Indianapolis Times, Volume 45, Number 210, Indianapolis, Marion County, 11 January 1934 — Page 16

PAGE 16

Many Factors Involved in Considering Merits of the Securities Act as It Now Stands. BY RALPH HENDERSHOT Timet Special Financial Writer

Bernar Flexner has written an interesting treatise on the securities act for the February issue of Atlantic Monthly. He takes the position that investment bankers in the principal‘financial centers, having come to the conclusion that the act is “lawyer proof,’’ are seeking to destroy its effectiveness under the guise of making minor changes to make it “workable.” Mr. Flexner, who is an attorney and thoroughly familiar, 60 he says, with securities and underwritings, has presented only part of the case and consequently may cause some people to get the wrong impression of the situation. ? ‘ •. ; The bold. Irreducible facts of the matter are th&t the investment bankers could not, if they would, guarantee the securities they underwrite. They could not, as a matter of fact, guarantee the accuracy of all the statements they should make to the investing

public and to the Federal Trade Commission. The public can not get the extreme safety it seeks in securities, for it does not exist. Securities must be sold if the nation is to prosper. Underwriting houses on the average probably sell securities with a market value ten times as great as their resources in the course of a normal Over a five-year period, on such a basis, they would have sold securities in the aggregate of fifty times their resources. If they were to guess wrong only 2 per cent of the time they would all be broke and out of business before many years rolled around. Consequently, investors could not hope to collect. a a a Time Element Involved in Sale Securities must be sold when investors are in the mood to buy. If a check of a large company’s resources and possibilities sufficiently accurate to satisfy

Ralph Hendershot

the exacting requirements of the trade commission and to avoid dangers under the securities act, were made, the chances are that the market would have been missed and the cost of conducting the survey would . have been so high as to be wholly impracticable. Any line of business is subject to a great many hazards. Every one 7; of these hazards has a direct bearing on the possible future worth of any which may have been issued. The man who will not invest his i money in a business of his own because of the dangers involved is not in believing that merely because he buys a stock in some com- ' pany he is avoiding a similar risk. A man may expect to be kidded £to seme extent by investment bankers and lawmakers, and possibly even 7by lawyers, but there is little sense in blinding his eyes in order to kid ; himself. But this is hardly the time for any kind of kidding. The problems are far too serious. And W'hile investors may not expect all of the promises (no matter how honest and sincere they may be) of our legislators to materialize, there is every reason in the world to believe that security underwriting practices of the last decade can be improved upon immeasurably. The securities act of 1933 may well be regarded as a boom to investors, and, while it probably will do all that has been claimed for it and serve the purpose for w-hich it was intended, there is ho dodging the fact that it defeats its own purpose to some extent because it is too strong a dose of righteousness for the patient to take and survive. ana a a a Act Not Emergency Measure The question of whether or not the securities act of 1933 is retarding the normal flow of long-term capital into industry at the present time is, to a greater or lesser degree, irrelevant. The act was not an emergency measure. It was an attempt to prevent a recurrence of the malpractices of the past. The investment misdeeds of today probably will not become apparent until several years from now, and. while investment bankers may or may not feel they can do business under the act as it now stands, the accuracy of their judgment will not be vindicated until things begin to go wrong again in business. The next depression is likely to prove the next judgment day so far as they are concerned.

New York Stocks

> —Jan. 11— Prev. > Oils— High. Low. 10:30 close Amerada 43 Vi Xtl Rfg 29% 29>/ Sarnsdall ... 8 8 Consol Oil ..7... 10% 10% 10% 1074 Eont of Del ... 17 17 (Houston (new).. .. ... 3% 3% Houston (old) 21% 21'2 Sid Cont Pet Ills ll 7 s Ohio Oil 13*/4 ?et Corp 9% hilllps Pet 15% 157a Pure Oil 10% She! Oil 27 3 4 27*4 Bhell Un 8% tfkelley Oil 7% hoc Vac ... ... 15% .6 O of Cal 3974 3974 397% 39% ® O of Kan 36% |Oof N J 45% 4574 Texas Corp .... 2374 2374 2374 23% Tidewater Assn 9 tin Oil of Cal 19 19 Steels—im Roll Mills ... 19 1874 1874 18% Beth Steel 3774 37 37 37 A M 2474 24 JCol Fuel Sc Iron .. ... 4% 4% "Cruc Steel 22 5 4 JSulf Sts Steel 30 30% inland Steel 4474 iudlum Steel ... 16 Satl Steel \ 52% Rep Iron & Steel 1774 17% 17% 17% Rep Ir & Stl pfd 42% 4274 U S Smelt 100% 10074 100% 100% Vanadium 23 22 3 a U S Pipe & Fdy 21% 21 21% 20% V S steel 49% 39 49 48% U S Steel pfd 91 Voungst’n S& T 23% 23% Rails— Atrhison 58% 58% Atl Cst Line... 4274 42 42% 41% B & O 24% 2474 24% 24 Can Pac 15% 15% Ch Sc Ohio 40% 40% Chi Sc Gt W 3 C M & St P 474 474 C M & St P pfd 7% 7% Ihi N W 774 7% hi R Isl 3% 3% via Sc Hud 56% 57 rie 15% 1574 rt North pfd 20% 20% 1 Central 31 30% ; C Sou 16% 16 16% 15% ou Sc Nash .... 51% l K & T 10% 1074 10% 10 to Pac 374 | to Pac pfd 5 5 Y Cent 34% 3474 34% ,34% Y Chi & St L 15 Y C & St L pfd 19 Y New Haven 15% 15% Y Ont 6c Wes 8% 874 orfolk Sc Wes 162 or Pac ... 33 22% pnn R R ... 30% 30% eadlng 46 DU Pac 20% 2074 20 % 20% DU R R 26 25% 25% 25% U R R pfd 30 29% nion Pac 114 test Maryland 9% 9% Motors— Auburn ... 50% 50% Shrysler ... 54% 54% Jben Motors 36% 36 36 36% graham Mot 2% audson 14% Hupp 5% 5% Slack Truck 36% 36% 'Rash 26*4 26% 26% 26% wo 3% Btudebaker ... 574 5*4 .yellow Truck ... 474 *s Motor Access—iSendix 17% 1774 Bohn Alum 58% 58 Tfiorg Warner ... 21% 21% |Eriggs ... 12% 12% Hum Wheel 3*2 Xaton Mfg 13% 13*8 Blcc Auto Lite 19*2 19% Bloud A 4 ... .Slurray Body 6 6% Stew Warner ... 6% 6% Bimken Rol 30*2 30*2 Mining— Alaska Jun .... 21% 21% 21% 21% Sm Smelt 44 43 a 44 43 •, Anaconda 14*4. 14% 14% 14 Cal A Hecla 4 ’Cerro Do Pasco.. .. ... 34*4 34 apranby .’ ... 874 8 2>i Nor Ore 12% 12 (Sow Sound 36 •Ohs Copper 4% 4*2 Ait Nickel 22*8 22 22% 21% Cop. 19% 19*8 MJoranda Cop ... ... 34% Sphelps Dodge 16% 16% > T>oaccos — ,3Am Snuff 50 50 Am Sum Tob 16 mm Tobacco A 70 69’ ■ 5m Tobacco B 71% 71% 71% 71*4 >Con Cigar 30 J&igCjA Myers B. ~ 81 Aorwliard 17% 17*2 JRcvpolds Tob B. 43% 4374 43 % 43% - £qlpmcnts— Allis Chalmers .. .. ... 18*4 18*4 I Car A* Fdy 2574 25 Loco 28 27% 28 27*8 Mach & Fdy 147 Steel Fdy 20% 1 Loco ... 11*4 11% roughs 15% 15% e J I 71 7074 70‘s 71 er Tract 25*4 Palm Peet. 10*4 1074 10*4 10 •oleum ... 23%' 23% it Stor Bat 44*4 :er Wheeler 14 1 Am Tk Car 3674 36 1 Elec 19% tR R Sig 35% 35’, sol Rand 62% 61*4 Bus Mach 141 Harvester .... ... 40% 40% rtnator 12% 12% 12% 12% 1 Cash Reg. 18% 17% 18% 18 s Sc Gamble 39 38*4 [man Inc 52% 52 mons Bed ... 18% 18 t Elliot 36 it Air B. 28*4 28% itingh Elec... 38% 3874 38*4 38% rthinwton P 21 Ulitirs—- & For Pwr B*4 B‘v Power Si Lit ... 7 6% _r Sc T 116 116% Am Wat Wks 19% 19 tflrook Un Gas ... 64 •Col Gas A Elec 12% 12% 12% 12% ;rCol O & E pfd 53% ■3Com A Sou .. 2% 2*4 2% 3% Consol Gas .... 39*4 39 39 37*8 P A Lit 574 5% •* ift Nat Pwr*A* Lit. ’ 974 *974

Wall Street

[By Abbott. Hoppln & Co.l'

North Amer 15% 15% Pac G & E .. 16% 16% 16% 16% Pub Serv N J 36% 36% 36% 36% So Cal Edison.. 17% 17 17% 17 Std Gas ' a 7% Std Gas pfd ... . 8% United Corp 5% gi /8 Un Gas Imp ... 153. 15©. Ut Pwr & Lit A 3% 33% 2% Western Union 57% Rubbers— Firestone 19% 18% Goodrich 13% Goodyear 35% 35 Vs U S Rubber 15% 15% U S Rubber pfd. .. 26% Kel Spring 2% Amusements— Fox Thea 12% 12% Loews Inc 27% 27 27 27 Radio Corp 7% 7% 7% 7% RKO 2% Warner Bros 5% 5% Foods— Armour ‘A’ .... 5 4% 5 4% Beatrice Cream 10% Borden Prod ... 21% 21% 21% 20% Canada D G Ale 25% 25 Coca Cola 97 Cont Bak 'A' 7% 7% Corn Prod 75% 75% Crm of Wheat 28% Gen Foods 34% 34% 34% 34% Gold Dust 17% 17% 17% 17% G V/ Sugar ... 30% 30 30% 29% Hershey 493., Natl Biscuit 47% 48% Natl D Prod 13% 13% 13% 13% Purity Bak 13 % 13% Std Brands 21% 21% 21% 21% United Fruit ... 61% 61% 61% 61 % Wrigley 55 Retail Stores— Ass Dry Goods 12% Best &Cos 28% 28 28% ... Gimbel Bros ... 434 Gr Un Tea 414 414 Hahn Dept Sts 5% Kresge S S 14% Kroger Groc 24% 24% Macy R H 54% May Dept St 32 % Mont Ward 23% 23 3 / 8 23% 23% Penny J C 55 3 4 55 % Safeway St ...• 46% Sears Roebuck.. 42% 42% 42% 42% Woolworth ' 44% 44% Aviation— Aviation Corp j 8 7% Douglass Air ... 17% 17% Curtiss Wright 2% 2% Curtiss Wr A 6% 6% Nor Am Av ... 5% United Aircraft 32 32 Chemicals— Air Reduction 97% Allied Chem 148 Am Com Alcohol 58% 57% 58% 57% Col Carbon ... ... 60 Com Solvents .. 32% 32% 32% 32 Dupont 93% 93% 93% 94% Freeport Tex 44% 44 Liquid Carb 28 27% Math Alkali 33% 33% Tex Gulf Sulph 39 39 Union Carbide .. 47% 47% 47% 46% U S Ind Alcohol. 61% 60% 61% 60% Natl Dist (new). 26% 26 26% 26% —Drugs— Coty Inc 4% ... Lambert 24% 24 Lehn & Fink 17% ... Zonlte Prod 6% Financial— Adams Exp 7% Allegheny Corp 3% 3% Transamerica 6% 6% Tr Conti Corp . 4% 4% 4% 4% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt ... 16% 16% 16% 16 Int Cement 30% Johns Manville 59% 59 59 59% Libby Owens Gls 38% 38% 38% 38 Otis Elev 15% 15% Miscellaneous— Am Bank Note 15% Am Can ... 97 96% Anchor Cap 19 Brklvn Man Tr. 33% 33% 33% 33% Conti Can 78% 78 78% 78 Eastman Kodak 81% 81% Owens Bottle 80 Gillette 9% 9% Glidden 17 16% Gotham Silk ... 7% Indus Rayon 77 Inter Rapid Tr 12% 12% Real Silk Hose ... 8%

U. S. Government Bonds

By United Press NEW YORK. Jan. 10.—Closing Liberties. (Decimals represent thirty-seconds) LIBERTY 3%s (32-47) *. 100.6 First 4%s >32-47) 101.7 Fourth 4%s (33-38) 101.23 TREASURY 4%s (47-52) 104.25 4%5-3%s (43-45) 97.29 4S (44-54> 101.21 3%s (46-56) 100.8 3%s (46-56i 100 8 3%S (43-47) 98.25 3%s (41-43) March 98 25 3%s (40-43) June ’ 99 3%S (46-49) 95.19 3s (51-55) 93 21 S%s (41) 97.30

Federal Farm Loan Bonds

By Wyth <sr Cos. Inc.l —Jan. 11Bid Ask 4s Nov. 1, 1957—37 874 894 4s May 1. 1958—38 874 894 44S July 1. 1956—36 88 894 44S Jan. 1. 1957—37 88 89 4 44s May 1. 1957—37 88 894 44s Nov. 1. 1958—38 88 894 44s May 1. 1942—32 924 944 44s Jan. 1, 1943—33 90 4 914 44s Jan. 1. 1953—33 90 4 91 4 44s July 1. 1953—33 90 4 914 44s Jan. 1. 1955- 35 90 4 91 4 44s July 1. 1955—35 . 904 91** 44s Jan. 1. 1956—36 90 4 91 4 44s July 1. 1953—33 92 4 94 4 44s Jan. 1, 1954—34 92 4 94 4 >4* July 1. 1954—34 924 944 5s May 1, 7241—31 964 984 5s Nov. 1, 1941—31 964 984 Home Loan, 4s July 1. 1951..., 93 4 944

STOCK MARKET DISPLAYS FIRM TRADINGRANGE Most Issues Up Fractions in Moderate Active Turnover.

Average Stock Prices

Average of thirty industrials for Wednesday: high 69.9/ low 97.78. Close 99.77. up 2 20. Average of twenty rails 41.65. 40.84. 41 58, up .98. Average of twenty utilities: 24.05. 23.03. 23 99, up 1.19. Average of forty bpr.ds: 85 44, up .36. /Average of ten first rails: 91.59, up .27. Average of ten second rails: 70.39. up .25. Average of ten utilities: 92.41. up .21. Average of ten industrials: 87.37, up .72. BY ELMER C- WALZER United Press Financial Editor NEW YORK, Jan. 11.—Buying orders were attracted by yesterday’s late uprush on the Stock Exchange, and opening prices were fractionally higher in moderately active dealings that involved blocks of 1,000 to 3,000 shares. Best gainers of the previous session retained their gains, but did not add much to them. Case, which jumped 5 points to 71 in the late dealings of the previous session, opened today at that figure. Others unchanged included Radio Corporation, United Gas Improvement, U. S. Smelting, Atchison, Chrysler, American Smelting and United Aircraft. United States Steel crossed 49 on the first sale for a gain of % point. Other steel issues ruled firm. American Telephone was unchanged at 116!4, but gas and electric utilities made small gains in fairly active turnover. Consolidated Gas on a block of 2,500 shares rose to 3914, up %, while Columbia Gas was at 12%, up % on 2,000 shares. Commonwealth & Southern opened 5,000 at 214, up 14. A block of 3,600 shares of Montgomery Ward sold at 2314 a share, up % from yesterday’s close. Sears Roebuck, which gained 2 points yesterday, was unchanged at the outset. Rails ruled steady to firm as did electrical equipments, gold mining issues, coppers and special issues.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 11— Clearings $2,226,000.00 Debits 5,334,000.00 TREASURY STATEMENT —Jan. 11— Net balance for an. 9 $748,073,540.62 Misc. int. rev. receipts .... 3.959,498 99 Customs rects. (mo. to date) 7.979,942.39 New York Curb (By Abbott. Hoppln & Cos.) —Jan. 10Close. I Close Ailed Mi 115.... 8 IGlen Aid C 1... 11% Alum Cos of Am 73 Gulf Oil of Pa. 60% Am Beverage... 1% : Hiram Walker.. 55% Am Cvamde B. 11%.Hud Bay Min.. 9 Anfc & For P W s%'Humble Oil .. 34% Anr Gas & El.. 20% Imp Oil Ltd. .. 13% Am Superpower 2% Int Petrol 20% Atlas Corp 11% Lake Shore Min 45'/ 2 Axton Fisher Tb 65 Libbv McN Lib 3% Brazil Trt & Lt 12' 2 Lone Star Gas.. 6 British A Tb A 29% Massey Harris.. 5% Can Ind Ale A. 18%jMt Producers... 4% Ca nMarc 2%!Natl Bellas Hess 2% Carrier Corp.. 6 Newmont Min.. 52 Cities Serv ... 2%!Nia Hud Pwr.. 6 Commonw Ed. 42 !Pan Am Airways 48% Consol G of Bit 54%'Park Davis ..!. 23% Cord Corn 6%lpenn Road 2% Creole Petrol... 10%'Sal Crk Prod.. 6% Crown Cork Inti 6%’Sherwin Wms... 50>/ 2 Deere & Cos 29%'Std of Ind 32 Distillers Lim.. 21V, Std of Kv 15 Distillers Corn.. 24%!Stutz Mts 4% FI Bd &■ Sh... 13%'Technicolor Ind 8% Fisk Rubber... 10%'Teck Hughes Gd 5% Ford of Can A 16 ' TTn Gas 3% Ford of Europe s%'Tin Pwr & Lt A 3% Gt Atl & Pac 128 !Wr Harg Min.. 6%

Foreign Exchange

(By Abbott. Hoppin & Cos.) —-Jan. 10— * Close. Sterling. England $5.09% Franc. France 0611 Lira. Italy 0813 Belgias. Belgium 2170 Mark. Germany 3715 Guilder. Holland 6263 Peseta. Spain 1286 Krone. Norway 2560 Krone. Denmark 2275

Daily Price Index

By United Press NEW YORK. Jan. 10.—Dun & Bradstreet’s daily commodity price index of thirty commodities compiles for the United Press: (1930-1932 average. 100) Today 102.66 Yesterday 102.46 Week ago 101.05 Month ago 101.38 Year ago 71.30 1933-1934 high (July 18) 113.52 1933-1934 low (Jan. 20 1 67.86 (Copyright. 1934, Dun & Bradstreet, Inc.)

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Jan. 10— Bid. Ask. American Bank Stocks Corp... .82 92 American and Gen Sec (A)... 4.50 6.00 American Inv Tr Sh 1.50 2.50 Basic Industry Shares 3.32 3.38 British Type Inv Tr Sh 45 .50 Collateral Trustee Shares (A).. 4.62 4.87 Corporate Trust Shares (old).. 2.04 2.09 Corporate Trust Sh (new) 2.27 2.31 Cumulative Trust Shares 3.95 .... Diversified Tr Shares (A) 6.25 Diversified Tr Shares (B) 7.30 7.50 Diversified Tr Shares (Cl 2.99 3.02 Diversified Tr Shares (D).... 4.70 4.75 First Insurance Stock Corp... 1.30 1.35 First Common Stock Corp 83 .98 Fixed Trust Oil Shares (A)... 8.37 8.62 Fixed Tr Oil Shares (B) 7.15 7.30 Incorporators Investments ....17.30 18.85 Land Bank Bond Shares 92 1.03 Low Priced Shares 5.45 5.55 Mass Inv Trust Shares 17.41 18.91 Nation Wide Securities 3.14 3.18 North Amer Tr Shares (531... 1.80 North Amer Tr Shares (55)... 2.28 2.31 North Amer Trust Shares (58) 2.40 2.65 Selected Amer Shares 2.62 .... Selected Cumulative Shares.... 6.60 Selected Income Shares 3.50 4.00 Std Amer Tr Shares (A) 2.82 2.92 Trust Shares of America 2.78 2.82 Trustee Std Oil (A) 5.15 5.30 Trustee Std Oil (B( 5.00 5.12 U S Elec Lt & Pwr (A) 10.00 10.50 Universal Trust Shares 2.95 3.02

In the Cotton Markets

—Jan. 10— CHICAGO January 10 82 10.75 10.82 March 10.92 10.82 10.92 Mav 11.12 11.00 11.12 July 11.24 11.14 11.24 October 11.41 11.32 11.41 December 11.53 11.48 11.50 NEW YORK January 10.78 10 69 10.76 I March 10.85 10.75 10.84 May 11.02 10.93 11.01 July 11.17 11.06 11.18 October 11 33 11 24 11.32 December 11.47 11.40 11.47 NEW ORLEANS January 10.74 March 10 81 10.72 10.81 Mav 11.00 10.91 10.99 July 11.14 11.04 11.12 October 11.30 11 22 11.30 Decemoer 11.41 11.35 11.41 NEW YORK COFFEE FFTiRES —Jan. 10— SANTOS High. Lot Close. January 9.17 March 9.36 9 33 9.34 May 9.60 9.50 9.50 July 9 7 0 9.60 9 60 September 10.00 9.92 9.93 December 10.10 10.03 10.04 RIO January 6.58 March 6.87 6.72 6.72 May 7.00 6.87 6.87 July 2.15 7.02 7.03 September 7.17 December v 7.37 7.32 7.27

.'THE INDIANAPOLIS TIMES

Chicago Stocks

““'By Abbott. Hopplo & Cos. i TOTAL SALES, 29,000 SHARES —Jan. 10High. Low. Close. Advance Aluminum • ... 2% Allied Products 10Vs Asbestos Mfg 2% 33 Bastian-Blessing 6 5% 6 Bendix Aviation 17% 16% 17% Borg-Warner 22 21% 21% Bucvrus-Moninghan Cos 10% Butler Bros 4% Cent Pub Util ......... ... % Cent <Si So West 1 Cherry Burrell Corp 10 Chi & North Western.. 7% 7% 7% Chicago Corp com 2% Chicago Corp pfd 22% Chicago Yellow Cat) 11% Cities Service 2% 2 2 Commonwealth Edison. 42% 40% 42% Construct Materials pfd % % % Cord Corp 6% 6% 6% Crane Cos 7% 7% 7% Crane Cos pfd 45 DeMets Inc Pfnce ... 18 Gardner-Denver Cos 18 Great Lakes Dredge.. 21% 21 21% Grigsbv-Grunow % Kali Printing 3% Iron Fireman 9% 9% 9% Kalamazoo Stove 21 Keystone Steel 12 Libbv-McNeil 3% 3% ?% Lindsay Light 3% 3% 3% Lvnch Corn 31 307s 31 Marshall Field •••., 13% McWilliams Dregding Cos 15% 15‘/2 15% Meadows Mfg Cos com.. .. ... % Mosser Leather 11 Muskegon Mot Spec A 9V4 National Battery ... 20 Noblitt Sparks fnd Inc. 12% 12% 12% North American Car... 5 4% 4% Northwest Bancorp .... 5% 5 5% No West Util 7% ppfd Penn Gas & Elec 6% 6% 6% Perfect Circle 23% 23 23 % Public Service 14% 13% 14% Public Service N P 14% 13% 14% Public Service 7% pfd. 46 43 46 Quaker Oats 120 Raytheon VTC ... 1% Sears Roebuck ... 42 Stutz Mo Car Cos of Am 4% Sutherland Paper Cos ... 6% Swith & Cos 14% 14% 14% Swift Inter 26% 25% 26% Thompson, J R 8% 7% 8 Viking Pump, pfd .. ... 24% Walgreen Cos., c0m.... 19% 18% 19% Ward, Mont. ‘A’ 90 We?t P L & T ‘A’ „ % Zenith Radio 3% 3% 3% GOVERNMENT ISSUES ADJUSTMENT CHECKS Indiana Farmers Receive Over $1,018,546. By Times Special WASHINGTON, D- C., Jan. 11.— Wheat adjustment payment checks totaling $21,386,607 for 287,970 farmers have been written up, according to an announcement made today by the agricultural adjustment administration. The payments, made to farmers in consideration of their co-operation in the program for reducing wheat acreage, have been for farmers in thivty-three states. At present, 423,528 wheat contracts have been received in Washington. The county acceptance unit have approved 1,460 counties for payment. Although approximately 1,450 county wheat production control associations have been formed, the wheat section points out that more counties than this have taken an active part in the wheat prograp, as in some areas, several counties combined into one association. Payments to date to Indiana farmers totaled over $1,018,546.

Bright Spots

By Abbott, Hoppin & Cos. United States Steel Corporation reports shipments of finished steel products during December as 600,639 tons, against 170.281 tons in November. This compares with 430,358 tons in November, 1932, and 227,576 tons in December, 1932. Northern Pacific railroad reports November net loss of $392,603, against $488,280 in ”'ivember, 1932; eleven months net loss totals $6,348,951, against $6,860,638 in same 1932 period. General Electric estimated net earnings a share for 1933 is 35 cents, against actual 41-cent earning a share in 1932. New York Central railroad for week ended Jan. 6, reports 87,622 car loadings, against 72,018 in corresponding 1932 week. Cluett Peabody, Inc., declares regular quarterly dividend of 25 cents on common stock, payable Feb. 1, to be recorded Jan. 20. American Telephone and Telegraph Company, for year ending Dec. 30, expected to report a net income in excess of $136,000,000 after taxes and charges amounting to approximately $7.40 a share have been deducted. National Steel, Continental Can and Woolworth all have declared regular annual dividends of sl, $2.50 and $2.40, respectively.

Produce Markets

Delivered in Indianapolis prices—Hens. 104 c; Leghorn hens. 74c; heavy springers over 5 lbs., 11c; under 5 lbs.. 9c; Leghorn springers, 7c; stags. 8c; Leghorn stags, 6c; cocks, 5 lbs. and up, sc; under 5 lbs.. 4c; ducks, 44 libs, and over, full feathered and fat, 6c; under 44 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 over 20 lbs., 13c: old toms, 10c; No. 2 thin crooked breasted. 6c: young guineas. 14 to 3 lbs., 35c; old guineas, 25c; No. 1 strictly fresh country run eggs loss off. 16c, 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. Butterfat—l4c Quoted bv the Wadley Company. Births Boys Bruce and Mae Moose, 1614 Draper. Norman and Josephine Botts, 1406 La Grande. Archie and Vivian Firkins. 1420 West Twenty-third. Forest and OUie Campfleld, Coleman hospital. Donald and Cecelia McConnell, Coleman hospital. Joe and Bernice Settles, Coleman hospital., rafi and Ohpha Watson, Coleman hospital. Glenn and Ruth Williams. Coleman hospital. Girls James and Clarice Markins. Deaconess hospital. Harry and Golda Brevsacher, Coleman hospital. Alton and Gladys Hall, Coleman hospital. Deaths James Carrol Detamore. 5 months. 4500 Welrose. broncho pneumonia. Philander Lumley, 80, 2349 Carrollton, uremia. Cletice Jackson Beerner, 47, city hospital. acute dilatation of heart. Mary E. Cosby. 49, 402 West Walnut, coronary occlusion. Frank T. Roberts. 78, 344 Leeds, chronic myocarditis. Bartholomew Shanahan. 68. 227 North Summitt, diabetes. Wade H. May. 49, city hospital, pulmonary hemorrhage. Thomas Hefferman. 73. 4750 East Thir-ty-eighth, lobar pneumonia. Lucy Ann Tar.sey, 84. 1136 Fletcher, broncho pneumonia. Daniel Perry Boles, 42. 1331 Sharon, acute nephritis. Lulu Benton, 59, 2070 Columbia, chronic myocarditis. Philip A. Landman, 33, 3360 North Meridian. brain tumor. Constance Mae Sutter, 6 months. 1631 North Tacoma, broncho pneumonia. Elmer Thomas. 63. Methodist hospital, coronary occlusion. Alva Bant a. 27 hours. Coleman hospital atelectasis. FIRE REPORTS (Wednesday i 12:13 P. M.—1221 Newman street, frame residence, not estimated. 1:48 P. M.—121 West New York, automobile backfired, not estimated. 2:06 P. M.—1837 Jones street, frame residence, not estimated. 5:04 P. M.—2101 North Harding, brick building, two stories, S2OO. 5:57 p. M.—434 North WiMt, frame residence. not estimatjst!; ‘ m " 'v

SWINE VALUES STEADY TO 5 CENTSJ.OWER Cattle Market Unchanged; Vealers Strong at $7 Down. Two-way market action was displayed in hog trading at the local stockyards this morning. Several classes turned weak to around 5 cents lower, while underweights held steady with yesterday's average. The bulk, 160 to 250 pounds, sold at $3.45 to $3.55. Weighty grades from 250 pounds and up were salable at $3.20 to $3.40. Lighter kinds weighing 130 to 160 pounds brought $2.90 to $3.25. Slaughter pigs scaling from 100 to 130 pounds sold at $2 to $2.65. Receipts were estimated at 8,000. Holdovers, 27p. Trading in the cattle market was practically at a standstill, with few slaughter grades of steers selling around the previous close. The bulk ranged from $4.40 to $6.10. Receipts numbered 800. Vealers showed an improvement for the first time this week, advancing 50 cents, salable at $7 down. Receipts were 600. Steady action featured lamb trading, with initial sales holding largely at $6.75 to SB. Several choice kinds held at $8.25. Receipts were I, Few scattered bids on hogs at Chicago moved from 10 to 15 cents lower than yesterday's average at $3.45 down. Early sales were scarce. Receipts were estimated at 40,000 including 12,000 directs; holdovers, 4,000. Cattle receipts were 7,000; calves, 2,000; market unchanged. Sheep receipts numbered 18,000; market stationary. • HOGS Jan. Bulk Top Receipts 5. 3.60® 3.75 $3.75 6.000 6. 3.70® 3.85 3.85 3,000 8. 3.75® 3.85 3.90 8,000 9. 3.60® 3.75 3.75 9,000 10. 3.45# 3.60 3.65 8,000 11. 3.45# 3.55 3.55 8,000 Market, Lower (140-160) Good and choice $ 3.10@ 3.25 —Light Weights—-(l6o-180) Good and choice.... 3.55 (180-200) Good and choice.... 3.55 —Medium Weights—-(2oo-220) Good and choice.... 3.50® 3.55 (220-250) Good and choice.... 3.45® 3.50 —Heavy Weights—-(2so-290) Good and choice.... 3.35® 3.40 (290-350) Good and choice.... 3.25# 3.35 —Packing Sows—(3so down) Good (350 up) Good 2.40® 2.65 (All weights) medium 2.00® 2.40 —Slaughter Pigs—-(loo-130) Good and choice... 2.00# 2.65 CATTLE Receipts. 800: market, steady. (1,050-1,100) Good and choice $ 5.50® 6.75 Common and medium ....... 3.75© 5.50 (1,100-1.500) Good and choice 5.00® 6.65 Common and medium 4.00# 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 $ 2.75® 3.50 Common and medium 2.25® 2.75 Low cutter and medium 1.25® 2.25 (yearlings excluded) Good (beef steers) 2.50® 3.25 Cutter, common and medium 1.50# 2.50 VEALERS Receipts, 600: market higher. Good and choice $ 6.50® 7.00 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—-(soo-900) Good and choice 3.75® 4.75 Common and medium 2.50© 3.75 (800-1,500) Good and choice 3.75® 4.75 Common and medium 2.50# 3.75 SHEEP AND LAMBS Receipts, 1,500; market, steady. (90 lbs. down) Good & choice $ 7.50® 8.25 (90-110 lbs.) Good and choice. 7.00® 8.00 (90 lbs. down) Com. and med.. 4.50# 7.00 —Ewes— Good and choice 2.25® 3.25 Common and medium I,oo® 2.25 Other Livestock BY UNITED PRESS EAST ST. LOUIS, 111., Jan. 11.—Hogs— Receipts, 10,500; market, slow, 10®15c lower than yesterday's average; some bids off more; top, $3.45; bulk 150-230 lbs., $3.35®3.40; a few 70-100 lbs., pigs, $1.75© 2; other pigs and weighty butchers not established; sows, $2.25© 2.50. Cattle — Receipts, 2,200; calves, receipts, 1,200; market opened about steady on light weight steers; weighty kinds slow; mixed yearlings and heifers slow with a few opening sales about steady; cows, bulls and vealers unchanged; early steer sales, $4©6.25; mixed yearlings and heifers, s4© 5,50; cows, [email protected]; low cutters, $1.50© 2; top sausage bulls, $3.35: top vealers. $6.25; slaughter steers, 550-1,100 lbs., good and choice, $5.25®6.50; common and medium, [email protected]; 1,100-1,600 lbs., choice, ss© 6.50; good, [email protected]; mediums, $3.75© 5.25. Sheep—Receipts, 1,200! market, not established; packers bidding lower; asking fully steady on lambs; holding better kinds above, $8.25; indications steady on throwouts and sheep; lafnbs, 90 lbs. down, good and choice, [email protected]; common and medium, [email protected]; 90-98 lbs., good and choice, $7.506x8.35; yearling wethers, 90110 lbs., good and choice. [email protected]; ewes, 90-150 lbs., good and choice, $2.25©3.75; all weights, common and medium. $1.50® 2.75. CLEVELAND, Jan. 11.—Cattle—Receipts, 500; choice steers sell at $6.50 top despite heavy run; market active and few held over; choice 750-1,100 lb. steers, $6®6.50; 550-900 ibs., $5©5.50: heifers. 600-1,000 lb. [email protected]; good cows all weights, $2.50®3. Calves—Receipts, 300; market, steady; choice to prime, $7®7.50: choice to good, $6.50@7; fair to good, [email protected]. Sheep— Receipts. 2.000; market, steady; choice wethers, [email protected]; choice spring lambs, $8®8.50; good to choice, $7.50©8. Hogs, — Receipts, 1,900; market, 15©,25c lower; all sold early; heavies, $3.40; choice mediums, $3.60; light butchers, $4.10; choice yorkers,. $4.10; stags. $1.25; roughs, $2.2a; pigs, $2.50®2.75. FT. WAYNE, Jan. 11.—Hogs—5c lower; 160-200 lbs.. $3.50: 200-250 lbs.. 53.40; 250300 lbs.. $3.30: 300-350 lbs . $3.10; 150-160 lbs., $3; 140-150 lbs.. $2.90; 130-140 lbs., $2.70; 100-130 lbs.. $2.35; roughs, $2.50; stags, 51.75. Calves, $6.50; lambs, $7.75. LAFAYETTE. Jan. 11.—Hogs—Market, steady to 10c lower: 170-225 lbs., $3.35; 225-275 lbs.. 53.256T3.30; 275-325 lbs., 53.10© 3.15; 140-170 lbs.. $2.85®3; 120-140 lbs.. 52.40©2.65; 100-120 ibs., SI 75612.15; rough?, $2.65 down. Top calves, $5.50. Top lambs, $6.50. PITTSBURGH, Jan. 11.—Hogs—Receipts, 2,500; holdovers, 900; steady to 20c lower; bulk. 178-210 lb. weights, $4©4.20; top, $4.10; 240 lbs. up. 53.50®3.75: 130-140 lbs., $3.50; 100-130 lb. pigs. $3®3.25; packing sows. 52.25©2.75. Cattle—Receipts, 30; nominal; top fed steers Monday, S6. Calves —Receipts. 100; steady; good and choice vealers, 56.50©7: heavv calves, S6 down. Sheep—Receipts. 800; strong to 10c higher; earlv sales desirable fat lambs, $8.60; medium kinds. 55.50©7; aged wethers, up to $4.25; ewes, 52.75 down. By Times Special LOUISVILLE, Jan. 11.—Cattle—Receipts, 175: moderately active; fully steady; bulk common to medium and heifers, 53.75®4.50; better finished xed kinds eligible to $5.50 and above; bulk beef cows. $2.25©2.75; best kinds S3 and above; low cutters and cutters. $1.25©2; sausage bulls. $2.25® 3; common to medium native Stockers and feeders, mostly $2.50© 3.50; well bred Hereford stock calves, mostly $4.50. Calves—Receipts. 150; vealers. fully steady to strong; bulk better grade. $4.50®5 50; few strictly choice higher medium and lower grades. S4 down. Hogs—Receipts. 1.000; market unevenly steady to 10© 25c lower; 160-210 lbs., $3.65: 215-250 lbs., $3.55: 255 lbs. up. 53.40: 130-135 lbs.. $3.30; 110-125 lbs.. S2 50© 2.75: 105 lbs. down. $1.80: sows. $2.30: stags. SI. Sheep—Receipts. 50; steady; mostly $6©6.50 for medium to good lambs, choice kinds eligfcle, $7 or better: bucks discounted $1: throwouts mostly $4; desirable ewes. $2. CHICAGO FRUIT MARKET B ■■ United Press CHICAGO. Jan. 10.—Apples—Michigan Jonathans, bushel. SI'S. 1.50; Baldwins, bushel. 51.2551.40 Carrots—lllinois, 50® 60c bushel. Spinach—Texas. 75c®51.15 bushel. Beans—Southern green. $1.75®2 bushel- wax. $2.25©2.50. Mushrooms—lllinois. 15©30c pound cartons. Cucumbers —Southern. $2.75©3.75. Tomatoes—Florida, 51.75©2.75; Illinois and Ohio hothouse. sl© 1.25. Leaf lettuce—lllinois hothouse, 10@12%c box. Celery—Michigan. 25® 85c square crate. Cabbage—Wisconsin. $2.25. 100 Dounds. Sweet potatoes—lllinois, $1.25 @1.50 bushel; Indiana, 51.50© 1.90. Onion market, pound sacks: western Valencia*. $1.40©,.50; central, western yellows. [email protected]: western whites. $2.

I —Today and Tomorrow — Future of NRA Will Be Decided by Ordinary Process of American Democracy. BY WALTER LIPPMANN

NO doubt It is a sign of recovery that men should be interested increasingly in long-term problems. When a crisis is acute the one thing that seems to matter is how to weather it; when a crisis is passing, it becomes possible once again to think about questions which transcend the emergency. One of the most important of these questions is how much of the National Industrial Recovery Act could be made permanent under the Constitution. Not being a lawyer I obviously am not entitled to an opinion. But there is available, in the November issue of The Harvard Law Review, a careful study of the Act. and it may be useful to summarize briefly

what are the main Constitutional questions as they are seen by the competent students who wrote the article. NIRA, as everybody knows, is a short statute granting tremendous powers in the most general terms. If it lasts long enough to be tested fully in the courts it probably will be examined under these heads: First, is it within the power of congress to regulate the matters which the act covers? Second, does this regulation violate the fifth amendment, which forbids the taking of property without “due process of law?” Third, has congress improperly delegated its power to the executive? The Harvard Review believes that the first question, whether the control of industry contemplated in the act is within the constitutional powers of congress, is the most serious. The sponsors of the act have argued that the necessary authority is to be found in three parts of

the Constitution, in the preamble which speaks about promoting “the general welfare, in Article I, which speaks about congress's power to lay taxes for the “general welfare,” and in Article I, which gives congress power “to regulate commerce * * * among the several states.” The Law Review' dismisses the preamble, it having been decided by the supreme court that these phrass confer no power on congress. Likewise it dismisses the “general >

welfare” clause on the ground that this is not a grant of power but a description of the purposes for which money may be appropriated. a a a IT is under the commerce clause, then, that the -act must stand or fall. The Law Review finds that in spite of the famous decision invalidating the child labor law, it is not impossible that the court could sustain some important parts of NIRA. Omitting the reasoning, let us look at the conclusions. It appears to be very probably that congress has the power to regulate businesses which ship all of their products in interstate commerce. It also is probable that it may regulate those which are “within the stream of interstate commerce,” as, for example, the stockyards.. But what about those businesses now regulated by codes, which produce goods for consumption w'holly within a state? The Law Review believes that there is much greater doubt here, but that the supreme court might stretch the comm;ice clause to cover such enterprises on the ground that companies with high standards engaged in interstate business had been protected against destructive competition by intrastate companies with low standards. But when it comes to business, which is entirely local in character, to the question which worries Mr. James M. Beck so much, as to whether a federal law can determine how much a man who presses trousers in Tampa, Fla., must charge, the Law Review is as certain, as scholars ever like to be, that the court will not sustain NIRA. On ,the second question, as to whether the act violates the “due process” clause, the conclusion is that as temporary measures of limited duration to meet an emergency “the court may easily sustain most of the code provisions as not unreasonable methods for dealing with the depression.” Although the Law Review does not say so, apparently it would not be so easy to sustain the codes permanently in the light of the fifth amendment. It looks as if the codes would be involved in immense litigation if they are to be perpetuated after the emergency has passed. a a a ON the third question, whether the recovery act transfers too much legislative power to the President, the Law Review is much perplexed. The codes, it should be understood, are federal laws. They are written by business men, labor leaders and the President’s appointees, and not by congress. “It is difficult,” says the Law Review, “to conceive of greater power being given to an administrative agency during the active operation of a congressional form of government than have been conferred upon the President under the recovery act.” Never before “has there been such a broad grant of power with so indefinite a guide.” The practical conclusion would seem to be that the courts may, and probably will, uphold this radical departure from the normal practice of the Constitution as an emergency measure, but that it is extremely unlikely that NRA as now operated would be made permanent. Therefore, in so far as NRA is to outlast the depression and be continued into normal times, it almost certainly will be necessary to restrict its scope, redefine its purpose and set it up on a very different legal basis. Looked at politically, rather than legally, it seems reasonably clear that NRA, as we know it, has about eighteen months to live. During this time experience will show what there is in it which is good and is workable, and from the experience the country will make up its mind what it wishes to perpetuate. Probably next winter the question will be raised in concrete form as to what is to be done when NIRA expires in June, 1935. Those who wish to continue most of it will come forward with new' legislation.

On Commission Row

—Jan. 11— Fruits Cranberries—Cape Cod early blacks, 25lb. box. $2.60. Grapes—Semi sawdust, 24-lb. lug. $3. Pears Washington A’Ajou, 90-165*. $2.50; Avascados, Fla.. 16-16s. crate. $1.75. Strawberries—Florida. 21c per pint. Bananas—Per pound. 5%c. Apples—Wealthy, Wolf River. Grimes Golden. Jonathan. Florida. $1.35 32 a bu., fancy Staymans. 52.25 a box. Grapefruit—s3® 3.75. Oranges—California Navels, $4.25®4.50 a box. Vegetables Cabbage—Eastern Danish, 50-lb. bag, $1.75: new Texas, 50-lb. crate. $3.80. Onions—lndiana white. 50-!b. bag. $1.35; Indiana yellow. 50-lb. bag. 51.40®1.50 Beans—Round stringless, hamper. $2.50; best. S3. Beets—Bulk per bu.. $1.15: Texas, new. $1.75 a crate. Peas—3b-lb. hampers. s3®4. Carrots—California, S3 a crate: per doz.. 60c; Michigan, $2 50 per crate, doz.. 60c; bulk, per Bushel. $1.15. —California (11-12s), crate Celery—Michigan Mammonth. dozen, 65c; medium bunch. 45c; hearts. $1.25: 18bunch per crate. $1.50; California. S3 crate. Cucumbers—Florida. $4.50 bushel; hothouse, $1.50 per dozen. Lettuce—lceberg best (4-ss) crate, $3; hothouse, 15-lb. basket, sl. Radishes—Hothouse button. 75c dozen. Spinach—New Texas. $1 per bu. Turnips—Per bu.. 85c. Tomatoes —Hothouse, $1.50. Potatoes — Northern round whites. 100-lb. bag. $2.10; R. R. Ohios. 100-lb. bag. $2.10; 15-Jb. bag. 35c; Idaho Russets. 100-lb. bag. $2.25; Texas Triumphs, new. $2 50-lb. bag. Sweet Potatoes— Nancy Halls, per biL, ♦1.65.

There will be a great debate, in which the view’s of business men, labor leaders and consumers will reflect their experience under the codes. The congress which will be confronted with the question will be anew congress, elected next autumn, it will be looking forward to the national elections w'hich w'ill then be less than two years off. What will be decided, I do not know. What ought to be decided, it is, I think, too early to say.' But what reasonably is clear is that by every known sign the question as to whether NRA is to be made permanent is a question which will be decided by the ordinary process of American democracy. (Copyright, 1934)

Retail Coal Prices

~„T he. following prices represent quotations from leading Indianapolis coal dealls S allowed aSh discount ot 25 cents P er ton DOMESTIC RETAIL PRICES Anthracite *l4 25 Coke, nut size Coke, egg size g'7s Indiana, forked lump 550 Indiana, egg 5 0() Indiana, mine run 475 Kentucky lump 7’oo Pocahontas lump 825 Pocahontas egg 825 Pocahontas forked lump y 25 Pocahontas mine run 725 New River smokeless 825 West Virginia lump 6.75 West Virginia egg e.sfl Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bm. DOMESTIC GOLD PRICE REMAINS UNCHANGED Continues at $34.06 an Ounce for Eighteenth Day. By United Press WASHINGTON, Jan. 11. The government’s price for domestic, newly-mined gold was held unchanged at $34.06 an ounce today for the eighteenth successive business day as the administration officials continued consideration of new government financing. This was $1.67 above the world price set in London today at 127 shillings 1 penny, unchanged from yesterday, based on the opening pound sterling exchange rate of $5.09%, this was equal to $32.39 an ounce. The dollar remained | at 60.69 cents. TREASURY BILLS TO BE SOLD BY GOVERNMENT $125,000,000 of Securities Placed in Investment Market. By United Press WASHINGTON, Jan. 11.—The federal government went into the investment market today for new funds for its recovery program, offering $125,000,000 of ninety-one-day treasury bills to the highest bidder. A total of $75,523,000 of the money realized will be used to pay off that amount of maturing bills on Jan. 17 and the remaining $50,000,000 will bj added to the treasury’s current three-quarter billion dollar cash balance.

WE TRADE ACTIVELY IN Joint Stock Land Bank Bonds (All Issues) Home Owners’ Loan Corporation 4’s Municipal and Territorial Issues Real Estate Preferred Stocks Statistical Service and Market Quotations without charge, on request Kiser, Cohn & Shumaker, Inc. 128 East Washington St. Lincoln 2481

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FUTURES SHOW SMALL ADVANCE IN DULLSESSION Government Report Bullish: Cotton Prices Jump 8 to 10 Points. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, Jan. 11.—Strength in cotton, stocks and a bullish crop stock report failed to affect wheat prices today and futures were % cent lower to % cent higher. Corn w r as H to % cent higher, and oats was H to % cent up. Cotton futures in Chicago spurted b to 12 points higher and stocks moved up fractionally. The official government report on farm stocks, released yesterday, estimated 80.000.000 bushels less wheat and this w-as viewed by the trade as bullish. Liverpool wheat, in sympathy with yesterday's uprush in Chicago, was higher today. Leading grain brokers believed there was evidence of a broadening interest in grains. The markets have been liquidated most thoroughly until those now carrying the hedges appear content with their contracts. The cash leads in activity, millers taking the wheat and distillers and industries the corn. Chicago Primary Receipts —Jan. 10— Bushels Today Last week Wheat 233.000 230.000 Corn ....; 383,000 425.000 Oats 208.000 147.000 Chicago Futures Range —Jan. 11— Prev WHEAT— High. Low. 10:00 close’. May 86% 85% 86 86% July ijf.. 85% 84% 84% 85 Sept 86% 85% 85% 86% CORN— May 53% 52% 52% 52% July . 54% 53% 54 54% Sept . 53% 55% 55% 55% OATS— May 38% 37% 37% 37% July 36% 36% 38% 36% Sept 35% 35 35 35% RYE— May 60% 59% 59% 60 July 62 61 81 61 BARLEY— Ma.V 53% 53% 53% 53% July 53% CHICAGO CASH GRAIN By United Press CHICAGO, Jan. 10.—Cas hgrain: Wheat —No. 2 red weevily, 84%c; No. 1 hard 87c; No. 3 mixed. 84%c. Corn—New No! 2 mixea. 51c; No. 3 mixed. 50©50%c; No 4. mixed. 48%',/50c; No. 3 yellow. 50%cNo. 4 yellow. 49%c; No. 2 yellow, old. 51c; No. 3 white. 50%c. Sample grade white 45‘2C. Oats—No. 2 white. 37 3 4#38%c; No. ; 3 white. 37%c. Rye—No sales. Bariev—i Snles. 60©74c: quotable. 48® 78c. Tim- | othy—ss.so#6. Clover seed—sll# 13.75. | Cash provisions—Lard. $5,42; loose $4.67: leaf. $4.75: S Bellies. $6 25. TOLEDO CASH GRAIN By United Press TOLEDO. Jan. 10.—Grain close: Grain in elevators transit billing: Wheat—No. 2 red. 89%©90%c: No. 1 red. I©l %c premium. Corn—No 2 yellow. 55®56c. Oats —No. 2 white. 41#42c. Rve—No. 2. 67%® 68%c. Track prices. 28%c rate. Wheat —No. 1 red. 86®86%c: No. 2 red. 75#75%c. i Corn—No. 2 yellow. 50%®52c: No. 3 vel--1 low. 49%®51%c: No. 4 yellow. 47%#48%c. Oats—No. 2 white. 38®39c: No 3 white. 37%®38%c. Toledo seed close. Clover— March. 58.25. Alsike—Cash. $8.50. NEW YORK CASH GRAIN By United Press NEW YORK. Jan. 10—Cash grain; Wheat—No. 2 red. $1.03',a: No. 2 hard winter, $1.03%. Corn—No. 2 mixed. 60%c. Oats—No. 3 white, 47%c. Indianapolis Cash Grain —Jan. 10— 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—Strong: No. 1 red. 83%®84%c: No. 2 red. 82%©83%c: No. 2 hard, 82%# 83%C. Corn—Strong: No. 3 white. 44#45c: No. 4 white, 43®44c: No. 3 yellow’. 43%©44%c; No. 4 yellow, 42%#43%c; No. 3 mixed. 42 @43c; No. 4 mixed, 41©42c. Oats—Strong; No. 2 white. 34®35c: No. 3 white. 33#34c. Hay—Steady. (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisi’llle). Timothy No. 1, $7.50®8; No. 2 timothy. [email protected]. —lnspections * Wheat—No. 2 red. 1 car; No. 1 hard. 1 car. Total. 2 cars. Corn—No. 3 yellow, 3 cars; No. 4 yellow, 7 cars: No. 5 yellow, 3 cars; No. 6 yellow. 1 car; No. 4 mixture, 1 car. Total. 16 cars. Oats—No. 2 white. 2 cars;; No. 3 white, 3 cars. Total, 6 cars.. Barley—Sample. 1 car. Total. 1 car. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 79 cent* for No. 2 soft red wheat. Other grades on their merits. NEW YORK RAW SUGAR FUTURES —Jan. 10High. Low. Close. January 1 17 1.16 1.17 March 1.23 1.22 1.22 May 1 29 1.27 1.29 July 1 34 1.33 1.34 September 1.38 December 1.46 1.43 1.46

Lippmann

MAN. 11, 1931