Indianapolis Times, Volume 45, Number 212, Indianapolis, Marion County, 13 January 1934 — Page 14

PAGE 14

Decision of Supreme Court in National Radiator Case of Prime Importance to Investors. BY RALPH HENDERSHOT Time* Special Financial Writer The decision of the United States supreme court just rendered in the case of the National Radiator Corporation is of vital importance at this time. Reorganizations are bound to be very prevalent during the next year or so as the country emerges from the depression, and it is of special interest to investors that the highest court in the land has put reorganizer# on notice that sleight-of-hand tricks in which one group of security holders is given preference over another will not be tolerated. The financial history of the country is replete with instances in which receivership proceedings and subsequent reorganizations were unjust to security holders not properly represented. It probably would not be gotnc too far to say that such proceedings all too often have taken on the characteristics of rackets.

Reorganizations are excellent instruments for making insolvent companies solvent and for permitting them to remain in business. In a great many instances no other means are available for protecting the assets of corporations and for securing for stock and bond holders all of the benefits possible. But it 'is imperative that all of the dealings in such instances be fair and above board. Otherwise security holders are likely to fare much better by a suspension of activities and the sale of the companies’ assets under the hammer. tt tt a ' I. R. T. Stockholders Not Represented The proceedings now being conducted looking toward the unification of the traction properties in New 7 York City call attention to a case where a large group of common stockholders are not being properly represented in an important development. No stock-

Ralph Hendershot

holders’ protective committee has been formed to look after the interests of the Interborough Rapid Transit shareholders at a time when it is proposed to sell the entire property to the City of New York. The receiver for the company, it has been announced, will act in their behalf. The city, of course, could not be blamed for wanting to buy tlhe property as cheaply as possible. All other groups of important security holders have their own representatives, and it is fair to assume that they will drive the best bargain possible also. Consequently if any shaving of price below actual worth results it might be expected that it will be done at the expense of the common shareholders. While it might be argued that the common stockholders have only themselves to blame for not having organized, it is pertinent to point out that the initiative in that respect usually is taken by those who have been interested previously in the financing of the company. nan nun Company Appears Solvent In the case of the Interborcugh, too, there is reason to inquire why the company is in receivership. As of Dec. 1, 1933, it had cash or its equivalent of approximately $16,000,000. Its $31,672,100 of 7 per cent bonds were secured by $54,989,000 of 5 per cent bonds, with a market value considerably in excess of the full par value of the 7 per cent issue. Its approximately $124,000,000 of 5 per cent bonds in the hands of the public do not mature until 1966, and its $10,500,000 of 6 per cent debentures could easily be paid off if necessary. The company is earning its charges, including an unnecessarily large sinking fund, and is making the city substantial payments.

New York Stocks ' 1 '""‘Bt Abbott. Hoppin St Co.i ———————

Prev. Oils— High. Low. Close, close. [ —Jan. 12— Amerada . 43 43 | Atl Rig 29 % 28 Vi 28'2 29 % Barnsdall B'* 8 8 8% Consol Oil 10% 10 10% 10% Cont o£ Del 17 16% 16% 17 Vs Houston (new).. .. ... 3% 37s Houston (01d)... \ 21% 21 Mid Cont Pet . .. 12 11% 11% 12 Ohio Oil 13% 127s 13 13% Pet Corp ... 9% .•. Phillips Pet .... 15% lots 15% 15% Pure Oil 11 10% 11 10% Royal Dutch 37 Sbd Oil 28 28 Shell Oil 8% 8% 8% 8% Simms Pet 9% ... Skellv Oil 8% 8 8 8% Sue Vac 16% 15% 15% 16 S O of Cal 38% 38% 38% 38% S O of N J 44% 44Vi 44% 44% Texas Corp 23% 23Vs 23% 23% Tidewater Assn . 9% 9 9 9Vi Un Oil of Cal .. 18% 18% 18% 19 i Steels— Am Roll Mills . . 18% 18% 18% 18% ! Beth Steel 37 36 36% 36% Byers A M 23% 23% 23% 23% Col Fuel & I .. 4% 4% 4% 4% 1 Cruc Steel 22% 21% 22% 23 | Inland Steel .... 45 44% 44% 45 j Ludlum Steel . ... 16 16% McKeesport Tin 86 J Nat! Steel 54% 51% 51% 52 Rep I & St ... 17% 17 17 17% I Rep I & St pfd 42% 42% 42% 52% U S Smelt 99% 97 99% 97% Vanadium 22% 22 22 22% j Mid Steel 13Vs 13% U S Pipe & Fdy. 21% 20% 21 21% I U S steel 48% 47% 47% 49 U S Steel pfd 90% 90 90Vs 90% Youngstn S <fc T 23 22% 22% 22% Rails— Atchison 60% 58% 59% 59% Atl Cst Line 43 42% 42% 42Vi B St O 24% 23% 23% 24 Can Pac 15% 14% 15 15% Ch & Ohio 40% 40% 40% 40% Chi 4 Gt W ... 3% ... CM4SI P.. 4% 4% 4% 4% : C M <Sc St P pfd 7% 7% 7% 7% Chi N W 7% 7 7% 7% Chi R Isl 3% Dela & Hud . . 57% 56 % 57 57% Erie 15 15% Grt Northern ... 21% 20% 20% 21% 111 Central 31% 30% 30% 30% K C Sou 15% 15 15% 15% ! Lou & Nash ... 52% 51% 51% 52 i MK & T 10% 10 10 10 | Mo Pac pfd 5% | N Y Cent . . 34% 33% 33% 34% ! N Y Chi A- St L 15% 15% NYC&St Lpf 19 18% 19 19 1 N Y New Haven. 16% 15% 15% 16 N Y Ont & Wes. 8% 8% 8% 8% Nor Pac 23% 22% 22% 23% Penn R R 31% 31 31 31% Reading 49% 48% 49% 46% Sou Pac 20% 20 20% 20% Sou R R 26% 25% 26% 26% Sou R R pfd ... 30 29% 30 30 Union Pac 114% 114 114% 114% Wabash 2% 2% 2% 2% West Mary 9% 9% 9% 97a Motors— Auburn 50% 49 49% 49% Chrysler 53% 51% 51% 52% Gen Motors .... 35% 35 35 35% Graham M0t.... 3% 3% 3% 3% Hudson 14% 14% 14% 14% Hupp 5% 5 5 5Vs Mack Truck .... 35% 34% 34% 351 Nash 27% 26% 26% 27% Packard 4 3% 4 4 Reo 4 3% 3% 3% Studebaker .... 5% 5% 5% 5% Yellow Truck. .. 4% 4% 4% 4% Mot dr Access— Bendix 17% 16% 16% 17% Bohn Alum 58% 58 58 58% Borg Warner . C 2% 21% 21% 22 Briggs 12% _ 12% 12% 12% Buad Wheel . . 3% 3% Eaton Mfg 14 13% 13% 14 Eiec Auto Lite.. 19% 19 19% 19% Houd (A) ... 3% 4 Mullins Mfg 5% ... Murrav Body . 6% 6% Stew Warner . 6% 6% 6% 6% Timken Rol. . . 31% 30% 31 80% Mining— Alaska Juil 22 21% 21 % 21 % Am smelt . .. 43% 42% 43% 42% Anaconda 14% 13% 13% 14 Cal & Hecla 4 4% 1 Cerro De Pasco . 34% 33 34% 33% Granby 8% i Gt Nor Ore. . 11% 11% 11% 12 | Howe Sound 36% 36 36% 36 Ins Copper 4% | Int Nickel ... 22% 21% 21% 22% 1 Isl Creek Coal. 25% 25 25 25% ! Kennecott Cop. 19% 19 19 19% Noranda Cop... 34% 33% 34% 34 Pheips Dodge 16% 16% Tobaccos— Am Snuff ... 50% 50 Am Sum Tob . ... ... 16 Am Tobncco A 70 67% 67% 69% Am Tobacco B 71 69% 69% 71 Gen Cigar . . 29% 29% 29% 30% Ligg & Myers B 80% 79% 80'a 80 Lorrillard . 17% 16 s * 16% 17% Reynolds Tob B 42% 41 41 42% Equ.pments— Allis Chalmers. 18% 17% 17% 17% ! Am Car A: Fdv. 24% ?4 24 24% Am Loco 28% 28% 28% 27% Am Mach * Fdv 14% 14% 14% 14% Am Steel Fdv 20% 19% 20% 20% Bald loco ... 11% 11% 11% 11% Burrouehs .. . 16% 15% 16 15% Case J I 72% 69% 70% 69% Cater Tract 25% 24% 24% 24% Colgat Palm Pett 12 11% 11% n% 1 Cor.go>um . 23% 23% 23% 23% Elec Stor Bat 46% 46% 46% 47% Foster Wheeler . 13% 13% 13% 13% Gen Am Tk Car 36% 36 36 36% Gen Elec 19% 19% 19% 20% Gen R R Sic.. 36 35% 35% 36 Ingso! Rand... 63% 63% 63% 63% Ir.t Bus Mach.. 141% 141% 141% 141% Int Harvester . 40% 39% 39% 40 Kelvinator . . 13 12% IS% 12% Natl Casah Reg 18% 18 18 18 Proc A- Gamble 39% 38% 39 38% Pullman Inc 53% 52% 53% 58 Simmons Bed... 19% 18% 18% 18% Und Elliot . 38% 38 38 37 West Air B 28% 27% 27% 28% Westingh Elec. 38% 37 37 38% Worthington Pmp 22 21% 22 21% Utilities — Am A: For Pwr 8% 8% 8% 9 Am Power A: Lit 7% 7 7 7% A T A- T 115 114 114% 115 Am Wat Wks 20% 19 s , 19% 20% Brook Un Gas. 67% 65 65 67 Col Gas & Elec 13% 12% 12% 13 Col G * E Pfd 59 58% 59 58 Com A: Sou 2% 2S 2% 2% Consol Gas 40% 39% 39% 10% Elec Pwr A- Lit. 5% 5% 5% 5% 1 E P A- L pfd . 10% 9% 10% 10% ! Int TAT . ... 15% 14% 14% 15-a i LOU G A: E A.. 17% 16% 17 16% Nat Pwr A- Lit. 10% 10 10 10% 1 North Amer. 16% 15% 15% 16% Par G * E 18% 18 18 17% , Pub Ser N J 37% 36% 37 38 I S oCal Edison 18% 18 18 17% Std Gaa 8% 8% 8% 8% ltd Gas pfd 9% 9% a% 9% United Corp. . s s * 5% 5% 5% Un Ga* Imp . 16% 16 16 Ut Pwr A Lit A 3% 3% 3% 3% Western Union 56% 55 55% 57% Rubbers— Firestone 19% 19 19% 19% I SSSSviifc; tt| Si Si Si

Wall Street

U S Rubber 15% 15% 15% 15% b, b Rubber D d 26% 25% 25% 25% Kcl Spring 27a 2% 2% 2% U S Rubber pfd. .. .. . 9% ~. “ Amusements— Crosley Radio .. 13% 13 13% Fox Thea ' ioi/. Loews Inc 27% 27 27 27 Radio Corp 7 6% 6% 7% RKO 2% 2% 2% 2% Warner Bros ... 5% 5Vs 6V2 5% Foods— v Am Sugar 495. 4 0 5 , Armour A’ 5% 5 5 5% Beatrice Cream.. 117s 11 11 10% Borden Prod .... 21 20% 20% 20% Cal Packing ...21% 20% 21% 20% Can Dry G Ale 26% 25% 26 25% Coca Cola . 97 V. 07 Cont Bait A’ ... 8% 71/g BV4 7% Corn Prod 75% 74% 74% 75% Crm of Wheat... 28% 28% ‘>B% 28% Gen Foods 35 34% 38 34 3 1 r°w c USt 18 17 :77 ' 17% ?ntsait gar .;:::: 301/2 , 29,i 30 ‘- Wlle3 41% 41% 41% Natl Biscuit 47 46% 46% 471; Natl D Prod .... 13% £3.® ,33* Purity Bak 14% 13% 141* \li* R J C Sug 34 33,4 33,4 34% Std Brands 22% 21% 02 3 /; ms [United Fruit ... 61% 61 ~! ( Ward Bak A' . 7% 7% 73? 61/4 ! Wriglp y 55% 55 55% 55 Retail Stores—- . Ass Dry Goods.. 12 3 i 12 12 I '* i A: Cos 27 1/ 2 27 J/ a 27 j, j 971/ Gimbel 8r05.... 5 4% 5 27 2 IGimbel pfd.... 19% 19 jg , ;Gr Un Tea. .. 5% 414 43? Hahn Dept Sts 5% 5% 5% 1 Jewel Tea 8/2 84 ,? /a Kreske S S. .. i4‘/a ii ii% 14% Kroger Groc. .. 25% 24 24 5 ! 94/ MaCV R H 54% 54% 54% 54% 8 May Dept St.. 33 3l 3 I 303? oojf Mont Ward. .. 23% 22% 22% 23% Pennv J C ... 56% 56 56% 56% j Safeway 5t.... 47% 47Vs 47% 471/t ! Sears Roebuck.. 43% 42 42% 47% ; Woolworth .... 44% 44 44% 441/* Aviation— I Aviation Corn.... 7% 7% 7% 8% Douglass Air . . 17% 16% 16% 17 3 ! Curtiss Wright.. 2 3 4 2% 2% 2% I Curtiss Wright A 6% 6V S 6% 6V, Nor Am Av 5% 5% 5% 514 United Aircraft. 32% 31 31 V s 32% Chemicals— A|r Reduction.. 99% 93 99% 98 v Allied Chem .147% 146% 147% 147 jAm Com Alcohol 60% 58% 59% 59 j Col Carbon 60% 60 60 60 [Com Solvents.. 34% 32% 33% 33% Dupont 93% 92% 92% 93% [Freeport. Tex.... 44% 43% 43% 44% i Liouid Carb 28% 27% 28% 28 Math Alkali.. 34% 33% 33‘, 34% Tex Gulf Sulph 39% 38% 38% 39% Union Carbide.. 47 46% 46% 47 U S Indus Alcoh 64 61 62 62 Natl Dist (new) 26% 25% 25% 26% Drugs— Coty Inc 4% 414 Lambert 24 23% Lehn A- Fink 16% 17 Zonite Prod 6 6 Financial— Adams Exp .... 7% 7Va 7% 7% Allegheny Corp. 3% 3% 3% 3% Chesa Corp .... 35% 35 35 35 Transamerica .. 7% 6% 7 7% Tr Conti Corp.. 4% 4% 4% '4% Building— Am Radiator ... 15 14% 14% 14% Gen Asphalt ... 16% 16% 16% 16 Int Cement 30% 30 30% 30 Johns Manville. 58% 57% 57% 58’• Libbv Owens Gls 38% Otis Elev 15% 15% 15% 15% Ulen Const 32% 32% Miscellaneous— Am Bank Note 15% 15% Am Can 97 96 96% 96% Anchor Cap .... 19 18% 18% 19 Brykin Man Tr. 34% 33% 33% 33% Cont! Can ... 78% 77% 77% 78% Eastman Kodak. 81 80 81 81 Owens Bottle . 80% 80 80% 80 Gillette 9% 9 9% 9% Glldden 17% 17 17% 17% Gotham Silk . . 7% 7 7% 7% Indus Rayon 80 78 78% 77 Inter Rapid Tr. 12% 11% 12 12% Real Silk Hose 9 8%

Federal Farm Loan Bonds

By Blyth & Cos.. Inc. —Jan. 12— Bid Ask. 4s Nov. 1. 1957-3' 89 90% [ 4s May 1, 1558-33 89 90% 4's Julv I, 1956-36 89 91% 4%s Jan. 1. 1957-37 89 91% o%s Mav 1. 1957-37 89 91% 4%s Nov. . 1958-38 89 91% 4%s May 1. 1942-32 94 95% i 4%s Jan. 1. 1943-33 91% 93% ' 4%s Jan. 1. 1953-33 91% 93% 4%s Julv 1. 1933-33 91% 93'* 4%s Jan. 1. 1955-35 91% 93% 4%S Julv 1. 1955-35 91 1 2 93% . 4%s Jaii. 1. 1956-36 91% 93% ! 4%S Julv 1. 1953-33 94 95% 4%s Jan. 1. 1954-34 94 95% 4%s July 1. 1934-34 94 95% 5s Mav 1. 1941-31 94% 98% 5s Nov. 1, 1941-31 97% 98% Home Loan 4s. Julv 1. 1951 . 92% 93%

Investment Trust Shares

By Abbott. Hoppin <S: Cos. —Jan. 12— Eid. Ask. Am Bank Stocks Corp 98 105 Am & Gen Sec A 4.50 550 Am & Inv Tr Sh 1 50 2 50 Basic Industry Shares 327 335 British Type Inv. Tr Sh 48 .52 Collateral Trustee Shares A . 462 500 Corporate Trust Shares (old). 204 207 Corporate Trust Shares newi 220 230 Cumulative Trust Share* .. 396 Diversified Trust Shares A.... 6.23 Diversified Trust Shares B 7.57 762 Diversified Trust Shares C... 303 207 Diversified Trust Shares D .4 32 482 First Insurance Stock Corp.. 132 1.37 First Common Stock Corp ... 83 98 Fixed Trust Oil Shares A ... 840 860 Fixed Trust Oil Shares B 7.25 735 Incorporators Investments 17.75 19 25 Land Bank Bond Shares 92 102 Low Priced Shares 5 57 1.02 Mass Inv. Trust Shares 18 04 19 60 Nation-Wide Securities 3 20 3 225 N Am Trust Shares (53> .... 180 N Am Trust Shares (550 .... 209 233 N Am Trust Shares <SB > ... 240 265 Selected American Shares . 252 ... Selected Cumulative Shares . 665 Selected Income Shares 3.50 400 i Std Am Trust Shares A .. 2 89 2 93 Trust Shares of America 2 81 2 85 Trustee Std Oil A 5 25 5 37 Trustee Std OH B 500 5.12 V S Electric Lt & Pwr A 10.75 1125 Universal Trust Shares 2 96 3 02 The deer in our national parks (decreased from 969,330 in 1931 to 946,546, in 1933*

STOCK SHARES MOVE UPWARD IN SLOW DRIVE U. S. and Domestic Bonds Stage Strong Advance in Active Trading. '

Average Stock Prices

Average of thirty industrials for Thursday: High 100.49, low 93.77, close 99 38, oft .39. Average of twenty rails: 42 22, 41.48, 42.01, up 43. Average of twenty utilities: 24 96, 23.78, 24.83. up 84. Average of forty bonds: .86.07. up .63. Average of ten first rails: 92.30, up .71. Average of ten second rails: 71.52. up 1.13. Average of ten utilities: 92.71, up 30. Average of ten industrials: 88.77, up .40. BY ELMER C. WALZER United Press Financial Editor NEW YORK. Jan. 13.—A slow moving rise yesterday brought the stock market to net gains of fractions to 2 points in the issues traded in 100-share lots and issues traded in 10-share lots rose as much as 8 points. Considered of more importance than the creeping advance in stocks was a strong and active bond market featured by domestic issues—corporate and government. Advances in the latter ranged to a full point, a share gain for those issues. A rise of more than a cent a bushel in wheat featured the commodities where silver also was marked by a good advance. Cotton firmed to around the previous close from an early decline. The dollar was steady. Retail Trade Improves Glowing reports on retail and wholesale trade improvement brought demand into mercantile issues. Interstate Department Stores preferred rose more than 8 points, while Hahn preferred was up 5. American Woolen preferred rose 2 points to 69, anew high for 193334, and J. C. Penney made anew high at 56%, up 1%. Mail order shares made small gains. Wet stocks were bid up 1 to 2 points, featured by U. S. Industrial Alcohol in gain and Commercial Solvents in actvity. A block of 4,000 shares of the latter came out at 34, up % and it later crossed that level. Amusements were firm as a group. Paramount Publix certificates came out 10,000 shares at 2%, up % and later made anew top for 1933-34 at 2%. Silver issues rose under lead of U. S. Smelting whcih reached 99%, up 2ft. Rail Issues Advance Peoples Gas rose more than a point in an otherwise steady utility section. Rails made small gains. Chrysler regained all of a loss of 1% points, while automobile issues generally were around the previous close as the session ended. Local tractions were slightly higher. The late rise came without pickup in volume, which lagged along throughout the day. Stock sales yesterday totaled 1,600.000 shares as against 1,700,000 shares Thursday. Curb sales totaled 298,000 shares as against 358,000 shares Thursday. Dow 7 Jones preliminary averages industrial 98.73, off 0.65; railroad, 41.71, off 0.30; utility, 23.33, off 0.50.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 12— Clearings $3,389,000.00 Debits 5,574,000.00 TREASURY STATEMENT —Jan. 12. Net Balance for Jan. 10 $794,664,583.46 Misc. Int. Rev. Rcpts 5,841,424 28 Cus. Recpts (month to date) 8,607,222.51 New York Curb „ By Abbott. Hoppin & Cos. —Jan. 12— Close Close! Allied Mills ... 8% Glen Alden Coal 10% Alum Cos of Am 72 Gulf Oil of Pa 60 Vi Am Beverage . 1% Hiram Walker.. 55 Am Cyanide B' 16% Hud Bav Min.. 9V4 Am Gas & El.. 23% Humble Oil 35 Am Superpower 2% Imp Oil Ltd .. 12% Ass Gas & El. 3 4 Int Petrol 19% Atlas Corp 11% Lake Shore Min 44% Brazil Trt & Lt 12%: Libby McN Lib 3% Brit Am Tob A 29% Lone Star Gas. 6% Can Ind Ale A. 19% Massey Harris.. 5% Can Marc 2%Mt Producers... 4% Cities Serv 2% Natl Bel Hess.. 2% Com’wealth Ed. 48% Newmont Min.. 50% Consol Gos Bit 58 ! Nia Hud Pwr.. 6 Cord Corp 6%Novadel Agene.. 63% Creole Petrol .. 10% Pan-Am Airways 47% Deere & Cos ... 29% Park Davis 23% Dis Lim 21% Penn Road 2% Dis Corp 25*4! St Regis Paper 2% Dow Chem 73% Sal Creek Prod. 6% El Bnd & Sh.. 14 Sherwin Wms. . 50% Fisk Rubber ... 10% Std of Ind .. 31% Ford of Can A. 15% Std of Ky 15 Ford of Europe. 5% Stutz Mts 51', Gen Aviation.. 5% Un P & Lt A.. 3% Grt Atl & Pac.l2B IWrt Har Min 7

Foreign Exchange

(By Abbott Hoppin & Cos.) —Jan. 12— Close. Sterling. England $5.08% Franc. France 0613 Lira. Italv 0818% Belgias. Belgium 2175 Mark. Germany 3720 Guilder. Holland 6290 Peseta. Spain 1291 Krone. Norway 2560 Krone. Denmark 2275

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. .DOMESTIC RETAIL PRICES Anthracite $14.25 Coke, nut size 8.75 I Coke, egg size 8.75 I Indiana, forked lump 5.50 Indiana, egg 5.00 ! Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg 8.25 Pocahontas forked lump 9.25 I Pocahontas rcune run 7.25 ‘ New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 65C ■ Island Creek 7.00 Extra charge of 50c a ton for wheeling , coal, and SI a ton for coal carried to bin. CHICAGO FRUIT MARKET By United Press CHICAGO. Jan. 12—Apples—Michigan Jonathans. Sly 1.50; Baldwins and Wagners. $1.2501.40. Carrots—lllinois. 40065 c bushel. Spinach—Texas. 75c®$l bushel. Beans—Southern, green. $1.50 S 2 bushel: wax. s2' (2.25. Mushrooms—lllinois. 15 0 30c lb. cartons. Cucumbers—Southern. $3 $4; hothouse. $3.500 4.50. Tomatoes—Florida, $2 0 2.75; hothouse. 75c® 1.25 (8-lb baskets'. Leaf lettuce—Ohio. 50c (10-lb. baskets). Celery—Wisconsin. $2 25 1100-lb. sacks'. Parsnips—lllinois, 75c® $1 bushel. Sweet Potatoes—lllinois. $101.35; Indiana. $1.50 01.85. Radishes—lllinois hothouse. 50® 60c 'dozen bunches'. Rhubarb. Michigan— Hothouse. 25 i 45c. Onion market —aO-lb. sacks Western Valentias, $1.4001.50; central western yellows, $1.25®1.40: western whites. $1.750 2. NEW TORK COFFEE FUTURES —Jan. 12— —Santos— High. Low. Close. Janaruy 9.31 March 9 48 9.43 9.48 May 9 66 9.60 9.66 Julv 9 77 9 73 9.77 i September 10 09 December 10.20 —Rio— , January 6.73 March 6.90 6.85 6.87 May 7.07 7.04 7.07 July 7.19 7.18 7.19 September .. , vu .. 7.33 7.32 7.33 Btotabli kMJUMi mm mm .7 48

THE INDIANAPOLIS TIMES

Bright Spots

By Abbott. Hoppin Si Cos. Glidden & Cos., reports total sales for November and December, 1933. amounted to $3,954,705, against $2,916,931 in the like 1932 period. Columbia Gas and Electric Corporation declared a dividend of 12 cents on both its common and $5 convertible preferred stocks, payable Feb. 15, to be recorded Jan. 20. A similar dividend was payed in the previous quarter. Western Auto Supply Company declared an extra dividend of SI each on it. Class A and B common stocks, both payable Feb. 1, to be recorded Jan. 19. Nash Motor Car Company declared the regular quarterly dividend of 25 cents, payable Feb. 1, to be recorded Jan. 20. Reports of the company for the year ended Nov. 30, show 7 a net loss of $1,188,863, after discount of all charges, against a net income $1,029,552 in 1932. New York Central railroad reports a November net loss of sl,349,283 after discount of all charges, against $1,745,494 in November of 1932. Eleven months net loss totals $5,033,905. against $17,151,989 in similar 1932 period.

Chicago Stocks —(By Abbott. Hoppin * Cos.) TOTAL SALES. 52.000 SHARES —Jon. 12— High. Low. Close. Acme Steel Cos 30 28'/a 30 Am Pub Serv pfd 6 Asbestos Mfg 3ft 33 Assoc Telephone Util V* Assoc Tel Util A pfd V* Bastian-Blessine ... .5% Bndix Aviation 17Vi \6Vb 16% Borg-Warner 22 21st 21st Butler Bros 4% 4ft 4% Cent 111 Pub Serv pfd.. 15ft 14ft 14'2 Cent 111 Securities Com .. ... ft Cent & So West 1% lft 1% Cent & So West pfd.. 7 6 7 Cent & S W P L pfd... 9ft Bft 9V i Chi & North Western.. 7% 7% 7% Chicago Corp C0m.... 214 2‘/a Zft Chicago Corp pfd 23 Chicago Yellow Cab ... Ilf Cities Service 2% 2Vi 2% Commonwealth Edison.. 52 48% 49/a Cord Corp 6% g% g% Crane Cos 8 7ft § Crane Cos pfd •• • 45/2 Decker & Cohn • £% Deep Rock Oil 6ft sft 6 DeMets Inc pfnce 18ft Electric Household ... Bft Gardner-Denver Cos ... 18ft le 18ft Goldblatt Bros 22ft 21 22V4 Great Lakes Aircraft.. ft ft _ft Great Lakes Dredge ... 21 20ft 20ft Grigsby-Grunow ft ft ft Houdaille-Hershey “A” lift Houdaille-Hershey "B” 4 Illinois Brick 4ft Iron Fireman ... 10 Ky Ut Jr Cum pfd .. lift Libby-McNeil 3ft 3ft 3ft Lynch Corp 35% 34 34ft Marshall Field 13% 13Vi 13ft McGraw Electric ... 4% McWilliams Dredg Cos.. 17% 16ft 17% Meadows Mfg Cos com ft Midland Util 7ft A pfd ft Nachmann Springfield ... ... sft National Leather ••• , 1., Noblitt Sparks Indu Inc 12ft 12ft 12ft Noith American Car ... 4ft Not thwest Bancorp .... 5 4ft 4% Prima Cos . - 8 Tft 8 Public Service 19 18ft 19 Public Service N P .... 19% 19 19% Public Service 6% pfd.. 50 47 50 Public Service 7ft pfd.. 57ft 55 57ft Rath Packing * •••.. 24ft Reliance Mfg Cos ....... 16 15ft f5 St L Nat Stock Yards 52 Sangamo Elect com ... 5y 2 Sears Roebuck 43ft 42ft 42ft Standard Dredging Cos Ift Stutz Mo Car Cos of Am sft sft sft Swift & Cos 14% 14ft 174 ft Swift International ... 25% 24 25ft Thompson, JR 8 United Gas Corp ... 2% Utah Radio ... lft Utility & Ind lft 1 lft Utilitv & Ind pfd 2ft Vortex Cup Cos 'A' ... 26% Walgreen Cos. com 18% 18ft 18ft Ward, Mont, A 90ft Wieboldt Stores ... 10ft Zenith Radio 3ft 3ft 3ft

Produce Markets

Delivered in Indianapolis prices—Hens. lOV2C; Leghorn hens. 7%c: 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, 4% libs, and over, full feathered and fat. 6c; under 4% lbs.. 4c: geese, full feathered and fat. 6c. Turkeys—No. 1 young hens. 8 lbs. and over. 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. 1% 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 deducction 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 by the Wadley Company. BY UNITED PRESS CHICAGO, Jan. 12.—Eggs—Market, unsettled; receipts. 2,995 cases; extra firsts, 21%c; fresh graded firsts, 20%c; dirties, 13@16c; current receipts, 19c; checks, 13® 15%c. Butter—Steady: receipts, 5,744 tubs; storage extras, 92 score, 18c; storage standards, 90 score, 18c; extra firsts, 88 0 89% score. 17%@17%c; seconds. 86® 87% score. 16%c; standards, 90 score, 18%c; specials, 19®19%c. Poultry—Market, weak; receipts, 23 trucks, no cars, 2 i cars due; turkeys, 12®14c; hens, 11c; Leghorn chicks. 9c: colored springs, 13c; roosters, 9c; chickens, 11c; ducks. 9®llc; geese. 9c; black chicks, 8c; Plymouth Rocks, 14c; rocks, 13%c. Cheese —Twins, 10%®T0%c; Longhorns, ll@ll%c: daisies, 11 %® 11 %c. Potatoes—Supply moderate; demand and trading slow; market, weaker on Russets, steady on others; Wisconsin Round Whites. $1.65 01.70; commercial grade, $1.60: Idaho Russets mostly $1.90: Colorado McClures, 1 car. $1.95! Minnesota Round Whites, 1 car, $1.60. Other Livestock BY UNITED PRESS CHICAGO, Jan. 12— Hogs—Receipts, 30,000, including 10,000 directs; weights below 220 lbs., 10c higher; others about steady: 180-220 lbs., [email protected]; top, $3.60; 220-290 lbs., $3.2503.55; pigs. $2.2502,75; packing sows, [email protected]; light lights, 140160 lbs., good and choice, [email protected]; light weight 160-200 lbs., good and choice, I $3.25 0 3.60; medium weights 200-250 lbs., food and choice, $3.35®3.60; heavy weights 50-350 lbs., good and choice. $303.40; packing sows. 275-550 lbs., medium and choice, $2.4002.90: slaughter pigs, 100-130 lbs., good and choice. $2.2503.10. Cattle —Receipts. 3,000: calves, receipts, 1,000; generally steady trade on meager supply steers and yearling offerings, hardly enough to make a market; crop run largely low grade cows; cutter cows, steady to shade higher, $2 25® 2.75 with strong weight cutters up to $34 most fat cows. 53©3.50; bulls and vealers, strong; most steers and yearlings. $5.50 down with light heifers up to $6; no choice long yearlings here; slaughter cattle and vealers: steers 550-900 lbs., good and choice, $5.50®7.25; 900-1,100 lbs., good and choice. $5.50®7.10; 1.100-1.300 lbs., good and choice. $5 0 6.90: 1,300-1,500 lbs., good and I choice. $3.75®6.90: 550-1,300 lbs., common i and medium, $3.2505.25; heifers, 550-750 ! lbs., good and choice, $4.7506.50 common i and medium. $3 0 4.50: cows. good. $3.40® ! 4.25; common and medium. $2.i5®3.40: low [ cutter and cutter. $1.750 3; bulLs.'%’earlings excluded, good beef. $3.40®3.75f cutter, common and medium. $2.8503.65; vealers, good and choice. $5 0 6.50; medium. $405; i cull and common, $304: stocker and feed- ! er cattle: steers, 550-1.050 lbs., good and i choice. $3.75®5; common and medium. I $2.5003.75. Sheep—Receipts. 10.000: lamb i undertone strong to unevenly higher, best held above $8.40. few plainer kinds around $8: sheep firm: native ewes up to $4. west- ! erns higher; feeding lambs scarce; slaughter sheep and lambs: lambs 90 lbs. down. : good and choice. $7.7508.40; common and medium. choice. $708.25: ewei 90-150 lbs., good and choice. $2.25®4.1u: all weights, common and medium, 51.5002.75: feeding | lambs: 50-75 lbs., good and choice, $6.25© I 7.25. ! By Times Special I LOUISVILLE. Jan. 12—Cattle—Receipts, 100: supply light; market, fairly active; fully steady to strong: bulk common to medium steers and heifer. $3.7504.50; better finished fed kinds, salable $4 75®5.50 and above; bulk beef cows. $2.25®2.75: practical top. $2.25; handyweight heifer types higher; low cutters and cutters. 51.25®2: sausage bulls, quotable mostly $2.2503; most common to medium grade native stockers and feeders. $2.500 3 50% well bred Hereford heifers stock calves I mostly $4 50. Calves—Receipts. 150; steady bulk better vealers. $4.50®5 50: few strictly choice higher medium and lower grades j $4 down. Hogs—Receipts. 900: market, un- i evenly 20c and more higher: 160-230 lbs. 1 53.7503.85: 230-300 lbs.. $3 6503.75- 300 lbs. up. 53.5503.60: 130-160 lbs.. 53.30® ! 3.55: 110-130 lbs . $2.7003.30; 110 lbs ! down. $2: sows. $2.50: stags. $1.20. Sheep —Receipts. 25; steady; bulk medium to good lambs. $6®6.50; choice quotable to $7 or better: throwouts mostly $4; fat ; ewes mainly $2. TOLEDO CASH GRAIN By United Press TOLEDO. Jan. 12.—Grain close: Grain in elevators, transit billing: Wheat—No 2 red. 90091 c. Corn—No. 2 yellow 54%® 55%c. Oats—No. 2 white. 41® 42c. Rve ; —No 2. 67%<fi68%c. Track prices. 28%c ■ rate: Wheat—No. 1 red 86%©87c- No. 2 j red, 85%®85c. Corn—No. 2 yellow 50® ; 52c: No. 3 yellow. 49051 c; No. 4 yellow. 48©49c; No. 5 yellow, 47©48c. Oats—No. j I 2 white, 380 39%c; No. 3 white. 37%®39c. 1 Toledo seed close: Clover—March* $8.25. Cashi $8.50i

PORKER PRICES GAIN 10 CENTS AT CITYYARDS Cattle and Lambs Mostly Steady; Veals Lower at $7.50 Down. With the exceptions of a 5-cent increase Monday, initial strength of the week was displayed in hog trading at the Union Stockyards yesterday. Practically all classes were mostly 10 cents higher than Thursday's average. Receipts were normal and trading was fairly active. The bulk, 160 to 250 pounds, sold for $3.55 to $3.65, while weighty kinds, 250 pounds and upward, were salable at $3.30 to $3.50. Slaughter grades weighing 130 to 160 pounds held at $3 to $3.55. Lightest kinds weighing 100 to 130 pounds brought $2 to $2.75. Receipts were estimated at 6,000, holdovers 273. Early interest was scarce in the cattle market and majority of classes showed little change from the previous session. She-stock held fully steady. Receipts numbered 300. Vealers lost their advance of 50 cents registered yesterday, selling at $6.50 down. Few odd heads were salable at $7. Receipts were 500. With only slight action evident, lamb prices remained unchanged. Good natives and fed westerns sold from $8 to $8.25. Lower grades ranged from $7.50 down. Receipts were 2,500. Strength appeared in hogs at Chicago, with few initial bids and sales around 5 to 10 cents higher than Thursday’s close. Early top held at $3.55. Receipts were estimated at 30,000, including 10,000 directs. Holdovers, 4,000. Cattle receipts were 3,000; calves, 1,000; market slow and weak. Sheep receipts numbered 10,000; market unchanged.

HOGS Jan. Bulk Top Receipts 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 12. 3.55@ 3.65 3.65 6,000 Market, higher. (140-160) Good and choice....s 3.15@ 3.35 —Light Weights—-(l6o-1801 Good and choice.... 365 (180-200) Good and choice.... 3.65 —Medium Weights—-(2oo-220) Good and choice.... 3.60® 3.65 (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 upl Good 2.50® 2.75 (all weights) Medium 2.00® 2.50 —Slaughter Pigs—-(loo-130) Good and choice... 2.00® 2.65 CATTLE Receipts, 300; market, steady. (1.050-1,100) Good and choice $ 5.50@ 6.75 Common and medium 3.75® 5.50 (1.100-I,SCO-Good and choice 5.00® 6.65 Common and medium 4.00® 5.00 (675-750) — Good and choice 500 ® 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 —Bulls (yearlings excluded) Good (beef steerS) 2.50® 3.25 Cutter, common and medium 1.50® 2.50 VEALERS 1 Receipts. 50; market, lower. Good and choice $ 6.00® 7.00 Medium 3.50® 6.00 Cull and common 2.00® 3.50 —Calves—-(2so-500) Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle — (500-900) Good and choice 3.75® 4.75 Common and medium 2.50® 3.7a (800-1,500) Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, 2,500; 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 •—Ew'es— Good and choice 2.25® 3.25 Common and medium I.oo® 2.25 Other Livestock BY UNITED PRESS FT. WAYNE, Jan. 12.—Hogs—Receipts, 10015 c higher; 160-200 lbs., $3.60; 200-250 lbs., $3.50; 250-300 lbs.. $3.40, 300-350 lbs., $3.25; 150-160 lbs., $3.15; 140-150 lbs., $3.05; 130-140 lbs., $2.85; 100-130 lbs., $2.50; roughs. $2.50; stags, $1.50. Calves. $6.50; lambs. $7.75. PITTSBURGH, Jan. 12.—Hogs—Receipts. 2,000; holdovers, 1.500; open slow; very little done early, active: asking $4 for 160-210-lb. averages, with closely sorted weights on government account up to $4.10; sows, steady; 230 lbs. up. quotable $3.5003.75; 150 lbs. down, s3® 3.50; packing sows, $2.75 down. Cattle—Receipts, 100; quotably steady; top fed steeds Monday, $6; good bulls, eligible up to $3.75. Calves—Receipts, 125; slow and steady; top vealers, $7. Sheep—Receipts, 300; steady; good demand closely sorted fat lambs, up to $8.60; lower grades, steady; aged wethers, $4.25 down. CLEVELAND. Jan. 12—Cattle—Receipts, 200; market slow and 10®15c lower for week in cheaper goods; others, steady; choice 750-1.100-lb. steers. s6® 6.50 . 550900 lbs., [email protected]. Heifers, 600-1.1000 lbs., [email protected]; medium, [email protected]; good cows, all weights. $2.50 03. Calves—Receipts. 250; market active and steady toI day and steady for the week; choice to ! prime, $707.50; choice to good. $6.5007; j fair to good, $5 0 6.50. Sheep—Receipts, I 1.000; market active and steady today; prices 40®50c higher for week; choice wethers. [email protected]; medium to good. $1.50 02: choice ewes, handyweight. s2® 3: choice spring lambs. 58®8.50; good to choice. $7.50®8: medium to good, s6® 7.50. s>gs—Receipts. 1,500; market generally steady on light hogs and 10®15c lower on mediums and heavies; market for week steady in light hogs, earlier adI vance being lost; 15®25c off from week i ago on heavies: heavies. [email protected]; choice mediums. $3.5003.60; light butchers, $4 10; I choice Yorkers. $4.10: stags, $1.25; roughs. $2.25; pigs. $2.50 0 2.75. : LAFAYETTE. Jan. 12.—Hogs—Market, [ 10c higher; 170-225 lbs.. $3.45®3.50; 225275 lbs., $3.35 0 3.40 ; 275-325 lbs.. $3 20® |3.25: 140-170 lbs.. $2.900 3.10: 120-140 lbs., i $2.5002.75- 100-120 lbs.. $1.7502.25; I roughs, $2.25 down: top calves. $5.50; top j lambs, $6.50. ! KANSAS CITY. Jan. 12— Hogs—Re- ! ceipts. 2,000. including 400 directs; fairly ■ active, mostly 5c higher than yesterday’s i average: top $3.35 on 180-230 lbs.; light i lights. 140-160 lbs., $2.7503.30: light : weights. 160-200 lbs., $3.10®3.35; medium weights. 200-250 lbs., 53.200 3.35; heavyweights. 250-350 lbs., 53.0503.30; packing sows. $2.350 2.75: feeder and stocker pigs, j $1.50 0 2.15 Cattle —Receipts, 1.0(H): calves, receipts. 400; mostly steady; some weakI ness on lower grade cows and medium ! heifers; good fed yearling steers, $5.75; i steers, good and choice, 550-1.500 lbs., i $3.600 6.75: common and medium. $2.75® ; 5.25: heifers, good and choice, 550-900 lbs., $4.500 6 25: cows. $2 50 0 3 50: vealers. s3® 6: stockers and feeders. S3 50® 5. Sheep 1 —Receipts. 4.000: killing classes fully steady; top fed lambs. $7.85.

U. S. Government Bonds

j By United Press \ NEW YORK. Jan. 12 —Closing Liberties. I (Decimals represent thirty-seconds' LIBERTY ! 3%s (32-47) 100 15 First 4%s (32-47) 101.10 Fourth 4%s '33-38' 101.27 TREASURY 4%5-3%s <45) 98 18 4%s (47-52i 105.20 | 3%s (43-47) 99 2 ! 3%s (41-43) March 99 ■ 3%s >4O-43 June 99 12 ! 3%s (41) 98 18 I 3V.S 1 46-491 96.19 ,3s >sl-55' 94.23 NEW YORK RAW SUGAR FUTURES —J an. 12— High. Low. Close. i January 1.16 March 1.22 May 1.29 1.28 1.29 September V 1.38 139 fiNwiMr vrwSSm. i,*a 1.44

—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 7 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 supieme court that these phrass confer no power on congress Likewise it dismisses the “general, 1

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. , # u a TT 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 wholly within a state? The Vaw Review believes that there is much greater doubt here, but that the supreme court might stretch the commerce 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 n6t 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. n a tt 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

On Commission Row

—Jan. 12Fruits Cranberries —Cape Cod early blacks. 25lb. box. $2.60. Grapes—Semi sawdust, 24-lb. lug. $3. Pears Washington A’AJou, 90-1655. $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. 51.35@2 a bu.. fancy Staymans. $2.25 a box. Grapefruit—s3 0 3.75. Oranges—California Navels. [email protected] a box. Vegetables Cabbage—Eastern Danish, 50-lb. bag. $1.75: new Te::as, 50-lb. crate. $3.80. Onions—lndiana white. 50-lb. bag, $1.35; Indiana yellow, 50-lb. bag. $1.40 01.50. Beans—Round stringless, hamper. $2.50; best. $3. Beets—Bulk per bu.. $1.15; Texas, new. $1.75 a crate. Peas—3o-lb. hampers. $304. Carrots—California, $3 a crate: per doz., 60c: Mlcmgan. $2.50 per crate, doz.. 60c; bulk, per bushel. $1.15. Cauliflower—California (11-12s). crate $1.75. Celery—Michigan Mammonth. dozen. 65c: medium bunch. 45c: hearts. $1.25: 18bunch per crate. $1.50: California. $3 crate. Cucumbers—Florida, $4.50 bushel; hothouse. $1.50 per dozen. Lettuce —Iceberg best (4-ss) crate. $3; hothouse, 15-lb. basket. Si. 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. Ohlos. 100-lb. bag. $2.10: 15-lb. bag. 35c; Idaho Russets. 100-lb. bag. $2.25: Texas Triumphs, new, $2 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu.. $1.65.

In the Cotton Markets

—Jan. 12— CHICAGO High. Low. Close. January 10.80 March 10.95 10.86 10.87 May 11.15 11.03 11.03 July 11.28 11.18 11.18 October 11.44 11.36 11.37 NEW YORK January 1.78 10.75 10 75 March 10.91 10.78 10 78 May 10.08 10 95 10.95 July 11 22 11.08 11.09 October 11.40 11.27 11.29 December 11.52 11.45 11.45 NEW ORLEANS January 10.75 10.70 10.70 March 10.87 10.75 10.78 May 11.05 10.93 10.94 •Ju'y. 11.20 11.05 11.10 October 11.36 11.25 11.28 December 11.48 11.41 11 42

Daily Price Index

By United Press NEW YORK. Jan. 12— Dun & Bradstreet s daily commodity index of thirty commodities compiled for the United Pr“s's (1930-1932 Average 1001 Today 102.49 Yesterday 102.48 Week ago 101.74 Month ago 100 87 Year ago 71.11 1933-1934 High (July 18) 113.52 1983-1834 Low (Jan. 80) 67.80 Copyright, 4934, by Dun <& -Brtdftnet. Ina,

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. There will be a great debate, in which the views 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 which will 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)

Indianapolis Cash Grain

—Jan. 12— ran f b l£ s l! ?? s of S raln at the call of the Indianapolis Board of Trade, L 0 b. shipping point, basis 41% New York rate, were: Wheat—Stron; No 1 red L 83%@84%c: No. 2 red, 82%@83%c; No. 2 hard. 82%® 00 72 C. No 3 white. 43%®44%c; a?' 4 kite, 42 , 2^43 1 2C; No. 3 yellow, 43tfi 4 42 @43c; No. 3 mixed, 41/@42 1 2c; No. 4 mixed, 40 1 -2^4l l ic .9. ats %r irm; No - 2 wh >te. 34035 c; No. 3 white. 33034 c. Hay—Steady—(F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville) No. 1 timothy, $7.50®8; No. 2 timothy, [email protected]. —lnspections Wheat—No. 1 red. 2 cars; No. 2 red. 3 cars; No. 1 hard. 2 cars; No. 2 hard 1 car total. 8 cars. Corn—No. 4 white. 2 cars; No. 5 white. 1 car; No. 2 yellow, 13 cars; No. 3 velloV,’ 16 , cars ; No. 4 yellow. 11 cars; No. 5 yellow, 1 car; total, 44 cars. Oats—No. 2 white, 2 cars; No. 3 white, 3 cars; total, 5 cars. Chicago Futures Range WHEAT— ~~ Jan 12_ ‘ p rev Open. High. Low. Close, close. May... .85% .85% .85% .86% .85% July .84% .85% .83% .85% .83% Se £oßN- 5/4 ' 863/8 • 85V8 • 86V * - 843 * May... .52% .52% .52 .52% .52% July... .53% .54% .53% .54 .53% Se OATS— S43/4 -55 H 54 ' 4 - 551/ - 54 TANARUS May... .37% .38 .37% .37% .37% July... .35% .36% .35% .36% .36 Sept.. .34% .35% ,34% .35% .34% RYEr— May... .59% .60% .59% .60% .59% July... .60% .61% 60% .61% .60% BARLEY— May... .53 .53% .53 .53% .52% July 53 V* .52% LARD (Old) Jan... 4.85 485 500 May.. 5.22 5.25 5.22 5.25 5.20 BELLIES (Old) May 6 35 6.27 BELLIES (New) Jan... 6.25 6.27 625 6.27 6.25 May.. 6.97 7.00 697 700 6.90 July. 7.10 7.07 LARD (New) Jan... 5.35 535 540 May.. 5.70 5.75 5.70 5.75 5.87 July.. 5.62 5.67 560 5.67 5.57 Sept.. 5.80 5.80 5.75 577 5.75 Marriage Licenses Charles D. Clutts, 29. Grand Tower, 111., clerk, and Bertha Whitsitt, 20. of 3427 West Michigan street, housekeeper. Walter Heather. 23. of 2936 Cornell avenue. chauffeur, and Alice Bvland. 20, Beech Grove, restaurant operator Charles Wilson. 26. of 169 Bright street CWA. and Violet May Lloyd. 26, of 169 Bright street, housekeeper. Edward Marlin. 23. of 1012 North Sheffield avenue, laborer, and Carrie Stephens. 19. of 954 North Miley avenue, housekeeper. Harold C. Jones. 34. of 2051 Park avenue, bus driver, and Hazel Cutter. 31. of 2322 Guilford avenue, housekeeper. Ona E. Bishop, 27. of 215 East North street, barber, and Dollie Price. 19. of 935 California street, housekeeper. Thomas Mohr, 23. R. R. 3. Box 650 CWA. and Hazel Brinson, 20. R. R. 3, Box 937 housekeeper. Harold O. Morris. 41, of 35 South Grace street, mechanic, and Elizabeth Shouse, 46 of 1034 Villa avenue, housekeeper. William T. Spoon. 29, of 4216 Baltimore avenue, painter, and Anita Ackman, 2865 North Dearborn street, housekeeper. Births Bots Harry and Vivian Oliver, 2168 North DeQuincy. Oeaths Donald Robert Bowers. 30 days. P„iley hospital, general peritonitis. Beatrice Troup, 1, Riley hospital, cirrhosis of liver. Mary Catherine Speckman. 53. 906 East Minnesota, carcinoma. Judith Averitt. 85. 1321 West Twentyseventh. acute myocarditis. Levi P, Ayres, 76. 3949 Southeastern, coronarv occlusion. Lula Dam rell. 38. 645% Massachusetts, pulmonary tuberculosis. Louise P. Bilsborough. 31. 3029 College, acute myocarditis. Julian H. Thomas. 67. Methodist hospital. diabetes mellitus. Lawrence Warden. 28. Methodist hospital, fractured skull. Garrett S Mathews. 61. 3801 East Twelfth, lobar pneumonia. Charles Brown. 64. Big Four Freight House, coronary occlusion. Amanda Richardson. 70. city hospital, cerebral hemorrhage. Marshall W. Davis. 61. 958 North West, lobar pneumonia. Irving Barnes. 49. 436 Bankers Trust, angina pectoris. Marie Auch. 58. 906 North Keystone, carcinoma. Barney George, 42. Veteran* hospital, .pulmonay -taberculosUb

GRAIN FUTURES STRENGTHEN ON BETTERJIEMAND Rumors of Definite Action on Monetary Matters Aids Prices. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Jan. 13.—Rumors from Washington that the administration soon might make a definite announcement concerning money matters stimulated action in the wheat pit yesterday and prices averaged higher on the Board of Trade. At the finish wheat futures were 1% cents higher: corn was up ft to ft cent, and oats was ft to ft cent higher. A broader interest was apparent and at the extreme May wheat sold at 2 cents over Thursday's last levels. Selling developed after this future had reached 86% cents, however, and the market slipped slightly. Latest weather reports from the winter wheat belt were conflicting. Commission Houses Active Corn held within narrow limits and made a relatively poor responsa to the strength in wheat and to the continued light country offerings. Purchases by local handlers during the day were placed at 75,000 bushels. Commission house were fair buyers of July oats, while the northwest sold May and bought July. Trade in the aggregate was only fair. After a rather nervous start, wheat futures reacted with commission houses good buyers and shorts covering. One of the paramount factors in the second hour uprush was the news from Kansas that the dry area was suffering in a severe dust storm. Liverpool was easier on hedging sales early. Local cash prices were ft to 1 cent higher and receipts were five cars. Cash Business Improves Corn was higher, but not as broad as wheat during the early dealings. The future prices were aided by a better cash business, 40,000 bushels being sold. The country was more free with offerings and 70,000 bushels were booked to arrive during the first hour. The cash price was unchanged and receipts were seventy-five cars. July oats turned up and a better feeling sifted through to the other futures of this grain, although the early advance was fractional. More than 51,000 bushels were sold in the cash market during the first hour. Cash prices were unchanged and receipts were twelve cars. Chicago Primary Receipts - Jan. 12— Bushels Today Last weeie Wheat 296.000 187,000 Corn 675,000 482.000 Oats 173.000 113.000 CHICAGO CASH GRAIN By United Press CHICAGO. Jan. 12. —Cash grain: Wheat —No. 1 hard, 87ftc. Corn tnewi—No. 2 mixed, 50ftc; No. 3 mixed. 48 1 2 ®49'.ic; No. 4 mixed. 49c : No 2 yellow. 50ft® 51ftc; No. 3 yellow, 49 1 245 50' 2 c : No. 4 yellow. 48ft®49c; No. 3 white. 50ftc: No. 4 white. 49ftc; lold) No. 2 yellow. 51ft® 51%c; No. 3 yellow. 50%c: No. 2 white, 52c. Oats—No. 2 white, 37ft4/38c. Rve— No sales. Barley—Sales, 5247 78c: quotable, 484J80C. Timothy seed— s6<f?6.2s. Clover seed— slo4ll3 25. Cash provisions—Lard, $5.37; loose, $4 67; leaf. $4.75; bellies. $6 37. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat. Other grades on their merits.

Lippmann

gj|| We had the pleasure of hearing “Cannon-Ball” Baker at the Optimists Club yesterday. “Cannon-Ball” is one of our own Indianapolis boys who has made good in a big way. He has crossed the continent at high speed than one hundred times. Speaking on the subject of safe driving, he pointed out that the word “SAFE’* should mean SEE ALL FOUR EXTREMES. First, look straight ahead; second, look to the right; third, look to tha left; and fourth, look at your rear mirror. tt tt . u Safe driving, of course, starts with safe tires. Miller builds Its Geared-to-the-Road Tires for the driver who makes liberal use of his accelerator. The man who travels at high speed needs EXTRA SAFETY for a blow-out even at 30 miles an hour is dangerous, more so at 50 and up. The same safety features in Millers that add to the security of driving also result in longer mileage for this extra safe construction means a tire that is built to wear longer at a lower cost per thousand miles. Trade in your old dangerous tires. We will make you a liberal allowance. Pay the balance as convenient, as little as 50 cents weekly. n a b We are open until 9 p. m. tonight and all day Sunday until 6 p. m. For speedy road service, anywhere in Marion county, call Riley 8355. u tt u CHIEF TIRE CHANGER ■MIIJJ.R TIRE DISTBXRUXDRi'

JAN. 13, 1934