Indianapolis Times, Volume 45, Number 229, Indianapolis, Marion County, 2 February 1934 — Page 28

PAGE 28

Passage of Law Regulating Stock Exchange Not Likely to Affect the Market Very Much. BV RALPH HENDERSHOT Tinea Special Financial Writer

The average price of Industrial stocks listed on the New York Stock Exchange established anew high Wednesday for the 1933-1934 period, crossing the peak level registered last July, when the inflation flower was in full bloom. The high level had just been reached when word was received from Washington that legislation would be enacted in this session of congress to regulate Uie stock exchanges throughout the country. Many people in Wail Street are wondering what will happen to the attractive market which has developed during the last few weeks if congress puts the screws on market operations as tightly ax the general public seems to desire. They also are wondering

whether a market set back at this time would have any serious effect on the administration's efforts to pull business out of its hole. There is every reason to believe that regulation will have little more than temporary effect. Wall Street has been counting on it for months, and the development should be thoroughly discounted by now’. Os course, the market's reaction will depend to a large extent on the actual bill which is framed, but. since the Street has been expecting the worse, it is possible that even a severe measure would not hurt the market very much. M M M Market Operators Careful Market operators have been very careful of their activities in recent months. It is doubtful that any of the New York Stock Exchange members have stuck their chins out where they could be reached by

Ralph Hendershot

the law. There probably have been pool operations in recent months, but it is fair to assume that they have bern engineered by people outside the reach of the exchange or any regulations which might be made to govern that institution. Asa matter of fact, most of the market irregularities charged to the exchange should never have been placed before its door. The exchange, for instance, had nothing whatever to do with the rigging of the market in certain bank stocks. Bank stocks are not listed on the exchange at all, being traded in exclusively over-the-counter. It is difficult to sec how any law could be framed which would prevent pool operations in the future unless it embraces people who trade on the exchange as well as the exchange itself. The institution has no authority over non-members, and it is well to bear in mind that most of the manipulation revealed in the senate inquiry thus far w'as conducted by people who arc not obliged to answer to the exchange. mm * mm* A Question of Motive Involved If the exchange is to provide a free and open market it must permit buying and selling in unlimited volume. And if a non-member, or a member for that matter, decides to bid up or sell down the price of a stock, who is to determine the motive which prompted it? There is a fine line between bidding up a stock because the purchaser believes it to be worth a higher price and a desire to make it appear attractive to a speculative public so that it may be unloaded at a profit. 1( Assuming a law is in existence prohibiting the sale of stock to bear the price, it may be assumed that to obtain a conviction under such law proof must be offered sustaining the charge. And then. too. a court case is conducted somewhat differently than a senate investigation, where the man on the stand is not permitted an attorney.

New York Stocks A h bot . RODDIn k Co.I

- Feb. 2 Prev. Oils— . High. Low. 10 JO. Clow. Amerada 48 2 i?, 2 AH Rfg 34 3 07* RarnsdtU Consol Oil iij. Com of Del 2ns * Houston mow* * 4 Houston * old t , *2, Mid Cont Pet }*• } 3 * Ohio Oil }2,* J*, 4 Phillips Pet “ .‘2, Pure Oil 14 is, 4 Royal Dutch , ‘ Shell Un HH H'w ™ 8 Simms Pet. - Skellev Oil ? 8 Soc Vac . 18’ I*’. *■ 4 ‘2,* 8 O of Cal 42 1?,“ SO of Kan 4,8 V. 2 Sun Oil 201, Texas Oil • , -4:. Siu Tidewater Assn . ll’t 11 n * Ji, 4 Un Oil of Cal 18 . Am Roll Mills 24 * j!),. ! Beth Steel j Bvers A M 28 * 2 Col Fuel & Iron 371! Cruc Steel 28 2 ii 4 Inland Steel ?,, 4 Ludlum Steel ::: Bx* 57 y.-.'".™;; w ■; Vanadium 2.S 2 ‘ 8 27 8 ?4, 4 Mid-steel • ■ • 571: U S Pipe A: Fdy 28'a -* 28 2 * U S Steel ...... 56’* 56 a 56 8 g£, 8 U S S'eel pfd- 2 Youngstn S& T 21 2 * 8 Rail’— 701 - 71. Atchison 7U 2 .4," All Cst Line ~, 225! B At O ; it 3 £, 2 TJs! Can Pac 18'2 1® 8 ]?, 2 ieij Ch A- Ohio 43 2 4 5 , 4 Chi A- Gt W 5 • 2, 8 CMA- St P pfd . “ 4 {i, 4 Chi N W 12*2 l 2 ’* 12 2 *2 8 Chi R Isl • •••• 5 4 g,, Chi R 1 20. pfd -?, 2 Dels A Hud 23 '* Grt* Northern'pf 30'* 30'. 3030', 1 111 Central 37 4 ?i, 4 { Lou A Nash 4 jij,* Mo Pac 52 2, 4 j N Y Cent ...... BUa 81'* N Y Chi ASt L 22 . 22 | NYCASt Lpf 2. , 2. a N Y New Haven r 2 4 ts 4 N Y Ont A Wes 11 “ Norfolk A Wes Nor Pac 3 1, 22 4 Penn R 31 ' 2 44, 2 sou Pac 32 si ■ 3 ’ 8 Sou R R ...... 33 34 4 33 Sq,* Sou R R Pfd 38 2 39 a Union Pac 128 West Maryl 12 2 12 2 Motors — eq, Chrysler St a 5. , J* - 3 • Gen Motors 'll * Graham Mot Hudson , *2Sift :: ::: ‘ " ; Nash 3 2, 8 3 " 4 Packard 3 8 3 Reo 1. 4 • Studebaker ' • • Yellow Truck ..... ... * s ' 4 Motor Acres*— Bend ix 22’, 23 Bohn Alum ® 3 . 8 Borg Warner 2H 2^2 Prices .. 1* Rudd Whe*i 5U 5 5 Eaton Mfg . IS * '* E.ec Auto Lite . 28', 28 28', 28'j Houd A *, 8 Mullins Mfg * a 9', Murray Body 10'* Stew Warner 10 9*, Timken Rol .... .. ... 39 99 Minint—- ' Alaska Jun ..... .. .. 22', 22' Am Smelt ... 8* 88’, Anaconda 16 5 , 16 s , 18’, 18", Cal A Hecla S’, s’, Cerro De Pasco.. .. 35'? Granby 11 Gt Nor Ore 13'j Homestake Mtn 322 Howe Sound 37', Ins Copper 6 Int Nickel 23', 23*. Isl Creek Coal.. 2S', Kennecott Cop 22 21’, 21’, 21 7 . Noranda Cop ... 38'i Phelps Dodge IT’s 17' 2 Pitts Coal 17 T * Tobacco,— Am SnuS ... ... M'j Am Sum Tob ... 18’, Am Tobacco 78’ ? 78 Am Tobacco B 81', 80’, Gen Cigar 38'j Llgg A Mvers B 98 Lorillard 18', 19 Revnolds Tob B 82’, 82’, Equipments— Allis Chalmers 22', 21’, Am Car A Fdv 23 28’, Am Loco • 33’j Am Mach A Fdv 17’, 17’, Am Steel Fdv .. .. ... .. 28', Bald Loco 18 13’ 13'a 13’a Burroughs 19 Case J I 82', 82’, Carter Tract 30’, Col Palm Peet 13 s , 13*, Congoleum 28', 28', Elec Stor Bat 51', Foster Wheeler 18 ! 17’, Gen Am Tk Car 39'* Gen Elec 23’, 28', Gen R R Sig 40 Ingso! Rand ..... 73 Int Bus Mach.. 147 Int Harvester .. 84’, 44'* 44'i 44’, Kelvmator 15*, IS' 15', 15', Natl Cash Reg 22N 22'a Proc A Gamble ... 40'* Pullman Inc ... 57 Simmons Bed ... 22', 22', 22'-, 22', Und Elliot 47’, West Air B 33’, Westingh Elec 44 s , 44’, Worthing? n Pmo 30 ( lilities— Am A For Pwr.. .. ... 11 s . Jl'i Am Pow ALt 9’, 9, A T A T 120’, 120’, Am Wat Wks 28 Brook Un Ga* 75’, 75 Cos! Gas A El 18% I*’, Cos! G A E pfd 70 Com A Sou 2’, 2 T Consol Gas 48’, Elec Pw A Lt 7’, 7', E P A L pfd 14', Int T A T 17', 17', Lou GAEA' If, i Nat Pow ALt 12’, 13>, North Amer 20 * 20’, Pac GA E 20’, 19’, Pub Serv N J 41’, 41'* So Cal Edison .. .. ... 20', 19>* Sid Ga* 13’, 13'-, Std Gas pfd Uh United Corp .... .. ... 7C, 7 Cn Gaa Imp ... It’s US

Wall Street-

Ut Pow * Lt "A* 4% 4% 4% 4% West Union ... 62% 61 % Rubbers— Firestone .. ... 22% 22% Goodrich ... 17% 17 Goodyear ... 38% 38% U S Rubber 19% U S Rub pfd 36 Kelly Spring 4 4% Amusements— Croslev Radio.. .. ... ... 13 Fox Theater .. 15% 15% 15% 15% Loews Inc 29 29% Radio Corp .... 8% 8% 8% 8% RKO 3% 3% Warner Bros 7 7V* Foods— Am Sugar ... 55 54% Armour (At 5% 5% Beatrice Cream'v ... 17 17% Borden Prod 26% 26% 26% 27 Cal Parking 27 Can Dry G Ale 28% Coca Cola 102% Con' Bak (Ai 13% Corn Prod 80 Crm of Wheat 34% 34% Gen Foods . . ... ... 36 Gold Dust 22 21% 22 22% G W Sugar 31% Hershev 54 Int Salt 24 7 * Loose Wiles ... ... 42% Natl Biscuit 44% 44 44 44% Nail D Prod 16% 16% Purity Bak 18 S Porto Rico 8.. .. .. 37 36% Std Brands 25 24% 24% 24% United Fruit 65% 65% Ward Bak iAi 9% Wngley 56 Retail Stores— Asso Drv Goods.. .. . 17% 17 Best k Cos , 31% ... Gimbel Bros 6 Gimbel pfd 25% Gr Un Tea 8% Hahn Dept Sts 7% 7% Jewel Tea 44% 45 Kresge S S 17% 17% Kroger Groc 29 Macy R H 60% Mav Dept St .. .. ... ... 38% Mont Ward 30% 30% 30% -30% Penny J C 61 Safeway St 53% 54% Sears Roebuck 49 49% Wool worth 51 % 50% Aviation— Aviation Corp 10% 10% Douglass Air 26 26% Curtiss Wright 5 5 Curtiss Wr A 10% Nor Am Av ... ... 8% United Aircraft 36% 36% Chemirals— Air Reduction ..( 103% Allied Chem 154 154% Am Com Alcohol 60 3 4 60% Col Carbon ... ... 68% Com Solvents .. 3.4', 35 35% 35% Dupont 100% 100% loots 100', Freeport Tex 46% 46% Liquid Carb 31 Math Alakli 38’, 38% Tex Gulf Sulph. .. ... ... 40", Union Carbide. 49% 49% 49% 49% U S Ind Alcohol 61% 61% Nai Dist inewi. .. ... 31 30% Drugs— Cotv Inc 7% 7% 73* 7 Lambert 30 Lehn k Fink ... 19% 19% Zonite Prod 7% 7 7 7% Financial— Adams Exp US, 11% 11% 11% Alleghanv Corp . 5% 5 5 5 Chesa Corp 44% Transamcnca .. 8 8 Tr Conti Corp... 6% 6% 6% 6% Building— Am Radiator n 17 Gen Asphalt .... 20 19% 19% 19% Int Cement 36' 4 35% Johns Manville 64% 65% t.ibbv Owens Gls 41% 41% Otis Kiev ip ip Ulen Const 3% 3s, Miscellaneous— Am Bank Note ig% Am Can 100 Anchor Cap 24% Brklyn Man Tr 34% Conti Can ... 78% Fastman Kodak 90 Owens Bottle 92 Oillef te 11% 11% 11% 11% Glidden 19% 1P' 4 Gotham Silk ... 10% Indus Raven 92% 92% Inter Rapid Tr ' 11% Real Silk Hose.. .. ... ... * 12%

Foreign Exchange

(By Abbott. Hoppln k Cos.) —Feb. 1— Close. Sterling. England $4 98% Franc. France 0639% Lira. Italy 0852 Belgias. Belgium .2260 Mark. Germany 3860 Guilder. Holland 6526 Peseta. Spain 1308 Krone. Norway 2510 Krone Denmark 2230

Investment Trust Shares

By Abbott. Hoppin k Cos. —Feb. I. Bid. Ask. Am Bank Stocks Corp 1 14 1 20 Am k General Sec A 500 600 Am Inv Tr Sh 200 3 00 Basic Ind Shares 370 3.76 British Type Inv Tr Sh 78 84 Collateral Trustee Shares A 525 5.50 Corporate Trust Shares (oldi 226 2 28 Corporate Trust Shares (newi 2.56 2 60 Cumulative Trust Shares .. 443 Diversified Trust Shares A 625 Diversified Trust Shares B 8 40 8 60 Diversified Trust Shares C.. 2 403 50 Diversified Trust Shares D.. 525 5.77 F.rst Insurance Stock Corp.. 135 1 40 First Common Stock Corp.. 83 98 Fixed Trust Oil Shares A... 9 25 9 50 Fixed Ttusl Oil Shares B 800 825 Incorporators Investments .19 37 20 62 Land Bank Shares 94 104 Low Priced Shares 6 80 6 90 Mass Inv Trust Shares .... 19 32 20 99 Nation-Wide Securities 360 370 N Am Trust Shares (sft 1.97 2 03 N Am Trust Shares 'SSi .. . 2 59 2 63 N Am Trust Shares 's9' 2 80 3.10 Selected American Shares . 325 1 Selected Cumulative Shares . 781 Selected Income Shares 380 420 Std Am Trust Shares A 322 3 28 Trust Shares of America . 307 3.14 Trustee Std 0.1 A 575 587 Trustee Std Oil B 5 50 562 U S Electric Lt and Pwr A 12 75 13 00 Universal Trust Shares .... 330 340 NEW YORK RAW SUGAR FUTURES —Peb. 1— High. Low. Close. January ... 1.70 March 1-51 1.47 1.51 Mav .. . 157 151 157 Julv 1 60 1 56 1 60 September 1 65 1 59 1 65 December 1.70 1.66 1.70

ISSUES DISPLAY UNEVEN TONE IN NARROWRANGE Sharp Rise in London Gold Boosts Mining Stocks on N. Y. Board.

Average Stock Prices

Avet&ae of thirty industrial* for Thursday; High 110.35. low 107.94. close 108.98, up 1.73 Average of twenty rails: 51.65, 50 41. 50 94 up 1.17. Average of twenty utilities; 28 55. 27.30. 28.11. up 1.06. Average of forty bonds: 90.21. up .46 Average or ten first rails: 95 11. up 16. Average of ten second rails: 79 05. up 1.04. Average of ten utilities: 94 89. up 30. Average of ten industrials: 91 81. up .35. BY ELMER C. WALZER United Press Financial Editor NEW YORK. Feb. 2.—Activity continued on the Stock Exchange today but price changes were narrow and irregular. Utilities made further gains and communications were active. Gold mining issues advanced following a sharp rise in the price of gold in London. At the London opening for sterling the gold price was equivalent to $34.84 or within 16 cents of the new United States parity of $35 an ounce. Sterling later declined in London and opened in New York at $4.93%, off 4% cents from the previous close. Among the better gains were McIntyre Porcupine at 40%, up 1 on 1,000 shares; Standard Gas 13%, up 1,2 on 1,500 shares; National Power and Light 12%, up % on 2.200 shares; Public Service 41% ,up 3 2 ; Western Union 62%, up's, and Southern California Edison 20%, up T s on 1,500 shares. Oils were in fairly good demand, featured by 4.000 shares of Shell Union at 11%, up %. Motor shares eased off as did electrical equipments. Steels were lower with United States Steel at 56% off %. Montgomery Ward continued in demand at 30%, up % on 1,500 shares. Prices firmed after the opening. Oils bettered the initial gains; utilities also enhanced their advance in active turnover. Steel dipped further. Curtiss-Wright was heavily traded after opening 8,400 shares at 5 unchanged. Bonds moved higher in active turnover aided by the action of the New York Federal Reserve bank in lowering its rediscount rate to % per cent from 2 per cent. Commodities were steady.

Bank Ciearings

INDIANAPOLIS STATEMENT —Feb. 2 - Clearings $2,102,000.00 Debits 5,324.000.00

Treasury Statement

By United Press WASHINGTON. Feb. 2—Government expenses and receipts of the current fiscal year to Jan. 31. compared with the corresponding period of the previous fiscal year; This Year Last Year Expenses $3,602,449,624.55 $2,999,084,385.76 Receipts 1 679.851,451.00 1.138,505.910.67 Deficit. 1.922,598.173.55 1.860.578.475.09 Cash Bal 1.537.201.112.19 New York Curb (By Abbott. Hoppin k Cos.) —Feb. 1— Close Close Allied Mi 115.... B%;Glen Aiden Coal 14% Alum Cos of Am 77% Gulf Oil of Pa.. 75 Am Cyanide B’ 19% Hiram Walker.. 52 Am Fr Pwr Wr 7%'Hud Bay Min... 9% Am Gas k El.. 29% Humble Oil .... 40% Am Superpower 3' 2j lmperial OH Ltd 13% Ass Gas & El., l'ajlnt Petrol 23% Atlas Corp 15%;Lake Shre Min. 43 British Celanese 3% Lone Star Gas.. 6% Can Inds Ale A 17% Massey Harris.. 6% Can Marc 2% Mt Producers .. 4% Carrier Corp... 8% Natl Bellas Hess 2% Cities Serv 3% Newmont Min .. 54% Commnwlth Ed 58% Nia Hud Pwr... 7', Consl Gs of Bal 60 INovadel Agene.. 84% Cord Corp 7%iPan Am Airways 49 Creole Petrol... 12%!Park Davis .... 25 Crown Crk Inti 7 Penn Road 4% Deere k Cos ... 33% St Regis Paper. 4% Distillers Lim.. 21 iSal Crk Prodcts 6% Distillers Corp. 23 ISherwin Wms... 63% Dow Chem 77 Std of Ind 31 s , El Bnd k Share 19% Std of Ky 17% Fisk Rubber ... 15' 4 Technicolor Ind 9% Ford of Can A’ 24%'Tck Hughes Gld 5% Ford of Europe. 6% Un Gas 4 Gen Aviation.. 9 lUn Pwr Lt ‘'A". 4% Great Atl-Pac..146 'Wrgt Hrgrvs Mn 6%

U. S. Government Bonds

By United Press NEW YORK. Feb. I.—Closing liberties: Decimals represent thirty-seconds. Liberty 3'as 32-47 ' 101.20 First 4( 4 s 32-47 102.4 Fourth 4%s 33-38 102.21 Treasury 4%5-3 %s 45 100.2 4%s 47-52 107.12 3%s 43-47 100.22 3%s 41-43 March 100.20 3%s 40-43 June 100.23 3%s 41 100.1 3's 46-49 98.13 3s 51-55 97.

Daily Price Index

By X nited Press NEW YORK. Feb. I—Dun k Bradstreets daily weighted price index of thirty basic commodities compiled for the United Press G 930-1932 Average. 1001 Today (new 1934 high) 106.28 Yesterday 105.92 Week ago 104.23 Year ago 68.11 Month ago 101.50 1934 High (Feb. 1) 106.28 1934 Low • Jan. 3' 101.05 Copyright. 1934. by Dun * Bradsrreet. Inc.

Federal Farm Loan Bonds

Bv Blvth k Cos., Inc. —Feb. 1— Bid Ask 4s Nov. 1 1957-37 92% 93% 4s Mav 1 1958-38 92% 93% 4%s July 1 1956-36 94 95% 4%s Jan. 1 1957-37 94 95% 4%s Mav 1 1957-37 94 95% 4%s Nov. 1 1958-38 94 95% 4%s Mav 1 1942-32 97 98% ♦%s Jan. 1 1943-33 95 96% 4%s Jan. 1 1953-33 95 96% 4%s July 1 1933-33 95 96% 4%s Jari. 1 1955-35 95 96% 4"as Julv 1 1955-35 95 96% 4%s Jari. 1 1956-36 95 96% 4%s Julv 1 1953-33 97% 98% 4%s Jari. 1 1954-34 97% 98% 4 3 *S Julv 1 1954-34 97% 98% Ss Ma'v 1 1941-31 ... 99% 100% 5s Nov. 1 1941-31 99% 100% Home Loan 4s. July 1. 1951... 96% 96%

In the Cotton Markets

—Feb. 1— CHICAGO High. Low. Close March 11.56 11.46 11.46 Mav 11.75 11.62 11.62 Julv .. 11.89 11.78 11 80 October 12 07 11 98 11 99 December 12 17 12.08 12.09 NEW YORK January 12.18 12.08 12.09 March 11.52 11.39 11.J9 Mav 11.70 11.55 11.55 Julv 11.86 11.72 11.72 October 12.01 11.90 11.92 December 12 13 12 01 12.01 NEW ORLEANS March 11.52 11.35 11.35 Mav 11.68 11.52 11 53 Julv 11 83 11.68 11.68 October 12.01 11 87 11.87 December 12.05 12 02 12.02 NEW YORK COFFEE FUTURES —Feb 1 —SANTOS— High. Low Close March 9.85 9 82 9 83 Mav 10 03 10 00 10 03 Julv 10 17 10 10 10 15 September 10 49 10 40 10.49 December 10 60 10.53 10.60 —RIO— March 7.35 7.30 7.34 Mav 7 50 7.47 "49 Julv 7.65 7.80 7 65 September' ... December - ’B7 7.86 7,*7

THE INDIANAPOLIS TIMES

| Chicago Stocks] ■ 'By Abbott. Bobbin A Cos i Total Sale*. 121.MX) Sharea. —Feb. 1 High. Low Close ' Abbot Lab 46 44 46 j Acme Steel Cos 47 ' 3 41 46 Adtms Mfg 7' 2 6 6 Advance Aluminum .... 4'. 4 4 'Allied Products 19% Id 19% ' Altorfer Bros 14 12'* 14 Am Pub Serv, pfd 9 Asbestos Mfg 3 1 . 3% 3% ! Asso Tel k Tel A' 6 5% 6 Automatic Washer ... 2’a Bastian-Blessing 7% 7% 7' 3 Bendix Aviation 23 7 23 23 | Binks Mfg 3 2’, 2% Borg-AVarner 27'a 26'* 27% Brown Fence k Wire A' 77 ... 7% Butler Bros 8 7 * 8% 8% Campbell, W& C Fdy. 13% 12% 13% Canal Construction 2% I Castle. AM 17 Cent 111 Pub Serv. pfd 19 18'* 19 Cent 111 Securities, com 1% l i>, I Cent Pub Util % I Cent k So West i% Cent k So West P L pfd 1 14 14 Chi k North Western.. 12% 17 12' Chi City k Con Rys % Chicago Corp com 2% 3*, 2% Chicago Corp. pfd 29 7 a 29 29' a Chicago Flexible Shaft. .. ... 9> 2 Chicago Towel, pfd 65 Chicago Yellow Cab n% Cities Service 3% 3% 3% Club Aluminum .. % Commonwealth Edison. 59’; 55 58% Consumers ij i Continental Steel '. 9 ; Cord Corp 8% 8% 7% ! Crane Cos 10% 9 7 , 10’ t Crane Cos. pfd 5g Dexter Cos 6% 6 6 Electric Household .... 12% 12 12% Fitzsimmons k Connell. 16 14 1 2 16 Gen Household Ut 10% 9 9% Gardner-Denver Cos 19 18 19 Godchaux 'B'’ 9 B'2 9 Goldblatt Bros 31 30% 31 Great Lakes Aircraft .. .. .. ]% Great Lakes Dredge... 20% 20% 20% Grigsbv-Grunow % Hall Prrinting 6% 6% 6' 2 Hart-Carter pfd 7% Houdaille-Hershev “A". .. .. 22 Houdaille-Hershev ‘B”. 6% 6% 6% Illinois Brick ... 5% 111 Northern Util 49 Iron Fireman 11% 11 11% Jefferson Elec 15% 15% 15}% Kalamazoo Stove 26 22 25% I Katz Drug 28 i Keystone Steel 18% 18 18% | La Salle Extension Uni. .. ... 7 * Libb.v-McNeil 5% 5% 5% Lion Oil Refining Cos.. 5% 5 5 Lynch Corn . ..,. 35 34% 35 j Marshall Field 17% 16% 17 I McWilliams Dredg Cos . 24% 23% 24 i Meadows Mfg Cos com.. .. ... % j Mid West Utilities ... % j Midland United ... % Midland Util 6ft- P L 1% Miller & Hart pfd 10 9% 10 j Monroe Chemical ... 4 i Muskegon Mot Spec A 13 National Leath 2 National Repub Inv ... 1% National Standard 25 Noblitt-Spar Indus Inc 15 14% 14% N Amer I & Pow 3% 2% 3% Northwest Bancorp 6 Northwest Engineering.. .. ... 6% N W Util Pr Lien 5Vi Oshkosh Overall 5% 5 5% Oshkosh Overall pfd 15 Penn Gas k Elec 10% Potter Cos 3% 3% 3% Prima Cos 11% 10% 10% ' Public Service 19% 19 19% Pub Service N P 20% 18% 20% Pub Service 7% pfd 60 Quaker Oats 118% 117 118% Quaker Oats pfd 117 Raytheon V T C 4 3% 3% Relic,nee Mfg Cos 17% 16% 17 Ryerson k Son 18% Sangamo Elect Com 6 Sears .Roebuck ... 49 So West L k P pfd 26 Standard Dredging Cos. . 2% 2 2% [Standard Dred Cos pfd. 5 4 5 Stutz Mo Car Cos of Am 10 9% 7 0 Swift, kCo 18V* 17% 17% Swift International 29% 29% 29% Thompson JR 9% 9% 97* Union Carbide k Car.. 50% 50 50% United Gas Corp ... 2% U S Gypsum com 49% 48% 48% Utah Radio * 2% 2% 2% Util Power & Light N V 1% Utility k Ind 1% 1% 1% Utility k Ind pfd 4 3% 3% Viking Pump pfd 25 23 25 Vortex Cup Cos 9% 9% 9% Vortex Cup Cos A 26% Wahl 2% 2 2 Walgreen Cos com 22% 22% 22'Ward Montgomery A ...101 98 100% Waukesha Motor 29 Wisconsin Bankshares 3% Zenith Radio 4% 3% 4

On Commission Row

—Feb. 2 Fruits Cranberries—Cape Cod early blacks. 25lb. box, *[email protected]. .^ ars . ~ Washington A’Aiou. 90-1 Sss. $2.50: Avacados. Nla . 16-16s. crate. $1.50 Strawberries—Florida. 12%c per pint. Bananas—Per pound sc. Apples - Wealthy. Wolf River. Grimes Golden. Jonathan. Florida. $1.35®2 a bu.fancy Stavmans. $2.25 a box Grapefruit—s3 50ft 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. Onions—lndiana white. 50-lb. bag. $1.40: Indiana vellow. 50-lb. bag. $1.50. Beans—Round stringless, hamper, $2 50. Beets—Bulk per bu. $1.15: Texas, new. $1.75 a crate. Peas—2 B-lb. hampers. $4. Carrots—California. $3.25 a crate: per doz.. 60c: Michigan, doz.. 60c: bulk per bushel. $1.15. Cauliflower —California (11-120, crate. $1.60. Celery Michigan Mammoth, dozen. 75c: medium bunch. 40c; hearts. $1.25: 18bunch per crate. $1.25: California. $2.50® 2.75 a crate. Cucumbers—Hothouse. $1.75 per dozen. Lettuce —Iceberg, best (4-ss( .crate. $3.25 @3.75: hothouse. 15-lb. basket. $1.50. Radishes—Hothouse button. 65c down. Spinach—New Texas. $1 per bu. Turnips—Per bu,. 85c. Tomatoes—Florida. 30-lb. bag $3. Potatoes—Northern round whites. 100-lb. bag. $2.35: R. R. Ohios. 100-lb. bag. $2.35: !5-lb. bag. 38e: Idaho Russets. 100-lb. bag. $2.75: Texas Triumphs, new. $2. 50-lb. bag. Sweet Potatoes—Nancy Halls, per bu. $1.60® 1.65.

. Produce Markets

Delivered in- Indianapolis prices—Hens, 10%c: Leghorn hens. 7%c; heavy springers over 5 lbs., 11c; under 5 lbs.. 9c; Leghorn springers. 7c: stags, 8c: Leghorn stags. 6c: cocks. 5 lbs. and up sc; under 5 lbs.. 4c; ducks, 4% lbs. and over, full feathered and fat. 6c: under 4% lbs.. 4c; geese, full feathered and fat. 6c. Turkeys—No. 1 young hens. 8 lbs. and over. 11c: No. 1 young toms. 12 to 20 lbs.. 13c: No. 1 young toms over 20 lbs.. 13c: old toms. 10c: No. 2 thiri crooked breasted. 6c: young guineas. 1% to 3 lbs., j 35c: old guineas. 25c; No 1 strictly fresh I country run eggs loss off 16c. each full eggs case must weigh 55 lbs. gross: a de- [ duction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1 24® 25c: No. 2 21®22c. Butterfat—l7c. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. Feb, 2—Eggs—Market firffi: receipts. 5,006 cases: extra first, 21%c; fresh graded firsts. 21 %c; dirties, 18c: current receipts. 20c; checks. 18c. ButterMarket firm: receipts. 10.550 tubs: storage extras (92 score). 21%c: storage standards (90 scorei. 21 lie: extra firsts (90-91% score), 22%ft23%c; extras (92 scorei. 24c: firsts 'BB-89% scorei. 21%ft22c; seconds -186-87% scorei. 20%c: standards 190 score'. 23%c; specials. 24%ft25c. Poultry —Market about steady: receipts. 38 trucks, 1 car due: turkeys. 10ft 15c; hens. 13c: Leghorns. 12c: old roosters. 8c; ducks. 11® 14c: geese. 10c: Rock springs. 14c. Cheese - Twins. 12%ft12%c: longhorns. 13®13%c; daisies. 13®13' 4 c. Potatoes —Supply liberal: demand and trading slow, market weaker on western and steadv on northern : stocks: Wisconsin round whites. sl.Boft I 1 85. occasional car higher: Minnesota Red i River Ohios. 1 car. $1.80: Idaho russets. $2.05®2.15. mostly $2 10; Colorado McClures. $2.40®2.45. CLEVELAND. Feb. 2—Butter—Market firm; extras. 28c; standards. 27%c a pound in tubs. Eggs—Market steady: extra white. 21%c; current receipts. 20%c. Poultry—Market firm: colored fowl. 4% lbs. arid up. 16c: colored fowl, medium. 14c; Leghorn fowl. 3% lbs. and up. 13c: Leghorn fowl, light, 11c; springers. Rock. 5 lbs. and up. 16c: springers, colored. 4 lbs. and up. 14c: colored broilers. 20c; capons. | 8 lbs and up, 21c: ducks, white. 7 lbs. and up. 17c; ducks, light. 15c; geese, heavy, fat, 13c; ordinary. 11c; old roosters. 9c. [ Potatoes tall quotes based on United 1 States No. 1 and 100-lb. sacks' —Maine I cobblers and Green Mountains Best. $2.15 I ®2.25: Idaho russet Burbanks. $2.25® ! 2.35; bakers. $2 15 a 50-lb. sack; Ohio, fair quality. Sl.soft 1.75. according to Quality and condition: New York best. $1.75®1.90: poorer. $1.65: Colorado brown beauties, $2.25. NEW YORK. Feb. 2.—Potatoes—Steady: Long Island. $1 20® 3.25 barrel; State. $1.50 ft 1.85 barrel: Southern. $1.75: Maine. $1.15 ft 3.75 barrel: Idaho. $2®2.60 sack: Bermuda. $5.50ft7 barrel: Canada. $2.20ft2.30 barrel. Sweet Potatoes—Steady: Jersey, basket. $ .40® 1.50; Southern, basket, $ 50 ft 1.15. Flour-—Dull: springs, patents. $6.75 ®6.85 sack. Pork—Quiet; mess. $18.50 barrel. Lard—Steady; midwest spot. $6.15® 6.25. Dressed Poultry—Steady; turkeys. 16 ft 25c: chickens. 9®26c; broilers. 13®32%c: capons. 18®32c: fowls. 13@16c: ducks. 11® 14c; Long Island ducks. 15%® 16c. Live Poultry—Steady; geese. 9®l4c; turkeys. 17 ®23c; roosters. 9c: ducks, B®l4c: fowls. 13® 16%c; chickens, ll@16c; capons. 20® 22c; broilers. 21®23c. Cheese —Firm: state whole milk flats. 1933. 18® 19c: young America. 14' 4 ftl4%c Butter—Receipts. 9.603 packages: market steady: creamery, higher than extra. 24%®25c; extra 92 score. 25c: first. 90 to 91 score. 23' 4 ®23%c: first. 88 to 89 score 22'®23c: seconds. 21 ,®22c; centralized. 90 score. 23' 4 c: centralized 88 to 89 score. 22%23c Eggs—Receipts. 10 533 cases: market, firm: special narks 26%® 27%c: s'anderds. 26%c: firsts. 25ft 25' zc: mediums. 2'%*; 25c: dirties. 24 ', ft 25c: checks. 23%ft 24c. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 83 cents for No 2 son rea wneat. Other grades 1 on their merits — * j Standard Oil Company of California has declared the regular quarterly dividend of 25 cents, payable March 15 to holders of record Peb. 15,

PORKER PRICES JUMP 35 CENTS | AT STOCKYARDS Vealers Strong at $8 Down: Cattle Market Scarce and Steady. Light receipts on hand during the last two days resulted in an advance of around 35 cents in porker prices at the local stockyards this morning. The advance was general throughout the country, with various market centers reporting large increases. Practically all supplies were active, and in demand. The bulk. 160 to 250 pounds, sold for $3.95 to $4.15, while heavier grades. 250 pounds and upward, were available at $3.70 to $3.90. Smaller weights, scaling 130 to 160 pounds, brought $3.30 to $3.85. Light slaughter pigs, 100 to 130 pounds were salable at $2.25 to $3. Receipts were estimated at 5.000; holdovers, 127. Slaughter steers remained steady in the cattle market, with all classes showing only slight action. Most grades held inactive. Receipts numbered 300. Vealers were strong to 50 cents higher than yesterday’s close, selling at $8 down. Receipts were 500. With the market not fully established, lamb prices were strong and slightly higher. Fed natives were salable at $9 to $9.50. Supply mostly consisted of fed westerns holding above $9.50. Receipts were 2,000. Chicago hog prices mounted around 25 cents higher than yesterday's average after the opening. Initial top was quoted at $4.25. Receipts were estimated at 20,000, including 10,000 directs; holdovers, 4,000. Cattle receipts were 2,500; calves, 1,000; market slow and about steady. Sheep receipts numbered 8,000; market strong. Hogs Up 50 Cents By I nited Press CHICAGO, Feb. 2.—Under the influence of heavy government buying and limited receipts hog prices made a spectacular 59-cent advance at the livestock market center of the world today. The top jumped from $4 to $4.50 a hundredweight. HOGS Jan. Bulk. Top. Receipts. 27. $3.55ft 5.75 $3.75 4,000 29. 3.70 ft 3 90 3.95 6,000 30. 3.6oft' 3.80 3.85 9.000 31. 3.60 ft 3.80 3.85 8,000 Feb. 1. 3.60 W 3.80 3.85 4,000 2. 3.95 ft 4.15 4.15 5,000 Market, higher. (140-160) Good and choice.. $ 3.60 ft; 3.85 —Light Weights—-(l6o-1801 Good and choice.... 4.15 (180-200) Good and choice.... 4.15 —Medium Weights—--1200-2201 Good and choice.... 4.05 ft) 4.10 1200-250) Good and choice. 3.95 ft 4.00 —Heavy Weights—-(2so-290) Good and choice.... 3.85® 3.90 1290-350) Good and choice.... 3.70® 3.85 —Packing Sows—(3so down) Good# 3.00 ft! 3.40 (350 upl Good 2.85 ft 3.25 (All weights) Medium 2.50® 2.85 —Slaughter Pigs—-(loo-130) Good and choice.... 2.25 ft. 3.00 CATTLE Receipts, 300; 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 (675-7501 , Good and choice 5.00® 6.25 Common and medium 3.00® 5.00 ! (750-9001 Good and choice 4.50® 6.00 Common and medium 2.75® 4.50 —Cows— Good 2.75® 3.25 Common and medium 2.25 ft 2.75 Low cutter and medium 1.25® 2.25 —Bulls (yearlings excluded) Good (beef steersi 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 500; market, higher. Good and choice $ 7.50® 8.00 Medium 5.00 ft 7.50 Cull and common 3.00@ 5.00 —Calves—-(2so-5001 Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —eeder and Stocker Cattle—-(soo-900) 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, 2.000; market, steady. (90 lbs. down I Good k choice . $ 9.00® 9.50 (90-110 lbs.l Good and choice. 8.75® 9.25 (90 lbs. down) Com. and med. 6.00 ft; 8.50 —Ewes— Good and choice 2 75® 4.00 Common and medium 1.50® 2.75 Other Livestock BY UNITED PRESS CHICAGO. Feb. 2.—Hogs—Receipts, 20.000. including 10.000 directs; 240 lbs. and below active, unevenly 25®50c higher; oihers slow; 10ft 15c higher: 170-230 lbs.. $4.25®4.50: top. $4.50: 240-300 lbs., s3.soft 4: most pigs. $24/2.75: packing sows. 2.90 ft 3.15; light lights. 140-160 lbs., good and choice. $3.504/4.35: lightweights, 160-200 lbs., good and choice. $4ft4.50: medium weights, 200-250 lbs., good and choice. $3.75® 4.50: heavyweights. 250-350 lbs.. food and choice. $3.35ft 3.90: packing sows. [ 75-550 lbs., medium and choice, medium and choice, 2.80ft.3.35: slaughter pigs. 100130 lbs., good and choice, s2® 3.50. Cattle i —Receipts, 2.500; calves. 1,000: generally steady on fed steers and yearlings; not many steers in run: early top on long I yearlings, $6.85; medium weights. $6.25; I strictly good to choice, 1.500-lb. bullocks. $5: cows steady to 25c lower; cutter cows showing decline. Slaughter cattle and vealers: Steers, 550-900 lbs., good and choice. $6.25ft 7.25: 900-1.100 lbs., good and i choice. 5.50 ft 7.25; 1,100-1.300 lbs, good; and choice. Ssft7; 1.300-1.500 lbs., good! and choice. 54ft6,50: 550-1.300 lbs., com- | mon and medium. $3.50® 5.50: heifers. 550750 lbs., good and choice. $5ft6.75; common and medium. $3 25® 5; cows. good. $3.25® 4: common and medium, s2.soft 3.25; low cutter and cutter cows, $1.65®2.50: bulls, yearlings excluded, good beef, s3ft 3.25; cutter, common and medium. $2.25ft i 3: vealers. good and choice. s6ft 7.50; mediums. ss®6: cull and common. s4®s; stocker and feeder cattle: iy-'ers, 550-1.050 j lbs., good and choice. $3.00ft5; common and medium. $2.50®3.50. Sheep—Receipts, ! 8.000: opening fairly active; lamb offerings eligible up to $9.50: steady to strong on such kinds, but deadlocked on choice offerings: sheep firm. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $8.75®9.60; common and medium, 56.75ft8.75: 90-98 lbs., good and choice, $8.25®9.50: ewes, 90-150 lbs., good and choice. $3®4.85: all weights, common and medium, [email protected]. FT. WAYNE. Ind., Feb. 2.—Hogs—3sc higher; 160-200 lbs.. $4.15: 200-250 lbs. $4.05: 250-300 lbs.. $3.95: 300-350 lbs.. $3.75: 150160 lbs.. $3.70: 140-150 lbs.. $3.45: 130MO lbs.. 53.15: 100-130 lbs.. $2.60; roughs. $2.75: stags. $1.75. Calves. SB. Western lambs. $9; native lambs, $8 50. CLEVELAND. Feb. 2.—Cattle—Receipts. 200; market steady today on slow trade : and unchanged for the week; choice steers, i 750-1.100 lbs.. $6.25®6.75; 550-900 lbs.. ; ss® 6; 900-1.200 lbs.. Ssft6: heifers. 600-' 1.000 lbs.. $4.25ft5.50: good cows, all j weights. s2.soft 3.25. Calves—Receipts. 300; market. 50 cents lower today and Sl® 1.50 j higher for the week: choice to prime. SBft | 9; choice to good. s7ftß: fair to good. s6ft j 7: common. $4 50®6. Sheep—Receipts. 800; market steadv today and 15 to 25 cents higher for the week: choice wethers. S4fts: medium to good. $2.50® 4: choice spring lambs. $8 75®9.50; good to choice s7®B: medium to good. s6® 7. Hogs—Receipts. 800: market 15 cents higher today and up 25 to 30 cents for the week: 250-300 ibs.. 53.65ft3.75: 220-250 lbs.. $4: 180-210 lbs.. $4 15; 150-180 lbs.. $4 15; Digs. $2.75ft 3. By Times Special LOUISVILLE. Feb. 2.—Cattle—Receipts. 100: supply very light: market generally steadv at week's decline: bulk common to medium steers and heifers. 53.50ft4 25: cutter grades down to $3 or less: better finished fed offerings. $4.50® 5.50 and above: bulk beef cows. 52.25ft2.75: practical top around $3 most low cutters and cutters sl®2: sausage bulls mostlv $3 down: common to medium native s'oekers and feeders. s2.soft 3 50: well-bred beef tvne Stockers mostlv $4.50. Calves—Receipts. 300: market fullv steadv to strong: bulk better vealers. $5.50® 6.50: strictlv choice eligible. *7; medium and lower grades. $5 down. Hogs—Receipts. 1.400: mostlv 25c higher: weights from 110-135 ibs steadv: 170-210 lbs . $4 25: 215-240 lbs.. $4.50: 245-270 lbs $3 85. 275 lbs . uo. $3.75: MO-165 lbs . $3.75 10-135 lbs.. *3 25: sows. *2 85: !*tags $1.55. Sheep steadv: medium to good iambs mostlv $6 50 ft 7.50 choice quotable. $8 bucks discounted. $1; throwouts. $4.50; fat ewes. 1361N. 7

Today and Tomorrow

Ogden Mills’ Address Lifts Discussion of Roosevelt Policies Into ‘Realm of Reason.’ BY WALTER LIPPMANN

IN his address at Topeka. Mr. Ogden Mills lifted the discussion of the Roosevelt policies irito the realm of reason and honest inquiry. I can not imagine why Democrats should appear to resent the speech or wish to evade the challenges which it contains. What can be more desirable to know the weightiest obections that can be made against a program which is admittedly experimental, and to consider how weighty they are? Mr. Mills* first point is that we have witnessed “an unconstitutional attempt to extend the power of the federal government.” He cites the

Thomas amendment dealing with the currency and NRA. The Thomas amendment delegates to the President certain powers which congress possesses. Mr. Mills does not attempt to prove that this delegation of power was unconstitutional, and I doubt whether he can prove it. As to NRA there can be little question that certain phases of this experiment, particularly those in which there is regulation of industry which is wholly within a state, would be held unconstitutional except for the doctrine that they are temporary and for the emergency. M * U WHAT Mr. Mills really objects to is that “congress and the President, by a mere declaration of emergency, can in effect suspend the limitations of the fundamental law.” Who pretends that they can? The

emergency must actually exist before they can declare it. and there must be no doubt that it exists, and the final decision as to whether it exists lies with the courts. Is there any doubt that there was an emergency last spring? Mr. Mills says that “in all of his long history, no provision has ever been made for the suspension of the Constitution in time of pmprppnrv ” T nm nfraiH AAr M’illc /

emergency. lam afraid Mr. Mills has not pondered the recent decision of the majority of the supreme court in the Minnesota case, a decision concurred in. as it happens, by all of President Hoover’s appointees. Mr. Mills second point consists of a denunciation of a “planned economy’’ plus the statement that this is the “Utopia to which the President is leading us.’’ As he has done me the honor to quote something I wrote recently describing the dangers and difficulties of a planned economy, I may perhaps be permitted to say that I do not regard the Roosevelt program as directed to the establishment of a planned economy. The program does call for the planning of many activities, and for the conscious management of many things. But so did Mr. Hoover's program, when he advocated the planning of public works, when at the outset of the depression he pledged industries to wage, price, and capital investment policies, when he attempted to stabilize farm prices, when, through the federal reserve system, he attempted to reflate the price level through credit expansion. MUM MR. ROOSEVELT has carried these principles further than Mr. Hoover did. But they do not set up a “planned economy’’ in any true meaning of the words, and the first to bear witness that they do not. would be the Communists who invented the idea. There was a period, I think, from July to October, when there was some reason. to think that the administration was drifting into a situation where it might really have had to regiment and plan the whole of agriculture and industry. In that period, the administration seemed to have lost sight of the fact that the crisis was an essentially monetary phenomenon; it failed to manage money; the deflation was resumed, and deflation carried to its logical end means either general bankruptcy and paralysis or the centralized direction of production. But since October the President has taken the other road. He has sent out to manage the currency with a view to re-establishing a level of prices at which profits reappear and private enterprise can revive. Insofar as the monetary experiment succeeds, a “planned economy,” as Mr. Mills envisages it, becomes unnecessary, and no nation ever submitted to real planning, with coercion and regimentation, except under the pressure of dire necessity. That does not mean that the government is not “to plan” in the sense that it exercises intelligent foresight. It does mean that it is not “to plan” the industrial life of America and impose the plan and enforce it. It is the coercion and centralization that distinguish a “planned economy” from a free, forehanded, and at certain vital spots a managed economy. a u a MR. MILLS’ third point deals with the spending program and the monetary manipulation. He professes not to believe in either of them, but he accepts them since we are definitely committed to them, i should certainly not wish to quarrel with his statement that the spending program “resolves itself into a race between business recovery and the expansion of the national credit.” That is the heart of the budget problem, and it is clearly recognized in the budget program. Nevertheless, it can not be emphasized too much, for it is easily forgotten. and the pressure to spend beyond the limits set by the President will be great. But when Mr. Mills seeks to dismiss the whole monetary program as mere “manipulation'’ and says that we should have stayed on the gold standard, and that we should not have a managed currency, I can not follow him at all. For one thing, we have had a managed currency ever since the war, and I think Mr. Mills knows it. Mr. Mills is entitled to object to the way the currency is being managed, but hardly to the fact that it is being managed. For another, is it possible that at this late date he is not aware that the international gold standard collapsed in 1931, and that nations attempting to adhere to the wreckage subject themselves to intolerable burdens and miseries? Let him look at France, which, with gallantry worthy of a better cause, is prostrating her industries, bleeding herself white and imperiling her constitution in the effort to deflate herself to compensate for the exorbitant value of gold. MUM THE record is more eloquent than any theory. There is relief and recovery in virtually every country which has got loose from the wreck of the gold standard, and there is

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents oer ton is allowed DOMESTIC RETAIL PRICES Anthracite 11425 Coke nut size 175 Coke, egg size * 75 Indiana forked lump • .50 Indiana egg . *OO Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 825 Pocahontas egg 825 Pocahontas forked lump 9 25 Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.7S West Virginia egg 6.50 Island Creek 7.00 Extra charge of 80c a ton for wheeling coal, and IX a ton lor coal carried to MR.

~ ~ i

Lippmann

tension, trouble and despair in the countries which have not. So I do not think the cause of sound money compels us to be loyal to an international standard which was set up oadly between 1925 and 1928 and collapsed three years later. Finally Mr. Mills comes forward with a proposal to modify the Republican practices of recent years and reduce the tariff. My guess is that here Mr. Mills will soon find himself closer to the administration than to his own party. For in spite of the economic nationalism talked about in Washington last spring, it is almost certain that this administration will be forced, and perhaps gladly, into a policy of tariff reductions to help agriculture and the efficient industries. I do not believe that these comments, which deal with the most challenging parts of the speech really do justice to Mr. Mills. They do not deal, for example, with his more detailed discussion of various matters, like the NRA. all of which seems to me eminently fair. There is not space in these columns for that. The reader must remember that the tendency of all debate is to distort by emphasizing the points of disagreement at the expense of the points of agreement, and he must make his own discounts. (Copyright, 19341 PLAN SPEED TICKERS FOR N, Y.EXCHANGE ‘Express’ Machines Would Augment Old Service. By I nited Pr< ss NEW YORK, Feb. 2.—An “express” ticker service on New York Stock Exchange quotations designed to enable traders to keep abreast of heavy trading activity is being considered by the New York Quotation Company. If approved by subscribers, the new tickers will augment rather than replace the present ticker service. Regular tickers would carry full market quotations at all times, while the “express” machines will carry full quotations in normal periods, but in periods of heavy activity would omit from the tape less active stocks. The extent to which the number of quoted stocks lyould be eliminated would vary from time to time with the activity of the market, thus fornishing spot prices at all times on as many repereseptative stocks as possible. Brokerage firms will be able to adapt their existing equipment for displaying quotations to the new service, the company said. Other Livestock BY UNITED PRESS LAFAYETTE, Feb. 2,—Hog market 25 to j 40 cents highe;: 170-225 lbs,. s3.Bsft 4: 225250 ibs.. $3,754/3.80; 250-300 lbs.. $3.60®) 3.70; 300-325 lbs.. $3.60; 140-170 lbs . $3 40ft 3.60: 120-140 ibs.. $2,754/ 3.05; 100-120 lbs . s2.® 2.50; roughs. $3.25 down. Top calves. $7. Top lambs. SB. PITTSBURGH. Feb. 2 - Hogs—Receipts. 2.500: holdovers. 600; active. 10c, mostlv 15c higher: 150-210 lbs., $4.50; 220-230 lbs'., $4.40; 230-250 lbs., $4,154/4.25: 260 lbs. up. $44/4.10; 100-140 lbs.. $34/3.50; packing sows .largely $3.25. Cattle—Receipts, 50steady. Calves—Receipts. 50; steadv; good and choice vealers. s'B4/8.50. Sheep—Receipts. 500; not many choice lambs on salequotably steady: $9.75 lor best kinds: choice shorn lambs. $7; small lot shorn wethers, 4.50; common wooled lambs. $5 @7. CHICAGO FRUIT MARKET By f nited Press CHICAGO. Feb. 2. Apples—Michigan Jonathan, $1.50® 1.60; Baldwins. sl.3sft ; $1.50. Carrots—lllinois. 40ft 50c bu. Spinach—Texas. 75® 90c bu. Beans—Southern green. $1.65(52.15: wax. $1.75®2 25. Mushrooms—lllinois. 17%4/32%c lb cartons. Cucumbers—Hothouse, $2,754/3.25. Tomatoes—Florida. $1 25ft.2.50 box. Leaf Lettuce—lllinois, hothouse. 17%c box. Celery— Michigan, S .50® 1.25 square crate. Cabbage—Wisconsin. $1,504/ 2 %0O lb. racksi. Parsnips—lllinois. 75ft90c bu. Sweet Potatoes—lllinois. $1 354/ 1.40; Indiana. $1.50 @1.85. Rhubarb —Michigan, hothouse. 254/ 40c '5 Ibi. Onion Market (50 lb. sacks' Western Valencias, $1,154/1 40; Centra! Western yellows. $1,154/1.20; Western whites. $1,754/2. Standard Brands earned 35 cents a common share in December quarter against 28 cents in previous quarter and 28 cents in December 1932 quarter; for year ended Dec. 31 earned $1.15 a share against $1.14 in 1932.

Investments and Investment Service Wm. E. Shumaker & Company, Inc. 1 Circle Tower 1-1-8351

Abbott, Hoppin & Company 203 Continental Bank Building Riley 5491 New York ... .. 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. Woolling

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SELUNG DRIVE FORCES WHEAT VALUES LOWER \ Major Grains Drop Cent as Traders Ignore Gains in Securities. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Feb. 2. —Grain traders disregarded a further advance in stocks and turned to the selling side at the opening of the Board of Trade today. The acton sent wheat futures sharply lower, off \ to 1% cents. Corn and oats were affected only slightly by the action in the wheat pit and dropped % cent. With the money question falling flat as a grain market factor, traders turned their attention to fundamentals. centering their conversatioas on the dry southwest. Many fear that higher commodity prices growing out of the new monetary order will be a slow process. The market has not vet digested the long wheat sold out during the last few seasons. Chicago Futures Range —Feb. 2 Prey. High Low Ift P 0 Close WHEAT— May 91% .90% ,9%1 pi % July 90% .89% .90 90% Sept. . 91% .90% .90% 91% CORN - May 52% .52% 53% .52% July 54% .54 54 54% Sepi 55% .55% .55% .55% OATS— May 37% 37% .37% .37% | July 37 36% .36% .37% Sepi 36% .36% .36% .36% RYE May 63 .62% .62% 63% July 63% .63 63% 68% Sept 64% .64% BARLEY— May ... ... 53% July ; ;?3 CHICAGO CASH GRAIN By X'nited Press CHICAGO. Feb. I.—Cash grain: Wheali No. 1 red. 93%c; No 1 hard. 93®93%c' No. 2 yellow hard. 92%c. Corn—(New) No. 4 mixed. 48%c: No 2 yellow. 50® 50%c: No. 3 yellow. 48%®49\c; No 4 47%®48%c: No. 2 white. 51c; No. 3 white! 49%c: (old> No. 2 yellow. 51%c; No. 6 vellow. 45%c: No. 2 white. 52%c Oats— No. 2 white. 38'c: No. 3 white. 37%®38c: sample grade white. 34c. Rve- No sales. Earley—s24l7Bc: quotable. 50ft 82c. Timothy- $6,754/7. Clover seed—sll4)l4 Cash Provisions—Lard. $5,85; loose. $5.15; leaf. $5.12; S. Bellies. $7. TOLEDO CASH GRAIN By United Press TOLEDO. O. Feb. I.—Grain close: (Gran in elevators, transit billing, i Wheat. No. 2 red. 94%®95%c. Corn—No 2 vellow. 55ft 56c. Oats—No. 2 white. 41% 4/42%c. Rve —No. 2. 68ft 69c. iTracic nrires, 28%c rate.) Wheat—No. 1 red. 91 4191 1 2 c: No. 2 red. 90@90%c. Corn—No. 2 yellow. 50%®52c: No. 3 yellow. 49®51c; No. 4 vellow. 47%4/48%c: No 5 yellow. 464747 c. Oats—No. 2 white. 38%@40c; No. 3 white. 38®39%c. Seed close: Clover— March. $8.25. Alsike—Cash. $8.50.

Indianapolis Cash Grain

—Feb. 1— The bids for car lots of grain at the | call of the Indianapolis Board of Trade, if. o. b., shipping point, basis 41 % New j York rate, were: Wheat—Strong; No. 1 red. 89ft90c; No. 2 red, 88®89c; No. 2 hard. 88ft 89c. Corn—Steady; No. 3 white. 43ft 44c; No 4 white, 42ft 43c; No. 3 vellow. 42ft 43c: No. 4 yellow. 41@42c; No. 3 mixed. 41®42c: No. 4 mixed. 40@41c. Oats—■ Steady; No. 3 white. 34®35c; No. 3 white. 33®34c. Hav—Steady. IF. o. b. country points taking 23%c or less rate to Cincinnati or Louisville.'. Timothy—No. 1 $7.50@8; No. 2 timothy. [email protected]. —lnspections Wheat—No. 2 red. 2 ears; No. 1 hard. 8 cars; No. 2 hard. 2 cars; No. 2 mixed. 1 car. Total. 10 cars. Corn—No. 2 white, 1 car: No. 3 white, 5 cars; No. 5 white. 1 car; No. 2 yellow. 5 cars; No. 3 yellow. 9 cars; No. 4 yellow, 4 cars; No. 4 mixed. 1 car. Total. 26 cars. Oats—No. 1 white. 1 car; No. 2 white, 9 cars; No. 3 white. 5 cars; No. 4 white. 1 car; Sample white. L car. Total, 17 cars. Rye—No. 1. 1 car. Total, 1 car. Barley—Sample. 1 car. Total. 1 car.

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