Indianapolis Times, Volume 45, Number 215, Indianapolis, Marion County, 17 January 1934 — Page 15

JAN. 17, 193 J

Wall Street

Capture of Reserve Bank Gold by Government in Line of Inflation: Right Studied. BY RALPH HENDERSIIOT

Timet Special financial Writer It looks as if the old inflation ball is rolling nearer. The President and his advisers are casting longing eyes at ihe gold held by the federal reserve banks—about 53.600 000.000 of it—and. to make the most of it, steps must be taken to stabilize the dollar at a fixed level and then cop the profit which will accrue on the yellow metal. Such a step is directly in the line of inflation. The question arises as to whether the United States government can legally take this profit. Attorney-General Cummings has submitted an opinion to President Roosevelt, but this opinion has not been made public.

There is a possibility the United States supreme court may be asked to rule on it in the end. The inflationary forces claim they have no doubts as to the government's ability to commandeer the profits. In fact, some of them believe it could and should take not only the profits but the gold itself. They argue that if the government can take the gold away from individuals it can also take it away from the federal reserve banks. 000 Government Expense Heavy As everybody knows, the government has been under heavy expense in pumping capital into institutons and I industry in this country and that it has a broad I program for the continuance of the pumping act. This I was revealed in President Roosevelt's budget message to I congress. If it borrows the full amount needed in that connection the government’s debt will rise to the highest point m history and taxes are almost certain to mount.

' x 9

Ralph Hrndershot

Some people wonder how the government can take the profit on the gold holdings without additional enabling legislation. The Glass act provides that these profits shall go to the banks. But the government might ce able to seize the gold itself under the same authority that it required individuals to turn their gold into the banks. Some people figure, however, that this authority represented bluff more than constitutional right. But the banks have been softened up materially in recent months, so the bluff, if such it be, might work on them, too. 0 0 a a a a Emergency a Big Factor And if the issue were carried to the supreme court a ruling in favor of the government might be rendered irrespective of the law. This court made an important ruling earlier this week in which it made a strong point of application of the law in times of emergency. It said, in effect, that in such times the good of all the people must take precedence over the rights of an individual. If it followed out the same reasoning in the case of the gold capture about the only thing to determine would be whether the capture of the yellow metal would be in the interest of all of the peopl.e. It may be, however, that the President would not wish to take the issue into the courts. Even if the ruling were in favor of the government an important and perhaps dangerous precedent might be established. But most observers feel enabling legislation could be secured by Mr. Roosevelt without much difficulty if he decides he needs it. If a central bank of issue were created, as has been proposed, the new bank would take over the federal reserve banks and undoubtedly the gold along with them.

New York Stocks (By Abbott. Moppin a Ce.i ————

—Jan. 16— Prev. Oil*— High. Low. Close, close. Amerada - 46 44% 45H 44% Atl Rfg 30% 29% 29% 29% Bamsdall 9 8% 8% 8% Consol Oil 11% 11 11 11% Coni of Del ... 18% 17% 18 18 Houston (new) . 4% 4 4% 3% Houston 'Oldi .. 23% 23% 23% ... Indian Rig ... 3 Mid Cont Pet . 12% 12% 12% 12% Ohio Oil 14% 13% 14 14 Pet Corp ...>.. 10% 9% 10 10 Pnilllps Pet ... 16% 15% 16% 16% Pure Oil 12 11% 11% 11% Roval Dutch 37% 28 Sbd Oil 30% 29% 30% 30% Simms Pet 10 9% 9 s * ... Skeiley Oil 8% 8% 8% ... Soc Vac 17 16% 16 s * 16% S O of Cal 39% 39 39 39% S O ot N J 46% 45% 45% 45% Texas Corp .... 25% 24% 25 24% Tidewater Assn . 9% 9% 9% 9% I'n Oil of Cal .19% 18 lB% 19% Steels— Am Roil Mill*.. 21% 20% 21% 20% Betii Steel 43 42 42 42% Bvcrs A M .... 27% 26% 27 25 Cci Fuel <v Iron 7% 6% 6% 6 Cruc S tel 26% 25 25 25 Gult Sts Steel .35 34 Inland Steel ... 47% 47 47 46% Ludlum Steel . 18 17% 18 17% McKeesport Tin 87% 87 87 87% Natl Steel 56% 55% 55% 55% Rep 1 A S 19% 18% 18% 18% Rep 1A S pfd.. 48% 47% 47% 48 U S Smelt 101% 98% 99% 100% Vanadium '24% 24% 24% 24% Mid Steel 14% 14% 14% 14% Shell Un 9 8% 8% 8% U S Pipe Ac Fdy 23% 22% 23 23 U S Steel 54% 53% 53% 53% U S Steel pfd.. 94% 92% 94% 92% Youngstn S6c T 26% 25% 25% 25% Rails— Atchison 67% 63% 66 64 Atl Cst Line ... 45% 44% 45% 44% B A O 27% 26% 27% 26% Can Pac 16% 15% 15% 16% Ch & Ohio 43% 41% 42% 41% Chi A: Gt W 3% 3% 3% 3% C M A St P... 6 5% 5% 5% C M At St P pfd 9% 8% 9 8% Chi N W 8% 8% 8% 8% Chi R Isl 4% 13% 4 3% Chi RI 7% Old ... J ••• Dela & Hud... 63*4 00% 63% 61% Erie 18% 17% 18% 17-* Grt Northern pfd 22 21 22 23% 111 Central 34% 33% 34% 33 s K C Sou 19% 18% If 18% Lou A Nash 55 s * a4 55*4 53% M K A: T 13% 12% 12% 12% Mo Pac 4% 4% 4% 4% Mo Pac pfd 6% 5% 6% 5% N Y Cent 38% 36% 3i% 3<% N Y Cili A* St L 18% 17% 18% 18 NYCA*St Lpf 22% 21% 21% 21% N Y New Haven 18% 1% 17% 17% N Y Ont A- Wes 10 9% ?% 10 Norfolk & Wes ..175 172% 175 • Nor Pac 27% 26% 26% 20% Penn R R 35 34 35 34 Reading 50% 50 50 % 49% Sou Pac 24% 23 23 4 23 Sou R R 29% 28% 29 28 Sou R R pfd... 33% 32% 33 32% Union Pac 121% 119% 121 117% Wabash ....... 3% 33% 3 West Marvl 10% 10% 10% 10% Motors — _ ... Auburn 53% 51% 51% 52* Chrysler 53% 52% 52% 53 4 oen Motors 37% 36% 36 • 37 Grahaiu Mot... 3% 3% 3% 3% Hudson 15% 15% 15% 15% Hupp 5 3 5 *4 s** 5/* Mack Truck 36% 36% 36% 36% Nash 30% 29% 29% 30 Packard 4% 4 4% 4% Reo 4% 4% 4% 4% Studebaker 6 5% 5% 5% Yellow Truck .. 4% 4% 4% 4% Motor Access— Bendix 19% 18% 19% 18% Bohn Alum ... 61% 60% 61% 56% Borg Warner . . 24% 24 24 23% Briggs 13% 13 13% 13% Budd Wheel ... 4% 3% 3% 4 Eaton Mfg 15'a 14 10% 14-4 Elec Alto Lite.. 20’. 20 20% 20% Houd A 4% 4% 4% 4% Mullins Mfg ... 6% 6% 6% 6 2 Murrav 80dy... 7% 7% 7% 1 Stew Warner 7% 7% ■ % 7 Timken Rol ... 33% 33 33’2 33 Mining— I Alaska Jur. 33% 22% 22% 23% Am Smelt 45% 43% 43’. 45% Ar.aconda .... 15% 14*2 15 15% Cal A Hecla 4% 4% 4% 4; Cerro De Pasco 35% 34% 34 s . 35 ‘4 Grarbv ... f, 9 Gt Nor Ore .. IS 12% 12% 12% Homestake Min 336 Howe Sound ... 37% 3i 3t% 38% Ins Copper .... 5% 5% 5% 5% Int Nickel 23% 22% 22% 22 ■ Isl Creek Coal Kenneco't Cop.. 31% 20% 20% 20 a Noranda Cop... 35% 34% 34% 35 Phelps Dodge ... 17% 16*4 16% 17% Tobaccos — Am Sr.utf 50% 50% 50% 50% Am Sum T0b.... 17% 16% 17% 16% Am Tob lA' 70 69 69 69-4 Am Tob B . 72% 71% 71% Gen Cigar 30% 30 30 30 Lag A- Myrs 181 83 81% 82% 82% Lcrrillard 17** 17% 17% 17% Reynolds T <B) 42 41 >4 41% 42% Equipments— Allis Chalmers.. 20% 19% 19% 20 Am Car & Fdv .27 % 26% 27% 25% Am Loco 30% 30 30% 30 Am Mach A Fdy 16% 15% 15% 15% Am S'eel Fdv 23 23% 22% 22% Bald Loco 12% 12% 12% 12% Burroughs 16% 16% 16% 16% Case J 1 75% 74% 74% 75% Cater Tract . 26% 26 26 26 Colgat Palm Pt 13% 13 13 12% Congoieum .... 35% 24% 25% 24’. Elec Stor Bat.. 50% 50% 50% 51 Foster Wheeler . 15% 15 15 14% Gen Am Tk Car 38% 38 38 38% Gen Elec 32% 21% 22% 21% Gen R R 6ig ... 40% 39% 39% 40 Ihgol Rand ... 04% 64% 64% 64% Int Bus Mach 147% 147 147 145% Ir.t Harvester... 43% 42 42 42% Kelvinator 13% 13% 13% 13% Natl Cash Reg.. 19% 19% 19% 19% Froc A Gamble. 39% 39% 39% 39% Pullman Inc ... 5*% 57 57’* 56 Simmons Bed .. 20% 19% 18% 20 Und Elliot 47% 43*4 47% 43% West Air B 29% 29 29 % 29 West ingh Elec. 42% 41% 41% 41% Worthington Pm 25% 25 29 24% L'tiiities— Am A For Pwt. . 9% 9% 9% 9% Am Power & Lit B*4 8 8 8 A T A T 119% 117 117 119 Am Wat Wks... 21% 20% 20% 21% Brook Un Gas... 71 69% 70 70% Col Gas A Elec. 14% IS’. 14% 13% Col GA E pfd. 64% 64 64 s . 63 Com A Sou .... 3% 2% 32% Consol Gas .. .. 43% 42% 42% 42 s . Elec Pwr A Lit. 6% 6% 6% 6% E P A L pfd ... 12 11% 12 11 3 4 Int TA f 16% 15% 16% 15 Lou G A t A.. 18% 17% 18% 17% Nat Pwt A Ltt.. 11% 11 11% ll 3 * North Amcr ... 18% 18% 17’. 17% Pac O A * 19% 19 19 19% Pub Sere N J... 41 4040% 40 So Cal Edison... 90 19% 20 18% Sid Ga* 9% 3 9% B’. gtri Gas pfd ... 10% 9*4 9% 10% United Corp ... 6% 6% 6% 6% Un Gas Imp ... 17% 17% 17% 17% Ut Pwr A Lit A. 4 3% 1% 4 Western Cnion. 59% 56% 58% 58% Rubbers— Plreatone 27 31% 31% 21% Goodrich 15% 14% IS 15

Goodyear 37% 36% 36% 3714 U S Rubber ... 17% 16% 16’. 17 U S Rubber pfd. 28 27 27% 26 Kel Spring 32% 33 Amusements— Crosley Radio .. 10% 10% 10% 10% Fox Thea 14% 14 14 13’. Loews Inc 28% 27% 27% 27% Radio Corp .... 7 s . 7% 7% 7% K O. 2% 2% 2% 2% Warner Bros .. 6% 5% 6 5% Foods— Am Sugar 52% 51 52% 50% Armour iA> 5% 5 5% 5% Beatrice Cream’y 14% 12% 14% 12% Borden Prod .. 23% 23% 23% 23 Cal Packing 23% 22% 23% 21% Can Dry G Ale 26% 25% 25% 26% Coca Cola 98 97% Cont Bak (A).. 9% 9% 9% 9% Corn Prod 77’. 76% 77% 77 Crm of Wheat 30 9% 29% 29 Gen Foods 36 35 % 36 35% Gold Dust 20% 18% 20 18% G W Sugar 33% 31% 32% 31% Hershey 52 51 : Int Salt 23% 23% 23 s . 33% Loose Wiles .... 44% 44% 44% 43% ! Natl Biscuit 49% 48% 48% 47% Natl D Prod. .. 15% 14% 15% 14% Purity Bak 16% 16% 16% 15% S Porto Rico S.. 36% 35% 36 35 Std Brands 23% 23% 23% 23% United Fruit . . 63% 63 63 62 Ward Bak (A) 9 7% Wrigley 57 56% 56% 56% Retail Stores— Asso Dry Goods 14 13% 13% 135/. Best A Cos 28 27% 28 27% Gimbel Bros 5% 5% 5% 5 Gimbel pfd 21 20% Gr Un Tea 5% 4’/. 5% 4% Hahn Dept Sts. 6 5% 6 5% Jewel Tea 34 Kresge S S 15% 14% 15 ii% Kroger Groc ... 276 27 27% 26% Macy R H 56% 56% 56% 55 May Dept St . 34% 34% 34% 34% Mont Ward 26% 24% 26% 25 Penny J C 50 48% 49% 48 Safeway St 50 48% 49% 48 Sears Roebuck . 46% 45 46% 44% Woolworth 46% 46% 46% 45% Aviation— Aviation Corp .. 8% 8% 8% 8% Douglass Air .. 17% 17 17V. 17% Curtiss Wright . 2% 2% 2% 2-% Curtiss Wright A 6% 6 6% 6% Nor Am Av 5% 5% 5% 5% United Aircraft . 33% 32% 32% 33% Chemicals— Air Reduction . 103% 101% 102% 101% Allied Chem 152% 150% 150% 151’. Am Com Alcohol 58% 55% 55% 57 Col Carbon .... 64% 62% 62% 63% Com Solvents ... 34% 33% 33% 34% Dupont 99% 97% 98% 98% Freeport Tex ... 45% 44% 34% 43 5 . Liquid Carb .. 29% 28% 28% 29% Math Alkali 36% 35 35% 34% Tex Gulf Sulph 41 39% 40% 40% Union Carbide . 48 47% 48 47% U S Ind Alco . 57 55 56% 57 Natl Dls (new). 26% 24% 24% 25% Drugs— Coty Inc 4% 4 s . 4% 4% Lambert 27% 26’. 27 25% Lehn A Fink 17% 16’. 17% 17 Zonile Prod ... 6% 6 6% 6 Financial— Adams Exp 9 8% 9 8% Allegheny Corp. 4% 4 4% 4 Chesa Corp 39% 37% 39% 37% Transamenca... 7% 7% 7% 7% Tr Conti Corp.. 5% 5% 5% 5% Building— Am Radiator ... 15% 15% 15% 15% Gen Asphalt ... 17% 17% 17% 17% Int Cement 34% 33% 34% 33% Johns ManviUe.. 62% 61 62 61% Libby Owens G 1 40 39% 39’. 39% Otis Elev 17 16% 16% 16% Ulen Const ... 3% 3% 3% 3% Miscellaneous— Am Bank Note.. 18% 17% 18% 17% Am Can 100% 98% 99% 99% Anchor Cap 21 20% 21 20% Brklyn Man Tr. 33% 32% 32% 32% Conti Can 79% 79 79% 79 Eastman Kodak 84% 83% 84% 82 Owens Bottle... 82% 81% 82 81% Glidden 19 s , i6 3 4 16% 19 > ?°i han L Sllk “ 35 8% 8% 8% Indus Rayon 82% 81% 82% 81% I nt *; r R*Pid 'Tr.. 11% 10% 11 12% Real Silk Hose 934 97J New York Curb (Bv Abbott. Hoppin A Cos.) —Jan. 16— Allied RCills 9% 3ulf Oil of Alum Cos C f Am 83% Hiram Walker.. 55% Am Beverage 2% Hud Bav Min... 9% Am Cyanide B. 18% Humble Oil .... 37% o as * E 1" 233 " Imp Oil Ltd ... 13% Am Superpower 3 Int Petrol 20% A El ' . 7s UPby MmN Lib 4% nt,? 8 J?9 rp 22 % Lake Shore Min 45% r£n 3% Lone Star Gas 6% w n . d „ Alc A If '* Massey Harris.. 6% Can .Marc 2% Mt Producers .. 4% C?Ues'a^v rP '■ sat5 at Bellas Hess 2% titles Sert .... 3=, Newmont Mm.. 52 Common Ed 50 N:a Hud Pwr 6% Ba ‘ Novadel Agene. . 65 rvlni. C °D P ' ,7 Pan A Airways 48 Creole Petrol.. 11 Park Davis .. . 24% Cork Inti ( Penn Road .... 3% Deere A C 0... 31 st Regis c ar>er 3 Distillers Llm.. 20% Cal est Prod ! 6>, Distillers Corp. 24% Sherwin Wms 51% I Sh ' 155 std of Ind 32 Fisk Rubber ... 10% std of Kv is 11 Ford of Can A. 18% Siutz M% .'!!!! 6% of Europe 6% Technicolor Ind. 8% Gen Aviation. 6 Un Pw ALt A. 4% Great AA F .134 VVr Harg Min... 7% Glen Alden Cl 12% * < *

Foreign Exchange

(By Abbott, Hoppin A Qo.) —Jan. 16— Close. Sterling. England $5 09% Franc. Prance 0631% Li r - Ifalv 0843 Belgias. Belgium 2244 Mark. Germnay 3820 Guilder, Holland 6470 Peseta. Spain 1332 Krone. Denmark 22 80 Krone. Deinmark 2280

Daily Price Index

By United Prt s$ NEW YORK. Jan 16—Dun A Bradstreet's dally commoditv index of thirty commodities compiled for the United Press: (1930-1932 Average. 100) Todav 104.27 Yesterday 104 48 Week ago 102 46 Month ago 98.76 Year ago 63.18 1933-34 High tjulv 181 11S.S* 1933-34 Low (Jar. 20> 87.86 Copyright. 1934. by Dunn A Bradstreet. me.

STOCK SHARES HOLD GAINS IN QUIET TRADING ✓ Issues Close Fractionally Higher Despite Advance in U. S. Dollar.

Average Stock Prices

Average of thirty Industrials for Monday high 103.48. low 99.50. close 103.19, up 4 53. Average of twenty rails: 44.45. 42 38 44.26. up 2 64. Average of twenty utilities: 26.43, 24 70. 26.17, up 1.81. Average of forty bonds 86 99, up .47. Average of ten first rails- 92.67. off .04. Average of ten second rails: 73.82, up 1.26. Average of ten utilities: 93.05, up .08. Average of ten Industrials: 88.42. up 57. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 17.—Stocks added fractions to more than a point to their substantial gains of Monday in yesterday’s session, while commodities moved irregularly bonds were strong and active, and the dollar advanced in foreign exchange terms. A vast amount of profit-taking developed in the early dealings to offset the good effects of outside buying that yesterday’s rise attracted from all parts of the country. The opening was enlivened by blocks of 1,000 shares to 12,800 shares, the latter in Packard. For a time the tape lagged six minutes behind. Then it caught up and the market turned relatively dull and was quiet through the afternoon. Sales crossed the 3,000,000 share mark. At one time, however, they Tvere at a rate of more than 5,00,000 shares for a full session. Some foreign buying was reported. Montgomery Ward Active The west took large amounts of the mail order shares, notably Montgomery Ward w'hich rated among the most active issues on the board. Steels were in demand with Republic the feature in activity. A block of 10,000 Republic sold at 19, up Vs and the issue firmed up from that level. Professional traders believed yesterday’s market had been overdone, but resistance to pressure today was of sufficient scope to bring some of them back to the buying side. However, the market was still considered susceptible to sharp tests of its ability to continue the rise. Railroad shares made the best showing in today’s session. Norfolk & Western soared ten points to 175 and gains of two to four points were noted in Union Pacific. Delaware & Hudson and Atchison. New York Central was active and fractionally higher. Dupont at New High Utilities were active and firm most of the day. Some of the relatively inactive issues made broad gams. Automobile shares moved in a narrow range, although volume was large. Du Pont made anew high since 1931 in the chemicals, where Allied Chemical also was strong and at anew high. Alcohols eased slightly. Electrical equipments lose in active turnover. American Telephone sold off, but other communications ruled film. Gold mining and silver issues eased off. Stocks sales yesterday totaled approximately 3,440,000 shares as against 3,740.000 shares Monday. Curb sales yesterday were 587,000 shares asa against 546,000 shares Monday. Dow-Jones preliminary averages showed industrial, 103.40, up 0.21; railroad, 46.25, up 1.99; utility. 26.23, up 0.26.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 16— Clearings $2,457,000.00 Debits 5,320,000.00 TREASURY STATEMENT By United Press Washington. Jan. 16.—Government expenses and receipts of the current fiscal year to Jan. 13. compared with the corresponding period of the previouns fiscal year: This Year. Last Year. Expenses $3,112,320,042.90 $2,864,102,678.63 Receipts $1,590,522,565.62 $1,084,783,479.77 Deficit .. .$1,521,797,477.28 $1,779,319,198.86 Cash Bal. * 694,290,248.13

Federal Farm Loan Bonds

—Jan. 16— By Blyth & Cos.. Inc. Bid. Ask. 4s Nov. 1, 1957.37 89 91% 4s Mav 1. 1958-38 89 91% 4%s July 1, 1956-36 89% 91% 4%s Jan. 1, 1957-37 89% 91% 4%s May 1, 1957-37 89% 91% 4'is Jov. 1. 1958-38 89 u- 91% 4!s May 1, 1942-32 94 95% 4%s Jan. 1, 1943-33 91% 93% 4’is Jan. 1, 1933-33 91% 93% 4%s July 1. 1933-33 91% 93% 4%s Jan. 1 1955 35 91% 93% 4%S July 1, 1955-35 91% 93% 4’is Jan 1. 1956-36 91% 93% 4%s July 1, 1953-33 94 95’/* 4%S Jan. 1, 1954-34 94 95V* 4%s Julv 1, 1934-34 94 91% 5s Mav 1. 1941-31 976 98% 5s Nov 1. 1941-31 97% 98% Home Loan 4s. July 1. 1951 .... 91% 92%

Investment Trust Shares

By Abbott. Hoppin A Cos. —Jan. 16. Am Bank Stocks Corp 1.04 1.14 Am & General Sec A 5.00 6.00 Am Inv Tr Sh 1.50 250 Basic Industry Shares 3.40 .... British Type Inv Tr Sh 50 .60 Collateral Trustee Shares A... 4.80 490 Corporate Trust Shares (old). 2.11 2.15 Corporate Trust Shares (new) 2.41 245 Cumulative Trust Scares 4.15 Diversified Trust Shares A... 625 .... Diversified Trust Shares 8.... 8.00 Diversified Trust Shares C... 3.15 3.20 Diversified Trust Shares D... 5.00 5.12 First Insurance Stock Corp 1 35 7.40 First Common Stock Corp 83 .98 Fixer Trust Oil Shares A 8.62 8,87 Fixed Trust Oil Shares B 7.50 7.75 Incorporators Investments ...18.31 19.88 Land Band Bond Shares 93 1.03 Low Priced Shares 5.92 .... Mass Inv Trust Shares 18.39 19 98 I Nation Wide Securities 334 3.40 N Am Trust Shares (53) 1.87 .... N Am Trust Shares < 55i 2 42 2.46 N Am Trust Shares )58> 2 62 2.87 Selected American Shares .... 2.90 .... Selected Cumulative Shares .. 7.12 4.25 Selected Income Shares 3.75 425 Std Americas Trust Shares A. 3 01 3.06 Trust Shares of America.... 2.93 2.96 Trustee Std Oil A 5.40 5.50 Trustee Std Oil B 5.10 5.30 U S Electric Lt A Pwr A 11.62 12.12 Universal Trust Shares 3.06 3.18

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 814.25 Coke, uut size 8.75 Coke, egg size 8.75 Indiana, forked lump 5.50 Indiana, egg 5.00 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg 8.25 Pocahontas forked lump t. 25 Pocahontas mine run 7 25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 650 Island Creek 7.00 Extra charge of 60c a ton tor wheeling coal, and $1 a ton for coal carried to bia.

THE INDIANAPOLIS TIMES

Chicago Stocks ■ ’'By Abbott. Uoppln & Co.i" "

TOTAL SALES 94.000 SHARES —JiD. 16— High. Low. Close. Abbot Lab 42% 42% 42% Acme Steel Cos 3*% 33 * 34% Advance Aluminum .... 3% 3% 3% Allied Products 124 12 12V Asbestos M!k 3% 3% 3% Bastian-Blesslng 6% 6% 6% Bendix Aviation 19 JB% 18% Binks Mfg ... 2 Borg-Warner 24-% 23% 24 Brown Fence & Wire B .. ... }% E L Bruce Cos ■ Butler Bros 5% 5 5 Central Cold Storage 6% 6% f% Cent 111 Pub Serv pfd... 15V* 15 15 Cent 111 Securities com... ... % Cent Pub Util > ... % Cent Pub Util VTC ... . , Cent & So We5t...... IS J Cent & So West pfd.. 8 7% 7% Cent & So W P L pfd... 10 9 Chi & North Western... 9% 8% 8 Chicago Corp com 2% 22 2 Chicago Corp pfd ..... .. •• • " Chicago Flexible Shaft. 9% 9 9 Chicago Yellow Cab 11% 11% 2 * ? Cities Service 3 3 * Club Aluminum •• ■■■ - nJ 4 Commonwealth Edison. 50% 50 50 a Consumers 7% pfd a,, ''nv eti Cord Corp 7 % 7 ■ L s Deep Rock Oil 7 6,* • 4 Goldblatt Bros .... 27 25 Great Lakes Aircraft .. 1 „ 4 , 3 Great Lakes Dredge 22 21 4‘ 3 Grigsby Grunow % .7? * 4 Hal! Printing 8 4/2 51/ Hart-Carter, pfd ...... •• 13 Houdaille-Hershey A.. 13/a 13 is Houdaille-Hershey 8.. 4 a 4% | a Ind Pneu Tool 18% i7 fg' 2 Iron Fireman ..••••■• %,/ “iv. 3% Ken-Rad Tube & Lamp 3V* 3% J Kentucky Ut Jr Cum pd 13 12' 12 Lawbeck Corp. 6% pfd .. ... Libby & McNeil <% 41/4 . Lindsay Light ■■ 35V Lynch Corp 36 35 /* 3SVa Marshall Field 15 14 v McOraw Electric 4 3 / 4/a */* McQuay-Norris ••••■■■ McWilliams Dredging Cos 19 18 1 * 19 Mickelberry’s Food Prod Middle West Utilities * Midland United —2? Mosser Leather 2 i/, 2 National Leather A 3 4 National Union Radio.. .. ■■■ Noblitt-Sp Ind 124* 12% 12 a 12 s Northwest Bancorpora n 6% 6 0,2 Perfect Circle " Potter Cos • 3V* Prima Cos jj ,?% 8 Public Service N P.... 19 18 18 Public Service 6 % pfd .. ••• 84,2 Public Service 7% pfd. 59% 57% 57Va Quaker Oats 123V* 123 123 Raytheon VTC 2 1% 2 Reliance Mfg Cos 16% 16% 16 / Reliance Mfg pfd 99 Sangamo Elect com .. ... 8 Sears Roebuck 46>/2 45 46/2 So West G & Elec pfd 47 Standard Dredging Co-. Standard Dredg Cos pfd .. ... * Stutz Mot C Cos of Am 7 6V* 7 Swift &Cos 16% 16 16 Swift Internacional .... 28 27% 27 * Thompson. JR........ BV* 8 8% Transformer Cor of Am .. ... 3 4 Union Carb & Carbon.. 48 47% 47% U S Gypsum, com 47% 47 s 47 b Utah Radio 2V* 2% 2% Utility & Ind .. Utility & Ind pfd Viking Pump • . ••4.. I/ 8 Vortex Cup Cos 9% 9 % g- 8 Vortex Cup Cos (A).... 44 ••• 2649 Walgreen Cos com 20Vs 18 2 20 Ward. Montgomery (Al 98 90% 98 Wisconsin Bankshares 3 % 3 % 3/a Zenith Radio 3Va 3 4 3%

FOREIGN GOLD MARKETSOARS Strong Advance Attributed to Heavy Buying by U. S. By United Press LONDON, Jan. 17. London raised the open market gold rate to its highest figure in months yesterday. American interests were reported to be buying heavily. The rate was set at 131 shillings 9 pence, equivalent to $33.74 at the prevailing rate of the pound, $5.12Vi.. This was a rise of 3 shillings 3 pence, or 8314 cents. The London rates was still below the official Washington rate of $34.45. But the rise was larger than that at Washington Monday, which was 39 cents. Dollar Strengthens The American dollar, in relation to the pound at the opening of the exchange market, strengthened to $5.12%. French francs continued sensationally strong, opening at 80% and receding fractionally to 30 7-16. In terms of dollars today’s price was the highest since Nov. 23, when with the pound at its high point of $5.40% it was $33.83., The sterling price then was but 125 shillings 8 pence. Yesterday’s gold rate was fixed with the franc at 807-16, and there was a 1 shilling premium on the franc. This was a sharp rise from 8% pence Monday. U. S. Heavy Buyers The heavy premium was attributed to active American buying. It was understood that American interests, presumably representing the Reconstruction Finance Corporation, bought most of the gold available. Gold sold totalled 328 bars, worth £865,000 or $4,430,962. Experts here figure that the United States stood to make a profit on any gold it bought, because the London price was still below that fixed at Washington for newly mined gold.

TELEPHONE BUSINESS DROPS 16 PER CENT A. T. & T. Reports Net Loss of 530,000 for Year. By Times Special NEW YORK, Jan. 17.—During the first eight months of 1933 a net loss of 715,000 was shown in telephones compared with a gain of 85,000 during the last four months, leaving a net loss of 530,000 for the year compared with 1,650,000 during the previous year, according to a report made to stockholders by Walter S. Gifford, president of the American Telephone and Telegraph Company. Number of telephones in service at the end of 1933 totaled 13.160.000. which is 16 per cent below the maximum development reached in 1930. The total number of toll and long distance calls handled during the year was approximately 9 per cent less than for 1932. The last half of 1933, however, showed an improvement, total toll and long distance calls being only about 3 per cent under those for the corresponding period in 1932. Including the Western Electric Company, earnings on American Telephone and Telegraph Company stock were estimated at approximately $5.30 a share as compared with $5.96 a share in 1932. Fire Reports (Monday) 11:57 a. m., 2632 James, shed. 825. 1:40 p. m., 1122-24 West New York, residence. $lO. 4:58 p. m.. 1535 Guilford, residence, no loss. 5:51 p. m.. 928 North Hamilton, (rear), automobile. S2O. 6:39 p. m.. 846 North Meridian, paint shop, small loss. Tuesday 6:07 a. m.. West Michigan and Whit* river, false alarm.

SWINE VALUES STEADY TOIO GENTSHIGHEU Cattle Market Irregular; Lambs, Veals Remain Unchanged. Strong tone prevailed in the hog market at the local stockyards yesterday, with exceptions of few underweights remaining unchanged. Practically all classes salable showed an advance of 10 cents over yesterday’s average. Receipts dropped to around normal and initial demand continued strong. The bulk, 160 to 250 pounds, sold for $3.50 to $3.60, while a few small choicfe lots were reported selling at $3.65. Heavier grades weighing 250 pounds and upward brought $3.25 to $3.45. Lighter kinds, 130 to 160 pounds, were selling at $3 to $3.35, while slauaghter pigs scaling 100 to 130 pounds, sold at $2 to $2.75. Receipts were estimated at 2,800. Holdovers, 232. Trading in the cattle market was irregular, with light steers holding stationary and others tending slightly lower than the previous close. Bulk steers ranged from $5 to $6.50. Choice heifers held steady, lower grades weak. Bidding on good and choice cowa was slightly lower. Receipts numbered 2.200. Vealers continued stationary with the previous range, selling at $6.50 down. Receipts were 600. Early trading in lambs was not fully developed. Small lots remained unchanged at $7.75 to $8.25, while other grades held slightly higher. Receipts were 1,200. Asking was firm on hogs at Chicago and no early bids evident. Indications were pointing lower. Initial action was scarce. Receipts were estimated at 40,000, including 11,000 directs; holdovers, 2,000. Cattle receipts numbered 8,500; calves, 2,000; market steady to weak. Sheep receipts were 12,000; market steady to strong. HOGS Jan. Bulk Top Receipts 10. $3.45@ 3.60 $3.65 8,000 11. 3.45® 3.55 3.55 8,000 12. 3.55® 3.65 3.65 6.000 13. • 3.55® 3.75 3.75 4,000 15. 3.40® 3.50 3.50 11,000 16. 3.50@ 3.60 3.65 8,000 Market. Higher. (140-160) Good and choice. .$ 3.15® 3.35 —Light Weights—-(l6o-180) Good and choice ... 3.60 (180-200) Good and choice ... 3.60 —Medium Weights—-(2oo-220) Good and choice ... 3.55®! 3.60 (220-250) Good and choice ... 3.50@ 3.55 —Heavy Weights—-(2so-290) Good and choice ... 3.40® 3.45 (200-350) Good and choice ... 3.30@ 3.40 —Packing Sows—(3so down) Good 2.60® 2.85 (350 up) Good 2.50® 2.75 (All weights) medium 2.15® 2.50 —Slaughter Pigs—-(loo-130) Good and choice.... 2.00® 2.75 CATTLE Receipts. 2,200; market, steady (1.050-1.100) — Good and choice $ 5.75® 7.00 Common and medium .... 4.00@ 5.75 (1.100-1.500) — Good and choice 5.00® 6.75 Common and medium 4.00® 5.00 (675-750) — Good and choice ...1 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 Good (beef steers) 2.50@ 3.25 Cutter, common and medium. 1.50® 2.50 VEALERS Receipts, 600; market, steady. Good and choice $ 6.00® 6.50 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® 3.75 (800-1,500) Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, 1,200; market, steady. (90 lbs. down) Good & Choice $ 7.75® 8.25 (90-110 lbs.) Good and choice. 7.25® 8.00 (90 lbs. down) Com. and med. 5.00@ 7.00 —Ewes— Good and choice 2.50® 3.50 Common and medium 1.25® 2.50

Other Livestock BY UNITED PRESS 4n9.?J CAGO, Jan - 16 - Hogs Rceipts, 40.000, including 11,000 directs: active mostly 5c lower than yesterday: 160-210 lbs., $3.50®3.55; 220-290 lbs., $3.25®3.50; 140.170 lbs., $2.90®3.50; pigs. $2.25®2.50; packing sows, $2.25®2.75; light lights, 140-160 lbs., good and choice, [email protected]% light weights, 160-200 lbs., and good choice, $2,805(5:3.55; light weights. 160-200 lbs., good and choice, [email protected]; medium weights. 200-250 lbs., good and choice, $3.35 3.55: heavy weights, 250-350 lbs., good and choice, [email protected]; pkg sows. 275.550 lbs., medium and choice, $2.40®2.85: slaughter pigs, 100-130 lbs., good and choice, $2(5 2.85. Cattle—Receipts. 8,500: calves, 2,000; fed steers and yearlings, slow but mostly steady: early demand appeared narrow, however: others weak to unevenly lower; mostly fat cows, 15 to 20c lower; waters another 50c off; choice, 992 lb. yearlings. $6.65; some higher; best heavy bullocks, $5. Slaughter cattle and vealers— Steers. 550-900 lbs., good and choice, $5.50 <57; 900-1.100 lbs., good and choice. $5.50 @6.75: 1.100-1,300 lbs., good and choice. [email protected]; 1.300-1.500 lbs., good and choice, $3.75@6; 550-1,300 lbs., common and medium, 52.75@5: heifers, 550-750 lbs., good and choice. $4.25® 6.50; common and medium. [email protected]; cows, good. 53®3.75; common and medium. $2.50@3; low cutter and cutter, $1.50®2.75; bulls, yearl. ings excluded, good. beef. [email protected]: cutter, common and medium. $2.50@3,25; yearlings. good end choice, $4.50® 6; medium, $3.75® 4.50; cull and common, s3® 3.75: stocker and feeder cattle, steers. 550-1,050 lbs., good and choice, $3.75@5: common and medium, $2.50®3.75. Sheep—Receipts, 12.000; rather active buyer interest; bidding 25c higher than early yesterday; sellers asking advance from close; few sales and early bids up to $8.25 and some asking as high as $8.75; sheep firm. Slaughter sheep and lambs: Lams, 90 lbs. down, good and choice. $8®8.60; common and medium, $5.50@8; 90198 lbs., good and choice, s7® 8.40: ewes, 90-150 lbs., good and choice, $2.25(54.10: all weights, common and medium, $1.50(52.75; feeding lambs, 50-75 lbs., good and choice, [email protected]. FT. WAYNE. Jan. 16.—Hogs—Steady to 15c higher; 160-200 lbs.. $3.55: 200—250 lbs.. $3.45: 250-300 lbs., $3.35: 300-350 lbs.. $3.20; 150-160 lbs.. $3: 140-150 lbs., $2.90; 130-140 lbs.. $2.70: 100-130 lfcs., $2.40: roughs. $2.50; stags. $1.75. Calves. $6.50; western lambs. $8; native, lambs, $7.75. LAFAYETTE. Jan. 16.—Hogs—Market, steady to 10c higher; 170-225 lbs.. $3.45®. 3 50: 225-275 lbs.. $3.35® 3.40: 275-325 lbs . $3.25-3.30: 140-170 lbs.. *3® 3.20; 120-140 lbs., [email protected]: 110-120 lbs. $2®3.25; 110 lbs. down, $1.75; roughs. $2.75 down; top calvers, $5.50; top lambs. $7.50. CLEVELAND. Jan. 16.—Cattle—Receipts. 300; market, steady in slow trading; steers 750-1,100 lbs.. 56®6.50; 550-900 lbs.. ss® 5.50: 900-1.200 lbs. $5.50®6: heifers. 6001,000 lbs.. $4.25®4T5: good cows all weights, $2.50® 3. Calves —Receipts. 300: market has strong undertone with few selling at $8 top: choice to prime. $7®7.50: choice to good. $6.50®7; fair to good. ss®. 6.50. Sheep—Receipts. 1.000; market, active and steady; choice wethers. $2.50® 3.25: choice spring lambs. $8®8.50: good to choice. $7.50®8. Hogs—Receipts. 1.500; market, steadv to 5c lower: few held over; heavies. 53.25: choice mediums. $3.40; light butchers, $3.85: choice yorkers. $3.85; pigs. $2.50. By Times Special LOUISVILLE, Jan. 16—Cattle—Receipts, 175: generally steady at yesterday's advance: bulk common to medium steers and heifers. [email protected]; well finished fed kinds salable mostly at ss@6: bulk beef cows. $2.50®3; better finished kinds to S3 50: low cutters and cutters mostly $1 25 @2.25; sausage bulls, $3 25 down: bulk common to medium native Stockers and feeders, [email protected] Calves—Receipts. 200; steadv: bulk better vealers, $4.50@5: strictly choice. $5.50; medium and lower grades, $4 down. Hogs—Receipts. 1.100; mostly 15c lower: 160-230 lbs.. S3 60 53.70: 230-300 lbs.. 53.45® 3.60 : 300 lbs,, up. S3 40 @3.45; 130-160 lbs.. [email protected]: 100-130 lbs.. [email protected]; 110 lbs., down. 81.85; sows. *2.35; stags, $1.05. Sheep—Receipts, 50; steady: bulk medium to good lambs. [email protected]; choice eligible. $7 or better; bulk throwout lambs, *4; desirable fat ewes raoetly $2.

-Today and Tomorrow-

President Has Taken Steps for Immediate Management of Dollar, but Avoids Permanent Answer. BY WALTER LIPPMANN

THE President’s proposals contain so many technical implications that I do not feel able to discuss them after having had only a few hours to think about them. Off-hand, it would appear, however, that what he has done is to keep himself uncommitted as to a permanent solution of the monetary problem, while taking two definite measures for the immediate management of the dollar. The first of these measures aims at a tentative stabilization of the dollar within wide limits—between 50 and 60 cents gold. The second establishes an equalization fund to keep the dollar within those limits by

buying and selling gold and foreign exchange. This fund is to come from the capture of the gold profit of the Federal Reserve system and the treasury. The profit arises from the fact that the official price of gold is raised from about S2O an ounce to at least $34 an ounce. The decision to use this fund from the gold profit primarily as an equalization fund, and not as a whole, at any rate, to finance the deficit, is in itself very important. If I interpret it correctly, this decision means that the President is not letting this great fund of three to four billions find its way into the banking system where it would swell excess reserves to a point at which credit inflation would be difficult if not impossible to control. 000 SO it may be said that the President is proceeding on the principle of keeping the dollar under control;

externally by means of an equalization fund, internally by keeping the excess reserves of the banking system in a form and within limits where credit can be managed by the normal methods of credit expansion and contraction. All of this, as the President makes clear, is only a step, and a tentative step at that “toward an ultimate world-wide solution.’* That solution

is not yet in sight. It may be useful, however, to attempt to state the nature of the problem which calls for solution. The practical difficulties of restoring the international gold standard and the dangers of restoring it in its old- form, are perhaps not fully appreciated among those who look upon themselves as the guardians of sound money. Yet we have just witnessed the breakdown of the standard less than three years after it had been re-established, and it is difficult to see how responsible statesmen and financiers can advocate a second restoration until and unless they are reasonably certain that the causes of the recent breakdown have been cured. It is probably more difficult to restore the international gold standard today than it was in 1925. For since that time the bulk of the world’s - monetary gold has been accumulated and sterilized in three countries. There are about 23,000 tons of gold in the world, and about 18,000 of them are held in the United States, France and Great Britain. Obviously, thqse three great goldholding countries have got somehow to redistribute their gold if there is to be an international gold standard. How is this to be done? How are Japan and Germany and Central Europe and South America and Australia and India to get enough of this gold to set up true gold currency with gold reserves? Obviously no one in France, England and America is going to present the Japanese and the Germans and the Argentinians and all the rest of them with fair share of the world’s small stock of gold. Nowhere does devotion to the gold standard go to the length of contemplating free gifts of gold to countries which lack it. 000 BUT if the gold is not given away, then those who lack gold must borrow it or must buy it. But who in London, Paris or New York wants to lend gold to countries that lack it? The reason they have lost their gold is that they already owe more than they can pay. The only other way they could get gold is to buy it by exporting more goods than they import. They could do this by depreciating their currencies. But this would mean that Britain, France and the United States would have to stand by and let their foreign trade be undercut by lhe debtor countries and their home markets flooded by cheap imports. Political human nature will not stand for that. Therefore, the gold which now is cornered in these countries can not be redistributed as a gift; it can not be borrowed or bought by the debtor countries except by threatening the trade of the creditor countries. (Copyright. 1934)

On Commission Row

—Jan. 17Fruits Cranberries—Cape Cod early blacks, 25lb. box. $2.60. Grapes—Semi sawdust, 28-lb. lug. $3.25. Pears Washington A’Ajou, 00—1655. $2.50; Avascados, Fla.. 16-16s, crate, $1.75. Strawberries—Florida. 20c per pint. Bananas—Per pound, 5%c. Apples—Wealthy. Wolf River, Grimes Golden. Jonathan. Florida. $1.35@2 a bu.. fancy Staymans, $2.25 a box. Grapefruit—s3® 3.75. Oranges—California Navels, $4.50 a box. Vegetables Cabbage—Eastern Danish. 50-lb. bag. $1.65; new Texas, 50-lb, crate. $3. Onions—lndiana white. 50-lb. bag, $1.40: Indiana yellow, 50-lb bag. fi1.50. Beans—Round stringless, hamper. $2.50; best. $2.75. Beets—Bulk per bu.. 51.15; Texas, new. $1.50 a crate. Peas—3o-lb. hampers. $2.75®3. Carrots—California, $3 a crate; per doz., 60c: Michigan. $2.50 per crate, doz.. 60c; bulk per bushel, $1.15. Cauliflower—California (11-12s). crate $1.60. Celery—Michigan Mammonth, dozen, 65c: medium bunch. 45c; hearts. $1.25: 18bunch per crate. $1.25: California. $2.75 crate. Cucumbers—Florida, $5 bushel; hothouse. $1 per dozen. Lettuce —Iceberg best (4-ss) crate. $3.75® 4; hothouse. 15-lb. basket. $1.25. Radishes—Hothouse buttn, 75c down. Spinach—New Texas, $1 per bu. Turnips—Per bu., 85c. Tomatoes—Hothouse. $1.50. Potatoes—Northern round whites. 100-lb. bag. $2.15; R. R. Ohios. 100-lb. bag, $2.15; 15-lb. bag. 35c: Idaho Russets. 100-lb. bag. $2.25: Texas Triumphs, new. SI.BO. 50-16. bag. Sweet Potatoes —Nancy Halls, per bu, $1.60® 1.65.

U. S. Government Bonds

By Vnited l'regg NEW YORK, Jan. 16 Closing liberties. (Decimals represent 32nds). Liberty. 3'2S (32-47* 100.27 First 4Vis (32-47* 101.23 Fourth 4Vis (33-38* 102.9 Treasury. 4Us-3 [ 4S C<s* 99.5 4 1 is (47-52* 106. 3 3 t s *46-56* 101.1 3 3 as <43-47* 99.19 3 3 aS (41-42* March 99.22 3 3 es *4O-43* June 100 3 Vis (41* 99.5 3'aS *46-49* 97.22 3s (51-55* 96.2 NEW YORK COFFEE FL'TL'RES —Jan. 16— BANTOS High. Low. Close. January ... 9.50 March 9.85 9 63 9.67 May 10.05 9.82 9.37 July 10.15 9.95 10.00 September 10.47 10.30 10.33 December 10.60 10.45 10.45 RIO January ... ... 6.91 March 7.24 7 05 7,06 Mav 7.40 7 23 7.24 July 7.55 7 39 7.39 September ~... 7.70 7.51 7.51 December ... 7.63 NEW YORK RAW SUGAR FUTURES —Jan. 16— High. Low. Close. January 1.24 1.21 1.21 March 1.30 1.26 1.26 May 1.38 1.34 1.34 July 1 43 1.39 1.39 September 1.48 1.44 1.44 December ............. 1.53 1.49 1.49 J

,|£ga^H ' i

Lippmann

Produce Markets

Delivered in Indianapolis prices—Hens. 10%c: Leghorn hens. 7%c: heavy springers over 5 lbs., 11c: under 5 lbs.. 9c: Leghorn springers. 7c; stags. 8c; Leghorn stags, 6c; cocks, 5 ibs. 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; N®. 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 deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 25@26c; No. 2, 22@23c. Butterfat--14c Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. Jan. 16.—Eggs Marketfirm; receipts, 5.335 cases; extra firsts, 22c; fresh gradpd firsts, 21 lie; dirties, 15® 18c; current receipts, 20®20'ic checks, 15® 18c. Butter —Market, firm; receipts, 8.351 tubs; storage extras (92 scorei, 1914 c; storage standards (90 score). 1914 c; extra firsts (90-91% score', 18%®19c; extras (92 score), 19!*c; firsts (88-89% score), 1814® 18c; seconds (86-87% scorei. 17%c; standards (90 score), 19%c; specials, 19% ®20145. Poultry—Market steady; receipts, 33 trucks, one car due; turkeys, 12®14c; hens, li%c; Leghorn chicks, 9c; colored springs, 12%c; roosters. 9c; chicks, 11c; ducks, 9®llc; geese, 9c; black chicks. 8c; Plymouth Rocks. 14c: white rocks 13'2c. Cheese—Twins. 10%®llc: Longhorns. 1114 @ll%c; daisies, 11%®11%c. Potatoes — Supply liberal; demand and trading moderate: market about steady on westerns and slightly weaker on northern stocks; Wisconsin round whites, $1.60® 1.62%; Michigan russets, one car, $1.62%; Minnesota round whites, partly graded. $1.55® 1.60; Minnesota and North Dakota Red River Ohios, [email protected]; Colorado McClures, $2; Colorado triumphs. $1.65%; Idaho russets, $1.80®1.85; few higher; combination grade, [email protected]; N. S. No. 2’s, [email protected]. CINCINNATI. Jan., 16—Butter— Packing stock. No. 2. 8c; No. 6,6 c; butter fat. 14c. Eggs—Firm; (cases included extra firsts, 23c; seconds, 21c; nearby ungraded, 22c. Live poultry: (Following quotations represent prices for poultry in good halthy condition. Thin and coarse stock sells only at heavy discount). Fowls, 5 lbs. and over, ll%c; 4 lbs. and over, ll%c; 3 lbs. and over. 9c; Leghorn, 3 lbs: and ovet. B%c; roosters, 8c; stags, colored, 11c; Leghorns. 9c; colored, 1% lbs. and over, 11c; 2 lbs. and over, 18c; colored fryers, 3 lbs, nd over, 15%c; roasting chickens, 4 lbs. and over, 13 %c; capons, 8 lbs. and over, 20; under 8 Ibs., 17c: ducks, under 3 lbs i sell at liberal concessions; ducks, white, 4 lbs. and over, 10c; under 4 lbs., 9c'/8 colored, 4 lbs. and over, 9c; under 4 lbs., 8c; guineas, old, 6c; young guineas, 1% lbs. and over, 18c; 2 lbs. and over, 18c; No. 1 turkeys, young hens, 8 lbs. and over, and young toms, 10-15 lbs., 20c; young toms, over 15 lbs., 20c; No. 1, old toms, 13c. CLEVELAND. .Tan. 16.—Butter—Market, firm- extras. 23%c; standards. 23%c. Eggs—Market, firm; extra white. 21c; current receipts, 20c. Poultry—Market, weak; colored fowi, 4% lbs. and up, 13c; colored fowl medium, 11c: Leghorn fowls 3% lbs. agid up, 10c; Leghorn fowl light, 9c; springers colored 4 Ids. and up, 12c; springers rock. 5 lbs. and up. 13®14c; colored broilers, 18c: capons, 8 lbs. and up. 21c; ducks white, 5 lbs. and up, 15c; ducks light, 12c; geese, heavy fat, 13c; ordinary, 11c; old roosters, 9c. Potatoes (all quotations based on U. S. No. 1 and 100-lb. sacks unless otherwise stated) Maine Cobblers and Green Mountains best, $2.20; few $2.25; Idaho Russet Burbanks. $20i2.15 partly graded. $1.90; Ohio. $1.50® 1.75, according to quality and condition; partly graded lower: New York best. sl® 1.05 per bushel, Michigan, $1.80®1.85; Louisiana Bliss Triumphs, $1.50® 1.65 per 50-lb. sack; Colorado Brown Beauties, s2® 2.10; Flarido Bliss Triumphs, $1.90 per bushel crate.

In the Cotton Markets

—Jan. 16— CHICAGO High. Low. Close. January H-27 March 11.38 11.32 11.34 May 11.59 11.48 11.53 July 11.76 11.64 , 11.67 December ' 12.02 October 11.92 11.85 11.85 NEW YORK January 11.21 11.15 11.21 March 11.39 11.24 11.30 May 11.54 11.39 11.44 July ' 11.79 11.53 11 78 October 11.87 11.74 11.78 December 12.03 11.87 11.91 NEW ORLEANS January 11.32 11.26 11.29 March 11.35 11.19 11.25 May 11.51 11.35 11.43 July 11.66 11.54 11.58 October 11.84 11.70 11.77 December 11.98 11.86 11.91 Other Livestock BY UNITED PRESS PITTSBURGIfr. Jan. 16.—Hogs—Receipts. 1.000; active, steady to 5c higher; 160200 lbs., mostly $4.10®4.20; closely sorted 180-190 lbs., at the top; 210-250 lbs.. $3.75®4; 260 lbs. up, quotable around $3.75: one load 115 lb. pigs, $3; packing sows, $2.85 down. Cattle—Receipts, 10; nominal; good beef steers eligible up to S6. Calves—Receipts, 50; steadv: good and choice vealers. $6.50®7: medium, ss® 6. Sheep—Receipts. 300: steady; closely sorted fat lambs, mostly $8 60: medium, 55.50®7; yearling wethers quotable up to $6.50; aged wethers. $4.50 down. CINCINNATI. Jan. 16.—Hogs—Receipts 4.500 head; including 224 head direoi. and through; holdovers. 350; market uneven, generally 15 cents lower on 160-lb. up; some 250 lbs., up 25 cents under early vesterday; light lights steady to 5 cents lower: under weights 15c to 25c and more lower; top and bulk 160 to 220 lbs., 3.70; 1230 to 260 lbs.. $3.50® 3.60; 260 to 300 lbs.. ,$3.30® 340: 140 to 180 lbs.. $3.40® 3.60: 120 to 140 lbs.. $23?0®3 25; packing sows steady at $2.25® 2.50. Cattle—Receipts. 6CO: ! calves, 400; moderately active: generally ! steady with Monday; most steers and 1 heifers. $3.50® 5; few $5.50 and small lot 1 handyweights. $5.75; bulk fat cows. $2 50® 3.25; low cutters and cutters. $1.50®?.50: bulls. $3.50 down: calves around steadv. undertone weak: good to choice $5.50® 6 50; plainer from $5 downward. Sheep—Receipts. 400; 283 direct and through: market active, fully steady; good to choice lambs, $8®8.50; medium s7®B- - throw outs, $5.50® 6 50; fat ewes s3® 4. CHICAGO FRUIT MARKET By United Press CHICAGO. Jan. 16. —Apples—Michigan Baldwin and Wagners. *l.2*® 150. Carrots —lllinois. 40®60c bushel. Spinach—Texas, 65c®$l bushel. Beant—Southern green. $1.50® 225 bushel; wax, s2® 225 Mushrooms—lllinois, 15@27%c lb. cartons. Cucumbers—Hothouse, $3 25® 4 Tomatoes— Florida, *1.50®2.50 box: hothouse, $1.25® 1.35. 8 lbs. Leaf Lettuce —Illinois hothouse. 17%® 20c box. Celery—Michigan. 25c® *1 square crate. Cabbage—Wisconsin. $1.75®,?. 100 lb. sacks. Parsnips—lllinois. 75® 80c bushel. Sweet potatoes—lllinois. sl® 1.35 bushel: Indiana. slso® 1.75. Radishes—lllinois hothouse. 40®65c dozen bunches. Rhubarb—Michigan hothouse, 40®45c. 5 lb. cartons. Onion market— Western Valencias. $1.35® 1.50; central western. [email protected]; western whites, $1.75@2. NEW YORK CASH GRAIN By United Press NEW YORK Jan. 18.—Wheat—No. 2 red. $1.07%; No. 2 hard winter $1.07%. Corn—No 2 mixed. 61 %c. Oats—No. 3 white. 48%c. Automobile production figures this week totaled 30,239 units, an increase of 9,932 over the 20,307 units recorded a week ago, and only slightly under the corresponding week of 1933, when the volume amounted to 31,850 units.

PAGE 15

FUTURE PRICES MOVE DOWN ON PROFIT-TAKING Lack of Fresh News From Washington Affects Sentiment. BY HERMAN W NICHOLS United Press Staff Correspondent CHICAGO. Jan. 17.—The first first burst of excitement over the near settlement of the administration’s money policy appeared to have worn itself out yesterday and part of Monday s Rains were erased from grain values on the Board of Trade. At the finish wheat futures were l's to 1% cents lower, corn was off % to % cent and oats were % cent lower. Liberal profit-taking developed in the wheat pit and at the inside figures deliveries showed nearly 2 cents under the finish for Monday. Trade, however, was fairly active, especially during the early dealings. The lack of fresh news items from Washington had some effect on sentiment and induced the profittaking. but the undertone was firm throughout the day. Shipping Demand Fair Brokers generally regarded today’s reaction as natural in view of the advance of nearly 8 cents from the low of last week. With the uncertainty as to the value of the dollar lifted, the trade, us a whole, showed a rather pronounced tendency to pay attention to fundamentals and the cash wheat situation now is coming in for considerable comment. There was a fairly good shipping demand in evidence with sales of around 35,000 bushels and millers and cash interest were reported good buyers here and in Minneapolis. Corn showed more resistance to selling and prices showed only fractionally lower. Rye developed an easier tone, while oats were in a dull and listless session. Provisions were somewhat unsettled. Profit-taking appeared at the opening as a result of yesterday's good advance and wheat prices slipped. The market,' however, was strong enough to resist the pressure aim prices soon rallied. There was further selling at the end of the first hour, though, and values fell slightly below yesterday's last levels. Liverpool Turns Lower The President s monetary message generally was well received, and traders looked for better markets in the immediate future. Liverpool eased slightly after a strong opening. The cash price at Chicago was % to 1 cent lower and receipts were two cars. With no news to attract either buyers or sellers, com traders turned their attention on the cash market. More than 85.000 bushels were booked in overnight orders and cash sales for shipment amounted to 110,000 bughels early. The cash price was unchanged to % cent lower and receipts were 68 cars. Oats were practically unchanged* from yesterday during most of the early dealings. Cash sales were 21,000 bushels. The cash price was unchanged to % cent lower and receipts were 18 cars. Chicago Primary Receipts —Jan. 16— Bushels. Today. Last Week. Wheat 277,000 239.000 Corn 688.000 321,000 Oats 167,000 112,000 Chicago Futures Range Jan. 16— WHEAT— Prev. Open. High. Low. Close, close. May 90 .91% .89% 90'/g .91% July 88'4 .89% ,88V* .88% .89% Sept 90 .90% .89% .89% .91 CORN— May 53% .53% .53 .53% .53% July 55% .55% .54% .55 .55% Sept 56% .53 .56% .56% .56% OATS— May 39'4 .39 % .38% .38% .39% July 38% .38% .37% .37% .38% Sept 37% .37% .36% .36% .37% RYE— May 64% .64% .62% .62% .64% July 65% .65% .64% .64'* .65%, BARLEY— May 54% .54% .53 .53 .54% July 83 .54 5 LARD (Old) Jan .... .... 5.05 .505 May 5.52 5.52 5.45 5.52 5.47 BELLIES (old) May .... .... 6.67 b. 62 BELLIES (new) Jan 6.50 6.50 6.45 i May 7.25 7.30 7.25 730 725 July 7.50 7.60 7.50 7.60 7.30 LARD (new)— . I Jan 8 5.57 May 5.95 6.02 5.95 6.00 5.95 Julv 5.85 597 5.85 5.95 5.85 I Sept 6.00 612 6.00 8.10 5.95 CHICAGO CASH GRAIN By United Pres* CHICAGO. Jan. 16—Cash grain: Wheat —No. 2 red. 90'2c: No 2 northern. 90%c. Corn—(New I No. 3 mixed. 50*4c; No. A mixed. 49'49'ac; No. 2 vellow. 51 %c; No. 3 vellow 5051 c: No. 4vellOW. 48%(o 46%c; No. 5 vellow. 48fi 48'2C: No. 6 vellow. 48c; No 2 white. 51 1 2C: No. 3 wh.te. SDnSl'aC. Corn— <Old 1 No 1 vellow. 52V*c: No. 2 vellow. 52'ic. No. 6 yellow. 43%c. Oats— No. 2 white. 39'*c: No. 3 white. 38%c. No. 4 white. 37V* ® 37%c. Rve—No sales BarIpv—Sales. 500; 78c: quotable. 484; 80c. Timothy—*6.2s® 650 Clover seed—slo4a 13 50 Cash provisions—Lards. So 62; lose. 54.92; leaf. $4 87; S. Bellies. $6.50. TOLEDO CASH GRAIN By United Brc TOLEDO. Jan. 16. —Cash grain: (Grair\ in elevators, transit hilling) Wheat—No. 2 red. 93®94c; No. 1 red. I%C premium. Corn —No. 2 vellow. si‘-j'liie 1 iC. Oats—No. 2 white 42®43c. Rye—No. 2. 68%c4; 69%c. (Track Prices. 28%c ratei. Wheat—No. l red. 89%4;90c: Nr. 2 red. 88%''>, 89%c. Coni —No 2 vellow, 51®53c: No 3 yellow. 52c. No. 4 vellow. 48%4/49%c; No. vellow 47®48%c. Oats- No 2 white. 39® 40%c; No 3. white 38%4i40c. Seed Clover—March. $8.50. Alsike—Cash. *8.75.

Indianapolis Cash Grain

—Jan. 16— The bids lor car lots of grain at tho cal! of the Indianapolis Board of Trade, f. o. b.. shipping point, basis 41 Vi New York rate, were: Wheat —Easy: No. 1 red. 86*/87c; No. 2 red. 854/86C; No. 2 hard. 854/86C. Corn—Firm: No. 3 white. 44* 2 '(i 451/jc: No 4 white. 43* ?*5 44' 2 c; No. 4 yellow, 44*/45c; No 5 yellow. 43*{44c; No. 3 mixed. 43*/44c. No. 4 mixed. 42*<43c. Corn—Steady: No. 2 white. 35ft 36c No. 3 white. 34*> 35c. Hay—Steady: ts. 0. b. country points taking 23’ 2 c or less rates to Cincinnatt or Louisville' No. 1 timothy. $7.50ft8. No. 2 timothy. $7*fi.7.50. —lnspections Wheat— No. 2 red. 5 cars: No. 5 red, 1 car: No 2 mixed. 2 cars. Total, 8 cars. . Corn—No. 3 white, 6 cars; No. 2 yellow. 3 cars. No. 3 yellow. 4 cars; No. 4 yellow, 19 cars. No. 5 yellow. 1 car; No. 3 mixed, 1 car. Total 34 cars. Oats—No. 2 white, 3 cars. No. 3 white, 2 cars;; No. 3 red. 1 car. Total, 6 cars. Barley—Sampe. 1 car. Total, 1 car. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 83 centa for No. 2 soft red wheat. Other grade* on their merits. Mengal Company has notified the New York Stock Exchange that holders of their common stock on record Jan. 16 will be offered the right to subscribe at $12.50 a share for the common stock, to the extent of three shares for each four shares held. i