Indianapolis Times, Volume 45, Number 224, Indianapolis, Marion County, 27 January 1934 — Page 14

PAGE 14

Corporate Reports Likely to Be More Easily Understood This Year —Accountants Seek Betterment. BV RALPH HENDERSHOT Tlbh SperUl Financial Writer Corporate reports o! 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 understood than ever before, 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 as never before. There is one fundamental factor which the accountants would do well to reconsider. They have always contended that their relations with the corporate executives have been similar to that of a physician and his patient. Such is not quite the case. Their employers in such instances are merely the agents of their real clients, the owners of the corporations, or the stockholders. ass Have Powerful Weapons / it is true, of course, that if they review a corporation’s returns fully and clearly they run the risk of not being employed a second time. Corporate managements do not always want their operations put under the magnifying glass. But if they tighten

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Ralph Hendershot

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 mom Investors Have Been Misled Investors and stockholders have been 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 passible 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 Abbott. Moobln At Cos.)

—Jan. 26 I Prev. Oil*— High. Low. Close, close. Amerada 47% 46% 47 46% Atl RIl 33 32% 32', 32’, Barnsda.l 9', 7% 9% 9% Consol Oil 12 11% 11% 11', Cont of Dei .. 18', 18’, 19 19 Houston men 5 5 Houston <oldi.. 28’* 27 28', 26% Indian Rfg 3', 3% Mid Com Pei.. 13% 13', 13% 14% Ohio Oil 15 14% 14% 15 j Pet Corp IP* ll‘ IP'S. IP, Phillips Pet 17’* 17 IT, 17'* ; Pure Oil 13', 13 13 12’, Roval Dutch . . 37', 37% Sbd Oil 33% 32’, 33 33 Shell Un IP, HP, ll'a 10'. Simms Pet 10'* Skellev Oil 9'a 9 9 9 Sor Vac 18 17% 17* IP, SO of Cal 42% 41% 4P, 42'. S O of N J.... 47 3 , 47 47 47’, Sun Oil •■ • 57'* 57’, : Texas Corp ..27’* 27 27% 27 Tidewater Assn.. 11 HP, 10’, 10% Un Oil of Cal.. 19'* 19‘, 19', 19% Steel,— Am Roll Mills.. 22% 21% 21 s , 22*. Beth Steel 45% 44 3 44 3 , 45 3 , Byers A M 29’, 29'. 29'. 29'* Col Fuel A Iron ... 6'2 6% | Crue Steel .... 26 3 , 26 26i, ... Oulf Sts Steel.. . ...33 3 , Inland Steel 46% 46', 46 3 . 46 Ludlum Steel .. 17 16% 16 3 17", Natl Steel 56 55% 55% 56’, Rep Iron * Steel 20', 20 * 20'* 21 Rep Iron A Stl p 50’, 50 50 51 s U S Smelt 100 97'* 99 3 , 100 Vanadium 26 3 * 25’, 25', 26‘* Mid Steel .. 15 3 , 15‘* 15'* 15 U S Pipe & Fdv 24 23 % 23 3 , 24 U S Steel 56 s . 55% 55’, 56'* U 8 Steel pfe 99** 98 1 * 98'* 98’* Youngi’n B*c T 26'* 26 26 26 . Rails— Atchison 69 5 , 68'. 68% 69‘2 Atl Cst Line ... 50 48 48 48'* B A O 28’, 28 28 28'* Can Pac IS 3 , 15‘* 15". 15’. Ch A Ohio 44V* 43’, 44 44’* Chi A Ot W 4’a 4 s , 4 3 5 C M A St P ... 6% 6’, 6% 6', C M A St P pfd 10 9'* 9'* 9 s , Chi N W 10 3 10% 10'* 10’s Chi R Isl 4’. Chi Rin Pfd 7% 6 Dela * Hud 69 67' * 69 69'* Erie 21 ’ 21 21 21 Ort Northern pf 26’, 111 Central 36' K C Sou 17'* 16'* 16 3 . 17'* Lou A Nash.. . 59'* 59 59 59’, M K A T 12’, 12'* 12’* 12’, Mo Pac 5 4’, i’o Pac pfd ... 7*. 7', 7% 7 I* Y Cent ....33 3 , 37 % 36*333,7 3 , 1? Y Chi & St L 19 18 19 NY C * St L pfd 25'* 24% NY New Haven 22'. 2P 21'* 21’, NY Ont A Wes 10 3 , 10 3 , 10'* 10', Nor Pac 29 23’, 28’, 27 3 , Penn R R 36’, .35’, 35’, 36', Reading 51 50', 51 SP Sou Pac 28 3 . 27'* 27', 28 Sou R R 33’, 32'* 32’, 32’, Soup R R pfd..33 3 , .78 39 38', Union Pac ...., 124 123 Wabash 3 3 , 3 3 , 3’, 3'* West Marvl 11’, ns IP. n'* Motor*— Auburn 53 51% 51 s , 53 Chrysler 56', 54 s , 54’, 56 Oen Motors ... 39', 39 39 39’, Graham Mot . 4 41, Hudson 22’, 2i ’, 2P, 22'* Hupp . .. 6 3 6> 6'* 6'* Mack Truck . 39’, 39’,3337 3 38', Nash 31’* 29’, 30'* 29’, Packard 5% 5 5 4’* Reo 4 3 , 4 '• 4' * 41, Studebaker .. 7', 6% 6’ 6", Yellow Truck 6 5% S’. ss,5 s , Meter Arret,— Bendix 21' 20 3 , 20', 20", Bohn Alum 67’* 66'. 67'. 66'* Bor* Warner . . 27 25’* 26 26 Brigts 16'. 15’, 16 15", Budd Wheel 5 l 3 * 4% 4'Eaton Mf* 17 s * 17 17', 17** Elec Auto Lite 28 3 26’* 27 s , 27*, H and A 6’, 6% 6 3 * 6 MIBI Mf* .. 8% 7'* 8 7V, Murray Boar .. 10% 9'* 9’, 9 Ste* Warmer .. 9% 8* 9 B s , Timken Rol ... 35 34 34', 34 Minin* — Alaska Jun .... 22'. 21 ** 21‘* 21% * Am Smelt 44’* 43>* 43'. 44-’, Anaconda 16', is*, 15 s , 16 Cal 6k Hec'.a ... s s , 5 5 s'* Cerro de Pasco 35'* 34', 34', 35 Sranbv IP’* 10 s * 10’, 10% t Nor Ore IS 12‘* 13 13 Homestake Min 320’, 316 Howe Sound .. 37’. 36’,333,7 3 , 37', Ins Copper s'* s', 5% 5% Int Nickel 22’* 22 s . 22’, 22’, Kennecott Cop . 21’, 21', 21’, 21 s , Noranda Cop ... 33 5 ,33 3 33'*33 5 , Phelps Dodge . 17 s , 16’, 17', 17', Pitta Coal 18 17'* Tebarre*— Am Sum Tob .... ... 18 17*2 Am Tobacco A . 13'* 72 73 5 , 72', Am Tobacco B, 75'* 74', 74', 74', Oen Cigar .... 34 33’* 34 32 Ligg A Mvers B 90 87', 90 87', Lornllard 18 s , 17 s , 18', 17 3 Reynolds Tob B. 43', 42 s , 42 3 . 42 s , Cgaipments— Allis Chalmers . 21 s . 20 s , 20 s , 21', Am Car A Pdv 28', 27 5 , 27 3 . 28 3 , Am Loco 32'* 33'* Am Mach A Fdv 16 s , 16% 16 s , 17 Am Steel Fdv ... 24% 23', 23'* 23 Bald toco 13’, 13'* 13’* 14 Burroughs 18', 17 s , 18 17’, Case J I 88 s , 77% 77% 78 Cater Tract 29 28’, 28 3 , 29 Colgat Palm Peet 14% 13 14 13‘* Congo leum 28', 27'1 27’* 28 3 Elec Stor Bat ... 51 Foater Wheeler . 18'. 17% 17 3 17 3 , Gen Am Tk Car 39 38 s , 39 39 Oen Elec 22% 22% 22'* 23 Oen R R Sig 41 s , 41% 41% 41% Ingsoi Rand .. 68% 68% 68 s . 68’, Int Bus Mich 147 s , 148% Int Harvester ... 43% 42% 42’, 42’, Kelrtnator 15% 14% 15 s , 14% Natl Caah Reg .. 22% 21% 21 s , 21% Proc A Gamble .40 38% 40 39% Pullman Inc .... 57% 56', 56% 57 Simmons Bed .. 22 20’, 21% 21', Und Elliot 49% 49% 49% ... West Air 833 5 , 32% 32 s , 33% West inch Eler .. 44% 43 43 44 5 , Worthington P . 29 s , 29 29 29% Utilities— Am A For Pwr .11 10% 10', 11 Power ALt 8% 8% 8% 8% ATT 110 s , 117% 117% 118 Am Ws> Wk*.. 22 s * 22% 22% 23 Brook Un Gas ... ... 72% 72% Col Gaa A Elec 14’, 14% 14% J ls Col O A E pfd. 2’. 2 s , 2% 2% Cento: Gas .43 42% 42% 42% Elec Pwr A T.it 6% 6% 6% 6 s , E F A L pfd . 13 s * 13% 13% 13 Int T A T ... 18 s * 18 16% 16% Lau GABA 17% 17 s , Nat Fwr A Lit 11% 11% 11% 11% North Amer ... 19% 19 19 19 s a Pac O A E .19 18’, 19 ll’, Fab Serv N J . 59% 38 s , 38% 39 So Cal Bdisor . .%* 19% 19% 19% Std Oaa 9% 9% 9 s , 9% Std Gaa pfd .. 10% m% 10% 10 s , United Corp .. 6% 6% 6% 6% Un Oh Imp ... 17% 17% 17% 17 s , Ut Pwr A I.l' A 4 13,l 3 , 4 4 We,'.era Union . 91% 60% 60% 61% Pi retted* 33 . 22% 22% 22 OoodrMll 16% IS 3 , If 15 s , Ooodpmr 39% 38% 38% 38% u B Baikal 19% 19 19% is% U S Rubber pfd 32% 31 s , 32% 31 K*Bpnn# 3% 1% 3% 3% Crotlev Radio... 14% 13% 14 . 13 Paa Theater 15% 14% 14%

Wall Street

Loews Inc 29% 28% 29 29% Radio Corn 8% 7% 8 8 RKO 32% 2% 3 Warner Bros V 6% 6% 7 Foods— Am Sugar 55% 55 55 55 Armour A’ c 5% 5% 5% Borden Prod . 23% 23% 23% 23% Cal Packing..... 26% 25% 26% 25% Can Dry G Ale.. 27% 26 27% 27% i Coca Cola 99% 99 1)9 100% Cont Bak A'. . . 13% 12% 12% 13% Corn Prod . 84% 81%- 93% 80% Crm of %heat. 33 32% 32% 32 Gen Foods . .. 36% 35% 36 35% Gold Dust 20% 19% 19% 19% lilt Salt 24% 24% Loose Wiles .. 43 Natl Biscuit.. 48% 47% 48% 47 Natl I) Prod . ... 15 , 15% 15% 15% Puritv Bak . . 77% 17% 17% 17% S Porto R Sug . 37 38% 36% 37 Std Brands . .. 24% 23% 24% 23% United Fruit . 65 64% 65 65% Ward Bak A' 9% 9% 9% 10 Wnglev ... ... 56 Retail Stores— Ass Drv Goods.. 15% 15% 15% 15% Best At Cos 31% 30% 30% 31 Gimbel Bros ... 5% 5% 5% 5% Gimbel pfd 22% 22% Hahn Dept Sts . 6% 6% 6% 6% Jewel Tea 36% 36 3b 36% Kresge S S .16 16% 16% 16%' Kroger Groc ... 28 28% 28% 28 ! Macv R H 60 60% 60 60% ' Ma- Dept St ... 35% 35% 35% 36 I Mont Ward 27% 26% 26% 27% Penny J C 59% 59% 59% 59% Safeway St .. . . 52% 52 52 52 Sears no-'buck 46% 46% 46% 36% Woolworth .. 49 48 48% 48% Aviation— Aviation Corp .. 10 9% 9% 9% Douglass Air . 21% 21 21% 21 Curtiss Wright 4 3% 3% 3'/2 Curtiss Wright A 9% 8% 9% 8% Nor Am Av .7 6% 6% 6% United Aircraft . 35% 34% 35% 34% Chemicals— Air Reduction . 103% 102 102% 104 Allied Chem .156% 154 154% 154% Am Com Alcohol 61% 59 60% 60 Col Carbon 64 3 4 64 64% 64 Ccm Solvents .. 35% 34% 34% 35 Dupont 101% 84% 99 100% Freeport Tex ... 45% Liquid Carb ... 31% 29% 30% 30 Moth Alkali . 39% 38 38 39', Tex Gulf Sulph. 40% 39% 4040% Union Carbide . 49% 48% 48% 49% U S Indus Ale . 60% 58% 59% 59% Natl Dist inewi. 27% 25% 27 26% Drugs— Cotv Inc 6% 5% 5% 6% Lambert 28 27% 27% 28 Lehn A- Fink . . 18% 17% 18', 17% Zonite Prod ... 7% 6% 7% 6% Financial— A J ams Exp ... 10% 9% 9% 10 Allegheny Coro. . ... 4% 4% i ChCM Corn .... 41 % 41 41 41'* I Transamerica .. 7% 7 7 7 Tr Corn! Corp.. 5% 5% 5% 5% Ru"dirAm Radiator .. 16% 16% 16‘ i 16% Gen Asphalt ... 19% 18% 18% 19% Int Cemen' 34' 2 34 34% 34 Johns Manville 6-*% 63% 63 , 63% Libbv Owens Gls 42 41% 41% 41% Otis Elev 19% 18% 18% 18% Ulen Const ... 3% 3% Miscellaneous— Am Bank Note. 19 17% 18% 17% Am Can 102 101 101 100% Anchor Can . . 23% 22% 23 23 Brklvn Man Tr 33% 33% 33% 33% Conti Can 79% 78% 79% 79 Eastman Kodak. 88% 87% 88% 87% Owens Bottle .. 88% 87% 88% 47% Gillette 11% 11% 11% 11% Gotham Silk ... 10% 10% 10% 10% Indus Rayon .. 92% 92 92% 93 Inter Rapid Tr. ... 11% 11% Real Silk Hose.. 13% 12% 12% 13

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SELLING DRIVE CHECKS UPTURN IN STOCK LIST Favorable Business News Strong Factor During Session.

Average Stock Prices

Average of thirty industrial* for Thursday high 107 52, low •109.44. close 106.85. off .17. Average of twenty rails: 49.00. 47 94. 48 57. off Average of twenty utilities 27 27. 26 63. 26 89. off .34. Average of forty bonds: 88 91, up .01. Average of ten first rails: 64 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 ELMER C. WALZER I nitre] Press Financial Editor NEW YORK, Jan. 27.—Last-min-ute selling brought a decline on the stock market yesterday after a brief recovery. Wet stocks, aviation issues and some of the oils held gains. Wet stocks were features. Long strings of National Distillers came out at rising prices and gains spread throughout the list. The reason for the turn was anticipation of high earnings for the various companies. Distillers crossed 27 for a gain of a point or so. Schenley jumped 2 points and United States Industrial Alcohol more than a point. New l>ghs Are Made Automobile and automobile equipments led in activity throughout the session on reports from all automobile centers of increased orders and heavy re-employment of men. New highs for 1933-34 were made by General Motors. Nash, Hudson, Motor Wheel, Motometer and Electric Auto-Lite. Buying of automobile steel was reflected in a pickup in business for steel companies. Steel issues were down most of the day, although they picked up slightly near the close. The Bethlehem report for 1933 issued after the close yesterday was not particularly reassuring. Steel common broke below 56 and then rallied slightly. Bethlehem ranged between 44%, and 45%. Carloadings Gain Allied Chemical made anew 193334 high at 156 ti, up 2 points. Case rose more than a point with grains. Servel was strong and active and Kelvinator followed it higher. The list of ten most active stocks was drawn from the automobile industry. Rails were steadied by contraseasonal gain in carloadings for the week ended .last Saturday. Mercantile issues responded mildly. Stock sales yesterday approximated 2.510,000 shares, as against 2,270,000 Thursday. Curb sales were 307,000 shares, as against 283,000 shares Thursday. I Dow-Jones preliminay averages showed industrial 106.37, off .48 point; railroad 48.41, off .16 point, and utility 26.55, off .34 point.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 26. Clearings *1,635.000 00 Debits 4.436.000.00 TREASURY STATEMENT By United Press 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 Deficit... $1,784,717,531.87 $1,836,329,621.08 Cash Bal. $ 519,052.913.27 New York Curb By Abbott. Hoppin & Cos. —Jan. 26Close. Close. Allied Mills ... 9 Glen Alden Coal 13% Alum Cos of Am 80% Gulf Oil of Pa 75 % Am Cvna B' . 18 Hiram Walker . 52% Am A- F Pr W 7 Hud Bav Min.. 9% Am G & E 1... 28 1 1 Huble Oil 40 Am Superpw... 3% Imp Oil Ltd ... 13% Atlas Corp .. 14% Int Petrol 22% Axton Fish Tob 68 7 s Lake Shore Min 43 Brit Celanese .. 3%: Lib McN Lib .. 5% Can Ind Ale A 19 T.one Star Gas. 6% Can Marc 2% Massey Harris.. 5% Carrier Corp .. 8 Mt Producers... 4% Cities Serv .... 3 i Natl Bell Hess. 2% Commonwlth Ed 55 Newmont Min . 53 Cord Corp 7% Nia Hud Pwr.. 6% Creole Petrol... 12% Novadel Agene.. 60% Crown Cork Int 6% Pan Am Airways 48 Deere fc Cos. .. 31% Penn Road .... 3% Distill Lim 20% St Reg Paper.. 3% Distill Corp 24% Sal Ck Products 6% Dow Chem .... 76% Sherwin Wms .. 59 El Bnd <fc Sh... 17% Std of Ind 32 Fish Rubber ... 13% Std of Ky .... 17 Ford of Can A. 20% Stutz Mts 9% Ford of Europe. 6 !Teck Hugh Gold 5% Gen Aviation.. 7%'Un P & Lt A.. 3% Great A&P .145 Wright Har Min 6%

THE INDIANAPOLIS TIMES

Chicago Stocks | —(By Abbott. Kopoln At Co.i

Total Sales, 108. MM) Shares —Jan. 26

Hizh Low Close Abbott Lab . ... 38% Advance Aluminum ... € 3% 3 7 * Allied Produce 16% 15% 15 1 a Am Pub Serv Pfd 8 Asbestos Mfg 3% 3% 3' Bastian-Blessine 7% 7% 7% Bendix Aviation . 21>4 20% 20 * Borg-Warr.er ... 26 7 26 26% Brown Fence Sc W B' 2% 2% 2% E L Bruce Cos 13 12 12 Butier Bros 7% 7% ]% Castle. A M 17',2 14 14 Cent 111 P Serv Ptd... 18 17% 18. Cent Sc So West ... . 7 Cent &SW P L Pfd .. 12 11% 12 Chain Belt 1 • }B‘i 1 < Chi Sc North Western.. 10% 10% 10% Chicazo Coro Com ... 3% Chicago Corp Pfd 27% 26'2 27% Cities Service . . 3% 33 Commonwealth Edison. 57% 55 55 Continental Steeel 8% 8 8% Crane Cos 11% 10% 11% Crane Cos pfd .• 63 Dexter Cos , 4% Electric Household .... 10% 10'a 10% Fitzsimmons Sc Connell 14 Oer. Household v ■ 9% 9 9 s Goidblatt Bros 4 . 30 29% 30 Great Lakes Dredge t. 21’4 21 21 Grigsbv-Grunow % 'a % Halt Printing ST Houdaille-Hershey A. ... 18% 1. 18 Houdaille-Hershey 8... 6'* 6% 6 3 4 Interstate Power 7% .. 16'2 1616% Jefferson Elec 13 12 13 Ken-Rad Tube & Lamp 4 3% * Kentucky Ut Jr C pfd.. 22% 22 22 Kevstone Steel 16 14'2 15'2 Libby-McNeal 5% 5y4 5*4 lindsav Nunn Pub ... 2 Lvnch Corp . 35% 34 34 Marshall Field 17’4 16% 16% McWilliams Dredg Cos.. 21'2 21 21'2 Middle West Utilities... % % % Midland Util 6% A pfd . ... . 3 4 Muskegon Mot Spe A.. 12 11 12 National Leather 1% 1% 1% National Standard ... 24 Noblitt Sparks Ind Inc. 13% 13% 13% North American Car 5 North Amer Lt Sc Pwr . 3% 3% • 3% Northwest Engineering 6' 2 No West Util 7% pfd... 5 4 5 No West Util Pr Lien 3'4 Oshkosh Overall 4% Perfect Circle ... 32 Prima Cos 10 3 / 4 9 10’4 Public Service N P ... 18 Public Service 6 r r pfd 56 Public Service 70 pfd 62 Quaker Oats 121 120 120 Reliance Mfg Cos 16% 16 1 /* 16V4 Ryerson & Son 18 So West G & Elec pfd 50 Standard Dredging Cos p 3% Storkline Furniture 4% Stutz Mot Car Cos of A 9% 8% 914 Sutherland Paper Cos 7% Swift & Cos 1% 7% 7% Swift Internacional .... 30 29% 29% Thompson, J R 8% 8% 8% Transformer Corp of Am 14 U S Gypsum com 48 Utility & Ind 1% Walgreen Cos com .... 21% 2114. 2114 Wayne Pump com 1 Yates Machine 1 Zenith Radio 3% 3 3 ! /g

Produce Markets

Delivered Jn Indianapolis prices—Hens. IOI2C: Leghorn hens. 7%c; heavy springers over 5 lbs., 11c: under 5 lbs., 9c; Leghorn springers. 7c; stags. 8c; Leghorn stags. 6c: cocks. 5 lbs. and up sc: under 5 lbs.. 4c: ducks. 4% libs, and over, full feathered and fat. 6c: under 4‘/a lbs.. 4c: geese, full feathered and fat. 6c. Turkeys—No. 1 young hens. 8 lbs. and over. 11c: No. 1 young toms. 12 to 20 lbs.. 13c: No. 1 young toms over 20 lbs.. 13c: old toms. 10c: Nu. 2 thin crooked breasted. 6c; young guineas. 114 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. 22@23c; No. 2. 19@20c. Butterfat— 16c Quoted by 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 192 score). 19c; storage standards 190 score). 19c; extra firsts )90-91 1 2 score). 19%®19%c: extras (92 score), 20c: firsts (88-89% score). 18%@ 19c; seconds r 86-87 1 2 score). 17%@18c: standards 90 scorel, 19%c; specials. 20%® 21c. Poultry—Market about steady; receipts, 23 trucks; turkeys (toms), 15c; chicken, hens. 11'4c; Leghorn chicks. 13%e; colored spring chickens. 13c; old roosters, 7%c; ducks, ll@14c; geese. 10c; Rocks. 11c. Cheese —Twins, 11%®12c; Longhorns. 12<5T 12Vac; daisies, 12*/4®l2 3 4c. Potatoes —Supply moderate; demand and trading slow; market dull; Wisconsin round whites, SITS® 1.80; Idaho Russets, closed mugs, *[email protected]: 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 up, 13@14c; colored fowl medium. 12c; Leghorns. 3% lbs. and up. 10@llc: Leghorn fowl light. 9c; springers. Rock. 5 lbs. and up. 14c: springers colored. 4 lbs. and up, 15c; 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(5’2.20; 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. [email protected] per bushel; Florida. $2.25 per bushel crate.

Federal Farm Loan Bonds

By Blyth Sc Cos.. Inc. —Jan..26— Aclr 4s Nov. 1. 1957-37 91 92% 4s May 1, 1958-38 91 92V* 4%s July 1. 1956-36 91% 92V* 4%s Jan. 1. 1957-37 91% 92% 4%s May 1, 1957-37 91% 92% 4%s Nov. 1. 1958-38 91% 92% 4%s May 1. 1942-32 95% 96% 4%s Jan. 1. 1943-33 93 94% 4%s Jan. 1, 1953-33 93 94% 4%s July 1, 1953-33 93 94% 4%s Jan. 1. 1955-35 93 94% 4%s July 1, 1955-35 93 94% 4%s Jan. 1. 1956-36 93 94% 4%s July 1. 1953-33 95 96% 4%s Jan. 1. 1954-34 95 96% 4%s July 1. 1954-34 95 96% 5s May 1. 1941-31 98% 100 5s Nov. 1, 1941-31 98% 100 Home Loan 4s. July 1. 1951 ~ 94 95

U. S. Government Bends

By United Press NEW YORK. Jan. 26.—Closing Liberties. (Decimals represent 32nds.). Liberty. 3%s (32-47) 100.30 I First 4Vis (32-471 101.31 Fourth 4*is (33-381 102.18 TREASURY 4%5-3'/ 4 S < 45) 99.6 4'is (47-52) 106.6 3%s (43-47) < 99 28 4'is (47-52) 106.6 3%s (43-471 99.28 3%s (41-431 March 99.30 3%s (40-43) June 100 3%s (41) 99.10 3%S (46-491 97.10 3s (51-551 95.24 Other Livestock BY UNITED PRESS CHICAGO. Jan. 26.—Hogs—Receipts. 35.000. including 20,000 directs; active 20@ 25c higher than yesterday; 160-300 lbs.. 53.40d3.70; top, $3.75; good pigs, $2.25® 2.75; packing sows, [email protected]. Light lights. 140-160 lbs., good and choice. $2.85 (ft 3.70: light weights, 160-200 lbs., good and choice, $3.35® 3.75; medium weights, 200-250 lbs good and choice, $3.50443.75; heavy weights. 250-320 lbs., good and choice. $3.25®3.60: packing sows, 275(5350; medium and choice. $2.65(5 3.10; slaughter pigs. 100-130 lbs,, good and choice, $2.25 @3.15. Cattle Receipts. 2,000: calves, 1.000: mostly cleanup market: steers and vearlings, 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 (ft 5.25: slaughter cattle and vealers, steers, 550-900 lbs., good and choice, s6® 7.25; 900-1.100 lbs., good and choice, $5.25® 7.25; 1.100-1.300 lbs., good and choice. Ss@7; 1 300-1,500 lbs., good and choice, $4(146.25: 550-1.300 lbs., common and medium. $3.25 @5.25; heifers, 550-750 lbs., good and choice. $4 [email protected]; common and medium. $3®4.75; cows. good. s3®4; common and medium. $2 50® 3; low cutter and cutter. $1.50® 2.65; bulls, yearlings excluded, good, beef. 53®3.25; cutter, common and medium. $2.25(0 3: vealers. good and choice, S6O 7.50: medium. ss@6; cull and common. s4®s; stocker and feeder cattle:, steers. 550-1.050-lbs., good and choice. $3.50 ®5: common and medium $2.500 3.50. Sheep; —Receipts. 10.000; fat lambs opening slow; indications around steady: best offerings held above $9 25: early bids j mosilv under $9, sheep steady; slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $8 25® 9.25; common and medium. SB(S 8.50: 90-98 lbs., good and ! choice. $7.50® 9.10; ewes. 90-150 lbs., good and choice. [email protected]; all weights, common and medium. $1.50@3. CINCINNATI. Jan. 26.-Hogs—Receipts. 5.900: 125 direct and through, holdover. 380; market, active, generally 15 cents higher: packing sows mostly 25 cents up: top and bulk 160 to 230 lbs.. $3.75; 230 to 250 lbs.. $3 65; 250 to 300 lbs., $3.450 3.55: better grades 140 to 160 lbs.. $3.25®3.60; 120 to 140 lbs.. s3® 3.25; under weights from $3 down according to weight, quality and source of outlet: bulk good sows. $2.50 2.75. Cattle—Receipts. 850: calves receipts. 300; market slow, steers and heifers around steady: most sales. $3.50® 5.50; load of good handyweight heifers. $6; cows weak to 25c lower: bulk fat $2.50® 3 25: few $3.50; low cutters and cutters. $1 25 ("2.25; few early sales, 25c lower at $3.50 down; later bids reflecting, more than 25 cents down turn; opening calves steady at $7.50 down: later trade weak to lower; most bids around midsession from $7 down. Sheep—Receipts. 705, 580 direct and through; fuliy steady on meager supply offered; better lambs mainly, $8 500 9; medium sorts, $7.500 8 50: common throw outs s6@7; fat ewes. s3@4. FT. WAYNE. Jan. 26—Hogs—Market 10 <4lsc 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, SB. native lambs, $8.50.

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 yesterday. 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. (140-160) Good and choice....s 3.25® 3.40 —Light Weights—-(l6o-180) Good and choice.... 3.75 (180-200) Good and choice 3.75 —Medium Weights—-(2oo-220) Good and choice 3.65® 3.70 (220-250) Good and choice.... 3.55® 3.65 —Heavy Weights—-(2so-290) Good and choice.... 3.45® 3.50 (290-350) Good and choice.... 3.35® 3.45 —Packing Sows—(3so down) Good 2.75® 3.00 (350 up) 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 (1,100-1,500)—. Good and choice 5.25® 7.00 Common and medium 4.00® 5.25 (675-7501 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 (yearlings excluded) Good (beef steers) 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® 7.0 Q 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-9001 Good and choice 3.75® 4,75 Common and medium .... 2.50® 3.75 (800-1,500) Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, 1,500; market, steady. 90 lbs. down) Good Sc choice..s 8.75® 9.25 (90-110 lbs.) Good and chofce. 8.50® 9.00 (90 lbs. down) Com. and med. 6.00® B.OC —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; Dulk 150 to 230 ibs.. $3.65®3.75; heavier weights not established; 130 to 140 lbs., mostly $3.10®3.50; 100 to 120 ibs., $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 heiiers largely of a kind to sell from $3.50 ®5.25; *cows, [email protected]; low cutters. 51.25 @1.50; sausage bulls, $2.25®2.50; slaughter steers. 550 to 1,100 lbs., good and choice. [email protected]; common and medium. $3.25® 5 75; good, $4®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 lbs., down, good and choice, $8.25®9.35; common and medium. $5®8.50; 90 to 98 lbs., good and choice, [email protected]; yearling wethers. 90 to 110 ibs.. good and choice, $5.50®7.50; ewes. 90 to 150 lbs., good and choice, $2.50®4; all weights common and medium. $1.50@3. > CLEVELAND, Jan. 26.—Cattle—Receipts. 200. market slow and about steady: I prices unchanged from 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., i $4.25®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. $2.50®4; choice spring lambs. $8.50®9.25: good to choice. s7® 8; medium to good. $6 ®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.. $3.500?3.65: 180 to 210 lbs.. $3.85: 150 to 180. lbs.. $3.85: pigs, $2.25® 2.50. I PITTSBURGH. Jan. 26.—Hogs—Receipts, j 2,000: holdovers. 600: active, mostly I steady; top and bulk. 160-210 lbs.. $4; 220I 250 Ibs.. 53.75®3.90: 260 lbs. up. $3,650/ ! 3.75; 120-140 lbs.. 25c higher, mostly $3.25: j pigs. 110 lbs., down, very slow, quotable. 1 $2.75 down; packing sows, $2 85 down. Cat- | tie—Receipts. 20: few sales good cows,, I $3.25. Calves—Receipts. 100; steady to stronger; generally $8 for vealers. few sales higher; medium. s6®7. Sheep—Receipts. 500; most sales fat lambs. $9.50 or 15c lower: top. $3.50: medium kinds, quotable s7® 8.50; old wethers, $5 dowm; fat ewes, quotable $4 25. LAFAYETTE. Jan. 26 Hogs—Market. 15® 20c higher: 170-200 lbs.. $3 Ml: 200-210 lbs.. 53.50; 210-225 lbs.. S3 45; 225-235 lbs.. $3.40: 235-250 lbs.. 53.35: 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 Ibs.. $2 25: 110-115 lbs.. $1.15: lights. $2; 100110 lb£.. $1.75: roughs. $2 75 down. Top calves. $6.50. Top lambs, SB. By 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 yesterday bulk common to medium steers and heifers. [email protected]; cutter grades down to $3 and less: well finished fed offerings. $4 [email protected]; bulk beef cows, 52.50®3; good kinds to $3 25 or better; low cutters and cutters. [email protected]; sausage bulls rrostl $3 down: bulk common to medium native Stockers and feeders. $2.75)33.75: well bred Hereford stock calves mostly. $4.50® 4.75. Calves—Receipts, 200:* market, steady; bulk better vealers. $5 50® 6 50: medium and lower grades. 5c down. Hogs—Receipts 1.400. including 489 direct; market not fully established, but early sales 15® 25c higher, with weights from 110-170 lbs. up most: earlv sales. 170-210 lbs $3 75; 215-240 lbs . S3 55: 245-270 lbs.. 53.35: 275 lbs up. $3 25; 140-165 lbs.. $3.35: 110-135 lbs.. $3.10; sows. $2 35; stazs. $105: sizable quota of hogs, receipts still unsold Sheep. 25: steady; bulk medium to good lambs. $6 50: choice eligible. $8: bulk throwouts. $4 50: fat ewes mostly *[email protected]. i KANSAS CITY. Jan. 26.—Hogs—Receipts 1 5 000. including 2.500 directs; closing slow and mostly 5c to 10c higher than yester- ! dav's average; underweights 10c to 25c up; i top 53.45 light lights. 140 to 160 lbs.. *2.90 ; <i 3.45; light weights. 160 to 200 lbs.. 53.25 I®3 45: medium weights. 200 to 250 lbs.. $3.35®3.45; heavy weights. 250 to 350 lbs.. : $3.20® 3.45. packing sow s. $2.40® 2.90; feed- : 'er and Stocker pigs. *lso® 2.25. Cattle— Receipts. 700: calves. 200: generally steady on killing classes; quality generally plain; i good short fed mixed yearlings. $5.25; broad week-end clearance on Stockers and feeders: steers, good and choice. 550 to 1 500 lbs. *3 50®7; common and medium. $2 756 5; heifers good and choice. 550 to 900 Ibs.. $4.25® 6 25: cows. *2 35® 3.50: vealers, *4® 7; Stockers and feeders. *3.65® 5 35. Sheep—Receipts, 1 000: receipts, large, drive-ins; lambs around 10 cents higher: load of choice fed lambs. $8.85; best natives. *8.60.

—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. I do 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 thfe 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 was 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. m an WELL, then, whose gold was it? In law 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 ieserve 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 Lont of the line. ft tt m BUT now we are vesting “title” 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

On Commission Row

—Jan. 26Fruits Cranberries—Cape Cod early blacks, 25 lb. box, $2.40. Grapes—Semi-sawdust, 28-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. $4®4.50 a box. 3 Vegetables Cabbage—Eastern Danish, 50-lb. bag, $1.50; new Texas. 50-lb. crate. $3.25. Onions—lndiana 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. $3.50®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, S3. 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., [email protected].

Investment Trust Shares

(By Abbott, Hoppin & Cos.) —Jan. 26—Bid. Ask. American Bank Stocks Corp.. 1.06 1.10 American Sc General Sec A... 4.50 5.50 American & Inv Tr Sh 1.50 2.50 Basic Industry Shares 3.62 3.70 British Type Inv Tr Sh 72 .80 Collateral Trustee Shares A 500 5.12 Corporate Trust Shares (old). 2.19 2.25 Corporate Trust Shares inew) 2.47 2.50 Cumulative Trust Shares 4.30 4.38 Diversified Trust Shares A ... 625 .... Diversified Trust Shares B ... 8.40 860 Diversified Trust Shares C.... 3.30 3.35 Diversified Trust Shares D. ... 5.10 5.20 First Insurance Stock Corp... 1.32 1.40 First Common Stock Corp 83 .98 Fixed Trust Oil Shares A.... 9.00 925 Fixed Trust Oil Shares 8... 775 8.00 Incorporators Investments.... 19.12 20.37 Land Bank Bond Shares 93 1.03 Low Priced Shares 6 50 6.62 Mass Inv Trust Shares 19 14 20.79 Nation Wide Securities 3 52 3.60 North American Trust Sh (53) 1.93 .... North American Trust Sh (55) 2.51 2.55 North American Trust Sh (58 > 2.80 2.95 Selected American Shares 3.10 Selected Cumulative Shares.. 750 .... Selected Income Shares 3 60 4 00 Std American Trust Shares A 3.13 318 Trust Shares of American.... 301 3.06 Trustee Std Oil A 5.60 5.70 Trustee S'd Oil B 5.38 5.48 U S Electric Lt & Pwr A.... 12 25 13 00 Universal Trust Shares 3.13 3.24

Foreign Exchange

(Bv Abbott. Hoppin is Cos.) —Jan. 28— Close. Sterling. England *4.94'? Franc. France 0619 Lira. Italv 6929 Belgias Belgium 2119 Mark. Germany 3732 Guilder. Holland 6330 Peseta, Spain 1266 Krone. Norway 2495 Krone Denmark 2205 NEW YORK RAW SUGAR FIT FRF. S "~~Jan. 26—■ High. Low. Close January 1.64 March 1 45 1 43 1.45 May 1 50 1.48 1.50 July 1.54 1 51 1 54 September 1.58 1.55 1.58 December 1.63

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. Al! of it was shipped here on the understanding that it would be shipped 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 must ask ourselves, why 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.

Indianapolis Cash Grain

-—Jan. 26 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—Steady: No. 1 red. 86® 87c; No. 2 led. 85® 86c No. 2 hard. 85® 86c. Corn—Steady; No. 3 white, 43® 44c: No. 4 white, 42®43c; No. 3 yellow. 42®43c; No. 4 yellow, 41®42c: No. 3 mixed, 41® 42c; No. 4 mixed. 40®41c. Oats—Firm: No. 2 white, 34%®35%c; No. 3 white. 33%@34%c. Hay—Steady: if. o. b. country points taking 23%c or less rates to Cincinnati or Louisville/ No. 1 timothy, $7.50® 8; No. 2 timothy, $7®7.50. —lnspections Wheat—No. 1 red. 2 cars; No. 2 red, 5 cars; No. 3 red, 1 car; No. 1 hard, 5 cars; No. 2 hard, 7 cars; sample. 1 car. Total, 21 cars. Corn—No. 3 white, 2 cars; No. 4 white, 1 car; No. 2 yellow. 5 cars; No. 3 yellow, 9 cars; No. 4 yellow, 11 cars; No. 6 yellow, 1 car; No. 6 mixed. 1 car. Total, 30 cars. Oats—No. 2 white, 7 car; No. 3 white, 2 cars. Total, 9 cars. INDIANAPOLIS WAGON WHEAT City grain elevation are paving 82 cents for No. 2 soft red wneat. Otner grades on their merits. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Jan. 26.—Cash grain: Wheat —ln good demand, steady on red and nominally % cent higher on hard; No. 2 red, 90@91c: No. 3 red. 90c: No. 5 red. 88 %c: No. 2 red. garlicky, 90c: No. 3 red, garlicky. 86%®88c; No. 2 hard wheat. 90c nominal; sample mixed, 79c. Corn —ln good demand. % to lc lower; No. 2 vellow. 50®50%c: No. 3 vellow. 49® 49%c; No. 4. vellow. 48c; No. 2 white. 50%c; No. 3 white. 50c. Oats—ln good demand, unchanged to % cent lower: No. 2 white. 38%c: No. 3 white. 38c; sample white 36c: No. 1 mixed. 39%® 39%c; No. 2 mixed. 39®39%c: No. 1 hurt. 40c: Mo. 2 hurt. 39 %® 40c.

In the Cotton Markets

—Jan. 26 CHICAGO High. Low. Close. March 11.20 11.03 11.03 Mav 11.37 11.24 11.24 July 11.55 11.41 11.41 October 11.65 11.55 11.55 NEW YORK March 11.15 11.00 11.00 May 11.31 11.15 11.15 July 11.46 11.31 11.31 October 11.59 11.43 11.43 December 11.73 11.57 11.57 NEW ORLEANS January 10.83 March 11.17 10.98 10.98 May 11.29 11.11 11.11 July 11.41 11.27 11.27 December 11.65 11.55 11.55

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 g. 75 Coke, egg size 8 75 Indiana, forked lump 5.50 Indiana, egg 8.00 Indiana, mine run 4.75 Kentucky lump 700 Pocahontas lump 8.25 Pocahontas egg 8 25 Pocahontas forked lump 8 25 Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.7* West Virginia egg 6.59 Island Creek 7.00 Extra charge of 60c a ton for wheeling coal, and *1 a ton for coal carried to bla.

Daily Price Index

By United Press NEW YORK, Jan. 26.—Dun Ac Bradstreet's daily weighted index of thirty basic commodities compiled for the United Press: (1930-1932 average. 100) Today 104.45 Yesterday 104.23 Week ago 104 87 Month ago J 00.23 Year ago 69.28 1934 high Uan. 191 104 87 1934 low iJan. 3) 101.05 (Copyright, 1934, by Dun & Bradstreet, Inc.) CHICAGO FRUIT MARKET By United Press CHICAGO, Jan. 26—Apples—Michigan Jonathans, bushel. sl2s® 1.50: Baldwin, bushel. $1.35® 1.40 Carrots-Illinois. 40®, 50c bushel. Spinach—Texas, 75® 90c bushel. Beans—Southern green. *2.20® 2.25 bushel: wax. 52.20® 2 75. Mushrooms—lllinois. 17% ®32%c (lb. cartonsi. Cucumbers—s 6 50® 7; hothouse. 53®3.50 Tomatoes—Florida *1.25® 2.50 box: hothouse. Sl® 1.25. Leaf Lettuce—lllinois hothouse. 15®20c box; 10 lb. baskets. 90c® SIOO. Celery- Michigan, square crate. 40c® sl. Cabbage—Wisconsin, $1.50® 2. 10-lb. sack Parsnips—lllinois. 85® 90 bushel. Sweet Potatoes—lllinois. $1.25® 135 bushel: Indiana. *lso® 1.75. Rhubarb Michigan hothouse. 25® 45c, 5-lb. cartons. Onion market— < 50-lb. sacks c Western valencias. *l2s® 1.40: Central Western, yellows, *[email protected]: western whites. *1.75®.2.

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CRAINS DISPLAY FIRM TREND IN NERVOUSTRADE Wheat Prices Recover After Early Weakness: Corn, Oats Higher. % BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, Jan. 27.—Traders were nervous as to the future trend of affairs again yesterday and assumed an attitude of waiting on the Board of Trade. Prices stayed within narrow limits. At the clase wheat was to \ cent higher, corn was % to % cent higher and oats were % to •% cent higher. A minor dip in wheat early was followed by a rally of around a cent but the aggregate trade was small and the fluctuations were regarded as due largely to professional activity rather than a reflection of anything in the news. It was the general belief of close observers that the trade was wating settlement of the money situation and the grain exchange code before taking a decided stand on either side. There was no material pressure on corn, oats and rye. The latter led the upturn today at the outside, showing an advance of more than a cent over Thursday's clase, due to a letup in selling shorts were credited with buying. An advance of around 20 to 25 cents in swine values brought about a modest rise in provisions, but much of the upturn was absorbed by packers hedging sales. Chicago Primary Receipts —Jan. 26. Bushels. Today. Last Week. Wheat 453,006 455.000 Corn 547 000 706,000 Oats 184,000 188.000 Chicago Futures Range —Jan. 26 WHEAT— Prev. Open. High. Low. Close close. May 88% .89% .85% .89% .88% July 87 .88% .87 .87% .87'* Sept 88 .89 y* .88 .89 % .88% CORN— May 51 7 4 .52 V* .51% ,52% .51% I July 53% .54 .53% .53% 53% Sept 55 .55% .55 .55% .55% OATS— May 37 .37% .37 .37% .36% July 36% .36% .36% .36% .36 S € Rye 35-4 - 3fi '' 4 - 3512 .35% May 60% .61% .60% .61% i6o'i Ju1y.,..,, .60% -62 .60% .62 *60% BARLEY— May 50 .51 .50 .51 .50 JI LARD (old) 51 ' 3 ' s ° Jon 485 485 5 ,^)- 5 -- 22 514 522 510 Ynew)- 650 645 J, an 650 650 May 707 7.00 LARD (new Jan r or t ** May 5.60 5.72 5.60 512 5.55 July 562 5.72 5.62 5.72 5.55 Sept 5.80 5.87 5.80 5.87 5.72 T> r- , CHICAGO CASH GRAIN By United Preen CmCAGO. Jan. 26.—Cash Brain. Wheat —No. 2 red. 90%c: No. 2 hard. 89%c- No. 2 mixed 85',c. oil smell; No. 2 mixed, smut 87% r. Corn—No 2 mixed. 49%c: No. 3 mixed. 49c: No. 2 yellow. 50®50%cNo. 2 yeliow. old. 51c: No. 3 vellow, new. 49® 49%c: No. 4 vellow, 48® 49c; No. 6. yellow, 47%c,; No. 2 white, old. 51%c: No. 3, new 49%c: No. 4. white 47c. Oats— No. 2 white. 37%®38c: No. 4 white. 35'*c. PZ?%;. No sales. Bariev - 64® 78c: Quotable. 50 't 82c. Timothy Seed—sll® 13.60. Cash Provisions—Lard, S§.4o; loose. $4.65: leaf. *4.62: s. bellies. $6.50. „ _ TOLEDO CASH GRAIN By United Press TOLEDO. Jan. 26.—Grain close' (grain in elevators, transit billing). Wheat—-No. 1 red. 92®93c. Corn—No. 2 vellow, 55® 56c. Oats—No. 2 white. 41®42c. Rve— No. 2. 67%®68%c. (Track prices. 28%-s rate/. Wheat No. 1 red, 88%®89c; No. 2 red. 87%® 88c. Corn—No. 2 yellow. 50% ®s2c; No. 3 vellow, 49®51c: No. 4 vellow’. 47%®48c; No. 5 vellow. 46®47c. Oats— No. 2 white. 38®39%c: No. 3 white. 37% ® 39c. (Toledo seed close). Clover March. $8.25. Alsike—Cash. $8.50. NEW YORK COFFEE FUTURES —Jan. 26 SANTOS March 9.45 9.42 9.45 Mav 9.75 9.60 9.62 July 9.90 9.71 9.71 September ... 10.23 10. OS 10 04 December 10.34 10.15 10.18 RIO March 6.91 6.87 6.91 Mav 7.22 7.05 7 07 July 7.31 7.20 7 20 September 7.31 7.20 7.20 December 7.57 7.44 7.44

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Again, Sunday at 3:15 P. M. another featured program of the Rose Tire Cos. over Station WKBF with Harry P.ason and his rythmic fingers at the Concert Grand. Send in your favorite selections. As many of them will he played as the time permits. n n n Traction in a tire means ability to deliver power from motor to road when starting or running; ability to resist side-slip-ping on curves; ability to apply braking power in stopping. Nothing GRIPS or DELIVERS POWER like a GEAR, and no tire tread holds the road more securely or delivers power more efficiently than the Miller GEARED-to-the-ROAD tread, has been recognized for years by tire experts and motorists alike as the best all-around tread pattern ever developed for Better Traction and Slow, Even W'er. Here is a better tire that costs no more than an ordinary one. Let us quote you on your size. Convenient terms gladly arranged. a u u The Rose Tire Cos. is open until 9 P. M. tonight and all day Sunday to 6 P. M. For snappy Road Service anywhere in Marion county, call RI-8355. nun CHIEF TIRE CHANGER MILLER TIRE DISTRIBUTOR#

_’JAN. 27, 1934