Indianapolis Times, Volume 45, Number 218, Indianapolis, Marion County, 20 January 1934 — Page 14

PAGE 14

I Wall Street Farmers Are All Right—But, in Street’s Opinion: Like Bankhead's Cotton Bill. BY RALPH HENDERSHOT “ Time* Special Financial Writer Everybody has a pretty good idea of what the farmers of these United States think of Wall Street, but it may be news to learn what Wall Street thinks of the farmers. It seems that the distrust is more or less mutual, she basis for this assumption rfiay not be as clear cut as economists or the Brain Trust would insist upon, but it appears to be thp best one available, in case any one is interested. Early in President Roosevelt's administration the southern farmers were given a large sum of money to plow under or otherwise destroy about 10,000.000 acres of their cotton. It was expected that this would

reduce the size of this year’s crop about 25 per cent inasmuch as about 40,000,000 acres had been planted. The expectation failed to materialize, for the crop was even larger than it was a year ago. Some people in the financial district were ready to make deductions from the total crop figures alone, but some of the more conservative folks suggested that they take a look at the production figures per acre before jumping to conclusions. The turnout this year was about 209 pounds an acre, and in the best previous year on record —1926—the output was a trifle over 200 pounds. The average for the last ten years was about 155 pounds an acre. Those figures seemed to cinch the argument, such as it was. m m m Market Advances, Then Slumps When Senator Bankhead of Alabama recently introduced in congress a bill to place an iron-bound limit on production by licensing the cotton gins and permitting them to gin only so many bales of cotton

Ralph Hendershot

prices for the lint staged a smart advance. The bill was referred to -the senate agricultural committee, and for a time it looked as if it was acceptable. Thursday afternoon, however, word was flashed from Washington that a dispute had arisen within the committee, and values tumbled rather sharply. It appears to be an old custom for the 14.000 cotton gins to keep a record every year of the cotton brought in by each farmer. Consequently they would be in a position to spread any reduction in output evenly over the producing belt. And if they were ordered to cut the amount of cot on ginned to any given figure under penalty of losing thr-ir license it is fair to assume that the output would be cut to that figure. At least that was the way Wall Street figured. m m m Positions Slightly Different But. of course, no matter what the Street thinks of the farmers, It seldom makes any fuss about it. Instead of making noise traders do t!:• ir best to make profits. They express their views in buying or selling or But then, again, if the farmers could do the same they might be able to view Wall Street in a more philosophic manner, too.

New York Stocks ' 1 - Abbott. Bobbin A Cos.) —————

—Jan. 20— Prev. OJs— High. Low. Close, close. A .da 46 1 2 46 46 47 A 31'* 31 ■* 314 31 B .Ell 9'* '• 94 $4 t . Oil ll'a 11 11 1 a ll' C of Del .. 18 7 * 184 184 18‘a H on new i.. . . ... 44 4' 2 H . o_. Cidi.. .26 254 254 25' 2 lr. :in Rfg .. . . . ■ 3 M a Coni Pet 134 12’a 13 134 O . Oil 144 144 144 144 p Cos: p 104 104 104 104 1 .. . 164 164 164 164 f Oil 12 >• 124 124 124 Roval Dutch 374 37 Sbj Oil 314 31 314 304 Shell Un 94 94 94 9 Simms Pet . ... 104 10 10 104 Skeiley Oil 94 84 84 9 S ■ Vac 17 164 18"* 164 5O of Col 414 40 414 40 6Oof N J 46 4 46 464 464 E 10l 1 # 554 56 55 Tests Corp ... 264 264 264 Tidewater Assn. 104 10 10 104 Un Oil of Cal... 194 19 194 194 Stffl*— .... Am Roll Mills... 224 214 224 214 B< h steel 44 4 43 4 44 43 4 Bvers A M .... 294 284 294 29 Cos: F." I.V iron 6 * 84 C S eel . . 254 264 264 26 1 ... 47 47 l i.: .1 S ee' .. 174 174 174 174 R: ,'e sport Tin. .. ... 884 ... N :: ci 574 574 574 57 1 Steel ... 194 194 I ft) pfd 50 7 * 504 504 504 I ITO 4 994 994 100 V a ;.1 .. . .26 25 4 254 254 M eel 164 14 7 * 144 154 tVI 23 4 24 24 56 4 51 s * 554 54 s * U S cl pfd 974 964 96-* 964 Yr ;n S& T 264 26 264 264 A teal 70 684 68H 70 ! A Cl Line... 49 s * 484 484 48 BA- 0 284 284 284 2AS. Can Pac 164 18 164 164 Cn hr Ohio 444 <* 444 64 Chi A- Gt W ... 44 4 C M & St P ... 64 64 64 84 CMAc St P pfd 104 10 10 104 Chi N W 11 10 3 * 104 104 Chi R Is! 54 44 5 44 Chi R I 7 r ,r pfd ... _j4 De.a Ac Hud.... 70 4 68 68 70 4 Era- 20 7 , 204 204 204 Grt Nor pfd. .. 26 25 4 26 254 111 Central 364 354 354 36 K C Sou 184 18 18 184 Lou Ac Nash 584 57 58 58 MKAt T 134 124 124 134 Mo Fac 54 54 54 44 Mo Pac pfd 74 7 7 84 N Y Cen 394 384 384 384 N Y Chi £. 6t L2O 194 194 20 N Y Chi Ac SL p 254 254 254 26 N Y New Haven 21 204 204 194 N Y Out Ac West 10 s * 104 104 104 No-so !k Ac West 1744 174 Nor P?c 284 274 28 284 Penn R R 354 36 36 86 Pr *H:r.sr ....... ... •• • Vj Svi Pac . .... 274 26 s * 264 27 So 1R R 304 304 304 304 S : R R pfd ..38 37 274 - U: ion Pac . 123 4 1224 1224 124 Wabash 3 s . 34 34 34 West Maryl.... 114 114 114 114 /üburn 54 52 s * 52 s * 52 * Cnrysler 55 7 544 544 55 4 Gen Motors .... 37 4 37 37 4 37 a Graham Mot ... 34 34 34 34 Hudson 18 17 17 174 Hupp 64 6 64 64 Mack Truck ... 33 37 37 26 s * Nash 29 s * 294 294 294 Packard 4 3 44 44 44 Ret ... 44 44 S’ debaker 64 64 64 84 Ye! ow Truck... 54 54 54 94 Motor Aceea*— Bendix 20 19 194 184 Bohn Alum 674 *54 664 644 Borg Warner ... 24 s * 24’* 24 4 344 Briggs 14 s * 14 4 14 4 144 Budd Whel ... 44 44 44 44 Eaton Mfg 164 164 164 16 E>c Auto Lite.. 23 4 22 s * 23 234 Houd A 5 44 44 5 Mullins Mfg 74 74 74 7 s * M vrrav 80dy... 9 84 84 Bs*8 s * F Warner . . 8’ 84 84 Bs*8 s * T.mken Rol .... 334 334 334 34 Mining— Alaska an 224 224 Am Smelt 454 444 44 s * 444 A' tc da 16 s * 164 16 s * 164 C : er Hec’a .... 54 54 54 54 Ccrro de Pasco. 35’* 354 ,35 4 35 4 Ora. br 10 s . 104 104 104 G‘ Nor Ore . ... 12 s * 124 124 124 He me fake Min. 325 H vc Sound 38 37 4 37 s * ... In C oper . .. ss*5 s * ss*5 s * ss*5 s * 5 s * Ir ’ kel . 32 s . 22 4 22 s , 224 1- Creek Coal.. ... 254 ... K- nnrrott Cop.. 224 22 224 214 N uanda Cop... 34 s * St'j 344 34'* p .tp s prd#r .. 17 s * 174 174 17 s , Pi s Coal 134 II Tobaccos— Am Snuff 504 Am Sum Tob... 19 184 184 18 Am Tob iA 714 71 s * A- Tob <B> 744 7314 734 734 Gen Cigar 294 294 L.c A. Mrers .Bl 844 834 844 84 Lorrtllard 174 174 174 174 Reynolds T 181 414 414 414 414 I qaipment*— A -s Chalmers . 20 s * 204 204 304 Am Car Ac PMv.. 29 284 284 29 A: —r Loco .. . 33 324 324 32 s , An M nAc Fdv 164 164 164 164 Am Stef I Pdy . 244 24 244 234 B and t.-.-o 134 134 134 134 B -.oag'ia 174 174 174 174 C e J 1 77 s * 764 764 774 Ce.:cr T act 38 4 27 s * 284 274 Co’gat Palm Pt 134 13 IS 134 Cngc'um .... 27 4 26 s , 27 264 Eire Stcr Bat . 514 51 514 504 F ter Wheeler 17 164 164 16 s * Gen Am Tk Car 39 s , 39 394 394 Grn Elec 224 224 224 224 Gen R R Sic . 41 s , 404 404 414 Ir 2 Rs-d .. 684 684 684 674 Ir: Ri Mach 146 Ir Harvester .. 434 424 424 434 Kf’inator . 13 s . 134 134 134 Natl Cash Reg. 20 s , 20', 204 204 Pt Ac Gamble 40 s * 404 40 s * 40 s * P man Inc ... 57 5 . 57 574 58 Simmon- Bed... 214 21 214 214 Ur.c E hot 814 51 W A : B ... 334 324 324 33 5 , W m EVr 434 424 43 s * 434 V 1 cton Pm 27'* 27 374 27 l ".Pities— Am Tor Pwr 104 10 104 84 Am Power & Lit 9 8 s * 84 84 A TAc T 1194 1184 1184 1174 Am Wat Wks .. 234 234 224 224 Brook Un Gas . 73 724 724 714 Col Gas * Eiec. 15 144 144 144 Cci GA- E pfd 704 87 s * Com A Sou .... 24 24 24 24 Cor. ol Gas .... 444 43\ 44 43 s , Eire Pwr Ac Lit. 6 s * 64 6 s . 64 X P Ac L pfd .. 134 124 12 s * 124 In: T Ac T 164 16 16 164 Leu G * E A... 17 s * 174 174 174 Nat Pwr & Lit ll’a 114 114 114 North Amer . . 19 18 s , 18 s . 184 Par G A- E . 194 19 s * 194 19 Pub Serv N J 40 s , 40 404 40 80 CM Edison,. 204 20 38 20 Std Go* 9 s . 94 94 9 s , Sid Gas pfd .... 11 104 10 s . 104 United Corp ... 64 6 s , B s * 64 Ur. Gas Imp ... 174 174 174 174 Un Pwr * Lit A 4 3 s * 4 34 We--tern Union. 82 s , 614 62 81 s , Rubber*— Pire. '.o e 124 234 224 224 Goodrich 154 154 15 s * 15 s * Ooedvear 39 38 s * 38 s * 384 U S Rubber ... 19 s * 184 19 184 U S Rubber pfd 31 s * 31 314 314 Kef Spring 3‘* 34 4muvment>— Crosier Radio.. 104 194 194 ... Po* The* 154 18 14 154

Loews Inc 304 294 294 29'4 i Radio Corp 84 8 B*4 84 I RKO 34 24 33 I ! Warner Bros ... 74 64 7 6 s * j Foods—--lAm Sugar 54 4 544 Armour A 64 54 54 64 Borden Prod ... 25 24 4 244 244 j Beatrice Cream 14 14 Cal Packing 244 244 ! Canada Dry G A 274 254 Coca Cola 98 98 4 j Cont Bak A 104 Corn Prod 804 784 784 79 s * Crm of Wheat... 30 4 30 4 30V* 30 Gen Foods 364 354 354 35 4 Gold Dust 19'* 18 s /* 184 194 G W Sugar 34 s * 34 34 34 Hershey 524 Int Salt 25'/. 254 Loose Wiles ... 444 44 44 44 Natl Biscuit .... 474 47 4 47V* 474 Natl D Prod .... 154 15V, 154 15 s * Purity Bak .. .. 164 16'/, 164 164 S Porto Rico S. .. 374 Std Brands 234 224 234 23 United Fruit ... 63 4 6?4 63 4 624 Ward Bak A 3 Wrigley 57 554 554 564 Retail Stores Ass Dry Goods 144 144 Best &Cos 304 294 294 30 Gimbel Bros 54 54 54 54 Gimbel pfd .. 204 21 Gr Un Tea 64 6'/* Hahn Dept Sts.. 6 s * 64 64 64 Jewel Tea 344 344 344 ... Kresge S 8 154 154 154 154 Kroger Groc 284 274 28 28 4 Macy R H 564 56 564 554 May Dept St 35 4 35 35 4 34 s * Mont Ward 264 26 4 26 4 264 Penny J C 594 584 584 594 Safeway St 514 504 504 514 Sears Roebuck.. 47 46 4 46 4 464 Woolworth 48 4 48 48 4 48 Aviation— Aviation Corp.. 94 84 94 84 Douglass Air 194 18 s /* 184 184 Curtiss Wright.. 34 3 34 3 Curtiss Wrl (A) 74 74 74 74 Nor Am Av 6 5 s /* 6 54 United Aircraft 34 4 33 4 34 334 Chemicals— Air Reduction ~105 103 105 1024 Allied Chem 1534 153 153% 153 Am Com Alcohol 604 584 604 584 Col Carbon .... 66 65 65 4 654 Com Solvents.. 35'/, 35 334 Dupont 1004 984 984 994 Freeport Tex.... 464 454 454 46 Liquid Carb 304 29 30 4 29 4 Math Alkali .... 38 4 374 37 4 384 Tex Gulf Sulph 414 404 404 404 Union Carbide.. 50 4 50 50 4 504 U S Indu Alcohol 59 4 58 4 59 584 Nat! Dlst (new) 264 254 264 254 Drugs— Coty Inc 54 54 54 44 Lambert 26 s * 25 s * 26 264 Lehn & Fink .. 17 s , 17'* 17'i 17'* "Zonite Prod 64 64 64 6 s * Financial— Adams Exp 104 9 s , 104 104 Alleghany Corp. 4 4 44 44 4-4 Chesa Corp 414 404 404 41 Transamerlca ... 74 74 74 74 Tr Conti Corp... 6 54 6 54 Building— Am Radiator ... 164 154 16 16', Gen Asphalt ... 184 184 184 184 Int Cement 34 V* 344 Johns Manville.. 644 634 634 634 Libby Owens Gls 43 s * 424 43 43 Otis Elev 17 s * 174 174 164 Ulen Const 34 34 34 34 Miscellaneous— Am Bank Note.. 18 174 17 s * 184 Am Can 1014 100 100 1004 Anchor Cap 32 s * 224 224 224 Brklyn Man Tr. 33 s * 33 33 33 Conti Can 80 794 794 804 Eastman Kodak. 864 86 4 864 86 s * Owens Bottle .. 85 84 84 84 s * Gillette 10 s * 104 104 10', Glidden 16 s * 164 164 17 s * Gotham Silk ... 94 9 9 84 Indus Ravon ... 864 86 86 864 Inter Rapid Tr.. 114 114 114 12 Real Silk Hose.. 11 94 104 94 New York Curb (By Abbott, Hoppin Ac Cos.) —Jan. 20— Close Close Allied Mills Bs*8 s * Glen Alden Coal 134 Alym Cos of Am 87-4 Gulf Oil of Pa.. 714 j Am Cvamde B 174 Hiram Walker.. 54'* Am & For P W 64 Hud Bay Min... 94 , Am Gas & El. 27 s * Humble Oil ... 384 Am Superpower 3 Imperial Oil Ltd 134 ! Assc Gas & El.. 4 Int Petrol 214 j Atlas Corp 13 Lake Sh Min... 444 i Brazil Tr Ac Lt 13 Lone Star Gas.. 6 s * ! Can Indu s Ale A 194 Natl Bellas Hess 2 s * Can Marc 2 s * Newmont Min .. 534 Carrier Corp .. 7 Nia Hud Pwr... 6 s * Cities Serv 3 Novadel Agene.. 624 Common with Ed 514 Pan-Am Airways 46 Cord Corp 79* Park Davis 24 s * Creole Petrol.. 11 s * Penn Road 34 1 Crown Crk Int 7 St Regis Paper.. 34 Deere & C 0.... 314 Sherwm Wms... 564 : DistUlers Lim.. 20 Std of Ind 324 i Distfliers Corp 234 Std of Kv 164 1 I Dow Chem .... 754 Stutz Mts 74 I El Bd & Share 17'.- Teck Hughes Gd 6 Fisk Rubber ... 124 Un Gas 3 s * Ford of Can A.. 194 Un Pwr & L (At 4 s , Gen Aviation... 64 Wr Hargraves M 7 Great Atl Ac P 134

Federal Farm Loan Bonds

_______________ (By Blyth Ac Cos.. Inc.) —Jan. 2C Bid. Ask. 4s Nov. 1, 1957-37 90 91 4 4s Mav 1. 1958-38 90 91 4 ’ 4* *s July 1. 1956-36 90'* 914 4's Jan. 1. 1957-37 90'* 914 , 44s May 1, 1957-37 90'* 914 4'*s Nov. 1. 1956-38 90' 91'44s Mav 1. 1942-32 94 4 95 s * ; 44s Jan. 1. 1943-33 •*.. 924 934 i 44s Jan. 1. 1953-33 92'* 534 44s July 1. 1953-33 *92 4 93 4 44s Jan. 1. 1955-35 92'* 93 4 44s July l. 1955-35 92 4 93 4 44s Jan. 1. 1956-36 924 S3'* 4 s *s July 1. 1953-33 94 4 95 4 ■ 44s Jan. 1. 1934-54 94 4 95 4 1 44s July 1, 1954-34 914 954 j 5s May 1. 1941-31 98 4 99 4 ! 5s Nov. 1. 1941-31 984 994 , Home Loan 4s. July 1. 1951.. 92 4 93

U. S. Government Bonds

By United Press NEW YORK. Jan. 20—Closing Liberties: Decimals represent thirty-seconds) LIBERTY 14s 132-47) 101 First 44s 132-47 ■ 10130 Fourth 4'<s (33-38) 102.11 TREASURY 44* S’*s '4B* 99 44s 147-52. 106 34s i43-47i 99 25 34s (41-43i March 99.27 34s (40-43' June 99.29 | 34s 141* 99 1 34s 146-49 > 97 14 , 3s (51-55> 95 29 Saw Hole in Grocery Wall Thieves sawed a hole in the wall of the Standard grocery at 647 Virginia p venue, last night and stole S2O and an undertermined quantity 1 of canned goods, police were notified today.

STOCKS RESIST PROFIT-TAKING, CLOSE UNEVEN Tickers Run Behind Tape in Largest Short Session Since Summer.'

Average Stock Prices

Average of thirty Industrials for Thursday. High 104.48, low 102 50. close. 103.30. off .20 Average of twenty rails. 47.01, 46.94, 48 34. up 05. Average of twenty utilities: 26.41, 25.70. 25 88. off .25. Average of forty bonds: 88.14. up 26. Average ot ten flrst rails: 94 16, up .37. Average of ten second rails: 75.81, up .76. Average of ten utilities: 93.26, off 41. Average of ten industrials. 89.32, up .30. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 20.—Under impetus of the greatest Saturday trading pace since summer, the stock market today resisted heavy weekend profit taking to show an irreguiarly higher appearance. Tickers were jammed by the business that came into the market. Quotations were abbreviated for a majority of the two-hour session and in the last hour quotations were running behind the actual market about three minutes. After opening stronger, the market underwent a little profit-taking and then sjiot forward with gains of more than 2 points ov£r yesterday’s closing. Activity increased. Heavy profit-taking came in, but was offset by orders developing from every section of the country. The market resisted excellently and only here and there were there easy spots, one of the chief ones coming in the motors division. Market News Bullish A number of favorable factors came to the aid of the street. Signing of the oil marketing agreement, excellent steel production in the Youngstown district, continued reports of improvement in the copper industry suid an increase in the price of steel scrap at Pittsburgh all were favorable items. Also was the fact that public buying in the market showed no inclination to drop off. Amusement stocks were leaders in activity with Loew’s the favorite. Even after considerable profit-tak-ing managed to show a fractional gain at around 29%. Warner Brothers firmed up fractionally. Distillery stocks were whirled up. American Commercial Alcohol jumped almost 3 points before it dropped to around 60% for about 2 points gain. National Distillers was fractionally higher around 26. United States Industrial Alcohol gained more than a point at 55%. In the industrials, United States Steel was outstanding, jumping above 56. It was pounded below that figure, but still showed moi’e than a point gain at around 55%. American Telephone held just under 119 for a fractional advance. Du Pont was off almost a point at 99. Rail List Strengthens Air Reduction jumped more than 2 points to around 105. Rails showed fractional advances with New York Central around 38% and Pennsylvania around 36. Farm equipment shares eased off with J. I. Case showing more than a point decline at 76%. Chrysler was the more depressed of the motor stocks, losing about a point at around 55. The company today announced a reduction on factory prices for its six-cylinder line. General Motors was fractionally lower at 37%. Copper shares were higher on increased copper buying from both foreign and domestic accounts and on the firm price for copper metal. Stock sales today were the greatest for any Saturday since July 22, totaling 1.950,000 shares. Last Saturday 749,000 shares were exchanged. Curb sales today were 296.000 shares, as against 131,000 shares last Saturday. Dow - Jones closing averages showed industrial 105.52, off .08 point; railroad 48.02, off .20 point, and utility 26.95, up .17 point.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 20— Clearings $1,544,000.00 Debits 4.571,000.00 Clearings for the week 10,965.000.00 Debits for the week ...30,787,000.00 TREASURY STATEMENT By United Press WASHINGTON. Jan. 20.—Government expenses and receipts for the current fiscal year to Jan. 18, compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses .$3,283,196,273.66 $2,906,373,542.54 Receipts .. 1,619.131.293.09 1.102.571.758.49 Deficit 1,664.084.980.57 1,803.801.784.05 Cash bal... 600.792.997.00 New York Bank Stocks (By Abbott. Hoppin Ac Cos.) —Jan. 20— Bankers 63 634 Brooklyn Trust 91 94 Central Hanover 125 127 Chase National 27 4 284 Chemical 384 39 National City 274 274 Corn Exchange 51 s * 52 s * Continental 144 15 First National 1,440 1.455 Guaranty 316 319 Irving 174 18 Manhatten Ac Cos 284 29*4 Manufacturers 19 194 New York Trust 89 90 Public 274 284 Empire 14V* 134

Foreign Exchange

(By Abbott. Hoppin & Cos.) —Jan. 20— Close. Sterling. England $4.99 Franc. France 0622 Lira. Italy i 0835 Gelgias. Belgium 2220 Mark, Germany 3780 Guilder. Holland ...‘ 6415 Krone." Norway 2510 Krone. Denmark 2240

Investment Trust Shares

(By Abbott. Hoggin & Cos.) Bid. Ask. American Bank Stocks Corp. I.OS 1.10 American & General Sec A.. 5.00 6.00 American & Inv Tr Sh 1.50 2.50 Basic Industry Shares 3.52 3.62 British Type Inv Tr Sh .62 .70 Collateral Trustee Shares A.. 5.00 5.25 Corporate Trust Shares (oldi. 2.17 2.21 Corporate Trust Shares <new) 2.45 .2.48 Cumulative Trust Shares .... 4.25 .... Diversified Trust Shares A.. 6.25 .... Diversified Trust Shares 8.... 8.25 8.50 Diversified Trust Shares C.... 332 3.38 Diversified Trust Shares D-... 5.10 5.20 First Insurance Stock Corp.. 1.37 1.42 I First Common Stock Corp 83 98 : Fixed Trust Oil Shares A 9 00 9.25 Fixed Trust Oil Shares B 7.87 8 12 Incorporators Investment ... 18 36 19.94 'Land Bank Bond Shares 93 1.03 Low Priced Shares 6.25 Mass Inv Trust Shares 18 59 20.20 Nation Wide Securities 3.40 3.50 North American Trust Sn <53 > 1.90 North American Trust Sh • SS• 2.45 2.46 North American Trust Sh (58 ) 2.75 3.00 Selected American Shares ... 300 .... Selected Cumulative Shares.. 7.50 .... Selected Income Shares 3.75 4 12 Std American Trust Shares A 3.10 320 Trust Shares of America 2.98 3.02 Trustee Sul Oil A 5 30 5 50 Trustee Std Oil B 5.15 5.30 D S Electric Lt 6c Pwr A.... 11.87 12.12 Universal Trust Sham ...... 3.12 3.16 t

THE INDIANAPOLIS TIMES

Bright Spots

By Abbott. Hoppln A Cos. Caterpillar Tractor Company for | year ended Dec. 31 earned 16 cents [ a share, against a net loss of $1,616,- | 873 in 1932. Selected Industries Incorporated reports as of Dec. 31 net assets of $31,302,367. equal to $77.83 a share of prior stock outstanding in the hands of the public. On Dec. 31, 1932, net assets were $26,084,124, equal on the same basts to $64.85 a share of prior stock. National Power and Light Company declared quarterly dividend of 20 cents a share on the common stock. The company previously paid 25 cents a share quarterly. Brokers’ loans during the week ended Jan. 17 increased $12,000,000 to Nonbrokers’ loans were off $7,000,000 in the same week. United Corporation in year ended Dec. 31 had a net profit of $10,956,987 after taxes and interest, equal after dividends paid on the $3 preferred stock to 24 cents a share on 14,531,197 shares of common stock. This compares with a net profit of $13,824,187 in 1932, which amounted to 4 cents a share. Chicago Yellow Cab Company has declared the regular quarterly dividend of 25 cents. U. S. DOLLAR REMAINS UNCHANGED IN LONDON Premium Indicates America Again Is Heavily in Gold Market. By United Press LONDON, Jan. 20.—The dollar remained practically unchanged in | foreign exchange trading today. The pound closed at $5.0150 after opening at $5.0250. The French franc closed at 79 2732. When the pound was quoted at $5.0150 the gold price was set at 132 shillings nine pence, ($33.28 at $5.0150 to the pound sterling), down one pence from yesterday’s rate. A premium of 11% pence was set on French francs, then selling at 79.75. The premium was one pence fifty over yesterday’s and it indicated the United States was again heavily in the gold market. Purchases. cf 350 gold bars worth 925,000 pounds sterling ($4,638,875) were announced.

On Commission Row

—Jan. 20— Fruits Cranberries —Cape Cod early blacks, 25 lb box $2 40 Grapes—Semi-sawdust. 38-lb. lug. $3.25. Pears Washington A’Ajou. 90-1655, $2.50; Anacandos. Fla., 16-16s, crate, $1.50. Strawberries—Florida, 18c per pint. Bananas—Per pound. sc. Apples—Wealthy, Wolf River. Grimes Golden, oJnathan, Florida, $1.35@2 a bu., fancy Staymans, $2.25 a box. Grapefruit—s2.so® 3.75. Oranges—California Navels, [email protected] a box. Vegetables Cabbage—Eastern Danish, 50-lb. bag, $1.60; new Texas, 50-lb. crate, $3.25. Onions—lndiana white, 50-lb. bag,, $1.40; Indiana yellow. 50-lb. bag, $%50. Beans—Round stringless, hamper, $2.25; best, $2.75. Beets—Bulk per bu , $1.25; Texas, new. $1.65 a crate. Peas—2 B-lb. hampers. $3.50® 4. Carrots—California. $3 a crate; per doz., 60c: Michigan, doz.. 60c; bulk per bushel, $1.15. Cauliflower—California (11-12 c), crate, $1.60. Celery Michigan Mammonth, dozen. 75c; medium bunch, 45c; hearts, $1.25; 18bunch per crate, $1.25; California, $2.75 Cucumbers—Florida, $5 bushel; hothouse. $1 per dozen. Lettuce—lceberg best (4-ss) crate. $3.25 ®3.75: hothouse, 15-lb. basket, $1.65. Radishes—Hothouse button, 75c down. Spinach—New Texas. $1 per bu. Turnips—Per bu., 85c. Tomatoes—Florida, 30-lb. bag, $3. Potatoes—Northern round whites, 100-lb. bag. $2.35; R. R. Ohios, 100-lb. bag. $2.35; 15-lb. bag, 38c; Idaho Russets. 100-lb. bag, $2.25; Texas Triumphs, new, $2, 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu., $1.60®1.65.

In the Cotton Markets

—Jan. 20—CHICAGO High. Low’. Close. January 11.21 March 11.42 11.28 11.28 May 11.58 11.44 11.45 July 11.74 11.61 11.61 October 11.92 11.77 11.7/ December 12.05 11.90 11.90 NEW YORK January 11.31 11.17 11.17 March 11.38 11.22 11.23 May 11.51 11.34 • 11.35 July 11.67 11.51 11.52 October 11.85 11.66 11.66 December 11.98 11.83 11,83 NEW ORLEANS January 11.13 March 1133 11.17 11.18 May 11.47 11.30 11.31 Julv 11.62 11.48 11.49 October 11.81 11.64 11.65 December 11.93 11.84 11.79

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 Coke, egg size 8 75 Indiana, forked lump 5.30 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg *.25 Pocahontas forked lump 925 Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg goii Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. Other Livestock BY UNITED PRESS EAST ST. LOUIS. 111.. Jan. 20.—Hogs— Receipts. 6,500: market, lighter weights steady with best time yesterday: weighty butchers steady with average; pigs nominal; bulk 150 to 230 lbs., $3.45'g>3.55; 240 to 300 lbs., $3.2503.40; 130 to 140 lbs., saleable at *2.75(ft 3.10; 90 to 120 lbs.. $202.50: sows. $2.4002.65; market with week ago; mostly 10 cents lower; pigs and sows s.teady. Cattle—Receipts, 200; calves. 150; market compared with close last week: yearlings and medium weight steers steady; others 25c lower; mixed yearlings and heifers barely steady; beef cows 2a to 50 cents lower; cutters and low cutters 15c to 25c lower; bulls 25c iower; vealers 25 cents higher; stock steers weak and stock calves. 25 cents higher; top for week 86 lb. yearling steers and 1.224 lbs., steers. $6; 1,426 lbs., heavy steers. $4.60: 705-lb. mixed yearlings and 735 lbs., heifers. $6; cows. $3.60; sausage bulls. $3.15; vealers. $6.50: stock steers, $3.90: bulk for week; steers. $4®,5.25; mixed yearlingsand $2 35@3; low cutters. [email protected]; Stocker and feeder steers. [email protected]; closing top on sausage bulls, $3 and on vealers. $6.50. Sheep—Receipts. 50: market compared with week ago; fat lambs 50c higher; other classes atrong to 25c higher; week's prices on top wooied lambs were $8.65; bulk [email protected]; throwouts. [email protected] top clipped lambs. *7.25; bulk. vearllngs, [email protected]; slaughter ewes. $3 63.75. NEW YORK COFFEE FUTURES —Jan. 20— SANTOS High. Low. Close. January ... 9.44 March 9.69 9.60 9.60 Mav 9.89 9 80 9.80 July 10.04 9.95 9.95 September 10.40 10.38 10.39 December 10.39 RIO January ... 6.88 March ... 7 04 i May 7.30 7.23 7.23 : July 7.35 September ... 7 47 December 7.60 Producers Will Meet Producers’ Commission Association of Indianapolis will hold its annual meeting at the Antlers Monday. Among speakers will be Lieutenant-Governor M. Clifford Townsend.

PORK MARKET ENDS WEEK 10 GENTSLOWER Cattle Scarce and Steady; Vealers Strong at $7.50 Down. Pork market at the Union Stockyards this morning ended the week’s trading ground 10 cents lower than yesterday average. Trading remained inactive on light slaughter pigs weighing under 120 pounds. Receipts continued above normal considering the usual week-end trade. The bulk, 160 to 250 pounds, sold for $3.40 to $3.55, while few small lots were reported selling at $3.60. Weights scaling 250 pounds and upward were available at $3.15 to $3.35, with choice kinds weighings 120 to 160 pounds selling at $2.65 to $3.25. Receipts were estimated at 5,000. Holdovers, 231. With practically no action evident in the cattle market, prices held around the previous session. Vealers showed little change, salable at $7 down. Few odd heads brought $7.50. Cattle receipts numbered 100; calves, 200. Lambs trading followed similar action of yesterday’s session, moving stronger after the opening. Good western lambs were salable at $8.75 or better. Receipts were 1,700. Swine prices at Chicago held steady to around 10 cents lower than Friday’s average. The bulk, 160 to 300 pounds, sold for $3.25 to $3.45. Initial top held at $3.50. Packing sows brought $2.60 to $2.80. Receipts were estimated at 19,000, including 17,000 directs. Holdovers, 1.000. Cattle receipts numbered 400; calves, 200; market, around 25 to 40 cents for the week. Sheep receipts were 3,000; market 60 to 75 cents higher than last week. HOGS Jan. Bulk Top Receipts 15. $3.40® 3.50 $3.50 11,000 16. 3.50® 3.60 3.65 8.000 17. 3.50® 3.60 3.65 9,000 18. 3.50® 3.60 3.65 8.000 19. 3.50® 3.60 3.65 11.0C0 20. 3.40® 3.55 3.60 5.000 Market Lower (140-160) Cood and choice..s 3.00® 3.25 —Light Weights— H6O-180) Good and choice... 3.55 ‘llBO-200) Good and choice.... 3.55 —Medium Weights—--1200-220) Good and choice... 3.45® 3.50 1220-250) Good and choice... 3.40® 3.45 —Heavy Weights—--1250-290) Good and choice... 3.30® 3.35 (290-350) Good and choice... 3.20® 3.30 —Packing Sows—(3so down) Good 2.60® 2.85 (350 up) Good 2.50® 2.75 (Ajl weights) medium 2.15® 2.50 —Slaughter Pigs—-(loo-130) Good and choice.... 2.00@ 2.65 CATTLE Receipts, 100; 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 ...| 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— $ 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, 200; market, steady. Good and choice $ 7.00® 7.50 Medium 4.50ff1T7.00 Cull and common 2.50® 4.50 —Calves — (250-500) Good and choice 3.50® 5.00 Common and medium 2.00@ 3.50 —Feeder and Stocker Cattle—-(soo-900) Good and choice 3.75® 4.75 Common and medium 2.50@ 3.75 (800-1.500) Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, Market, steady. (90 lbs. down) Good & Choice $ 8.25® 8.75 '9O-110 lbs.) Good and choice. B.oo® 8.65 90 lbs. dowh) Com. and med. 5.50® 8.00 —Ewes— Good and choice 2.50® 3.50 Common and medium 1.25® 2.50 Other Livestock BY UNITED PRESS FT. WAYNE, Jan. 20.—Hogs—Steady to 10 cents higher: 160 to 200 lbs., $3.45; 200250 lbs., $3.35: 250 to 300 lbs., $3.25; 300350 lbs., $3.10: 150 to 160 lbs.. $3: 140150 !bs„ $2.75; 130-140 lbs.. $2.50; 100130 lbs., $2.15; roughs. $2.50; stags. $1.75. calves, $7.50: western lambs, $8.25; native lambs, SB. LAFAYETTE, Jan. 20.—Hogs—Market steady to 20c lower; 170-225 lbs.. $3.30® 3.45: 225-275 lbs.. $3.20®3.25: 275-325 lbs., $3.10®3.15; 140-170 lbs.. [email protected]; 120-140 lbs.. $2.50®2.75: 110-120 lbs., $2®2.25; 100 lbs. down. $1.75; roughs, $2.75 down; top calves, $6: top lambs. $7.50. INDIANAPOLIS WAGON WHEAT Citv grain elevation are paying 84 cents for No. 2 soft red wneat. Other grades on their merits.

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Today and Tomorrow

Radical Defect in Monetary Policy Should Be Cured Before Passed by Congress. BY WALTER LIPPMANN

The bill in which the President's monetary policy is embodied has, It seems to me, a radical defect which ought to be cured before it is passed by congress. The bill vests permanent power to change the gold content of the dollar in the President and the secretary of the treasury. Unlike the Thomas amendment of last spring, which was generally understood to confer power upon the President to revalue the dollar once, this bill inaugurates anew and permanent system of currency

management. For my own part I believe this new' system to be highly desirable. But it is not desirable to entrust the management permanently to the Executive—either to the President or to his secretary of the treasury. The bill should be amended in such a way as to let President Roosevelt exercise this power for a limited period of time, and at the end of that time the power of currency management should be transferred to a public agency which is as completely divorced from partisan politics as it is from private finance. There are good reasons why President Roosevelt should be given full power to manage the dollar during the emergency, that is to say until the reflation is completed, until an international monetary standard has been reconstructed. Mr. Roosevelt has the problem in hand, and no one has broader grasp of its many de-

ments than he. But he is not going to be President for more than two terms at the most, and this bill establishes currency management for a long future. It would be short-sighted in the extreme to adopt a method of management which is wholly unsound in principle, just because Mr.

Roosevelt is exercising brilliant leadership and has the confidence of the country. m, u m WE have had mediocre Presidents and we shall have them again. Before Lincoln there was a Buchanan. After Wilson there was a Harding, In building permanently we must rely, not on a personality, but on a principle. This bill, as submitted to congress, violates a principle which is fundamental in American political life. It is the principle that power should be subject to checks and balances. Under the bill as drafted, the executive department, which is the largest spender and the largest borrdwer in the country, and the greatest force in the money market of the nation, is made the master of the volume and the value of money. This is as bad in principle as making the prosecutor the judge, as giving the President the power to levy taxes. The man who has to borrow and spend should not be the same man as the one who lends or appropriates. If the President could inflate or deflate on his own authority, tie would be subject to no effective check in his own financial operations He would have power which is not only arbitrary and may therefore be dangerously abused, but, unless he is a man of courage and conviction beyond anything we have a right to count upon in normal times, he would be subjected to intolerable political pressure from sectional and class interests. mum THE management of the currency is of such vital importance that it must not be allowed to fall into the hands of private interests, of lobbies, of political parties, or of ambitious men. Now I do not believe that any one has yet had time to think through the question of how to establish a permanent management of the currency. Yet the question is fully as important as any amendment to the Constitution which has ever been submitted. The people are entitled to consider it fully, have it thoroughly debated, and settled only when they have had a chance to understand it. That is why it seems to me that this bill, the so-called gold reserve act of 1934, should be amended to give the President and the secretary of the treasury these’powers for a limited period only. If the administration is wise, it will propose such an amendment itself. If that is done, we can begin to discuss the best way to do these things permanently. We should, of course, approach the discussion with an open mind, and welcome, rather than resent or resist, differences of opinion. The problem is worthy of the best thought of the country. The task of setting up this new financial system is comparable with the setting up of the judical system. For let us have no illusions about it: The management of the currency involves questions of justice between man and man, between one section and other, between one group of interests and another, which are every bit as important as those which are decided in the courts. (Copyright. 1934) NEW YORK RAW SUGAR FUTURES —Jan. 20— High. Low. Close. January ... 1.38 March 1.43 1.38 1.43 May 1.48 1.43 1.48 j July 1.58 1.53 1 58 September 1.53 1.47 1.53 December 1.63 1.59 1.63 1

Chicago Stocks ■'”':By Abbott. Hoppln Ss Cos.) TOTAL SALES 52.000 SHARES —Jan. 20— High. Low. Close. Acme Steel Cos 37% 37 37 % Advance Aluminum 3% Allied Products 12% 12 12 Am Pub Serv pfd 6 Asbestos Mfg 3 Associated Tel & T A 2 Assoc Telephone Util.. % % % Bastian-Blessing 8 Bendix Aviation 20 19 Vi 19% Borg-Warner 24% 24% 24% Brach & Sons 8% Brown Fence & Wire A 6% E L Bruce Cos 12% 11% 12% Butler Bros 5% 5% 5% Cent 111 Pub Serv pfd 15V* 15 15** Cent & So West i% Cent & So West, pfd .... ... B'4 Cent &So West P L pfd 11% 11 11% Chi & North Western.. 11 10% 10% Chicago Corp com 2% 2% 2% Chicago Corp pfd 25% 25% 25% Chicago Flexible Shaft 9 Chicago Yellow Cab.... 12% 12 12 Cities Service 32% 2% Commonwealth Edison. 51% 51V* 51 % Consumers ... % Consumers 1% . pfd .... .. ... 2 Cord Corp , 8 7% 7% Crane Cos ... 9% 8% 8% Crane Cos pfd 60% 60 60 Electric Houscehold .... 10% 10% 10% Fitzsimmons & Connell 14 Godchaux B 6% Goldblatt Bros 29% 29 29% Great Lakes Aircraft ..1 % 1 Great Lakes Dredge ... 21% 21% 21% Grigsby-Grunow % % 3 4 Houdaille-Hershey A.... 14% 14% 14% Houdaille-Hershey B 4% Ind Pneu Tool 19 % Kalamazoo Stpve 21 Katz Drug 22 Ken-Rad Tube & Lamp 3% 3% 3% Kentucky Ut Jr C pfd 16% Lißby McNeil 4 Lynch Corp 34% 34 34 Manhattan-Dearborn .... ... 1% Marshall Field ~.. 16 15% 15% McWilliams Dredgng Cos 19% 19 19*/* Meadows Mfg Cos. Com. % % % Merchants & Mfg “A”.. .. ... % Middle West Utilities .. .. .U, % Mid West Util 6% pfd A £ % Muskegon Motor Spec A ’ 10 National Leather * .X 1% Nat Securities Invest .V. l% National-Standard 22% Noblitt-Sparks Inds Inc 13% 12% 13% North Amer Gas & Elec % % 74 Northwest Bancorpratn 2% 2 2% Perfect Circle 26% 25% 26% Pines Winterfront 1% Prima Cos 8 7% 7% Public Service N P 17% Quaker Oats 122 Quaker Oats pfd 118 Rath Packing .. ... 2474 Raytheon VT C ....... 2% 2% 2% Reliance Mfg Cos 17% 17 17% Ryerson & Son 16% Sears Roebuck 46% So Wst G & Elct.ric pfd 48 Standard Dredg Cos pfd 3% Stutz Motor Cos of Am.. 7% 7% 774 Swift &Cos 17 16% 16% Swift International .... 27% 27% 27% Thompson JR 8 U S Gypsum com 49 Utah Radio .. ... 2 Utility V Ind pfd 3 Viking Pump ... 4 Vortex Cup Cos 9% 9 9% Wahl 1% Walgreen Cos Com 20*% 20 20'/* Walgreen Stk Pur Warr 2'% Ward Montgomery A... 100 99 99 Wayne Pump Com ... 1 Wayne Pump pfd 2% Wieboldt Stores 10% Wisconsin Bankshares.. 3% 3% 3% Yates Machine % Zenith Radio 3% 3% 3%

Produce Markets

Delivered In Indianapolis prices—Hens. 104 c: Leghorn hens. 74c: heavy springers over 5 lbs., lie; under 5 lbs.. 9c; Leghorn springers. 7c; stags, 8c; Leghorn stags, 6c; cocks, 5 lbs. and up. sc: under 5 lbs., 4c; ducks. 44 libs, and over, full feathered and fat, 6c; under 44 lbs.. 4c; Reese, full feathered and fat. 6c. Turkeys—No. P young hens. 8 lbs. and over. 11c: No. 1 young toms, 12 to 20 lbs.. 13c; No. 1 youag toms over 20 lbs., 13c: old toms, 10c; Nu. 2 thin crooked breasted. 6c: young guineas. 14 to 3 lbs.. 35c; old guineas, 25c; No. i 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 ft 26c; No. 2. 22ft 23c. Butterfat— 16c. Quoted 1 by the Wadley Company. VON HINDENBURG IS ILL Reich President Takes to Bed With Heavy Cold. By United Press BERLIN, Jan. 20. —President Paul von Hindenburg is suffering from a cold much heavier than first reported, it was reliably learned today. The aged soldier and statesman was confined to his bed. Because of his indisposition, Von Hindenburg’s scheduled appearance before the Order Pour Le Merite Wednesday was canceled today. NAMED STATISTICIAN Lewis S. Bowman, Ex-Auditor, Gets State C. of C. Job. Appointment of Lewis S. Bowman, former state auditor and former board secretary, as statistician for the Indiana State Chamber of Commerce, was announced today. Duties of Mr. Bowman will be to provide impartial figures on operation of state and local government to chamber committees as a basis for legislative proposals. Professor to Aid NRA Board By United Press WASHINGTON, Jan. 20.—Dr. Robert A. Brady of the University of California has joined the staff of the NRA consumers’ advisory board as an adviser on standardization of commodities. Fire Reports (Frldar) , 7:50 a. m., 1523 Broadway, residence, SI,BOO. 10:43 a. m., 3768 Central, residence, no loss. 7:38 p m., Twenty-seventh and Franklin olace. false alarm. (Today) 4 a. m . 2142 Eastern, garage and residence. S2OO. 5:24 a. m., 1911 Brighton boulevard, residence, $25. In the’ Air Weather conditions at 9 a. m.: East wind, 6 miles an hour; temperature, 36; barometric pressure, 30.26 at sea level; general conditions, high, scattered clouds; ceiling, unlimited; visibility, one-half mile. Evening School Btrong courses offered In Secretarial. Stenography, Accounting, Bookkeeping and kindred subjects. Spend part of your evenings in selfimprovement. Cost low. Central Business College Architects A Bollders Building, Indianapolis,

GRAIN VALUES WEAKER AFTER STRONG TONE Strength in Securities and Bonds Fails to Boost Future Prices. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Jan. 20.—Grain mar- | kets today made a poor response to strength in stocks and bonds and j pricts averaged somewhat lower on the Board of Trade. There was a lack of aggressive buying, due mostly to week-end eevning up of positions. There was a rather pronounced disposition to go slow on either si<i£ of the market, the trade being fearful of what might happen in Washington over the week-end. A small ' ! bulge in wheat early failed to carry through as there was plenty of May for sale at 91cents. At the finish wheat was *s to v cent lower, corn was off % to % cent and oats were 14 to % cent lower. Corn, oats, rye, and barley were relatively quiet with profit-taking on the minor upturns and prices averaged slightly lower. Country offerings of corn to arrive were small. Provisions were somewhat unsettled. Chicago Primary Receipts —Jan. 20— —Bushel — Today. Last week. Wheat 395,000 252.000 Com 640.000 615000 Oats 173,000 132.000 Chicago Futures Range —Jan. 20— Prey. Open High Low Close Close WHEAT— Mav.. .91% .91% .90 % .90% .91 July.. .89% .89% .88% .88% .89% Sept.. .90*4 .90% .89% .89% .90% CORN— Mav.. .52% .52% .52 .52% .52% Julv.. .54% .54% .53% 54 .54% Sept.. .56 .56% .44% .55% .56 O/VTSMay „ .38% .39 .38 % .38 % .38% July.. .38 .38V* .37% .37% .37% Sept.. .37% .37 V* .36% .36% .37 RYE— Mav.. .64% .64% .62% .62% .63% July.. .64% .64% .63 .63 .64% BARLEY— Mav 52'% .52% July 53 .53% LARD (Old) Jan.. 5.02 5.02 5.02 May.. 5.42 5.42 5.40 5.40 5.40 BELLIES (old) May 6 45 6.45 BELLIES (new)— Jan 6 50 6 50 Mav J. 7.05 7.05 July 7.37 7.37 LARD (new) — Jan 5 50 5.50 May.. 5.87 5.87 5.82 587 5.90 July.. 5.87 5.87 5.82 5.82 5.85 Sept.. 5.97 5.97 5 95 5.95 6.00 CHICAGO CASH GRAIN By United Press CHICAGO. Jan. 20.—Wheat—No. 1 hard. 92c; No. 2 hard, 91c; sample grade hard, weevily, 84%c; No. 1 northern. 91c; No. 3 northern, 89c. Corn (new) —No. 2 mixed, 50%c; No. 3 mixed, 49%c; No. 4 mixed, 49c; No. 2 yellow. 50%®51c; No. 3 yellow, 49%®50c; No. 4 yellow. 48%'i;4D 1 2 c; No. 5 yellow. 48®48%c; No. 2 white, 51c; Nofl 2 white, old. 52 ’ *c; No. 3 white, new, 50c; No. 4 white, 49c; sample grade white, 32c. Oats—No. 2 white, 39c; No. 3 white, sß@3B%c: No. 4 white. 37%c. Rye—No sales. Barley—Sales, 74c; quotable, 48® 76c. Timothy—s6.2s® 6.50. Clover sebu—--510.50®13.75. Cash provisions Lard, $5.55; loose, $4.80; leaf, $4.75: S. bellies, $6.50. TOLEDO CASH GRAIN By United Press TOLEDO, Jan. 20. Grain in elevators, transit billing: Wheat—No. 2 red. 93%® 94%C Corn—No. 2 yellow. 550/51c. Oats —No. 2 white, 42®43c. Rye—No. 2. 68(a) 69c. Track prices, 28%c rate: WheatNo. 1 red, 90®90%c; No. 2 red. 89®89%c. Corn—No. 2 yellow. 50%®52%c; No. 3 yellow. 49%®51%c: No. 4 yellow. 48® 49c; No. 5 yellow, 45%®48c. Oats—No. 2 white. 39@40%c; No. 3 white. 38%0/40c. Toleto seed close: Clover—March, $8.50. Alsik# —Cash, $8.50.

Lippmann

flj ROSE Here is a treat for radio listeners. Sunday at 3:15 p. m., the Hose Tire Cos. willinaugurate its 1934 program series over Station WKBF with Harry Bason at the piano. We want this program to be your program and with this in mind we welcome your suggestions and will play as many of your favorites as time permits. Plea.se send suggested titles to the Rose Tire Cos., or Station WKBF. Don’t forget—Station WKBF, Sunday at 3:15. Sunday and every Sunday thereafter at the same time. tt tt H The Rose Tire Cos. is building 9 its business on public confidence. We treat our customers as we would want to be treated if our positions were reversed. That means, Courtesy, Efficient Service, an interest in the customer that doesn’t end at the cish register, quality merchandise that can be guaranteed 100 per cent for dependable service, right prices and a cheerful willingness to make good. Try the Rose Tire Cos. on your next purchase of tires, a battery, an auto radio, accessories, oil. gasoline, lubrication or service. Let us give you a practical demonstration on how the Rose Tire Cos. applies the Golden Rule <o its business dealings. We will gladly charge your purchase and you can pay a little each week. man We are open until 9 p. m. tonight and all day Sunday until 6 p. m. Snappy road service anywhere in Mrrion County. Just call Riley 8355. tt tt tt CHIEF TIRE CHANGER Mimes use disthibutobs

JAN. 20, 1934