's Kei Spring ...... .*. 2H

Fox Thea 13% 12% Loews Inc 28% Radio Corp 6% 6% 6% 6% RKO 2% 2% 2% 2'/2 Warner Bros ... 5Va YFoods— Am Sugar 46% Armour A’ 4% BBeatrice Cream .. ... ... 11 Borden Prod .... 20% 20% 20% 20% Cal Packing 19'% Canada D G Ale .. 25 Coca Cola 97 Cont Bak ‘A’ 7% Corn Prod Crm of Wheat. .. ... ... 28 Gen Foods 33 '/g 33 % 33% 33 Gold Dust 17% 17% G W Sugar .. . 27% 27% 27% 28% Hershe 50 Int Salt 21 Loose Wiles 42 Natl Biscuit .... 46% 46 46 46% Natl D Prod 13% 13% Puritv Bak 13% S Por Rico Sug .. ... ... 33% Std Brands 21% 20% 20% 21% Std Brands .... 2114 20% 20% 21% United Fruit 60% Ward Bak A’ 6% Wrigiey 50% Retail Stores— Ass Dry Goods.. 11% 11% ll'i ll'i Best it' Cos 11% Uunbel Bros 4% Gimbel pfd 17 Gr Un Tea „ 4% Hahn Dept Sts 5% 5% Jewel Tea ... ... 34 Kresge S S ... 14% 14V* Kroger Groc 24 Macy R H 53% May Dept St ... ... 30 L t Mont Ward .... 22 21% 21% 21% Penny J C 53'% 53 Safeway St 44% 44% Sears Roebuck 41% 42% Woolworth ... 42% Aviation— Aviation Corp 7% 7% Douglass Air 14% 14? Curuss Wright.. .. ... 2% 2',4 Curtiss Wrignt A 5 5% Nor Am Av 5 United Aircraft 31% 30% 30% 31% Chemicals— Air Reduction ... ... 98 Allied Onem 147% 147% 147% 147 Am Com Alcohol 53% Col Carbon 61% Com Solvents ... 31% 31 31% 31% Du Pont 93 92% 93 93% treeport Tex ... 46% 46 46 45% Liquid Carb 28 Math Alkali 34% Tex Gulf Sulph ... 34% Union Carbiae 46% U S Ind Alcohol 55 % Natl Dist (newt 24% 24% Drugs— Coty Inc 4% Drug Inc ... ... 22% Lambert 22%. ... Lehn & Fink 18 Zonite Prod 6% Financial— Adams Exp ... ... 7 Allegheny Corp . .. ... 3% 3% I Chesa Corp 35 ) Transamerica.... 7 6% 6% 6% i Tr Conti C'orp 4 s * Building—- ; Am Radiator ... 14% 14% 14% 14% ! Gen Asphalt ... ... 15% Johns Manville. 58% 58'* 58% 59 Libby Owens Gls 35% 35% 35% 36 Otis Elev 15 15% Miscellaneous— Am Bank Note 15% Amer Can ... 97% 97 4nchor Cap ... ... 19% 1 Brklvn Man Tr 32% 32% 32% 32% Conti Can 78 Eastman Kodak 80 81 Owens Bottle ... . . 80 Gillette ... ... 9% Ghdden 16% 16 : Indus Ravon .... . ... 79 Inter Rapid Tr 12 12%

Investment Trust Shares

By Abbott, Hoppin A- Cos. —Jan. 3. Bid. Ask. American Bank Stocks Corp 75 .85 American & General Sec A . 4 50 5 50 Am & Inv Tr Sh 1 50 2 50 Basic Ind Shares 3.30 3.40 British Tvpe Inv Tr Sh 42 .50 Collateral Trustee Shares A... 4.55 4.65 Corporate Trust Shartes 'Old' 221 225 Corporate Trust Shares (new: 2.26 2.30 Cumulative Trust Shares 394 .... Diversified Trust Srares A . 6.25 Diversified Trust Shares B 735 7.50 Diversified Trust Shares C. 300 305 Diversified Trust Shares D . 470 4.80 First Insurance Stock Corp.... 1.30 135 First Common Stock Corp... .83 .98 Fixed Trust Oil Shares A 8.35 8 50 Fixed Trust Oil Shares B . 7.19 7.29 Incorporators Investments .17.92 19.46 Land Bank Bond Shares 92 1.02 Low Priced Shares 5.50 .... Mass Inv Trust Shares 17.74 19 27 National Wide Securities ... 3.12 3.18 N Am Trust Shares is3> 1.81 .... N Am Trust Shares (55 • 2,30 2,33 N Am Trust Shares 158 • 2.45 2 65 Selected American Sharles ... 260 .... Selected Cummulative Shares. 6.70 Selected Income Shares 3.40 3 SO Std Am Trust Shares A 284 288 Trust Shares of America 2.78 2.82 Trustee Std Oil A ... 527 537 Trustee Std Oil B 4.92 500 U S Eiec Lt & Pwr A 10.00 10.50 Universal Trust Shares 2.98 3 00

I U. S. Government Bonds

NEW YORK. Jan. 3.—Closing Liberty Bones: lUectmals represent 32nds. . LIBERTY 3 : _-s (32-471 100.24 First 4‘4S (32-47 1 101.21 Fourth 4'•<s 1 33-381 102. Fourth 4's 133-38' called . 101.1 TREASURY 4'*s 3>4S (43-45 1 99.15 4>s (47-52) 107.6 4s 1 44-54' 103.31 3-4* (46-56) 102. . 3 s s i43-47i 99.23 3 J ss (41-43). March m.2i 3 ! 4S (41) 99.8 , 3 ! aS (46-49i . 9<5 24 '3s (51-55( 95.14 NEW YORK RAW SUGAR FUTURES —Jar. 3 High. Low Close i anuary 1.45 l 43 1.44 i March 1 25 1.23 1.24 May 1.30 1.28 1.28 | July - 1.36 1.34 1.34 September * 1.41 1.38 I.SB December 1.45 1.43 1.44

STOCKS TURN IRREGULAR IN QUIETSESSION Sharp Rally in U. S. Dollar Fails as Depressing Factor.

Average Stock Prices

Average of thirty industrials for Wednesday: Hlzh 100.83. low 97.75, close 99.09, off 1 27. Average of twenty rails: 41.52, 40.16. 40.54. off .43. Average of twenty utilities: 23:43. 22.28. 22 68. off .51. Average of forty bonds: 84 97. up .31. Average of ten first rails: 91.56, up .09. Average of ten second rails: 70 59. up .50. Average of ten utilities. 91 67. up .13. Average of ten industrials: 86.07. up .51. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 4.—Stocks opened quiet and irregular today after the shakeout late in the session yesterday. The feature of the early business was a sharp rally in the dollar. Gold held at $34.06 an ounce. Automobile shares were steadier with Chrysler up % at 57% and General Motors off % at 34%. The latter opened on a block of 1.000 shares. Small gains were made by Allied Chemical, Socony Vacuum, Public Service of New Jersey and Phillips Petroleum. Fractional losses were noted in Westinghouse Eleotric, U. S. Steel, General Electric, Montgomery Ward, Pennsylvania Railroad, Mclntire Porcupine and National Distillers. During the early trading volume was small with prices holding around opening levels. Utilities w'ere steadier than yesterday when they featured on the downside. Rails eased small amounts. Oils held well. Traders awaited the President’s budget message and more certain news of congress developments. The President’s message yesterday was a disappointment in many quarters of the financial district in that it failed to contain specific statements on major items that are expected to come before congress.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 4 Clearings $3,130,000.00 Debits : 6,656,000.00 TREASURY STATEMENT —Jan. 4 Net balance for Jan. 2 $955,991,710 17 Misc int. rev. repts 10,905,568109 Customs repts. mo. to date 2,290,595.26 New York Curb (By Abbott, Hoppin it, Cos.) —Jan. 3 Close! Close Allied Mills ... 8 iFord of C A .. 15% Alum Vof A. . 73 | Ford of Europe. 5% Am Beverage . l% Gt A & P 125'% Am Cyan B .. 15% 3 Alden Coal .-12 Am & F P war s%'Gulf O of Pa. 59V* Am G & E ... 20%iH Walker 55 Am Superp ... 2% Hud Bay Min 8% Asso G & E . % ; Humble Oil ....102% Atlas Corp ... 10%Imp Oil Ltd ... 13% Brazil T & L.. 11 (Int Petrol 19% Brit Am Tob A 29% Lake Sh Min . 43% Brit Celanese . 3% Libby McN L .. 2% Can Ind Ale A 19' 8 Lone Star Gas. 6 Can Marc .... 2%!Newmont M . 51 Carrier Corp .. 6>oNia Hud Pwr .. 5% Cities Serv ... 2Va!Novadel Agene . 59 Commonw Ed . 36 JPan Am Airw.. 49% Cons G of Balt 53% Penn Road .... 2% Cord Corp .... 6% St Regis Pap .. 2% Crown C Inti . 6% Sherwin Wms . 47% Deere & Cos ... 28 tStd of Ind 32 " Dist Lim 21%'Std of Ky 15% Dist Corp .... 24%(Tech Ind 9 El Bd & Sh .. 11%; Teck It Gold .. 5% Fisk Rubber . 9%;Un Gas 3%

Daily Price Index

By United Press NEW YORK. Jan. 3.—Dun & Bradstreet's daily commodity price index of thirty commodities compiled for the United Press: (1930-1932 Average. 100) Today 101.05 yesterday 101.50 Week ago 101.00 Month ago 99.66 Year ago 70.14 1933-1934 High (July 15) .... 113.52 1933-1934 Low (Jan. 20) 67.86 Copyright. 1934. by Dun & Bradstreet. Inc.

Federal Farm Loan Bonds

By BLYTH & CO. Inc. —Jan. 3 Bid Ask 4s Nov. 1, 1957-37 82% 83% 4s May 1, 1958-34! 82% 83% 4%s July 1, 1956-36 84% 85% 4%s Jan. 1. 1957-37 84% 85'2 4%s May 1. 1957-37 84% 85% 4%s Nov. 1, 1958-38 84% 85% 4%s May 1. 1942-32 89% 90% 4%s Jan. 1. 1945-33 87 88% 4%s Jan. 1, 1953-33 87 84% 4%s July 1. 1938-33 87 88'* 4%s Jan. 1, 1955-35 87 88'* 4%S July 1, 1955-35 87 88'* 4%s Jan. 1. 1956-36 87 88% 4%s July 1. 1953-33 89 90'* 4%s Jan. 1. 1954-34 89 90' * 4%S July 1, 1934-34 89 90% 5s Mav 1, 1941-31 95% 96% 5s Nov. 1. 1941-31 95% 96% Home Loan 4s. July 1. 1951 .. 86 87

Bright Spots

By United Press Chicago, Milwaukee. St. Paul & Pacific reports freight' loads last week were 13,332 cars, up 12 per cent from the corresponding week of 1932. First National bank of Baltimore declares extra dividend of 50 cents a share in addition to regular quarterly dividend. Draper Corporation declares special dividend of 60 cents a share. St. Louis Stockyards Company increases its quarterly dividend payment from 51.25 to $2.25 a share. New York, Chicago & St. Louis Railroad reports freight loadings last week were 3,092 cars, against 2.650 cars in the like 1932 week.

In the Cotton Markets

—Jan. 3 CHICAGO High. Low. Close. January 10.38 March 10.60 10.46 10.48 May 10.78 10.64 10.67 July 10.91 10.80 10.80 October 11.09 10.98 10.98 December 11.15 NEW YORK January 10.44 10.24 10.24 March 10.57 10.38 10.42 Mav 10.74 10.55 10.56 July . 10.88 10.69 10.72 October 11.05 10.89 10.91 December 11.14 11.07 11.07 NEW ORLEANS January 10.28 March 10.55 10.35 10.38 May 10.71 10.50 10.53 July 10.85 10.65 10.68 October . 11.01 10.85 10.85 December \. 11.15 11.00 11.00 CHICAGO FRCIT MARKET By l nited Press CHICAGO. Jan 4—Apples—Michigan Jonathans, bushel $lO 150. Carrots—lllinois. 500 75c. Spinach— 75c® S1 15. Beans —Southern green. $1.55 /2 25 Mushrooms —15030 c. Cucumbers —Southern. $2.25® 3: hothouse. $2.500 3 50. Tomatoes—Florida. $2.25(0 3 50: Illinois and Ohio hothouse. Sl© 115. Leaf lettuce —Illinois hothouse. 12%<15c. Celery—Michigan. 75c05140. Cabbage—Wisconsin. $2.50 Sweet potatoes —lllinois. $1.250 1.40: Indiana. $1.60© 1.65. Onion market—Western Valencias, bushel $1.0501.25; central western, yellows, bushel, $1.0501.15; western whites, bushel $1.5061.75.

THE INDIANAPOLIS TIMES

I " Chicago Stocks By Abbott. Hoppin & Cos.: TOTAL SALES 38.900 SHARES —Jan. 3 High. Low. Close Advance Aluminum 2% Asbestos Mfg ... 3'* Bastiar.-Blessmg .. 6% Ber.dix Aviation 17% 16% 16% Borg-Warner 22 * 21% 21% E L Bruce Cos 10% 10 10% Butler Bros 4% 4% 4% i Cent Pub Serv Class A.. .. ... % iCent it So W P L pfd.. 5% 5 Chi & North Western... 7% 6% 7% Chi Citv it Con Rvs.... .. ... % Chicago Com C0m.... 2*4 2% 2% Chicago Com pfd 23 22% a3 Cities Service 2% 1% Commonwealth Edison.. 37% 36% 37% Cord Com 7% 6% 6 Crane Cos ••• 8,. Crane Cos pfd 44% 44 44% Oardner-Denver Cos 18 General Candy Cos 4 Godchaux B’ ••• 5 Gcldbiatt Bros Da % l a Great Lakes Dredge . . 21% 20% 21% Grigsbv-Grunow % % % Hali Printing 4 Houdailie-Hershey "A” 11% Houdaifie-Hershey "B” 4 Illinois Brick 4% 4 4-* Investment Cos of Amer 8 Keystone Steel pfd ... 12% 11% 12% Libby—McNeil 3 Lincoln Printing % Lindsay Light ... 2% Lion Gil Refining Cos 4 a Lynch Corp 31% 30 30 Marshall Field 13% 12% 12% McGraw Electric .... 4% 4 4 Meadows Mfg Cos Com.. .. ... % Middle West Utilities % Modine ,?% Mosser Leather J 1 Ncbiitt-Sparks Ind Inc.. 13 12% 12% Northwest Bancorp 4% Northw Engineering 4% Ontario Mfg 8; 3 Peabody Coal B % Penn Gas & Elec .. ••• j> Prima Cos 8 7% 7- 1 Public Service N P 3% 13 13 Quaker Oats 122 120 122 Sears Roebuck 42% 42 42 So West G & Elec pfd 40 Standard Dredging Cos I'.a Standard Dredg Cos pfd .. ... i Swift &Cos 14% 14% 14% Swift International ... 27% 26% 26% (Thompson JR 7 6% 6'a Transformer Corp of A % I Utility & Ind % i Utility Ind pfd 1% I Vortex Cup Cos A 25% | Wayne Pump Com 1 % 1 i Wisconsin Bankshares 2% (Yates Machine ... % Zenith Radio ... 3%

JUDGE PRAISES, SENTENCES TWO Commends Pair for Guilty Pleas, Gives Minimum Robbery Terms. Commending two men for their plea of guilty to robbery after a raid on a North Illinois street apartment by police yesterday, Judge Frank P. Baker in criminal court today gave both the minimum sentence, ten years in the Indiana state reformatory. The two men, James Miller, 23, and John Durant, 21, of 617%' North Illinois street, were arrested with two women, Betty and Billy Laßue, 109 West S. Clair street, and Dick Dye, Columbus. All were charged with vagrancy. When Miller and Durant were arraigned before Judge Baker today, Miller attempted to take the blame. It was then that Judge Baker commended the frankness of the men and sentenced them. The judge stated that he could have imposed a sentence of twenty-five years each on the prisoners. Miller, according to a purported confession made to the police following his arrest in the raid during which three pistols and a blackjack were seized, is alleged to have admitted to four recent robberies in Indianapolis, in one of which he implicated Durant. SENATE WILL HEAR PHILIPPINE PROPOSAL King Biil Favors Immediate Island Independence. By United Press WASHINGTON; Jan. 4.—Senator William H. King, (Dem., Utah), several times author of the Democratic platform pledge of Philippine independence, will take the leadership of the “immediate independence” element :.n the senate with the early introduction, propably today, of a bill to enable establishment of a republic. The bill would authorize a constitutional convention in from four to eight months after passage, and the new Republican government would be established in twenty-four to forty months, according to the rapidity with which the necessary formalities and organization can be accomplished. , Introduction of the King bill will bring into the political arena the much-controverted question of economic relations between the United States and the Philippines. The bill, it is understood, will offer no guarantees of preferred status for the Philippines after independence in American markets, but will projvide for a commission to study spejcial trade relations. 150 APPOINTMENTS GO TO SENATE FOR ACTION Mr. Morgenthau, Whose Name Heads List Wins, Committee O.K. By United Press WASHINGTON, Jan. 4.—President Roosevelt today transmitted to the senate for confirmation the nominations of more than 150 persons appointed to government posts since congress last was in session. The name of Henry Morgenthau Jr., recently appointed treasury secretary headed the list. The list also included the nominations of William C. Bullitt as ambassador-to the Soviet Union, as well as other diplomats, collectors of customs and internal revenue, army and navy officers and miscellaneous appointees. By United Press WASHINGTON. Jan. 4.—The senate finance committee today voted a favorable report to the senate on the nomination of Henry Morgenthau Jr., to be secretary of treasury. The action was unanimous.

EXECUTIVE ORDER TO CENTER CONTROL OF EMERGENCY SPENDING

By United Press WASHINGTON. Jan. 4. Coordinated control of all emergency expenditures was made effective today by President Roosevelt in an executive order published simultaneously with his budget message to congress. Henceforth all expenditures of the emergency organization such as purchase of supplies, establishment of salaries and increases of compensation are subject to audit by the controller general.

SWINE MARKET SHOWS STEADY TRABINGRANGE Cattle Slow and Uneven; Lambs, Veals Mostly Stationary. Easy tone prevailed in hog trading at the Union Stockyards this morning and majority of all classes held steady with yesterday’s average. Only slight action was evident during the early trading. The bulk, 160 to 275 pounds, sold for $3.50 to $3.65. Weights scaling from 275 pounds and upward were available at $3.30 to $3.45, while smaller kinds weighing 130 to 160 pounds sold at $3 to $3.25. Light slaughter pigs scaling ICO to 130 pounds brought $2 to $2.75. Receipts were estimated at 9,000; holdovers, 235. Cattle market was slow and irregular, with yearling steers active and strong to slightly higher. Few loads sold at $6.40 to $6.50. Mostly all initial bids were lower. She stock showed little change. Receipts numbered 800. Vealers remained stationary' with the previous session, selling around $6.50 down. Receipts were 600. Weak undertone featured trading in the lamb market and most classes were unchanged. Bulk of lambs ranged at $7.25 to $7.75. Few held around SB. Receipts were 900. Weakness appeared in hog trading at Chicago, with initial bids around 5 to 10 cents lower than yesterday's average at $3.50 for good to choice kinds weighing 180 to 210 pounds. Other classes remained inactive. Receipts were estimated at 35,000, including 9,000 direct; holdovers, 4,000. Sheep receipts numbered 15,000; market steady to weak. HOGS Dec. Bulk Top Receipts 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 Jan. 2. 3.36(75! 3 60 3,60 12.000 3. 3.50',/ 3.65 3.65 9,000 4. 3.50® 3.65 3.65 9,000 Market, steady. (140-160) Good and choice $3.10® 3.25 —Light Weights—-(l6o-180) Good and choice.... 3.65 (180-200) Good and choice 3.65 —Medium Weights—-(2oo-220) Good and choice.... 3.60 (220-250) Good and choice..., 3.55® 3.60 —Heavy Weights—-(2so-290) Good and choice.... 3.45® 3.50 (290-350) Good and choice 3.35© 3.45 —Packing Sows—(3so down) Good 2 60® 2.85 (350 up) Good 2.50© 2.75 (AH weights) medium 2.25© 2.50 —Slaughter Pigs—-(loo-130) Good and choice. .. 2.000 2.75 CATTLE Receipts, 800; market, steady. (1.050-1,100) Good and choice $ 5.25® 6.50 Common and medium 3.50@ 5.25 (1,100-1,5001 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 1.00 0 2.00 —Bulls (yearlings excluded) Good (beef steers) 2.00® 2.75 Cutter, common and medium.. I.oo® 2.00 VEALERS Receipts, 600: market, steady. Good and choice. $ 6.00® 6.50 Medium 3.50® 6.00 Cull and common 1.50© 3.50 —Calves—-(2so-500) Good and choice 3.50® 5.00 Common and medium 2.00© 3.50 —Feeder ana Stocker Cattle—-(soo-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, 900; market, steady. (90 lbs. down) Good & Choice $7.50® 8.00 (90-110 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 Gther Livestock BY UNITED PRESS CHICAGO, Jan. 4.—Hogs—Receipts, 35.000. including 11.000 direct; holdover. 4,000; market generally 5c to 10c lower than yesterday; 180-290 lbs.. $3.40© 3.50; top $3.55; 140-170 lbs., $3.1503.45; pigs. $2.3002.75: pecking sows. $2.55® 2.30; light lights. 140 to 160 lbs., good and choice, $303.40; light weight 160-200 lbs., good and choice, $3.3003.50; medium weights. 200-250 lbs., good and choice. $3.3503.50; ‘heavy weights, 250-350 lbs., good and choice, $3.10 /3.45; packing sows. 275-550 lbs., medium and choice. $2.400 3; slaughter pigs. 100-130 lbs., good and choice, $2.250 3. Cattle—Receipts. 7,000: calves, 2.000: fully steady on most killing quality plain; demand modest for better grade light and long yearlings but all grades of light cattle getting dependable action; weighty steers rather slow but mostly steady with week's downturn; bulk selling at $4.2505: best weighty bullocks. $5.50; best long yearling steers, $6.50: some improvement in light heifers and mixed yearlings: only marked slowness being on weighty steers: vealers steady at $4.25 ®5: choice kinds. $505.50; slaughter cattle and vealers: steers 550-900 lbs., good and choice, $5.500 7: 900-1.100 lbs., good and choice. $5.2507; 1,100-1.300 lbs. good and choice. $4.750 6.75; 1.300-1.500 lbs good and choice. s4® 6.25; 550-1,300 lbs., common and medium, S3O 5.25; heifers 5 dO-750 lbs., good and choice, $4.50® 6.50; common and medium. s3® 4.50: cows good $2.75© 3.75; common and medium. * 2 -35 3 2.75; low cutter and cutter, 51.50® 2 ;3d; bulls (yearlings excluded), good (beef), $303.50: cutter common and medium. $2.50® 3.25: vealers good and choice 54.00 06; medium, $3.50® 4.50: cull and common, $2.5003.50; stocker and feeder cattle: steers. 550-1.050 lbs., good and choice. $3.50 05; common and medium, 52.5003.75. Sheep—Receipts, 15.000: fat iambs active, tsrong to 25c higher; clipped lambs showing most early advances: early sales desirable wooled lambs, $7.750 7.85; to order buyers; best held around $8; toppv light weight clipped lambs. $0.25: sheen relatively scarce strong; slaughter sheep and lambs: Jambs 90 lbs. down, good and choice. $7.230 8: common and medium. 55.250 7.25: 90-98 lbs., good and choice $7 ® 7.85: ewes 90-150 lbs., good and choice, $2.25 v 3.75: all weights common and medium. $1.50 0 2.75: feeding lambs 50 to 75 lbs., good and choice, s6® 6.50. EAST ST. LOUIS. 111.. Jan. 4.—Hogs— Receipts. 7,500. including 500 direct; market. 0010 c higher than yesterday's average: pigs slow, barely steady to weak; top. 53.75; bulk. 160-260 lbs . $'3.65 0 3.75: 140150 lbs.. $3.100 3.50: 110-130 lbs.. $2.25© 2.80: light pigs down to S2; bulk of sows. 52.400 2.65: some held higher. CattleReceipts, 1.800; calves. 1.200; market, active on steers and prices strong to 15c higher; mixed yearlings and heifers strong to 25c higher: beef cows active: cutters, low cutters and bulls steadv: vealers unchanged with top $6; top 1.24-lb. yearling steers, 53.15; other steers, 53.50® 5.85; mixed yearlings and heifers, $3.50 cows. $2.2502.75; low cutters, 51.25® 1.65; top sausage bulls. S3. Slaughter steers, 5501.100 lbs., good and choice, 55.23® 6.25: common and medium. $3 0 5.25: 1.100-1.500 lbs., choice. $5.2506.25: good. 54.50 /6: medium. $3.750 5.25. Sheep—Receipts. 1.000: market, opened fully steady: some sales to small killers strong 'o 25c higher: bulk of wooled lambs. $7.5007.75: few to city butchers up to S3: common throwouts. S4 05: fall shorn lambs. $7: clipped lambs. $6.50; fat ewes, S2O 3. Lambs, 90 lbs. down, good and choice, S7O 8; common and medium. S4O 7.25; lambs. 90-98 lbs., good and choice. S7O 8: yearling wethers. 90110 lbs., good and choice. $4.7506.50; ewes. 90-150 lbs., good and choice. $1.75- 3: ail weights, common and medium, $lO 1.25. FT. WAYNE. Jan. 4.—Hogs—Market 5c lower: 160-200 lb?.. 53.50: 200-250 lbs., $3.40: 250-300 lbs.. $3.30: 300-35 lbs.. S3 15; 15-16 lbs.. $3.1: 14-150 lbs.. S3: 130-140 lbs.. $2.90: 100-130 lbs.. 52.45: roughs. $2.50; stags. 51.50; calves. 56: lambs. $7.25. By Times .ijicrial LOUISVILLE. Jan. 4 —Cattle—Receipts. 225; supplv moderate: market, steadv on most slaughter classes with cows weak: bulk common to medium steers and heifers, $3.500 4.50: better finished fed kinds quotable to So 50 or better: bulk beef cows. $202.50; few $2.75 or be'ter; bulk lew cutters and cutters. $1.250 2.25: sausage bulls, mostly S3 down: tuik common to medium native stackers ana feeders. $2 500 3.50. Calves—Receipts. 150 s-eady. bulk better vealers. 54.50 f - 5: medium and i lower grades. $4 down. Hogs—Receipts 1.000- slight change in sort- market unevenly j 5015 c higher: 160-250 ibs.. $3 85; 255 lbs. up. $3.55 130-155 lbs.. $3.50; 110125 lbs.. $2.75. 105 lbs. down. $2: sows, $2.55; stags. $1.25. Sheep—Receipts. 50: steady; mostly $5.500 6 for medium to good iambs, choice kinds eligible, $6.50: bucks subject to dollar discount; throwouts, mostly $3.50; desirable slaughter I ewes, $2.

—Today and Tomorrow — Mayor La Guardia’s Initial Actions Appear as Guarantee to New York’s ‘New Deal.’ BY WALTER LIPPMANN

MAYOR LA GUARDIA has taken hold in New York City in the manner of a man who knows what it is all about. His appointments are admirable. Not for twenty years has the city seen so able and experienced a collection of high officials, or so many men in the responsible posts who are there by reason of their proved knowledge of the problems they have to deal wit a. Os the mayor himself it can be said that, during the camaign and. above ail v since his election, he has delighted his friends and disarmed his critics. Imagination he always possessed, quick and unfailing symphony; he has shown that he has. too. a hard-bitten sense of the actualities, a disposition not to fool himself, a gift, like that of A1 Smith himself, for grasping an intricate question and making it understood by the people. Unless all the signs fail, a political

leader has risen in New York. Perhaps the surest sign of leadership is the ability to know what to do first, and what second, and what after that. What New York City needs is not merely to get rid of corruption and inefficiency and not merely to balance the budget. It needs to create a government which is fit to deal with the collective problems of a population larger than many national states. It has not such a government now. a a a TO establish such a government the first thing necessary is to break down the barb-wire behind which are entrenched, with all kinds of special laws and accumulated legislative rights, an army of place-holders. In this army there are good men and bad, faithful and faithless. There can be no purging and no sure

revival of administration until this whole army is turned away from the belief that it is where it is by vested right and brought to realize that it owes allegiance, because it owes its tenure of office, to the new mayor and his colleagues. This is the fundamental reason why it is of the first importance that the mayor be granted the extraordinary powers which he is asking of the legislature. Those powers are the one certain way to infuse the whole municipal

service with the knowledge that there has been a political revolution in New York and that there is to be anew deal. From this first step follows the second step. With these new' powers and the new spirit they will engender, the credit of New York City will be re-established. Credit is not a matter of arithmetic, but of character and purpose. New York City can not be bankrupt once it has a government which is fit to be trusted. When it has such a government, and when it again has credit, it will have the prestige, the ability, and the resources to do the things that need to be done: To deal with transportation, with housing, w'ith education, with justice, with the development of the greater city according to a far-sighted plan. att a THESE are the things which a modern city government should be prepareed to do. It can not do them with good intentions. It has to be very strong in the confidence of the people. It has to be master in its own house. It has to have expert knowledge. It has to have credit. The w'ay to get these things is to begin w'here Mayor La Guardia has begun—by asking for the power to do them. The issue will be drawn in the state legislature at Albany, which alone can grant the powers that the city needs. Those who are disposed to frustrate the city will do well to think twice before they do it. The Tammany delegation, the Governor, the upstate Republicans are confronted with no ordinary issue and w’ith no ordinary mayor and w'ith none of the ordinary, easy-going civic indifference of the people of New York. If there is obstruction arising from political bargains, timidity or calculation, the obstructors and those w'ho stand aside and do not help, will find that they have on their hands a political leader quite capable of rousing the people and overwhelming them. Let them not imagine that these are ordinary times. a a a Reply to a Critic THE former vice-governor of the federal reserve board, Edmund Platt, had a letter in yesterday’s Herald-Tribune, discussing a recent article of mine which dealt with the basic agreement between Professor Charles Rist, the French monetary expert, and Professor Warren. After admitting that in the Rist article there are “sentences which seem to support Professor Warren,” Mr. Platt goes on to say that Mr. Rist “nevertheless completely demolishes” the Warren theory and that I “either could not have read it (the Rist article) or failed to note the sections which are diametrically in opposition to Professor Warren’s theories.” This is serious and calls for a reply. Mr. Platt’s proof for claiming that I have misrepresented the matter is as follow's: Apparently Mr. Rist does not believe that the drop in prices to their present level could have been avoided even by devaluing our currency as early as 1922. He says: “As regards price levels, we would probably be where we are today, but the disasters we have experienced in getting there would have been avoided,” By the last clause I suppose he means that the shock to confidence given by the suspension of gold payments in England and elsewhere might have been avoided. This is a misunderstanding not only of Professor Rist but of Professor Warren. The point on which the two professors agree, and it is the main point in diagnosing the monetary disaster of the last ten years, is that gold prices were \ bound to fall to something like the prewar level. Both agree on the reason why they had to fall—namely, as Mr. Rist puts it, that “noth*~.g in the quantity of gold production justified any such reduction in the purchasing power of gold” as would be represented by a price level 50 per cent above prew'ar. As Professor Warren was able, in 1920. to predict this fall in prices, and to predict it not by gazing into a crystal ball but on the basi3 of his theory, I maintained in my article tnat he had earned the right to a respectful hearing. a a a OBVIOUSLY. Mr. Rist does not believe that the drop in gold prices could have been avoided by revaluing our currency in 1922. But neither does Mr. Warren. The very essence of the argument of both men is that the fall in gold prices was, as Mr. Rist says, “inevitable.” Mr. Rist does not discuss the question as to whether raising the price of gold is an effective method of raising the price levels. So I do not presume to say what he thinks of the present gold purchase policy. But that he does believe that a higher price level requires a lower gold content, which is the same thnig as saying a higher gold price, is inherent in every argument he used. Therefore, I said, and now' re-

~ --- 1

Lippmann

peat, that the basic analysis of these two men is the same. In view of Mr. Rist’s high authority and unquestioned loyalty to sound money and the gold standard this is of great importance to Americans who are wondering what kind of adviser the President has been listening to. My purpose in calling attention to this agreement on the diagnosis was to induce American financial writers to realize that the Warren theory is not. as Mr. Platt puts it. the eccentricity of "crackpots.” It seemed to me that a recognition of Professor Warren’s intellectual respectability might induce men who have greater practical knowledge of finance than he to come forward and jdin their worldly experience with his scientific insight in an effort to work out a solution of our problem. (Copyright, 1934) 354YeTERANS HERE GET COMPENSATION 28.18 Per Cent of Appeals Approved by Board. Two special boards of review, W’hich this fall reviewed 1,256 cases of presumptive service disabilities of Indiana veterans, ruled 354 cases, or 28.18 p§r cent, were entitled to disability compensation, it was revealed today in dispatches from Washington. The two boards set up here were part of a group throughout the country named last fall by President Roosevelt to investigate border line disability cases. The percentage of cases approved by the local boards was lower than the national average, with 51,213 cases being reviewed, and 21,955, or 42.87 joer cent being allowed. The national average was raised by states having several veterans’ hospitals. Every veteran whose disability was held not service connected by the special boards, has the right of appeal to the board of veterans’ appeal, it was announced by General Frank T. Hines, veterans’ affairs administrator.

Produce Markets

Delivered in Indianapolis prices—Hens. 10*:c: Leghorn hens, 7‘:c; heavy springers over 5 lbs., lie; under 5 lbs.. 9c: Leghorn springers, 7c; cocks. 5 lbs. and up. sc; under a lbs.. 4c: ducks. 4' 3 libs, and over, full feathered and fat, 6c; under 4' 3 lbs.. 4c: geese, full feathered and fat. 6c. Turkeys—No. 1 young hens. 8 lbs. and over, 11c; No. 1 young toms. 12 to 20 lbs.. 13c; No. 1 young toms oyer 20 lbs., 13c; old toms. 10c; No. 2 thin crooked breasted. 6c: young guineas, 1' 3 to 3 lbs.. 35c; old guineas. 25c; No. 1 strictly fresh country run eggs loss ofT. 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 25ft26c; No. 2. 22<f723c. Quoted by the Wadlev Company. BY UNITED PRESS CLEVELAND. Jan. 4.—Butter—Market barely steady; extras. 21c: standards. 21c per lb. in tubs. Eggs—Market, firm; extra whites. 21c; current receipts. 18c: fresh pullets, 13c. Poultry- Market, firmcolored fowls. 4': lbs. and up. 16c: colored fowls, medium. 14c.; Leghorn fowls light 10c; springer Rocks, 5 lbs. and up. lGc ; springers, colored. 4 lbs. and up 14cspringer Leghorns. 12c: ducks, white, & lbs. and up. 15c; ducks, light. 12c; geese, heavy fat. 15c: ordinary. 13c: old roosters 9c. Potatoes—(All quotations based on U. S No. 1 and 100-lb. sacks)—Maine Greer. Mountains, best. $2.15'72.20; partlygraded. 51.902: Idaho russet Burbanks 52!?>2.15: mostly $2.10: Ohio and New York, best $1.50-5 1.65: partly graded. sl.2s<S 1.35colored brown beauty. S2; Texas bliss triumps, 51.8551.50 per 50-lb. sack. Births Bovs George and Eva Baker. 1145 West Thirty-seventh. Dale and Mary Gresham. 207 North Tremont. Merle and Ellen Trump. St. Vincent's hospital. Walter and Mardma Nielsen. 2152 North Harding. Fay and Laurel Ford. 1744 Howard. Michael and Ruth Boyle. 221 North Randolph. August and Margaret Alandt. St. Vincent's hospital. G’.er.n and Velma Blocher. 1403 N. Kealing. Gilbert and Helen Craig. 2215 Greenbriar lane. Deaths Carl Jones. 47. 2133 Massachusetts, lobar pneumonia Elizabeth Moore. 60. Methodist hospital, carcinoma. Grover Duckworth. 45. city hospital, carcinoma. James Minnicus. 11 months. Riley hospital. accidental. Cora Lee Carpenter. 33. Coleman hospital. acute appendicitis. Clayton McCreary. 53. 343 West Tenth, angina pectoris. Nora Alice Cook. 74. 1363 Oliver, coro- ; narv occlusion Una S. Franklin. 75. 1427 North Dela- j ware, cardio renal disease Maggie Clay. 80. 826 Blake. valvular hear: disease. Barbara Ann Eagen. 3 Riley hospital. I septicaemia. Lena Voris. 55. 510 Fulton, carcinoma. Elmer Miller, 70, Lansing and West Michigan, coronary sclerosis. Granville Williams. 62. city hospital, chronic myocarditis. Rebecca H. Lytle. 71. 2137 North Delaware angina pectoris. Other Livestock BY UNITED PRESS LAFAYETTE. Jan. 4 Hogs—Market. ! steady; 170-225 lbs. $3.453.50: 225-275: lbs.. $3 35'-/3.40; 275-325 lbs.. S3 253 30: I 140-170 *bs.. $2.90 q3 10. 120-140 lbs., $2.50*1.2.70; 100-120 lbs.. SI roughs. $2.75 down. Top calves. $5 SC. Top iambs. $6.50. NEW YORK COFFEE FUTURES —Jan 3 SANTOS High. Low. Close. January 8 32 : March 9,13 9.03 9.04 I May 9 31 9.20 9.21 i July 9 43 9 32 9 32 September 9.68 9.65 9 65 December 9.90 9.75 9.75: RIO January 6.38 March 6.58 6 53 6.53 May 671 6.65 , 6.65 July 6.85 6 78 6.78 September 6.90 * December 7.07 7.01 7.01

JAX. 4, 1934

GRAINS DISPLAY WEAK TREND IN DULL TURNOVER All Months Dip Fractions: Cotton. Commodities Follow. BY HARMAN W. NICHOLS United Tress Stsff Correspondent CHICAGO. Jan. 4 —Following irregularly lower prices in stocks, cotton and ether commodities, wheat futures opened % cent below yesterday's close on the Chicago | Board of Trade today. Corn, following the action of wheat, was fractionally lower. % to | % cent, and oats were down % to % cent. Liverpool today was only fractionally lower than yesterday, and I did not fully reflect the Chicago dej cline. Chicago Primary Receipts —Jan. 3 —Bushels— Todav. Last week. Wheat 230.000 201 900 Corn 425.000 235.000 jOats 147.000 92,000 Chicago Futures Range —Jan 4 I WHEAT— Prev. High. Low. 10 OO close. IMay S3 3 . .83 83% .84% July .82% .81% .82% .82% Sept. 83V 82% .83% 83% CORN—- ; May 50% .50% 50% .50% : July 52% .52% .52% .52% Sept 54 .53% .53% 54'* ; OATS—- ! May 37 .36% .36% .37% July 35% .35% .35% .35% Sept 34 .33% .33% .34,* RYE— May 57 .56% .56% .57% July 58% .58% .56% .59% BARLEY— May 52 .51% .51% .52 July CHICAGO CASH GRAIN By United Press CHICAGO, Jan. 3.-—Wheat No sales Corn—(oldi No. 2. Yellow 49% 050 c; No 2 white. 51%c: mewi. No 2. mixed, 48c No’. 3. mixed, 47c: No 4, mixed. 46c. No 2. yellow. 490 49%c. No. 3. yellow. 48 0 48’©; No. 4, yellow. 4C -47 c: No. 4 white 47' .c Oats—No 3. white. 37’.. ./38c No. 3. white. J7c; No. 4. white. 36%c; sample grade, C. Rye—No. sales. Bariev—4Bo 82c. Timothy. $5 5006. Clover Seed—sllol3 75 Cash Provisions- I,ard, 55.45; loose. $4.67; leaf. $4 62: S Beliies, $5.75. TOLEDO CASH GRAIN By United Press TOLEDO, Jan. 3.—l Grain in elevators Transit billing). Wheat—No. 2. red. 87%© 88%c; No 1, red, l%c premium Corn—No. ?•, y e ! ! ?w. 52 %0 53 %c. Oats—No. 2. whte, 40%041%c. Rye—No. 2. 66067 c (Track prices. 28%c rate.) Wheat No 1. red 83%®84c: No. 2, red. 82%©83%c. Corn— No. 2, yellow. 47%0 49%c; No. 3. yellow. 460 47%c; No. 4. yellow. 45©40c; No. 5. yellow. 44045 c Oats —No 2 white 37%/,/ 38%c; No. 3, white, 37038 c. Toledo seed close-Clover-March. $8.25. Alslke—Cash $8 50. Produce—Butter—Fancv creamery thy 65c Extras - 19(1 ‘ 19 ‘-c. Hay—TimoST. LOUIS CASH GRAIN By United Press S J‘ . Louls Mo.. Jan. 3—Wheat—ln good demand. % to !c higher: on red oni d lo ' vpr on hard: No. 2 red. 89® 89%c: No. 3 red. 88%c: No. 2 hard. 85%c nominal. Corn—ln limited demand. ton steadv; No 4 vellow. 47%./48c: No. 5 yel.ow. 46%c. Oats—ln limited demand tone steadv: No 2 white. 38%c; No 8 mixed. 36c: No. 3 ccreai White. 34c. NEW YORK CASH GRAIN By United Prtss NEW YORK. Jan 3.—Cash grain- Wheat —No. 2 red $1.00%: No. 2 hard winter. SI 00 a. Corn—No. 2 mixed 58 ,c. Oats —No. 3 white. 45%c.

Indianapolis Cash Grain

The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b.. shipping point basis 41* 2 New York rate, were: Who?. - Strong: No. 1 red. 82'7R3c: No, 2 red. BD./ R2c; No 2 hard. P,l'./82r Corn- F:rrn; No 3 white. 42 / 43c No. 4 white, 41 'n 42c; No. * yellow 41 1 .> o' 42*, 2 c; No. 4 yellow. 40Va d'4l , :c; No. 3 mixed. 40*:'341 1 2 c; No 4 mixed 39*:'7/40 , :C Oats—Firm: No 2 white. 33‘* V 34* 2 c: No 3 white. 32*.'r/'33‘ic. Hav if. o. b country points faking 23* 3 e or less rates to Cincinnati or Loutsvlllei Steady; No. 1 timothy. $7.50'. 8. No. 2 timothv. s7ift7.so. —lnspections Wheat—No. 1 red. 1 car: No. 2 red. 1 car. Total. 2 cars. Corn—No. 4 white. 2 cars: No. 5 white. 1 car; No. 2 vellow. 1 car. No 3 yellow 1 car; No. 4 yellow. 7 cars, sample vellow. 1 car. Total. 13 cars. Oats—No. 3 white. 2 cars. Total. 2 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 76 cent* for No. 2 soft red wheat. Other grades on their merits.

On Commission Row

—Jan. 4 Fruits Cranberries —Cape Cod early blacks. 23lb. box. $2.60. Grapes—Semi sawdust. 24-lb. lug. $2,75. Pears— Washington A'Ajou. 90-1655. $2.50; Avascados. Fia.. 16-16s. crate. $1.75. Strawberries—Florida. 20c per pint. Bananas—Per pound. 5%c. Apples—Wealthy. Wolf River. Grimes Golden. Jonathan. Florida. $1.25®1.85 a bu., fancv Staymans. $2.25 a box. Grapefruit—s2,7so 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, $4. omens—lndiana white. 50-lb. bag. $1.35; Indiana vellow. 50-Ib. bag, $1.35. Beans—Round stringiess. hamper. $2; best, $2.75. i Beets—Bulk per bu.. $1.15; Texas, new. $1 75 a crate. Peas—3o-lb. hampers. $2.50®2.73. Carrots—California. $2 50 a crate: per doz., 50c; Michigan. $2 50 per crate, doz.. 60c: bulk, per bushel, sl. Cauliower California (11-120. crath $1.85. Celery—Michiean 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—lceberg 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—Hothouse. $1.50. Potatoes—Northern round white, 100-lb. bag. $2; R. R. Ohios. 100-lb. bag. $2; 15lb. bag. 35c: Idaho Russets. 100-lb. bag, $2 25; Texas Triumphs new. $2 50-!b. bag. Sweet Potatoes—Nancy Halls, per bu.. $1.60.

Retail Coal Prices

! The following prices represent quotai tlons from leading Indianapolis coal deals ers. A cash discount of 2a cents per ton i is allowed. DOMESTIC RETAIL PRICES Anthracite 114 23 1 Coke, nut size a ” Coke, egg size 8.75 1 Indiana, forked lump 5 59 Indiana, egg 5 .00 Indiana, mine run 475 I Kentucky lump 700 : Pocahontas lump 825 : Pocahontas egg 8 25 ! Pocahontas forked lump 9 23 Pocahontas mine run 725 New River smokeless 825 %Vest Virginia lump e. 75 West Virginia egg ebO Island Creek 709 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bia. ASK LOAN APPROVAL' Pennsylvania R. K. Proposes to Use Money for New Project. By United Pret* WASHINGTON, Jan. 4. The Pennsylvania railroad today asked the Interstate Commerce Commission to approve the $77,000,000 loan recently contracted with the public works administration. The railroad said it proposed to use $45,000,000 to complete electrification from New York to Washington; $15,000,000 for 101 new locomotives and $17,000,000 for 7,000 freight cars.