Indianapolis Times, Volume 45, Number 223, Indianapolis, Marion County, 26 January 1934 — Page 26

PAGE 26

Corporate Reports Likely to Be More Easily Understood' This Year —Accountants Seek Betterment. Bl RALPH HEXDtRSHOT Tines Stecisl Financial Writer

Corporate reports of 1933 operations are beginning to make an appearance During the next month or so they will be coming thick and fast. The chances are they will be more clearly undei stood than ever befora. the New York Stock Exchange and the New York State Society of Certified Public Accountants having made a really honest effort in that direction. The accountants have even sought the advice of newspaper men in their desire to satisfy the needs of the public in that respect. The importance of clearer corporate reports can not be overestimated. and the fact that the accountants themselves have seen the need for them is a high tribute to the profession. The accountants hav e been doing everything possible in recent years to improve • ■ their standing, and they are pushing harder than ever this year feeling, apparently, that the public, imbued with the New Deal psychology, is behind them MS as never before. There is one fundamental factor which the accountants would do well to reconsider. They have Cy always contended that their relations with the cor--9 pora’e executives have been similar to that of a W physician and his patient. Such is not quite the case. Their employers in such instances are merely the M^MMf agents of their real clients, the owners of the corporations, or the stockholders. ißk a a a >if \ L j „ ,A Have Powerful Weapons 11 is true, of course, that if they review a corX_~—'MBLjUB porations returns fully and clearly they run the risk of not being employed a second time. Corporate wh P h t managements do not always want their operations e ers o put unc j pr magnifying glass. But if they tighten their organizations sufficiently and build up the proper prestige for them the company officials will be much less likely to turn to other accountants when they desire to paint a particularly pretty picture. And if their associations were to make public a clear statement of why a concern has been dropped when such action has been unjustified the stockholders probably would be quick to do something about it. It is not enough for the accountant or the accountancy firm to make the brief statement in an annual report that it certifies to the accuracy of the figures presented. It should make a full explanation of the extent of its search and note any fact or factors which might clarify the figures, and it should state whether or not the bookkeeping practices of the company meet with its approval. man a m a Investors Have Been Misled Investors and stockholders have misled a great many times in the past by half-truths offered by corporate managements and certified by public accountants. They have been misled also by complicated methods of bookkeeping. It should be possible to make corporate statements as clear as those of the ordinary small business concern, and when thus is done the accountants will have performed an important public service and will have risen to the high plane of public esteem which they appear to be seeking.

New York Stocks

'Bv Abbott K —Jan. 26—Prey. Oils— High. Low. 10 30. close. Amerada *6’ 6s'a Atl Rfg 32’a 32’ Barnsdall • - • 9'* Conrol Oil 11’* ll’ ll’t 11 Cont of Del 19 19 Houston infwi J Houston old> 2J n Indian Rfg 3 ,3 4 Mid Cont Pet }V 2 Ohio Oil I* IS Pet Corp 11 l''* Phillips Pet }•'• Pure Oil ••• 13 i?,* Royal Dutch 3.- * Bbd Oil 33 Shell Un 10’a J® * Simms Per ... IJJs Skellev Oil ... ••• .2, Soc Vac I" 3 * l**t 13 * 13.• 5O of Cal 41* O'* 6 O Os N J 47' 2 G*. Sun Oil • *1 * Texas Corp 27' 2 2i' 2i' 27 Tidewater A:-n.. 10’a 10'y 10' 10 4 On Oil of Cal 19' 19’a Steels— Am Roll Mills. . .. 22' 2 22'. Beth Steel 45', 4S*/ 45* 4 4*', Bvers AM ... 29’ t 29* 2 29. 29'/ Col Fuel & Iron. .. ... • 6'a Cruc Steel 26 ... Gull Sts Steel 34 Inland Steel 46 1 . 46 Ludlum Steel I*’. McKeesport Tin. 90 Natl Steel 5S’ •*'* Rep Iron Sc Steel .. ... 20'. 21 Rep Ir Ac Stl pfd ,51 s U S Smelt „ 10® Vanadium 26‘ 2 26 2 Mid Steel 15’ 1* U S Pipe A Fdy • 24 U S Steal ■>'* 56 2 V S Steel pfd . ... 99 96' 2 Young., tn S Sc T .. ... 26' 2 26 R Atchison 69*. 69 69 69' 2 AH Cst Line. 25 2 BA: 0 28*. 28' 2 28' 2 28• a Can Par 15' 15*. 15'. 15’. Ch Sc Ohio 44 1 2 44i 2 Chi & Gl W 5 C M & St P •• '* C M Sc St P pfd j" * Chi N W .. 19*2 18S Chi R Isl S’. Dela & Hud ■ • J?' 2 Grt Northern p 26' 2 26’. 26 1 2 26'. 11l Central 36 36 , K C Sou 13; a Lou & Nash 59’* M K Sc T • 12'* Mo Pac 5 4‘. Mo Pac pfd.... • ■ 3 7 N Y Cent 38'. 38 3837*4 NYChliSlp ■ • 24*. N Y New Haven 21*. 21‘a 21' 21’. N Y Ont Ac Wes 19S 19 . Norfolk Sc Wes.. . 13*, Nor Pac 82% 28' 28'. 2. 4 Penn R R 36*. 36% Reading • Sou Pac 28 28 Sou R R 32'. 32 2 32' 2 32'. Sou R R pfd ••• 38 z Union Pac 124 123 Wabash ... 3’ 2 3[ 2 West Maryl ... Us Motors— Auburn 52‘a w Chrysler 56 55*. 55’. 56 Gen Motors 39 * 2 39*. Graham Mot. 4 4 Hudson ... 22*. 22' 2 Hupp 6*l 6' 6'* 6. Mack Truck 38' Nash 29’, 29-4 Packard 5 4 Reo 4*. 4. Studebaker .... *> f * Yellow Truck ... s’. s*. 5 5 . Motor Access— Bendix 20’. 20 4 Bohn Alum .... .... s6‘a 66' 2 Borg Warner.... 26 25 a 26 26 Brings 15 a 15*4 Budd Wheel „ 4 s Eaton Mfg . 17 1* * Elec Auto Lite.. 27 26’. 27 2i' Houd IAI 6'. 6 Mullins Mfg 7’ 2 *'4 Murrav Body- 9*a 9‘i 9*. 9 Stew Warner.... 9 S’. 8 * B*4 Timken Ro! 34 34 Mining— Alaska Jun 21*4 21S Amer Smelt 44' 2 44% Anaconda 16'. 16 Cal Sc Heels 5' 2 Cerro De Pasco 34*. 35 Granbv . I® 1 * Gt Nor Ore 13 Homestake Min.. .. ... 316 Howe Sound 37> 37’. Ins Coper.. . • • s*. Int Nickel . . . 22’. *. 22*. 22’. Kennecott Cop . 21*4 21’, 21*4 21*. Noranda Cop • ■ 3.V, Phelps Dodge 17*a 17* Pitts Coal l.’s Tobacco.— Am Sum Tob ... .. ... r Am Tobacco A 72'a 72’4 Am Tobacco B “4*4 74’, Gen Cigar 32 Ligg A- Myers B *y. • Lorrillard 17’. l.'a Renolds Tob B 49 1 4.', Equipments— Allis Chalmers.. 21'. 21*. 21*. 21’. Am Car Sc Fdy . 28'. 28 28 26’. Am Loco ... 24 33 a Am Mach Ar Fdy .. ... ... 17 Am Steel Fdy... ... . 24 Bald Loco 13’a 13', 13% 1 Burroughs IS 17% 1* 17’a Case J I 79*. 78 Cater Tract 29 29 Col Palm Peet IS' 2 13' 2 Congoleum 28*. Foster Wheeler 18*. 17*4 Gen Am Tk Car . ... 39 Gen Elec 22’ 22*. 22*. 23 Gen R R Stg ... 43 42’. 43 41 '4 Ingiol Rand 68’4 Int But Mach ... . .. 148’. Int Harvester 42’. Kelsinato- . .. 14*. 14'. Natl Cash Reg 21’, 21’.- 21*. 21’. Proc & Gamble 39% 39' 2 39'- 39' 2 Pullman Inc .. . . . 57 57 Simmons Bed . 21*4 21 21 21'4 West Air B 33'a Westtnah Elec 44*a 44 44 44'a Worthington P 29*4 Utilities — Am * For Pwr 11 10’. 10’, 11 Am Pow Sc Lit. B'a *'a A T Sc T ...116% 11*'. 11*', 118 Am Wat Wks 22*4 23 Brook Un Gas. 72% Col Gas Sc Elec 14’. 15 Col G E pfd 78 Com Sc Sou 2*4 2*4 Consol Gas 43 42* 2 Elec Pwr & Lit 6% 6*. E P St L pfd ... IS Int TAt T 1616'. 16*. 16'. Lou GAEA 17'. Bat Pwr A Lit 11% North Amer .. 19% 19'a 19* 2 19*. Pac G A E 19 18’, Pub Serv N J 37', 39 So Cal Edison . 19% 19*. 19> 2 19'. Std Gas 9* 9*. JStd Gas pfd 10*. IPi United Corp (% 6’. U Gaa Imp 17% 17', m Pwr A Ltt A 4 Western Union 60% 61 •■bbaea— Fimtoia 22 . 22 Oeedrtob ....... 16 15', 16 IS>, Goods *r 36’a 38', 3*'. 38 a U S Robber ... 19*4 19 I9t 18'. r 8 Rubber ptd. 33*a 33*. 33< 2 31 ft! Spring 3*4 3'a / Aaaeaeaaeat,— S*s>* Radio 13 The. ..... M ... 13 14%

Wall Street

PDDIn A Cos i —— Loews Inc 29% 29% 29’, 29% Radio Corp .... 8% 8 8 8 RKO 33 Warner Bros 7 7 Foods— Am Sug 55 Armour A s’, 5% 5% 53, Borden Prod .. 23’, 23’, 23’, 23% Cal Packing ... 25% 25% Canada Dry G A 26% Coca Cola ... .. 100% Cont Bak A ... i3>, 13% Corn Prod .... 82 81% 82 80 % Crm of Wheat 32', 32 Gen Foods 36 35' 2 Gold Dust 19% 19% 19% 19’, G W Sugar 32% Int Salt ... 24’, 24% Nat! Biscuit ... 47’, 47 Natl D Prod 15% 15’, 15’, 15% Purity Bak 171, S Porto Rico S. .. ... 37 37 Std Brands ... 23% 23% United Fruit 65 65% Ward Bak A 10 Wriglcv 56 Retail Stores— Ass Dry Goods.. 15% 15% 15% 15% Pest At Cos 31 Gtmbel Bros ... s’, Gimbel pfd 22% Gr Un Tea 6 6 Hahn Dept Sts.. .. ... 6’, 6% Jewel Tea ... . 36% Kresge S S 16% 16% Kroger Groc 28% 28 Macv R H. .... 160% May Dept St 36 Mont Ward 27% 27% 27% 27% Penny J C 59% 59% Safewav St' ... 52% 52 Sears Roebuck.. .. ... 46’, 46’, Woolworth ... 48 48% Aviation— Aviatunn Corp 9’, 9% Douglass Air ... 21% 21 Curtiss Wright .1% 3% 3’, 3% Curtiss Wrt IAI B’, B’, B’, B’, Nor Am At...... .. 6 s , 6% United Aircraft 34’, 34% 34’, 34% Chemieal*— Air Reduction 104 Allied Chem. 154% 154% Am Com Alcohol 60% 60 60 60 Col Carbon ... ... 64 Com Solvents 34% 35 Dupont 100’, 100% Freeport Tex 45% Liquid Carh ... 30% 30 Math Alkali ... 39% 39% Tex Gulf Sulnh 4040% Union Carbide .. ... ... 49% U S Indu Alcohol 59% 59% Natl Dtst mewi 26 s , 26% 26% 26% Drugs— Coty Inc 6’, 6% 6% 6% Lambert ... ... 28 Lehn A- Fink ... 17’, 17% 17’, 17% Zonite Prod ... 7 6% Financial— Adams Exp 10% 10 10% 10 Alleghany Corp 4% Chesa Corp 41’, 41’, 41’, 41% Transamerica .... ... 7% 7 Tr Conti Corp .... ... s’, s’, Building— Am Radiator ... 16’, 16’, 16’, 16’, Gen Asphalt ... 19% 19% 19% 19% Int Cement ... ... 34 Johns Manville 64’, 64’, 64’, 63’, Libby Owens Gls 41% 41% Otis Kiev 19% 19% 19% 18’, Ulen Const ... 3% 3% Miscellaneous— Am Bank Note. . . . . 17% 17% Am Can ... 101 100% 100% 100% Anchor Cap ... 23 23 Brklvn Man Tr. .. ... ... 33’* Conti Can ... 79% 79 Eastman Kodak. .. ... 87% 87% Owens Bottle ... 88% 87% Gillette 11’, 11% Glldden 18 17’, 17% 18 Gotham Silk ... 10’, 40% Indus Ravon ... 93 Inter Radio Tr . 11% Real Silk Hose.. .. ... 13% 13

U. S. Government Bends

By I nited Tress NEW’ YORK. Jan. 25.—Closing Liberties: • Decimals Represent Thirty-seconds 1 • LIBERTY 3%s .32-471 100 31 First 4%s i32-47i 101 31 Fourth 4’,s (33-JBt 102.13 TRFASURY 4xs-3>.s .45) 99 2 4%s ,47-S2> . 106 7 3’*s (43-471 99 28 3%s (41-43 arch 99 30 3%s <4O-43 June 99 29 3% s 1 41 1 #99.6 3%S '46-491 97.9 3* (.61-551 95 22

Daily Price Index

Bn t nited Press NEW’ YORK. Jan. 25 - Dun A- Bradstreet's daily weighted index of thirty basic commodities compiled for the United Press: <1930-1932 Average, 100' Todav 104 23 Y’esterdav 104 85 Week ago 104 01 Month ago 100 23 Y’ear ago 69.14 1934 High 'Jan. 19' 104 87 1934 Low .Jan, 3> 10105 Copyright. 1934. by Dun A Biadstreet Inc.

Federal Farm Loan Bonds

Bv Birth & Cos. Inc -Jan. 25 Bid Ask 4s Nov. 1, 1957-37 91 92% 4s Mav 1. 1958-38 91 92% 4>.s Julv 1. 1956-36 91% 92% 4%s Jan 1. 1957-37 91 % 92% 4%s Mav 1. 1957-37 91% 92% 4%s Nov. 1. 1958-38 91% 92% 4%s Mav 1. 1942-32 95% 96% 4%s Jan. 1. 1943-33 93 94% 4%s Jan. 1. 1953-33 93 94% 4%s Julv 1 1953-33 93 94% 4' _-s Jan. 1. 1955-35 93 94% 4 s Julv 1. 1955-35 93 94% 4%* Jan 1 1956-36 93 94% 4%s Julv 1. 1953-33 95 96% 4%s Jan. 1. 1954-34 95 96% 4%S Julv 1 1954-34 95 96 , 5s Mav l. 1941-31 98% 100 5s Nov. 1. 1941-31 98% 100 Home Loan 4s. Julv 1. 1951 .. 94 1C

Foreign Exchange

By Abbott & Hoppm. Jan 25 Close. S'erhng England *4 96'„Franc. France o€2' : s ; Lira. Italy 0831't Btlgias Belgium 220* Mark. Germany 3740 Guilder Hyland 6351 j Peseta. Snam 1269 Krone. Norlav 2498 Krone. Denmark 2311 - - .. ...

STOCKS SHOW LITTLE CHANGEi PRICESJJNEVEN Automobile Issues Continue Firm and Active; U. S. Dollar Gains.

Average Stock Prices

A\eraee of thirty industrials for Thursday high 107 52. low 105.44. close 10* 85. off .17 Average of twenty rails: 49.00. 47 94 48 57, off 95 Average of twenty u’llities: 97 27. 26 63. 26 89. off .34. Average of forty bonds 88 91. up .01. Average of ten first rails: 94 47. off .03 Average of ten second rails: 77 05, up 10. Average of ten utilities 93 71. up 02 Average of ten industrials: 90.42, off .03. BY EI,MER C. YVALZER United Pres* Financial Editor NEW YORK. Jan. 26.—Small gains and losses were about equally distributed throughout the stock list at a fairly active opening today, while the dollar gained slightly and commodities ruled steady. Railroad shares were firmer on favorable December reports just coming out. New York Central opened at 38'4, up %; Atchison 69%, up %, and Union Pacific 124, up ‘i. Chesapeake & Ohio was unchanged at 44'g. Automobile issues, leaders yesterday, continued firm in active trading. General Motors on a block of 4.000 shares opened at 332,9’ 2 , up and equal to tis hgh since 1931. Chrysler w’as unchanged at 56. Briggs made anew- 1933-34 high at 15%. up % on 2.500 shares in the automotive equipments, where Bendix and Electric Auto-Lite also were heavily traded. Steels were lower, with U. S. Steel at 56U, off V and Bethlehem 45'i, off Rubbers made small gains. Oils were mixed, with Texas Corporation at 27'2, up a nd Standard of California at 41 n i, off %. Case jumped more than a point in the farm issues. Utilities were irregular, with Consolidated Gas at 43, up ' 2 , and North American at 19%, off U. Communications were featured by a *4point rise to llS's in American Telephone and blocks of 1.000 shares each in Radio and International Telephone. During the early dealings price movements were irregular with volume light.

Bank Clearings

INDIANATOLIS STATEMENT —Jan. 26. Clearings *1.635.000.00 Debits 4.436,000.00 treasury statement llii United Tress WASHINGTON. Jan. 26.—Government expenses and receipts of the. current fiscal year to Jan. 24. compared with the corresponding period of the previous fiscal year: „ This Year. Last Year Expenses $3,429,526,282.84 *2.955.917 506 64 Receipts *1.644,308.750.97 $1,119,587.885 55 Casti'kaf rsiaio&l&g? $1836 ' 329 ' 621 New York Curb (By Abbott. Hoppin & Cos.) —Jan. 25 Allied Mills .. C 8% Glen Aid Coal ,?13% A1 Cos of Am.. 82% Gulf O of Pa 75 Am Cyan B 18 H Walker 51% Am A F P war. 7% Hud B Min 9% Am G A El 28% Humble Oil 39% Am Superp .... 3% Imp Oil Ltd ....13% 'fso GA El ... 1 int Petrol 21% Atlas Corp ...13%|Lake Sh Min ...43 Axton F Tob .68% Lone Star Gas.. 6% Brit Am Tob A29 Masse* Harris... 6 Brit Celanese 3% Mt P&ri 4% - an Ind Ale A .18% Natl Bellas H... 2% Can Marc .... 2’ 4 Ncwmont M ... 53 7 r Carrier Corp ... 8 Nia Hud Pwr ... 6% -.tties Serv 3% Novadel Agene .60 -ommonw Ed .55 Park Davis 24’, -ons G of 8a1t.57% Penn Road 3% X° , c ?. rD 1% St Regis Paper.. 3% -reoe Pet 12 Sal Crk Prod ... 6% Deere A Cos 31’, Sherwin Wms ..59% Ltm 20% Std of Ind 32% Dist Corp 23%. Std of Kv 16% Dow Chem 76% Stutz Mts 9% El Bd A Sh ....18% Technico! Ind ...10% Risk Rnb 13% Teck H Gold 5% Ford of Can A .20 Un Gas . 3% Ford of Europe. 6 Un PALt A 4% Gen Avia 7% Wr Harg Min ..7

Investment Trust Shares

(Bv Abbott. Honoin A Cos.) —Jan. 25 Bid. Ask. American Bank Stocks Corp.. 108 112 American A General Sec A.. 4.50 550 American Inv Tr share 1.50 2 50 Basic Industry shares 3 52 3 62 British Type Inv Tr shares... .74 82 Coollateral Trustee shares A... 5 12 5 25 Corporate Trust shares (old 1 2.18 222 Corporate Trust shares (new) 247 250 Cumulative Trust sharps ... 430 440 Diversified Trust shares A... 625 Diversified Trust shares B 8.25 8 50 Diversified Trust shares C.... 3.30 3 34 Diversified Trust shares D 5.12 5 37 First Insurance Stock Corp.. 1.33 140 First Common Stock Corn ... 83 98 Fixed Trust Oil shares A... 900 925 Fixed Trust Oil shares B. .. 780 788 Incorporators Investments .19 00 20 50 Land Bank Bond shares 93 1 03 Low Priced shares 630 650 Mass Inv Trust sharps 19.18 20.84 Nation Wide Securities . 3.50 360 North American Trust sh (53) 1 92 North Am Tr shar (55) 2.50 2 70 North Amer Trust shar (581.. 2.80 2.95 Selected American shares. .. 3.07 Selected Cumulative shares.. 7.55 Selected Income shares 3 60 400 Std Amer Trust shares A .... 3 14 3.19 Trust Shares of America .. 2.99 303 Trustee Std 0)1 A 5.60 5.70 Trustee Stri Oil B 530 5.60 U S Eleetrie Lt A Pwr A 12.25 12 75 Universal Trust shares 3.13 324

Indianapolis Cash Grain

—Jan. 25 The bids for car lots of grain at the call of the Indianapolis Board of Trade f o. b. shipping point, basis 41*-, New York rate, were: Wheat—No. 1 red. 860 87c: No. 2 red os'/86c: No. 2 hard 85086 c. Corn— Easv; No. 3 white. 43®44r; No 4 whte. 424/ 43c; No 3 yellow. 42®43c: No. 4 vellow 41042 c: No. 3 mixed 41® 42c: No 4 mixed. 404/ 41c. Oats—Eav; No. 2 white. 34®35c: No 3 white. 33 1 34 c Hav—Steady; (F. o. b. country points taking 23' ? c or less rates to Cincinnati or T.cnisvillei. No 1 timothv. $2.50 08. No 2 iimothv *74/ 750 —lnspections Wheat—No. 1 red. 1 car: No. 4 red. 1 I car: No. 1 hard 2 cars: No. 2 hard. 3 cars: No 2 mixed 2 cars Total. 9 cars. Corn No. 2 white. 3 cars: No. 3 white. 2 ears No. 4 white. 4 cars: No. 5 white. I ear: No 2 vellow 4 cars: No 3 vellow II cars No 4 vellow 13 cars: No. 5 vellow 1 car; No 3 mixed. 1 car: No. 5 mixed. 1 car Total. 41 cars. Oats—No. 2 white. 7 cars: No 3 white. 4 cars: No 4 white. 1 car; sample white 1 car. Total. 13 cars CHICAGO CASH GRAIN i By f nitrd Prra* CHICAGO Jan. 25.— Cash Grain: Wheat No 5 hard. 86' c: sample grade red. 85c. Corn—No. 2 mixed. 49'c. No. 6 mixed. 47*c- No 2 vellow . 50' ic: No 2 vellow . old 51® 51* 2 c: No 3 vellow. 49050 c: No. 3 vellow old. 51 1 4C: No 4 vellow. 48'/®49c: No. 2 white. 50'iC; No. 2 white, old. 52c: sample grade. 32c Oats—No. 2 white. 36' 2 ® 37c: No 3 white. 25’y0 37c: sample grade. 34c Rve—No sales Barley—Sales 620 77c Timo'hv—*6.4oo 6 85. CloverSeed *lO 504/ 13.75. Cash provisions— Lard. *5.30: loose. *4 47; leaf. *4 50; 6 ; bellies. *6.50. ST. LOUIS CASH GRAIN By Vnitrii Prt .* ST. LOUIS Jan 25 —Cash grain: Wheat In slow demand, red wheat. 2c lower: hard grades, l'/c lower: No. 2 red. 92’ 2 c: No 3 red earlickv. 90c; No. 2 hard. 89'zc nominal Corn—ln slow demand, tone "teadv. No 4 mixed 47c: No. 2 yellow. 50' ->e: No. 3 vellow. 50c: JAi 4 vellow 48 -/ 48' zc Oats--In fair demand tone j steadv; No 2 white. 39c: No 3 white. 39c: No 4 white 37'’C: No 2 mixed 39' 2 c: sample mixed. 35> 2 c: No. 1 red. 40c. j NEW YORK RAW SUGAR FUTURES —Jan. 25High. Low. Close. March 14* 142 1.43 May ISO 147 1.48 j July - 155 1 52 1.52 i Sept-mber W 1 59 156 1.57 December 1.64 1.(1 1.62

THE INDIANAPOLIS TIMES

Chicago Stocks

" By Abbott. Hopptn A Cos t "" TOTAL SALES lltl.non —Jan, 25 High. Low. Close. Abbott Lab 42% Acme Steel Cos 39 38'* 39 Allied Product* 16% 15% 18’* Am Fub Serv ofd 9 8% 8% American Yvette '* Asbestos Mfe 3'* 3 3'* Assoc Telephone Util .. % * >* Bastian-Blf sstng 7% 7 7 Fendtx Aviation 20-* 20% 20% Borg-Warnrr 26 25% 26 Borc-Warner pfd ... 97 Butler Bros 8% 7* 8 Canal Construction ... 2% 2 2 Castle A M 18 14 18 Central Cold Storage 7% Cent 111 Pub Serv pfd . , 17% 16% 17', Cent 111 Securities ofd 7% Cent & So West 2 1% 2 Cent A So West P L ofd . . ... . 11% Chi * North Western.. 10" 10', 10% Chicago Coro Com 3% 33% Chicago Coro ofd 26% 26% 26 Chicago Flexible Shaft.. 8-% 8 8 Chicago Yellow Cab 12 Cues Service 3% 3 3'* Club Aluminum ... % Commonwealth Edison. 56% 55 56-2 Consumers % Consumers 6' c Pr Did ... 4% Cord Coro 2% 7% 7% Crane Cos 10% 9 10% Crane Cos. pfd 65% 58 65% DeMets. Inc. Pfnce ... 18 17 18 Fitzsimmons A Connell ... 14% Gen Household Ut 9% 9 9% Goldblatt Bros 30% 30 30’, Great Lakes Aircraft .... ... % Great Lakes Dredge... 21% 21 21 Grigsbv-Grunow % % % Half Printing ... 5% Houdaiile-Hershey A' . 17 15% 17 Houdailie-Hershpy B . 6 5% 6 Illinois Brick 5% Katz Drug ... 23 Ken-Bad Tube & Lamp 3% Ky Ut Jr Com pfd 21 Kevstone Steel pfd ... 13% Ltbby-McNeil 5% 5 5% Lindsay Light ... 3% Loudon Packing ... 17% Lynch Corp 33% 33 33% Marshall Field 17% 16% 17% McGraw Electric ... 5% McWilliams Dredge Cos. 21% 19% 20% Meadows Mfg Cos Com. % % % Mickelberrv's Food Pro. 3% 33% Middle West Utilities. % Mid W Util 6% Pfd • A" 1 Midi Util 6% “A” Pfd % Modine ... 12 Monroe Chemical ... 2% Monroe Chemical Pfd. 22 20% 20% Muskegon Mo Soec "A' 10' 2 30% 10% National Leather 1% 1% 1% National-Standard .... 23% 23 23 Noblitt-Spks Ind Inc... 13% 13% 13% N Am L & Power 3% Northwest Bancorp ... 6% 6% 6% N West Util Vr pfd 2;* Oshkosh Overall 4% 4% 4% Penn Gas & Elec 8% 8% 8% Perfect Circle 32 30 32 Prima Cos 8% 8% 8% Public Service N P ... 1? Quaker Oats 121 120% 121 Ravtheon V T C 3% 2% 2% Reliance Mfe Cos • 15% Standard Dred Cos pfd. 3% 3% 3% Stutz Motor Car Cos of A 9% 9 9% Swift A Cos 17% 16 * 17% Swift International 29% 28% 29% Thompson JR 8% 8% 8% Transf Corp of Amer ... % U S Gvpsum com ... 48% Utility A Ind ... } * Wahl .. . I*B Walgreen Cos com 21VI 20% 21% Ward Montgomery A Wisconsin Bankshares 3% Yates Machine • •• % Zenith Radio 3% 33

Produce Markets

Delivered in Indianapolis prices—Hens. 10%c: Leghorn hens. 7%c: heavy springers over 5 lbs., lie; under 5 lb#., 9c; Leghorn springers. 7c; stags, 8c: Leghorn stags, 6c: cocks. 5 lbs. and up sc: under 5 lbs.. 4c: ducks. 4% libs, and over, full feathered and fat. 6c: under 4% lbs.. 4c; geese, full feathered and fat. 6c. Turkevs —No. 1 young hens. 8 lbs. and over, lie: No. 1 young toms. 12 to 20 lbs.. 13c: No. 1 young toms over 20 lbs.. 13c: old toms. 10c; No. 2 thin crooked breasted. 6c: young guineas. 1% to 3 lbs. 35c, old guineas. -25 c; 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. 22® 23c; No. 2. 19®20c. But.terfat—l6c. Quoted bv the Wadlev Company. BY UNITED PRESS CHICAGO. Jan. 26.—Eggs—Market unsettled; receipts. 3.261 cases; extra firsts. 22c: fresh graded firsts, 21%c; dirties, 18c; current, receipts. 20c; checks, 18c. Butter —Market, steady; receipts, 8.415 tubs: storage extras >92 score 1. 19c; storage standards 190 score). 19c; extra firsts (90-91 %■ score'. 19%®19%c; extras (92 score 1. 20c: firsts 188-89% score 1. 18%® 19c; seconds 186-87% scorel. 17%®18c: standards i9O scorci, 19%c; specials. 20%® 21c. Poultry—Market about steady; receipts. 23 trucks; turkeys ttomsi, 15c: chicken, hens. ll%c; Leghorn chicks. 13%c; colored spring chickens. 13c; old roosters, 7%c; ducks. 11® 14c; geese. 10c; Rocks, 11c. Cheese—Twins, 11%®12c; Longhorns. 12®12%c; daisies. 12%® 12%c. Potatoes —Supply moderate; demand and trading slow; market dull: Wisconsin round whites, $i.75®>1.80: Idaho Russets, closed mugs. s2® 2.05; open mugs. s2® 2.10; combination grade. $1.35; Colorado McClures, $2.45; Nebraska triumphs, $1.90. CLEVELAND. Jan. 26.—Butter—Market, firm; extras, 24c: standards, 23%c per lb. in tubs. Eggs—Market., firm: extra white. 21%c: current receipts. 21c. Poultry market firm; colored fowl. 4% lbs and tip. 13®14c: colored fowl medium, 12c; Leghorns. 3% lbs. and up. 10® 11c; Leghorn fowl light. 9c; springers. Rock. 5 lbs. and up. 14c; springers colored. 4 lbs. and up. lac: colored broilers. 18c; capons. 8 lbs. and up. 20®21c; ducks, white, 5 lbs. and up, 15c: ducks, ordinary, 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. $2.15®2.20: few $2.25: Idaho Russet, Burbanks. $2.25® 2.35; bakers. $2.15 per 50-lb. box: Ohio, fair quality. $1.50® 1.75. according to auality and condition; New York, best, SI 1.10 per bushel: Florida. $2.25 per bushel crate.

On Commission Row

—Jan. 26 — Fruits Cranberries—Cape Cod early blacks, 25 lb. box. $2.40. Grapes—Semi-sawdnst, 28-lb. lug. $3.25. Pears Washington A’Ajou, 90-1655, $2.50; Anacandos. Fla., IG-I6s, crate. $1.50. Strawberries —Florida. 18c per pint. Bananas—Per pound, sc. Apples—Wealthy, Wolf River. Grimes Golden. oJnathan. Florida. $1.3502 a bu.. fancy Staymans. $2.25 a box. Grapefruit—s2,so4/ 3.75. Oranges—California Navels. $4<®4.50 a box. Vegetable, Cabbage—Eastern Danish. 50-lb. bag, $1.50: new Texas. 50-lb. crate, $3.25. Onions —Indiana white. 50-lb. bag,, $1.40; Indiana yellow. 50-lb. bag. *1.50. Beans —Round stringless, hamper. $2.25; best, $2.75. Beets—Bulk per bu.. $1.25; Texas, new. $1.65 a crate. Peas —28-lb. hampers. $3.50if?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. Celerv Michigan Mammonth, dozen, 75c; medium bunch. 45c; hearts. $1.25; 18bunch per crate, $1.25; California, $2.75 crßte. 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. $2.50. R. R. Ohios. 100-lb. bag. $2.50; 15-lb bag. 38c: Idaho Russets. 100-lb. bag. $3: Texas Triumphs, new, $2. 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu„ $1.6001.65. Other Livestock BY UNITED PRESS CHICAGO. Jan 26.—Hogs—Receipts. 35.000. including 20.000 directs: active 204/ 25c higher than yesterday; 160-300 lbs.. $3,404/3.70; top. $3.75; good pigs. $2,254/ 2.75: packing sows. $2.750 3.10 Light, lights. 140-160 lbs . good and choice, $2.85 61 3.70: light weights. 160-200 lbs . good and choice. $3,354/ 3.75; medium weights. 200-250 lbs . good and choice, $3.500 3.75: heavy weights. 250-320 lbs., good and choice. $3.2503.60: packing sows, 2750350: medium and choice. $2,654/ 3.10: slaughter pigs. 100-130 lbs., good and choice, $2.25 u 3.15. Cattle Receipts, 2 000: calves. 1.000: mostly cleanup market: steers and yearlings, steady to weak; light heifers and mixed vearlings weak to 25c lower; others about steady; in-between grades predominating in all classes: best yearling steers. $5.85; bulk steers and yearlings. $4 4/5.25: slaughter cattle and vealers. steers. 550-900 lbs., good and choice. $64/7.25: 900-1.100 lbs . good and choice. $5 254i7 25: 1.100-1.300 lbs. good and choice. SSO 7; 1 300-1.500 lbs., good and choice. $4fg6.25; 550-1.309 lbs . common and medium. $3 25 vi 5.25: heifers. 550-750 lbs . good and choice. $4.750 6.50; common and medium. $34/ 4.75; cows, good $34/4; common and medium. $2 504/3; low cutter and cutter. SISOO 2.65: bulls, vearlings excluded, good, beef. $34/3.25: cutter, common and medium. $2 250 3; vealers. good and choice. $6 0 7 50: medium. SSO 6: cull end common. S4O 5: stocker and feeder cattle:, steers. 550-1.050 lbs . good and choice. $3 50 4/5; common and medium $2.5003 50. Sheep—Receipts. 10 000; fat lambs opening slow; indications around steady; best offerings held above $9 25; early bids mostly under $9: sheep steady: slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $8 254/9.25; common and medium *BO 8 50: 90-98 lbs. good and choice $7.504/9.10: ewes. 90-150 lbs., good and choice. $2.2504.25: all weights, common and medium. $1,504/3 CHICAGO FRUIT MARKET By I'nitcd l‘rc* CHICAGO. Jan. 26. —Apples—Michigan Jonathans, bushel, $1 250 1 50: Baldwin, bushel. 81.35 0 1.40. Carrots—lllinois. 404 c 50c bushel. Spinach—Texas. 750 90c bushel. Beans—Southern green. $2 200 2 25 bushel; wax. $2.200 2.75. Mushrooms—lllinois. 17* 2 it32’ic ilb. cartons*. Cucumbers—s6,so4/ 7; hothouse $303 50. Tomatoes—Florida. $1 250 2.50 box: hothouse. $101.25. Leaf Lettuce —Illinois hothouse. 150 20c box; 10 lb. baskets 90c051.00. Celery—Michigan, square crate. 40c4/ $ 1 Cabbage—Wisconsin. $1,504/2. 10-lb. sack. Parsnips—nano;*. 854/ 90 bushel. Sweet Potatoes—lllinois. $1250 1.35 bushel; Indiana. $1 5001 75 Rhubarb —Michigan hothouse. 25®45c. 5-lb. cartons. Onion market—*so-lb. sacksi: Western valencits. *1.250140; Central Western, yellows. $1&1.25, western whites. 61.75&2.

SWINE VALUES RISE 15 TO 20 CENTS AT PENS Cattle, Vealers Stationary; Lambs Unchanged at $9 Down. After registering small declines during the last two days, porker prices advanced sharply 15 to 20 cents at the Union Stockyards this morning. Practically all classes were active and strong, with receipts slightly lighter than in the previous session. The bulk. 160 to 250 pounds, sold at $3.55 to $3.75, while weighty kinds. 250 pounds and upward, were salable at $3.30 to $3.50. Hogs weighing 130 to 160 pounds were selling at $3 to $3.40 Light slaughter pigs scaling 100 to 130 pounds brought $2 to $2.75. Receipts were estimated at 8.000. Holdovers. 345. Initial action in the cattle market was slow and around steady, with nothing on hand to command top prices. Receipts numbered 500. Vealers established a steady trading range, selling at $7.50 down. Receipts were 600. With only slight action evident, early lamb trading held mostly steady at $9 down. Few choice fed westerns were reported selling higher. Receipts were 1,500. Trading was active and mostly 10 to 15 cents higher on hogs at Chicago. Top price held at $3.60. Other prices were undeveloped. Receipts were estimated at 35,000, including 20,000 directs; holdovers, 4.000. Cattle receipts were 2,000; calves, 1.000; market slow, steady. Sheep receipts, 10,000; market, unchanged. HOGS Jan. Bulk. Top. Receipts. 20. $3.40® 3.55 $3.60 5,000 22. 3.40® 3.55 3.60 8.000 23. 3.55® 3.70 3.70 9.000 24. 3.50® 3.65 3 70 10.000 25 3.40® 3.55 3.55 10.000 26. 3.55® 3.75 3.75 8,000 Market, higher. 1140-160) Good and choice...s 3.25®. 3.40 —Light Weights—--1160-1801 Good and choice.... 3.75 (180-200) Good and choice.... 3.75 —Medium Weights—--1200-2201 Good and choice.... 3.65® 3.70 (220-2501 Good and choice.... 3.55® 3.65 —Heavy Weights—• i250-290i Good and choice..., 3.45® 3.50 (290-350) Good and choice.... 3.35® 3.45 —Packing Sows—(3so down) Good 2.75® 3.00 1350 up I Good 2 60® 2.85 (All weights) Medium 2.25® 2.60 —Slaughter Pigs—-(loo-130) Good and choice.... 2.00® 2.75 CATTLE Receipts, 500; market, steady. (1,050-1,100) Good and choice $ 5.75® 7.00 Common and medium 4.00® 5.75 (1.100-1,5001-Good and choice 5.25® 7.00 Common and medium 4.00® 5.25 (675-750) Good and choice 5.00® 6.25 Common and medium 3.00® 5.00 (750-900' Good and choice 4.50® 6.00 Common and medium 2.75® 4.50 —Cows— Good 2.75® 3.50 Common and medium 2.25® 2.50 Low cutter and medium 1.25® 2.25 —Bulls tyearlings excluded) Good (beef steersi 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts. 600; market, steady. Good and choice $ 7.00® 7.50 Medium 4.50® 7.00 Cull and common 2.50® 4.50 —Calves—-(2so-5001 Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-9001 Good and choice 3.75® 4.75 Common and medium .... 2.50® 3.75 (800-1.5001-Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts. 1,500; market, steady. 90 lbs. down) Good & choice..s 8.75® 9.25 190-110 lbs.) Good and choice. 8.50® 9.00 190 lbs. down) Com. and med. 6.00® 800 —Ewes— Good and choice 2.75® 3.75 Common and medium 1.50® 2.75 Other Livestock BY UNITED PRESS EAST ST. LOUIS, 111., Jan. 26.-Hogs Receipts, 10.000; market. 20c to 25c higher than yesterday's average; top $3.75; bulk 150 to 230 lbs.. $3.65®3.75; heavier weights not established; 130 to 140 lbs., mostly $3.10® 3.50; 100 to 120 lbs., $2.25®.2.85; sows, $2.65®3. Cattle—Receipts. 900; calves 700; market, mostly steady in clean-up trade with receipts of all classes light; vealers 25 cents lower with top kinds. $7; a few medium steers. $4.25; several loads of good steers unsold: mixed yearlings and heifers largely of a kind to sell from $3.50 ®5.25; cows, $2.250/2.75; low cutters. $1.25 ® 1.50; sausage bulls. $2,250/2.50; slaughter steers. 550 to 1,100 lbs., good and choice. $5.25® 6.75; common and medium. $3.25® 5 75; good, S4O/6.25: medium. $3.50®5.25. Sheep—Receipts. 1.200; market, no early sales or bids; talking steady to strong; $9.25 upward for desirable lambs; indications steady on throwouts and sheep. Lambs. 90 ibs. down, good and choice. $8.25®9.35: common and medium. SSO/8.50; 90 to 98 lbs., good and choice. SBO/ 9.35; yearling wethers. 90 to 110 lbs., good and choice. $5.50®.7.50: ewes. 90 to 150 lbs., good and choice. $2,500/4: all weights common and medium. $1.50® 3. CLEVELAND. Jan. 26—Cattle—Receipts. 200, market slow and about steady; prices unchanged frbm week ago; choice 750 to 1.100 lb. steers. $6.25®6.75: 550 to 900 lbs.. ss®6; heifers. 600 to 1.000 lbs.. $4,250/ 5.50; good cows all weights. $2.50 ®3.25. Calves —Receipts. 300: market, steady; prices for week unchanged; choice to prime, s7® 8; choice to good. $6.50® 7: fair to good. $5®6.50. Sheep—Receipts. 800: market today steady with yesterday's decline; prices 75 cents higher for week; choice wethers. s4®s: medium to good. $2,500/4: choice spring lambs, $8,500/9.25: good to choice. S7O/8; medium to good, $6 0/7. Hogs—Receipts. 800; market today 5 cents lower; slight advance for week lost and closing prices same as week ago: 250 to 300 lbs . $3 250/3.50; 220 to 250 lbs.. $3.50®3.65: 180 to 210 lbs.. $3.85; 150 to 180 lbs $3.85: pigs. $2.25® 2.50. FT. WAYNE. .Tan 26.—Hogs—Market 10 ® 15c higher: 160-200 lbs. $3.65: 200-250 lbs $3.55; 250-300 lbs.. $3.45: 300-350 lbs.. $3 30; 150-160 lbs.. $3.25: 140-150 lbs.. $3: 130-140 lbs.. $2.75: 100-130 lbs.. $2.35; roughs. $2.50: stags. $1.75. Calves. $7; western lambs. $9: native lambs. $8.50. LAFAYETTE. .Tan, 26.—Hogs—Market. 15® 20c higher: 170-200 lbs.. $3 60; 200-210 lbs.. $3.50: 210-225 lbs.. .$3.45; 225-235 ibs., $3.40: 235-250 lbs.. $3.35: 240-275 lbs.. $3 30: 275-300 lbs . $3.25; 300-325 lbs.. $3.20: 150-170 lbs.. $3.15: 140-150 lbs.. $3: 130-140 lbs.. $2.75: 120-130 lbs.. $2.50: 115-120 lbs.. $2.25: 110-115 lbs.. $1.15; lights. $2; 100110 lbs.. $1.75: roughs. $2 75 down. Top calves. $6.50. Top lambs. SB. PITTSBURGH. Jan. 26.—Hogs—Receipts. 2.000: holdovers. 600: active, mostly steady; top and bulk. 160-210 lbs., $4: 220250 lbs . $3 75® 3.90: 260 lbs. up. $3.65® 3.75; 120-140 lbs.. 25c higher, mostly $3.25: pigs. 110 lbs . down, very slow, quotable. $2 75 down: packing sows, $2.85 down. Cattle—Receipts. 20: few sales good cows,. $3.25. Calves—Receipts. 100: steady to stronger: generally $8 for vealers. few sales higher; medium. $64/7. Sheep—Receipts. 500; most sales fat lambs $9.50 or 15c lower, top $3.50: medium kinds, quotable $74/8 50: old wethers, $5 down; fat ewe', quotable $4 25. Si/ Times Special LOUISVILLE. Jan 26—Cattle—Receipts. 200: run includes one load direct and load Stockers and feeders: slaughter classes inn light supply; market slow, about steady with ves'erdav bulk common to medium steers and heifers. $3.75® 4 50; cutter grades down to $3 and less: well finished fed offerings. $4,754/5.75: hulk beef cows. $2 50®3: good kinds to $3 25 or better; low cutters and cutters. *1.25® 2.25: sausage bulls mostl $3 down: bulk common to medium native stockers and feeders. $2,754/3.75: well bred Hereford stock calves mostly. $4 50® 4.75 Calves—Receipts. 200: market, steadv: bulk better vealers. $5.50® 6 50: medium and lower grades 5c down. Hogs—Receipts. 1.400 including 489 direct: market not fullv established, but early sales 1545 25c higher, with weights from 110-170 lbs. up most: earlv sales. 170-210 lbs S3 75: 215-240 ibs . $3.55; 245-270 lbs.. S3 35- 275 lbs. up. 53.25: 140-165 lbs.. 53.35: 110-135 lbs . 53.10; sows. $2.35: stags. S105: sizable auota of hogs, receipts still unsold Sheep 25: steadv: bulk medium to good lambs. S6 50; choice eligible. $8: bulk throwouts. 54.50: fat ewes mostly 52®2.50. DISCONTINUE OLD MASS Shepherds Are So Rare Ancient Service Faces End. SAINT VALERY, France, Jan. 26. —The ancient Shepherd's Mass is about to become a tradition. The reason is that shepherds are becoming so rare that farmers are having difficulty assembling enough of them to perform the mass.

Today and Tomorrow

•Gold Bill Is Simply Larceny on a Large Scale,’ Londoners Declare. BY WALTER LIPPMANN

ANY ONE who does not mind a bad headache can devote himself to figuring out whose gold it is that the government is taking. Ido not pretend that I have figured it out. But I feel sure the truth is not so simple as it seems, for example, to that admirable and indispensable journal, the Commercial and Financial Chronicle, when it declares that “camouflage the proposal as we may . . . the gold bill is simply larceny on a large scale.'’ The federal reserve institutions, says the Chronicle, “hold gold which is worth 100 cents on the dollar," and all they are to get for it are gold certificates worth from 50 to 60 cents." Now if this is larceny, somebody's property is being taken away. To whom, then, does that gold belong which the federal reserve banks "hold"? Do they own it as they own their bank buildings, for example?

Is it their property? Does it belong to their stockholders? Let us go back before March 4 of last year, when we were still on the gold standard, and let us see how the reserve system owned that gold. It had a lot of gold. But it had also a lot of debts which, by law. it had to pay in gold. Its debts were far larger than The value of its gold. Its debts consisted of the currency it had issued known as federal reserve notes, and of the deposits of member banks, foreign banks, and of the government. It had promised to pay more gold than it had. This, of course, was perfectly legal. But, nevertheless, it was an awkward fact. The system did not have assets in gold anywhere nearly equal to its liabilities in gold. No bank of issue does have. In February its creditors took it into their hands to ask for the gold they were entitled by law to have. But all the creditors could not possibly be paid. So it

became a question of which creditors could run to the bank first and be paid off. leaving the other creditors at the back end of the line to whistle for their gold. What was more, any one who could get hold of a dollar was entitled to stand in that line and try to get some of that gold. A Hottentot traveling for his health on the Riviera had just as good a right as any one else. All he had to do w'as to pawn his earnings for French francs, buy American dollars with the francs, and instruct his

agent to demand some of that gold. Anybody anywhere in the world could sell anything in any currency, convert it into dollars and stand in the line with a perfectly valid claim on that gold. a a a WELL, then, whose gold was it? In Aw that gold could become the property of the first collectiion of people who arrived at the bank and asked for it. Now suppose the government had stood by and said to the federal reserve banks: “Gentlemen, we are on the gold standard. You are obligated by law to pay gold on demand. Pay out.” They would have paid out. If the panic rush for gold continued, and no one can say it would not have, they would have paid out all the gold they had. Then we would not be arguing about taking their gold profit because they would have no gold on which there is a profit. There would be no talk about larceny because the reserve banks would have no gold for congress to steal. In other words, the only reason there is any gold there to quarrel about is that the government stepped in last March and relieved the leserve banks of their legal duty to redeem their obligations in gold. They had promised to pay more gold than they had. They could not carry out their promise. They were allowed to hold the gold which their creditors had been entitled to demand. On the face of it, therefore, it is absurd to regard that stock of gold as the property of the federal reserve banks. And it is equally absurd to regard it as the property of the first group of gold hoarders who happened to elbow their way to the front of the line. a a a OUT now we are vesting “title" j to this gold "in the United States.” To figure out what that means is not so simple, either. For this gold, about two-fifths of all the monetary gold extant, is an accumulation of all the ages. How good a title to it does “the United States” have? It came here in various ways. Some of it was mined and bought with dollars. Most of it came here because foreigners owed Americans more than Americans owed foreigners. Some of it came here because foreigners prefered to store their wealth in the United States. All of it was shipped here on the understanding that it would be slapped [ back if dollars were offered for it. Try to think through the moral implications of that gold and you will be lost forever in a wilderness. And so, we ipust ask ourselves, why j is it that the moral issues ere so bewildering? The answer to that question. I think, is that the attempt to treat monetary gold as property is a fallacy. It is like saying that the consti- I tution of the United States is a broad and weighty document and getting out a tape measure and , scales to find out how broad and how weighty it is. It is like saying | that the younger set are pretty fast ; and then expecting to see how fast they are by means of a speedometer. Or like saying that we need big men in public life and then proposing Primo Camera for President. To speak of monetary gold as property is, in short, a metaphor and not a definition. Metaphors are pitfalls in argument. If you say that the lady was like a flower, that can be true only if you do not try to find out about her character in a book on botany. To discuss monetary gold in terms of property that can be owned and can be stolen is the same kind of con- I fusion. It causes you to imagine j that you are examining morals I when you are really wandering j blindly in a metaphysical swamp.

Retail Coal Prices

The following prices represent quota- ‘ tions from ieading Indianapolis coal dealers. A cash discount of 25 cents per ton | is allowed. DOMESTIC RETAIL PRICES ! Anthracite *14.25 Coke nut size 8.75 i Coke, egg size 8 75 I Indiana, forked lump 9.50 Indiana, egg 500 Indiana, mine run 4.15 Kentucky lump 7.00 Pocahontas lump 825 Pocahontas pgg 825 Pocahontas forked 1ump....... 925 Pocahontas mine run New River smokeless 825 West Virginia lump 6.7$ West Virginia egg *SO Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and *1 a ton for coal carried to bia

In the Cotton Markets

—Jan. 25 CHICAGO High. Low. Close. January 10.99 March 11.16 1104 11.16 Mas- 11.35 11.19 11.33 Julv 11.51 1137 11.51 October 11 63 11.43 11.43 NEW YORK January 11.03 10.97 11.02 i , March 11.12 W. 97 11.11 Mav 11.27 11.11 11.25 July 11.42 11 27 11.41 October 11.54 11.38 11.53 December 11.65 11,51 11.65 NEW ORLEANS January 10.93 10 90 10.96 March 11 12 10 34 11.11 Mav 11.27 11 07 11.25 July 11.43 11 25 11 40 October 11 55 11 34 11 54 December 11.08 11.52 II.M .1 .

Lippmann

IT seems to me that the gold stock must be regarded as an instrument to be used as wisely as we know how for the benefit of the people and with the intention to do substantial justice with it as between man and man. Who owns it is of no importance and can not in fact be decided. Monetary gold has no great value except as it is used to facilitate the exchange of goods and to stabilize what one man must pay another for goods, services and debts. It may be, though this is, I think, still an open question, that men will decide that monetary gold can best be used by never allowing any one to “own" it much as men have decided that scientific discoveries can best be used by never allowing any one to own them. How to use gold most wisely is a question not of morals, but of ways and means, to be settled by broad judgment of the probable consequences and not by dialectics as to property. Maybe Mr. Keynes is right. Maybe the present tendency will be carried to its logical conclusions and gold will pass out of sight forever. “It no longer passes from hand to hand, and the touch of the metal has been taken away from men’s greedy palms. This little household gods, who dwelt in purses and stockings and tin boxes, have been swallowed by a single golden image in each country, which lives underground and is not seen. Gold is out of sight—gone back again into the soil.” I do not know. It's just as possible that gold will become cheap again and that no one, not event governments or central banks will wish to hoard it. These are questions which we shall answer when we have lived longer and learned more. But as we live to learn, let us at least do what we can to clear our minds of the crude illusion that monetary gold is like an umbrella, the property of the man who happens to hold it NEW YORK COFFEE FUTURES —Jan 25 SANTOS High. Low. Close. March 9.70 May 9.90 9.70 9.79 July 10.05 9.95 9.95 September 10.37 10.25 10.25 December 10.48 10.35 10.35 RIO January ... 6.88 March 7.11 7 04 7.06 May 7.25 7.21 7.21 July 7.46 7 33 7.33 September 7.50 7.45 7.45 December 7.69 7.58 7.58

WE BUY AND SELL: U. S. Government Bond* U. S. Territorial and Insular Bonds Indiana Municipal and Gravel Road Bond* Land Bank Bonds Home Owners' Loan Corporation Bonds Bonds and Stocks of Indiana Corporations General Market Municipal and Corporation Bonds / Indianapolis Bond and Share Corporation 129 East Marktl Slr##l /•/•phone Rlloy 4551

We Have Markets For DEFAULTED Gary and Hammond Improvement Bonds I. G. Kahn & Cos., Inc. Inuestment Counselors Lincoln 678* Suite 445 Illinois Hl/I*. Indiana poll*

Abbott, Hoppin & Company 203 Continental Bank Building RI ley 5491 New York t ~ .. Chicago Montreal Indianapolis Pittsburgh MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Produce Exchange Commodity Exchange, Inc. New York Coffee and Sugar Exchange, Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill . Kenneth K. Woollingr

.JAN. 26, 1934

MAJOR GRAINS DIP FRACTION IN DULLTRADE Routine News Disturbing to Wheat Traders: Oats Higher. BY HARMAN W. NICHOLS United Pres* Staff Correspondent CHICAGO. Jan. 26—Routine developments were disturbing to wheat traders and futures opened fractionally lower on the Board of Trade today. Wheat deliveries were % to % cent lower, corn ranged from ’ cent lower to % cent higher and oats were % cent higher. The dollar was stronger, London gold was down, stocks were mixed and cotton futures advanced slightly. Traders felt that until some new stimulus arrived, the market would remain stagnant. The possibility of early news from Washington of favorable action on pending money legislation was expected to encourage most longs to hold on. Chicago Primary Receipts —Jan. 25 Bushels— Today. Last Week. Wheat 424.000 316.000 Corn 532 000 586,000 Oats 128.000 126.000 Chicago Futures Range —Jan. 26WHEAT— Prey. High. Low. 10:00. close May 89% .88% .89 88% July 87% .87 .87% 87', Sept 88% .88 .88’* .88% CORN— May 52 .51% .51 % .51% July 53% .53% .534, 53% Sept 55% .55 .55', .55% OATS— May 37', .37 .37% .36% July .36% .36% .36% .36 Sept 35% .35% .35% .35% RYE— May 60% .60% ,60 s * .60% July .60% 60% 60% .60% BARLEY'— May .. .50 .50 July .. .. .50% INDIANAPOLIS WAGON WHEAT City grain elevation are paving 82 cents lor No. 2 soft red wneat. Other grade* on their merits. TOLEDO CASH GRAIN Bp United Trees TOLEDO, Jan. 25.—Grain close (grain in elevators, transit billing) Wheat— No. 2 red. 91%4/92%c. Corn—No. 2 yellow. 55® 56c. Oats—No. 2 white. 40%®41%c. Rye—No, 2. 66%4/67%c. (Track prices 28%c rate.) Wheat—No. 1 red. 88@88%c; No. 2 red. 87®87%c. Corn—No. 2 yellow. 50%® 51c: No. 3 yellow. 49® 51c; No 4 yellow, 47®48c: No. 5 yellow. 45%®46%c. Oats—No. 2 white, 37%®39c: No. 3 white, I 37®38%c. Seed close Clover March. I $8.25. Alsike—Cash. $8.50. ! _ NEW YORK CASH GRAIN [ Bn United Tress I NEW YORK. Jan 25.—Cash grain: I Wheat—No. 2 red. $1.05%: No 2 hard winter. $1.05%. Corn—No. 2 mixed 59", c. Oats —No. 3 white. 46%c. Hurt Dad Worse Than Son The old joke about the father dislocating his shoulder while paddling his child had a sorry reality for Fern Smith, 42, of 1428 Oliver avenue, yesterday. He was taken to city hospital.

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