Indianapolis Times, Volume 45, Number 230, Indianapolis, Marion County, 3 February 1934 — Page 14

PAGE 14

Passage of Law Regulating Stock Exchange Not Likely to Affect the Market Very Much. BY RALPH HENDERSHOT

Tin** Spnlil Finanrial 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 m full bloom. The high level had just been reached when word received from Washington that legislation would be enacted in this session of congress to regulate the stock exchanges throughout the country. Many people in Wall Street are wondering what will happen to the attractive market which has developed during the last few weeks if congress puts the scgews on market operations as tightly as the general

pfbhc 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. a e * 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

— < 4 ’W ■K j K

Ralph , Hendcrshot

the law There probablv have been pool operations in recent months, but it is fair to assume that they have been 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 see 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 was conducted by people who are not obliged to answer to the exchange. a a u aun \ Question of Motive Involved If the exchange is to provide a free and open market it must permit buying ano ~'*Uing in unlimited volume. And if a non-member, or a member for ;at 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. (> Assuming a law' is in existence prohibiting the sale of stock to “bear the price, it mav be assumed that to obtain a conviction under such lawproof 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

—Feb. 2 Prev. High Low Close close Amerada 50% *B% J?. J?! a AU Rig 34 s * 33* 3 * 4 3 q,* Consol Oil 13 'a U s J 3 4 * Coni of pel 20’. 19 s * 1 2O Hoi ton inewt.. s* 5 5 * * Houston told•. .29 2B 28 2B Indian Rig 3 * Mid Cont Pet ... 1* 13 s * J 33. 13 a Ohio Oil 15% IS * }5% }*, 4 Pet Cotp 13 13% 13 4 1“ * Phillips Pet 18% 17 s * 18 l* Pure Oil 14 13 s 14 13 * Roval Dutch ... 38 37% 38 38 * Sb Oil 34% 33’ 33% 33% She lUn US 10’* 11 . 10S Simms Pet ... 10 s , 10'i 10’, 11 Skeliev OH 10’, 10 10’* 11 Soc Vac 19S 18 s * 19 18 s *, S O of Cal . . 42 s * 42 42S 42S BOof N J 48 1 * 47 s . 48'a 4.'a Sun Oil .... 80'a 60 60 60 Texas Corp 28 s * 28'* 28% 28*2 Tidewater Assn. 11 s * 11% 11'* 11% Dn Oil of Cal 19 s * 19 s * 19 s * 19 s * Stee's— Am R >ll Mills . 25 s * 24 s . 24 s * 25 Be'h Steel 47'* 46'* 46'* 47'% Bvers AM 29’. 29', 29 s * 29'a Col Fuel A Iron. 6'a 6 s * 6'a 6 s * Cruc Steel 28'a 28 s * 28 28'* Inland S’eel ... 47 47 Ludlum Steel . 17’a 16 s * 17 17 s * McKeesport Tin. .. .. 90 ... Natl Bteel . . 56 54 s * 56 56 Rep Iron A Steel 20 s * 20’a 20' a 20 s * Rep Irn-Stl pfd.. 51 s , 51 51 52', U S Smelt 108 s , 103 108 103'* Vanadium .. ... 27 s * 26'* 26’, 27'* Mid Steel 17'a 16 16 17% V S Pipe A Fdv 28 27 27 2. s , V S Steel . . 57 56', 56 s , 56'* V S Steel pfd 95 96'a Youngstn S A T 28 27 s * 28 28 Rails— _ . Atchison 71 s * "O'* tl' <1 * Atl Cst Line 50', 49', 49', 49 5 . BA O ... 32 s , 32’* 32' 2 32 s * Can Par .. 16 s * 16 s * 16% 16'* Ch A Ohio 45 s * 45'* 45 s * 45’* Chi A Ot \V . s s . ss.5 s . C M A St P 10 s * 10 s * 10> 7 s * C M A St P Pfd 7 s , 7 s * 7 s * 11’* Chi N W 12 s * 12'* 12'* 12% Chi R Isl s s , s'* s‘* 5 Chi R I 7<% pfd B s , B*2 _B'a 8 a Deli A Hud .. 72 70 s * 70*. .l'a Frie 23’. 22'a 22'a 23 Grt Northn pfd 30 s .’. 30 30'a 30', 111 Central 37 s * 37 37’* 37 K r Sou ••• 1 4 I*4 Lou A Nash . 60'* 59;. 60 59* M K A T 13', 13 * 13 a 13% Mo Par Si 5% s'* 5 3 * Mo Pae pfd. ... 8. 7 s , 7 s . ■ % N Y <~ent 42'2 41'. 41 s , 41 s , N Y Chi ASt L • 2*', 22 NYC S' L o 28’. 27 2i% 2. , NY Ne w Haven 22'a 22'. 27 s * 2-.'* N Y Ont A* Wes 11'* 11 U Norfolk A Wes.. • • 177 Nor rac 32;, 30 a 32 30 s * Penn R R 37 s , ’.% 3.% 37% Sou Par 32 s * 31 s . 31 * 31. Caij p p 35% 33% 34% 3**9 kn>i R R pfd 30% 3R% 3R% 39% PTiton” Par 129 127 129 129 2 s * 12 s . 12 s . wl A*"**”” 63', 52'a 52 5 , 5V* Chrvsler 58 * 57'* 58 , 5. Gen Motor. 41'* 40 s * 41 .40. Graham Mot *. ♦ *** Hudson 22 s * 22% 22;* 23 Htipd * * * ” * Mack Truck J* J* Nash 30% *O% 30 4 Packard 5U * 5* R 4% *% **■ 4 § Yellow Truck 0 5*4 5 * 5 4 Metre Access— „ BrndlX • ... 22 s . 22% 7. a Bohn Alum .. 65 61 62 65 . Borg Warner 27 s , 2. 2. Briggs 1• i 1? * '* * " Budd Wheel . s>, 5 5 5 , Faton Mfg 19'* 18 18. 19 i Flee Auto Lite 28' 2 2.% 27% 28;; Houd A 6 s , 6 * • 6* Mullins Mfg 10 Bs,8 s , 10 9 , Murray Body 10 s , 9 s . 10’, 10% Slew Warner 10 9 s , 9 s , 9 * Timken Rol ... 39>. 38', 38'. 39 Alaska *un . 23 s , 22', 22 s . 2";. Am smelt . 46'. 43% 45 44% Anicor.ris .. 17'* 16 s , 1< **;• Cal A Heela . 6% s s , 5, 5 a Cerro De Pasco . 36% 34 s * 35 , 35 3 Oranbr ..... 11 s , 11 11'* 11 Ot Nor Ore 13 s , 13% 13 s , 13% Homestske Min 321 315 3.0 322 Hoe Sound 38 s , 37% 37% 3i_, Ins Cooper 6% 6 6% 6^. Int Nickel 23>, 22 s . 23 73% Is! Creek Coal.. . • Kennecott rep 72 s , 21 s , 22'. 21, Noranda Cop . . 35 34 34% 34% Phelps Dodge .. 18 17% 17 s , %% Pl*t* Coal 17 % Tobacco*— Am Snuff ■ 51% Am Sum Tob ... l* s , 18 s * Am Toh iA> A. 78% <B% Am Toh Bi 82% 80 s , 82 80% Gen C-gar 34’, 3*% 34% 34% Lig 8- Mvers <B> 94 93 94 94 Lnrril'-rd 19% 18 s , 19 19 Reynolds T B> 43 42 5 , 42% 42% Fqumments— Allis Chalm.r* 22 s , *> 21 s , 21 s * Am Car A Fdv 30 s . 29 s , 28 s * Amer Loco 14 N 33% 33% Amer Mach A F 19 17% 19 17% Am S’ee! Fdv 25 24% 24% 24% Bald Loco 14 13% 13 s , 13 s , Burroughs 19 s , 18 s , 18 s * 19 Case J 1 82 s , 80% 81% 82% Ca’er Tract 30% 29% 30 30% Coign’ Palm Pt 13% l|% ’.3% 13% Congoieunj ... 29% 23', 28% 23% Elec Stor Bat... 51% 51% Foster Wheeler . ’B% 17% 18 17 s * Gen Am Tk Car 39 s , 38 s , 39 s , 3’% Gen Elec . . 24% 23 s , 23% 24% Gen R R Sg ... 40% 40 Ingsoi Rand ... 72% 72% 72% 73 Int Bus Mach 147% 144 s , 146% 147 Int Harvester 45 44 44% 44’, Kelvmator .. 17 s , is% 17% is% Natl Cash R*c 32% 21% 22 27 - Pror A Gam ... 40 38% 38% 40% Pullman Inc . 57% 56 5% 57 Simmons Bed 32 s , 21% 22 22% Cnd Flliot ... 48% 48 48 47 s , West Air P ... 34 33% 33% 33’, Westtrgh E’*c 45% 44 41% 44% Worthtnct Pump 29 s * 30 llililie*— Am A For Pw .. 11 s . 11% m, ll'- * Am Pow A Lt .10 9 s , I" 9% A T * T 121 119% 170 120 s * Am Wat Wks .. 24% 24 24 24% Brook Un Gas .. 75 s * 75 75 75 Col Gas A EI'C . 16 s , 16% 16% 16 s * Col O A E pfd . 71% 70 71% 70 Com A Sou 3 2 s * 2 s * 2 s * Consol Ges .. 44*, 4", 44% 44% Wee Pw A Lt .. 7 J 7S 7% 7% E P A L ofd ... 15 14% 14% 14% Int T A T ...17% 16 s * 1% 17% lou OA E ’A’ .. 19 s , 19 19% 19% Nat Parr A U .. 12 s , 12% 12% 17% North Amer ... 21 2"% 20 s , 20 s , Pac GAB.. . ?o% 2" 29 19 s * Pub S*r- * J 42% 4t s * 41% 41% So C 1 Edison 20% 20% 20 s , !, Sid Gas 14% 13 s , 14 13% Btd Omt pfd .... 14 s * US 14S 13%

Wall Street-

•United Corp ... 7% 7% 7% 7 Un Gas Imp 18% 18% 18% 18% Ut Pw & Lt A’. 4% 4% 4% 4% Western Union .63 61% 61% 61 % Rubbers— Firestone 23 22% 22% 22% Goodrich 17% 16% 16% 17 Goodyear ...... 39 38 38% 38% U S Rubber . ... 19% 18% 19 19% U S Rubber pfd 36 35 35% 36 Kel Spring 4 3% 3% 4% Amusements— Crosley Radio 13 Fox Thea 16 15% 15% 15% Loews Inc 29 28% 28% 29% Radio Corp 8% 8% 8% 8% RKO 3% 33 3% Warner Bros .. 7 6% 7 7% Foods— Am Sugar 58 54% 58 54% .Armour A .... 5% 5% 5% 5% ( Beatrice Cream. 17% 17 17V* 17% Borden Prod ... 26% 26% 26% 27 Cal Packing 26 25% 25% 27 Can Dry G Ale 28% 28 28 28% Coca Cola ... ... 102% Cont Bak A ... ... 13% Corn Prod 81% 79% 80 80 Crm of Wheat. 34% 34 34V* 34% Gen Foods . 36% 35% 35% 36 Gold Dust 22% 21 21% 22% G W Sugar . 32% 31% 32% 31% Hershey ... ... 54 Int Salt ... ... ... 24% Loose Wiles ... 42% 40% 40% 42% Natl Biscuit . 44% 42% 43% 44% Natl D Prod 16% 16% 16% 16% Purity Bak 18 17% 18 18 S Porto Rico Sug 38% 37 38% 36% Std Brands 25 24% 24% 24% United Fruit 66% 65% 6* 65% , Ward Bak A 9% 9% ; Wriglev 56 Retail Stores— Asso Drv Goods. 17% 16% 17 17 Best & Cos 32 31 31% ... Gimbel Bros 6 5% s'a 6 Gimbei pfd . . 26 25% 26 25% Gr Un Tea 8% 8 8% 8% Hahn Dept Sts.. 7% 7% 7% 7% Jewel Tea 45% 44% 45% 45 Kresge S S 18% * 17% 18% 17% Kroger Groc 29% 28 s . 20 20 Macv R H 60% Mav Dept St . 38% 37% 37% 38% Mont W-ard .... 31% 30% 31% 30% Penny J C 61% 61% 61% 61 Safeway St ... 54% 53% 54 54% Sears Roebuck . . 50 48% 49 49% Woolworth 52% 51 51 50% Aviation— Aviation Corp .. 10% 9% 9% 10% Douglass Air 26 25 25% 26% Curtiss IVright . 5 4% 4% 5 ! Curtiss Wr A’ .. 10% 9% 9% 10% Nor Am Av 8% 7% 7% 8% United Aircr ... 36% 35% 35% 36% Chemicals—- . Air Reduction ..102% 101% 101% 103% Allied Chem ....154 153% 153% 154% Am Com Alco .. 60% 58% 58% 68% Col Carbon 68% 67 67% ... Com Sohents .. 35% 34 34% 35% Dupont 101% 100% 101% 100% Freeport Tex ... 46% 46% 46% 46% Liquid Carb .. . 31% 30% 31% 31 Math Alkali . ... 38% 37% 38% 38% Tex Gulf Sulp .. 40', 39% 39% 40% i Union Carb 49% 48% 48% 49% U S Indus A1 . 61% 59% 60% 61% Natl Dtst (new). 31 29% 30 30% Drugs—- ' Cotv inc 8 7% 7% 7 Lambert 30% 30 30 30 Lehn & Fink. .. 20 19% 19% 19% Zonite Prod .... 7% 6% 7% 7% Financial— Adams Exp .... 11% 10% 11 11% Allegheny Corp.. SV I 1 * 4% 5 Chesa Corp 44% 44 44 44% Transamerica ... 8 7% 8 8 Tr Conti CorJ.. 6% 6 6 6% Building— Am Radiator.... 17% 16% 16% 17 Gen Asphalt. 20 19% 19% 19% Int Cement .. 36% 35% 35% 35% Johns Manville . 64% 63% 63% 65% Libby Owens Gls 41% 41% 41% 41% Otis Elev 19% 18% 18% 19 Ulen Const 3% 3% 3% 3% Miscellaneous— Am Bank Note . 19% 19% 19% 18% Amer Can .100% 99% 100% 100 Anchor Cap .24 23 23% 24 Brklvn Man Tr. . 34% 33% 34 34% Conti Can 78 77 * 77% 78% Eastman Kodak 90 89% 89% 90 Owens Bottle . 92% 90% 90% 92 .Gillette ... 11% 11% 11% 11% Glidden . 19% 18% 18% 19% Gotham Silk .. . 10% 10% Indus Ravon 92% 91% 92% 92% Inter Rapid Tr 10’. 10% 10% 11% Real Silk Hose . 12% 12% 12% 12%

Foreign Exchange

IBv Abbott Hoppin & CO.l —Feb. 2 Close. Sterling England $4 93% Franc. France 0641 Lira Italv , 0855 Beigias. Belgium 22 >2 Mark Germany 385 v Guilder Holland 1319 Peseta. Spain 6515 Krone. Norwav 2480 Krone Denmark 2203 Yen Japan 2935

Investment Trust Shares

tßv Abbott. Hoppin Sc Cos 1 —Feb. 2B*e Ask. American Bank Storks Corp . . 1.14 1.20 Amer A Gen Sec 'A' 500 600 Amer Sc Inv Tr Sh 2.00 3.00 Ba-ic Industry Shares 3.71 British Type Inv Tr Sh 79 85 Collateral Trustee Shares IAI .. 525 5.50 Corporate Trust Shares told'.. 226 2.29 Corpora’e Trust Shares inew -2 58 2.62 Cumulative Trust Shares 4 40 Dnersified Trust Shares -A).. 6.25 . . Diversified Trust Shares ißn. 8 41 861 Diversified Trust Shares tC> . 340 350 Di'ersifled Trust Shares D-.. 525 535 Firs- In-uranre Slock Corp.... 136 141 First Common Sock Corp 87 .98 Fixed Trust Oil Shares IAI 925 960 Fixed Trust OH Shares <B>... 8.00 8 25 Incorporators Investments ....19.50 13 87 Land Bank Bond Shares 94 1 04 Low Priced Shares 6 87 6.90 Mess Inv Trust Shares 19 61 21.30 Nation Wide S-curities.. .. 3 60 3.70 No Amer Trust Shares 1 53’.. 1 98 204 No Amer Trust Sh < 5S> .. . 259 263 No American Trust Shares (58 280 3.10 Se ec-ed Amer Shares 3.20 Se>cted Cumulative Shares ..7 87 .... Selected Income Shares . 380 420 Std Amer Trust Shares 1A)... 322 328 Trust Shares of America 307 3 15 Trus-ee Std Oil A’ 575 587 Trustee Std Oil B' 550 562 U S E’ec Lt & Pr >A 12 75 13.50 Universal Trust Shares 330 340 NEW YORK RAW SUGAR FUTURES -Feb. 2High Low Close January 1 75 1 73 1.74 March 1 57 1 53 1 56 Mav 1 61 1 58 1 61 Julv 1 66 1 61 1 55 Sep ember 1 69 1 66 1 69 December 1.74 1.70 1.74

BONDS ADVANCE 1 TO 7 POINTS! STOCKSUNEVEN Montgomery Ward Reaches New 1933-34 High: U. S. Dollar Strong.

Average Stock Prices

Averse* of thirty industrials for Thursday: High lie 35. low 107 94. Close 108.98. up 1.73 Average of twenty rails: 51.85. 50 41 50 94. up 117. Average of twenty utilities 28 55. 27 30. 28.11. up 1.06. Average of forty bonds 90 .21, up .46. Average of ten first rails: 95 11. up .16. Average of ten second rails 79 05. up 1.04. Average of ten utilities: 94 39, up .30. Average of ten industrials: 91 81, up .35. BY' ELMER C. WALZER United Pres* Financial Editor NEW YORK. Feb. 3.—Trading quieted on the stomk market yesterday as recent gains were consolidated. but volume continued at record proportions in bonds where prices rose 1 to 7 points. Impetus for the upward drive in bonds was furnished by the reduction from 2 to l*a jer cent in the New York Federal Reserve bank rediscount rate announced Thursday. Reduction was seen as an aid for further government financing and a ruse to stem a flow of gold and dollars to this country which might force the dollar sharply higher. The dollar rose swiftly during the mort.ing and was steady at a higher level in the afternoon. Commodities Irregular Commodities were mixed today. Wheat and corn w-ere fractionally lower; cotton held steady; sugar rose sharply; silver and rubber were lower. A feature was Montgomery Ward, which made anew 1933-34 high at 31%, up IVi points. General Motors held strong near its best price since 1931. Chrysler moved up on heavy volume. Talk of an investigation brought selling into the wet stocks, where National Distillers was most active. Anaconda headed a. firm copper group. International Telephone and other communications met profit-taking after yesterday’s rise. Curtiss-Wright was actively sold in the aviations. Railroad and utility shares held well and their averages made small gains. Industrial average sagged slightly. Oils were better as were mining issues. United States Smelting made anew top above 108 for a gain of more than 5 points. Farm equipments declined with wheat. Merchandising issues w-ere firm. Steel News Favorable Steel news was favorable, but steel shares continued to ease off. The Youngtsown district stepped up operations 1 point to 41 per cent of capacity. Wholesale and retail trade were better, according to Dun & Bradstreet. Sales on the stock market yesterday approximated 2,870,000 shares against 4,710,000 shares Thursday. Sales on the curb exchange were 453.000 shares against 655,000 shares Thursday. Dow-Jones preliminary averages showed industrial, 108.31, off 0.65; railroad. 51.04, up 0.10; utility, 28.15, up .0.04.

Bank Clearings

INDIANAPOLIS STATEMENT —Feb. 2—• Clearings *2.102,000.00 Debits 5.324,000.00

Treasury Statement

By United Prets 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 A Cos.) —FeD. 2 Close! Close Allied Mills ... 9 iGlen Alden Coal 14'% Alum Cos of Am 77% Gulf Oil of a.. 74 Am Cyanide B 19 Hiram Walker.. 54 Am A For Pr W 7% Hud Bay Min... 9% Am Gas AEI . . 29 3 s Humble Oil . . 40 Am Superpower 3% Imperial Oil Ltd 14 Asso Gas A El 1% Int Petrol 22% Atlas Corp .... 14% Lake Sh Min... 43% British Celanese 3% Libby McN Libby 5 Can Indu Ale A 16% Lone Star Gas.. 7% Can Marc 2% Mt Producers... 5 Cities Serv 3% Natl Bellas Hess 2% Commonwlth E 58% Newmont Min.. 55 Consol Gos Bal 59 Nia Hud Pwr... 7% Cord Corp 7% Novadel Agene.. 64% Creole Petrol... 12% Pan-Am Airways 46% Crown Crk Inti 7% Penn Road .... 4 Deere A Cos 32% St Regis Paper.. 4% Distillers Lim.. 20% Sal Creek Prod.. 7 Distillers Corp.. 22% Sherwin Wms .. 65 El Bond A Sh.. 19%’Std of Ind 31% Fisk Rubber ... 15 Std of Kv 17% Ford of Can A. 24 Teck Hughes Gd 5% Ford of Europe. 6 Un Gas 4% Gen Aviation. . 8% Un Pwr A Lt A 4% Great Atl A P 148 Wr Hargraves M 7

U. S. Government Bonds

By United Press NEW YORK. Feb 2.—Closing Liberties: (Decimals represent thirty-seconds 1 LIBERTY 3%s (32-471 102 2 First 4%s (32-471 102.9 Fourth 4%s (33-38' 102.24 TREASURY 4%s 3%s (45) 100.10 4%s '47-521 107.26 4s (44-54i 104.17 3%s (43-471 100.27 3%s (41-431 March 100.23 3 s . s i4O-43i June 100 29 3%s (411 100.9 3%s (46-49) 98.25 3s (51-55i 97.13

Federal Farm Loan Bonds

(Bv Blvth A Cos.. Inc ) —Feb. 2 Bid. Ask. 4s Nov 1. 1957-37 93 94% 4s Mev 1. 1958-38 93 94% 4% 5 Julv 1. 1956-36 94 95% 4%s Jan. 1 1957-37 94 95% 4%s Mav 1. 1957-37 34 95% 4%s Nov. 1. 1358-38 94 95% 4%s Mav 1. 1942-32 9" 98% 4'jS Jan 1. 1943-33 97 98% 4*2S Jan. 1 1958-33 95 95% 4%s Julv 1. 1953-33 95 96% 4%s Jan. 1. 1955-35 95 96% 4%s Julv 1. 1955-35 95 96% 4%s Jan. 1. 1956-36 95 96% 4%s Julv 1. 1953-33 97 98% 4%s Jan. 1. 1954-34 97 98% 4%s Julv 1. 1954-34 97 98% 5s Mav 1. 1941-31 99% 100% 5s Nov. 1. 1941-31 99% 100% Home Loan 4s July 1, 1951 97% 98 I '*

In the Cotton Markets

—Feb. 3 CHICAGO High. Low. Close. March 11.49 11 43 11 49 Mav 11 70 11.60 If 67 Julv 11 83 11.76 11 81 October 12 02 11 96 12 02 December 12 12 12 08 12.11 NEW YORK January 12 15 12 05 12,15 March 11.46 11 36 11 45 Mav 11 64 11.53 11 61 Julv 11.73 11 68 11 78 October 11 96 11.87 11 95 December 12 09 11 99 12.06 NEW’ ORLEANS January 12 08 March 11.43 11 34 11.41 Mav 11 62 11.50 11.59 Julv 11 78 11.87 11 74 October 11.95 11 85 11 92 December 12.02 12.00 12.02

IflL IXNJJiAAJirULiIS IIMJIiC)

On Commission Row

—Feb. 2 Frail* 1 Cranberries—Cape Cod early blacks. 25- [ lb. box. Pears Washington A'AJou. 90-!S5s. 12 50 Avacados. Fla 16-16s. crate *1.50. Strawberries—Florida, 12%e per pint. Bananas—Per pound. sc. Apples Wealthy. Wolf River. Grimes Golden. Jonathan. Florida. *1.3562 a bu.: fenev Stavmans. *2 25 a box. Grapefruit—*3 500 3.75 Oranges—California Navels. *464.50 a box. Vegetable* Cabbage Eastern Danish. 50-lb. bag. *1 50: new Texas. 50-lb. crate. *3 Onions —Indiana white. 50-lb. bag. *1 40; Indiana yellow. 50-!b. 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: lu'k per bushel. *1.15. Cauliflower—California (11-120. crate. *1.60. Celerv Michigan Mammoth, dozen. 75c: medium bunch. 40c; hearts. *1.25: 18fcunch per crate. *1.25: California. *2.50® 2.75 a crate. Cucumbers—Hothouse. $1.75 per dozen Lettuce —Iceberg, best (4-ssi .crate. $3.25 2 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; 15-lb. bag. 38c: Idaho Russets 100-lb. bag. $2.75: Texas Triumphs, new-. $2. 50-lb. bag. Sweet Potatoes— Nancy Halls, per bu.. $1.6061.65. *

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 4Va lbs., 4c; geese, full feathered and fat, 6c. Turkevs—No. 1 young hens. 8 lbs. and over, lie; No. 1 young toms. 12 to 20 lbs.. 13c; No. 1 young toms over 20 lbs., 13c, old toms, 10c; No. 2 thin crooked breasted, 6c; young guineas, 1% to 3 lbs., 35c; old guineas, 25c; No. 1 strictly fiesh country run eggs loss oft 16c. each lull eggs case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1 24® 25c: No. 2 21622 c. Butterfat—l7c. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. Feb. 2.—Eggs—Market firm: receipts. 5,006 cases; extra first, 21%c; fresh graded firsts. 21 Vic; dirties, 18c; current receipts, 20c; checks. 18c. ButterMarket firm; receipts, 10,550 tubs; storage extras (92 scorei, 21%c; storage standards (90 scorei, 21%c; extra firsts (90-91% score), 22%®23 1 2 c; extras (92 scorei, 24c; firsts 'BB-89* 2 scorei, 21%®22c; seconds 186-87'2 score). 20' 2 c; standards (90 scorei, 23%c; specials. 24%®25c. Poultry —Market about steady; receipts. 38 trucks, 1 car due: turkeys, 10615 c; hens. 13c; Leghorns, 12c; old roosters. 8c; ducks, 11® 14c; geese. 10c; Rock springs. 14c. Cheese —Twins. 12%@12%c; longhorns 13@13'4C; daisies, 13@13%c. Potatoes—Supply liberal; demand and trading slow-; market weaker on western and steady on northern stocks; Wisconsin round whites, $1,806 1.85. occasional car higher; Minnesota Red River Ohios. 1 car, $1.80; Idaho russets, $2.0562.15* mostly *2.10; Colorado McClures, $2.4062.45. CLEVELAND. Feb. 2.—Butter—Market firm; extras, 28c; standards, 27%c a pound in tubs. Eggs—Market steady; extra white. 21Vsc; current receipts. 2OV2C. Poultry—Market firm; colored fowl, 4% lbs. and up, 16c: colored fowl, medium. 14c; Leghorn fowl. 3'/a lbs. and up. 13c; Leghorn fowl, light, 11c; springers. Rock 5 lbs. and up. 16c; springers, colored. 4 Jbs. and up. 14c: colored broilers, 20c; capons 8 lbs. and up. 21c; ducks, w-hite. 7 lbs. and up, 17c; ducks, light, 15c: geese, heavy, fat, 13c; ordinary. 11c; old roosters. 9c Potatoes (all quotes based on United States No. 1 and 100-lb. sacks i—Mairfe cobblers and Green Mountains Best, $2.15 @2.25; Idaho russet Burbanks. $2.25® 2 35; bakers, $2.15 a 50-lb. sack; Ohio, fair aualitv. $1.5061.75, according to quality and condition; New York best, $1 [email protected]; poorer. $1.65; Colorado brown beauties, $2.25. v NEW YORK, Feb. 2.—Potatoes—Steady: Long Island, [email protected] barrel; State. $1.50 61.85 barrel: Southern, $1.75; Maine. $1.15 63.75 barrel; Idaho. $2®2.60 sa£k; Bermuda. $5.6067 barrel: Canada. $2.2062.30 barrel. Sweet Potatoes—Steady: Jersey, basket, $ .4061.50: Southern, basket. $ .50 61.15. Flour—Dull; springs, patents. $6.75 #6.85 sack. Pork—Quiet; mess, $18.50 barrel. Lard—Steady; midwest spot. $6,156 6.25. Dressed Poultry—Steady; turkeys. 16 625 c; chickens, 9®26c; broilers, 13®32*/2C; capons. 18632 c; fowls. 13@16c; ducks. 11 @ 14c; Long Island ducks. 15'/2®l6c. Live Poultry—Steady; geese. 9@l4c; turkeys. 17 ®23c: roosters. 9c; ducks. 8614 c; fowls. 13@16'2C; chickens. 11616 c; capons. 20® 22c; broilers. 21@23c. Cheese—Firm: state whole milk flats. 1933. 18619 c; young America. 14%@14%c. Butter—Receipts, 9,603 packages; market steady; creamery, higher than extra, 24%@25c; extra. 92 score. 25c: first. 90 to 91 score. 23%@23 3 /4C; first. 88 to 89 score. 22V4@23c: seconds. 21 @22c; centralized. 90 score. 23Vic; centralized. 88 to 89 score. 22%®23c. Eggs—Receipts, 10.533 cases; market, firm; special packs 26 3 /*®27%c; standards. 26V-2C; firsts. 25®25%c: mediums. 24 3 ,4625 c; dirties, 246 625 c; checks. 23%@24c. Other Livestock BY UNITED PRESS KANSAS CITY. Feb. 2.—Hogs—Receipts, 2,500, including 280 directs: active, uneven, 240 lbs. down mostly 25635 c higher than yesterday’s average; heavier weights 106 20c higher; top, $3.80 on choice, 170240 lbs.: light lights, 140-160 lbs., $3 20® 3.75; lightweights, 160-200 lbs., $3.50 6 3.80; medium weights, 200-250 lbs., $3 6563.80; heavyweights, 250-350 lbs.. $3.40@3_75; packing sows, [email protected]. Cattle—Receipts. 800; calves. 200; lower grade cows, weak to 15c lower; other killing classes fullv steady; mostly a cleanup trade with quality rather plain; few loads short fed steers', $4.2565.50; stockers and feeders unchanged; steers, good and choice. 5501,500 lbs.. $3.7567; common and medium. $365.25; heifers, good and choice, 550-900 lbs . $4.35® 6.25; cows, $2.35 6 3.50: vealers, $466.50; stockers and feeders. $3.7565.35. Sheep—Receipts, 2,500; including 1,500 direct and through; lambs fully steady: spots stronger; odd lots sheep steady; top fed lambs, $9.10; natives downward from $8.75. CINCINNATI. Feb. 2.—Hogs Receipts, 3,000: 875 direct; holdover. 385; active. 25c higher; top and bulk, 160-230 lbs., $4.25; 230-250 lbs.. $4.15; 250-300 lbs.. $3.9564.05; better. 140-160 lbs., $3.90 6 4.10; 120-140 lbs., $3.2563.75. Cattle —Receipts. 500: calves, 300; fairly active, steers and heifers steady to strong: bulk. $4 6 5.35; fat cows mainly $2.506 3.25; low cutters and cutters. $1,506 2.25; odd head. $3.35; calves, bulk, good to choice. $7 67.50; few hand picked. $7.75, but dependable from $7.50 down. Sheep— Receipts. 100; mostly steady to strong; few lambs. $8.25 downward: strictly lightweights possibly quotable to $8.50. PITTSBURGH, Feb. 2.—Hogs—Receipts, 2.500; holdovers, 600; actlwe. 10c, mostly 15c higher: 150-210 lbs.. $4.50; 220-230 lbs., 54.40; 230-250 lbs.. $4 1564.25; 260 lbs. up. $4 6 4.10: 100-140 lbs.. $3 6 3.50; packing sows .largely $3 25. Cattle—Receipts, 50; steady. Calves—Receipts, 50; steady; good and choice vealers. $8 6 8 50. Sheep- Receipts. 500; not many choice lambs on sale; quotablv s'eadv: $9.75 for Best kinds: choice shorn lambs. $7; small lot shorn wethers. 4.50; common wooled lambs, $5 @7. TOLEDO, Feb. 2.—Hogs—Receipts. 200: market 25 cents higher; heavy yorkers, $4 64.15; mixed and bulk of sa’rs. $464.15: pig* and lights, $2.5063: medium and heavies. $3.50 64: roughs. $2 2562.50. Cat-tle-Receipts, light; market steady. Calves —Receipts, light; market steady. Sheep and Lambs Receipts, light; market, steady.

Daily Price Index

By l nited Press NEW’ YORK Feb 2.—Dun A Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average, 100) Today 106.62 Yesterday 106.28 Week ago 104 45 Month ago 101.50 Year ago 1 68 37 1934 High (Feb. 1) 106 28 1934 Low (Jan. 3> 101.05 Marriage Licenses L. D. Svmonds. 35 of Dayton, 0.. grocer, and De ia Evans. 30, 1302 Sturm avenue, saleslady Carl Spencer Goens Jr.. 30. of 2639 North Illinois street, deliveryman, and Mildred Jane Bennett. 27. of 1332 West Thirtieth street, housekeeper John Kolthoof 43. of 907 Lexington avenue, retired soldier, and Mamie Merritt. 39. of 472 Pine street, housekeeper. Curtis Tavlor. 22. of 407 East Ohio street, laborer. and Margaret Frances Judd, 18. of 161 North Blake street, housekeeper. Merrill E. Arthur. 25. of 815 Edison avenue. hosiery worker, and Roberta Mav Berry. 23. of 730 East Michigan street, factory worker. Albert Fuller. 23. no residence. Polk Milk Company, and Frances Carpenter. 27 of 1413 East Twenty-fourth street, housekeeper. Arthur Kimmel. 29. of 1719 Arrow avenue salesman, and Frances L Applegate. 2b. of 933 Broadwav street, saleslady. Clayton L. Rice. 25. of 1434 Fast Tenth street, student, and Laura Alice Kibler. 22 of 1142 North Pennsylvania street. Apartment 107, file clerk, statehouse. Donald Hamm. 22. of 2867 Parker avenue. tree surgerv, and Frances Haines. 18. Os 2867 Parker avenue, housekeeper Robert E Gerard. 26. of 723 North Alabama street, ice jHant employe, and Nellie Favette Lane 23. of 507 Grasmere avenue housekeeper. Allen Kenneth McClain. 22. of W’hiteland. Ind . painter, and Dorothv Meredith. 22. of 2415 Jackson street college student. Willie Aus-in Blakely. 27. of 418 Nebraska street. Sioux Cltv. la . electrician and boxer, and Bertha A. Gard, 22, of Plaza hotel, waitress. Louis G. Carev. 28. of 2336 Broadway, real estate, and Jessie Leona Hobbs. 25. of 1232 Wes: Michigan street, registered nurse. Archie Douglas Purser. 35. of 1628 North Pennsylvania street, service manager. Toledo Scale Companv. and Mildred Lavaughn Eaks. 26. of 1603 Central avenue office manager. Toledo Scale Companv Gilbert G. Lamkin. 29. of 1614 Carrollton avenue, theater manager and Roseila Utecht. 30, of 730 East Thirtieth street, housekeeper.

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 yesterday. 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 i 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 Thursday’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 United Press CHICAGO, Feb. 3.—Under the influence of heavy government buying and limited receipts hog prices made a spectacular 50-cent advance at the livestock market center of the world yesterday. The top jumped from $4 to $4.50 a hundredweight. HOGS Jan. Bulk. Top. Receipts. 27. $3.55® 5.75 $3.75 4,000 29. 3.706 3.90 3.95 6.000 30. 3.606 3 80 3.85 9,000 31. 3.60@ 3.80 3.85 8,000 Feb. 1. 3.60 6 3.80 3.85 4,000 2. 3.95® 4.15 4.15 5,000 Market, higher. (140-160) Good and choice. ..$ 3.60® 3.86 —Light Weights—-(l6o-180) Good and choice.... 4.15 (180-200) Good and choice.... 4.15 —Medium Weights—-(2oo-220) Good and choice.... 4.05® 4.10 (200-250) Good and choice 3.95® 4.00 —Heavy Weights—--1250-290) Good and choice.... 3.85® 3.90 (290-350) Good and choice ... 3.70® 3.85 —Packing Sows — (350 down) Good 3.00® 3.40 (350 upi Good 2.856 3.25 (All -weights) Medium 2.50® 2.85 —Slaughter Pigs—-(loo-130) Good and choice.... 2.25@ 3.00 CATTLE Receipts, 800: market, steady. (1,050-1,1001-Good and choice $ 5.75® 7.00 Common and medium 4.00® 5.75 (Id 00-1,5001-Good and choice 5.25® 7.00 Common and medium 4.00® 5.25 (675-750) Good and choice 5.00 6 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® 3.25 Common and medium 2 25® 2.75 Low cutter and medium 1.25® 2.25 —Bulls (j-earlings excluded) Good (beef steers) 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 5.006 7.50 Cull and common 3.00® 5.00 —Calves—-(2so-500) 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 (800-1.500) 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) Good & choice.s 9.00® 950 190-Ilo.lbs.i Good and choice. 8.75® 9.25 (90 lbs. down) Com. and med. 6.00® 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; others slow; 10@15c higher; 170-230 lbs., $4.2564,50; top. $4.50 , 240-300 lbs., $3.50# 4; most pigs, $262.75; packing sows, 2,90 63.15; light lights, 140-160 Ills.. good and choice, $3.50 6 4.35; lightweights, 160-200 lbs., good and choice. $464.50; medium weights, 200-250 lbs., good and choice, $3.75 6 4.50; heavyweights. 250-350 lbs., food and choice. $3.3563.90; packing sows. 75-550 lbs., medium and choice, medium and choice. 2.8063.35; slaughter pigs. 100130 lbs, good and choice, $2 6 3.50. Cattle —Receipts, 2,500; calves. 1,000; generallv steady on fed steers and yearlings; not many steers in run; early top on long yearlings. $6.85; medium weights. $6.25; 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 i choice, $6.2567.25; 900-1.100 lbs., good and choice, 5.50 6 7.25: 1,100-1,300 lbs., good and choice. $567; 1,300-1.500 lbs., good and choice. $466.50; 550-1.300 lbs., common and medium. $3.50 6 5.50; heifers, 550750 lbs., good and choice. $56 6.75; com- i mon and medium, $3.2565: cows. good. I $3.2564; common and medium. $2.506 3 25; low cutter and cutter cows, $1.65 6 2.50; bulls, yearlings excluded, good beef. $36 3.25; cutter, common and medium. $2.25® 3; vealers, good and choice. $66 7.50: mediums. $566: cull and common. $465: Stocker and feeder cattle: .Veers, 550-1.050 lbs., good and choice. $3.006 5: common! and medium, $2.506 3.50. Sheep—Receipts, i 8.000; opening fairly active* lamb offerings eligible up to $9.50; steadv to strong i on such kinds, but deadlocked on choice offerings; sheep firm. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. 58.7569.60: common and medium. $6.756 8.75; 90-98 lbs., good and choice. $8.25 6 9.50, ewes. 90-150 lbs., good and choice. $364.85; all weights, common and medium, $2.256 3.75. FT. WAYNE. lnd„ 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 ibs., $3.70: 140-150 lbs.. $3.45: 130140 lbs . $3.15; 100-130 lbs , $2.60; roughs, $2.75; stags. $1.75. Calves. SB. Western iambs. $9; native lambs, $8 50. CLEVELAND. Feb. 2.—Cattle—Receipts. ! 200; market steadv todav on slow trade and unchanged for the week; choice steers, i 750-1.100 lbs.. *6.25® 6.75; 550-900 lbs.. $56 6; 900-1.200 lbs. $566; heifers. 6001.000 lbs.. $4 256 5.50; good cows. all weights. *2.506 3 25. Calves—Receipts. 300: market. 50 cents lower todav and *l6 1.53 higher for the week: choice to prime. *B6 9; choice to good. $76 3: fair to good. 566 7: common. *4 506 6. Sheep—Receipts. 800: market steady today and 15 to 25 cents higher for the week; choice wethers. $46 5: medium to good. $2 506 4; choice spring lambs. $8.756 9.50: good to choice. $76 8: medium to good. $56 7. Hogs—Receipts 800: market 15*cents higher todav and up 25 to 30 cents for the week: 250-300 lbs.. •2.6563.75: 220-250 lbs *4 180-210 lbs.. 54.15: 150-180 lbs.. *4.15; pigs. $2.7563. By 'I imes Special LOUISVILLE Feb. 2.—Cattle—Receipts. 100; supplv very light; market generallv steadv at week s decline: bulk common to medium steers and heifers. $3 506125: cutter grades down to *3 or less; better finished fed offerings. *4 506 550 and above; bulk beef cows. $2 25®2.75: practical top around $3 most low cutters and cutters *162: sausage bulls mostly $3 down: common to medium native stockers and feeders. $2.506 3 50; well-bred beef tvpe stockers mostly $4 50. Calves—Receipts; 300; marke* fully -steadv to strong: bulk better vealers. $5 50 0 6.50: strictly choice eligible. $7; medium and lower grades. $5 down. Hogs—Receipts. 1.400: mostly 25c higher: weights from 110-135 lbs > steadv: 170-210 lbs . $4 25: 215-240 lbs.. $4 50: 245-270 lbs $3 85. 275 lbs up. *3.75; 140-165 lbs $3.75 10-135 lbs. $3 25; sows $2 85: stags. 51.55 Sheep stesdv: medium to good lambs mostly $6 50 07 50: choice quotable. $8 bucks discounted. $1; throwouts. $4.50; fat ewes. $2®2.50.

—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 into 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

NR A. The Thomas amendment delegates to the President certain powers which congress possesses. Mr. Mills does not attempt to prove that this delegation of power n;as 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. 808 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

emergency.” I am 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 den\mciation 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. 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. (Copyright, 1934) PLAN SPEED TICKERS FOR N. Y,EXCHANGE 'Express’ Machines Would Augment old*Service. By United Press NEW YORK, Feb. 3.—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 Quo- | tation Company. If approved by subscribers, the new tickers will augment rather i than replace the present, ticker i service. Regular tickers would carry j full market quotations at all times,! while the “express” machines will! carry full quotations in normal pe- ! riods, but in periods of heavy ac- j tivity would omit from the tape less j active stocks. The extent to which the number of quoted stocks would be eliminated would vary from time to time with the activity of the | market, thus fornishing spot prices i at all times cn as many reperesen- j tative stocks as passible. Brokerage I firms will be able to adapt their | existing equipment for displaying quotations to the new service, the company said. Retail Coal Prices The following prices represent quotations (rom leading Indianapolis coal dealers. A cash discount of 25 cents oer ton 1 is allowed DOMESTIC RETAIL PRICES Anthracite *l4 25 Coke nut size *75 Coke, egg size * 75 : Indiana, forked lump *SO ; Indiana egg IGO Indiana, mine run 4.15 Kentucky lump 7 04Pocahontas lump 825 Pocahontas egg 825 Pocahontas forked lump t 25 Pocahontas mine run 725 New River smokeless 825 West Virginia lump 6.75 West Virginia egg *54 Island Creek 7 00 Extra charge of *oc a ton for wheeling coal, and (1 a ton for coal carried to Mb. NEW YORK COFFEE FUTURES —Feb. 2 SANTOS High Low. Close, i March 9 85 9 78 9.78 Mav 10 06 9 98 9 98 July 10.18 10.10 10.10 ; September 10 51 18 43 10 43 ■ December 10 57 10 54 10.55 RIO March 7 37 7 35 7 37 I May 760 7.51 751 I Julv 7.70 7.83 7.63 September 7 84 7.74 7.74 i December 7.97 7.85 7.85

: 5 ■ MB

Lippmann

Chicago Stocks “(Bj Abbott. Hoppln As Co.i" — ’ TOTAL SALES 96.000 SHARES —Feb. 2 High. Low. Close. Abbot Lab 50 48 48 Acme Steel Cos 45% 43 43 ‘- 2 Advance Aluminum .. . 4Vs 3 1 '* 4 Allied Products 20V* 19% 20% Altorler Bros 15 13 13 Am Pub Serv pfd BVI 7% 7- 1 * American Yvette % V* % Asbestos Mfg 3% 3% 3-* Associated Tel Sc Tel A. 6V* 5 3 * 6 Assoc Telephone Util .. % t* % Bastlan-Blessing 8 7V 2 8 Bendix Aviation 23 *'g 22% 22% Borg-Warner 27% 27 27% Borg-Warner pfd 100 98 98 Brown Fence & Wi A.. 9 8% 9 Brown Ren & Wi 8... 3Vs 2% 3V B Butler Bros 8% 8% 8% Campbell W& C Fdrv.. 14% 13 % 13 Vl Castle A M.*.. 20 17 20 Cent 111 Pub serv pfd. , 20 19 19 Cent 111 Securities com 1 % 1 Cent 111 Securities pfd 7% Cent Ind Power pfd ... 7% Cent Pub Serv Class A % Cent Pub Util % Cent & So West 1% 1% IV* Cent & So West pfd.. 7Vi 6% 6% Cent & So W P L pfd 127* 12% 12% Chi & No Western 12% 12V* 12% Chi City & Con Rys V* Chicago Corp com V/% 3 5/ 3% Chicago Coro pfd ... 29% Cities Service 3% 3% 3V* Commonw-ealth Edison.. 59Vi 58% 59 Consumers % Consumers 6% Pr pfd 4 Continental Steel .. 9 Cord Corp 8 1 /* 7% 7% Crane Cos 10% 10 10 Crane C’o pfd 59 58 59 Dexter Cos 5% 5 5% Electric Household .... 12 11% 12 Fitzsimmons & Connell 17 16% 17 Gen Household Ut.... 12% 9% 12% General Candy Corp 4 Godchaux <B) 9 8 8% Goldblatt Bros 31% 31 31 Vi Great Lakes Aircraft.. 1% 1% 1% Great Lakes Dredge .. 20% 20 Vi 20% Grigsbv-Grunow % % % Hall Printing 64 Hart-Carter pfd ... 7% Hormel & Cos 18% Houdaille-Hershey lA) 20 Houdaille-Hershey (B). 6V4 6 6 Illinois Brick 5% 111 Northern Util 50 Interstate Power 7%.. 17% 17% 17% Jefferson Elec 16 15 16 Kalamazoo Stove 27 25% 28 Katz Drug 28% 28 82% Ken-Rad Tube A Lamp .. ... 5% Keystone Steel 18% 17% 17% Lawbeck Corp 6% pfd 22% Libby-Mc.Neil 5% 5 5 Lindsay Light ... 3 % Lion Oil Reflnnig C 0.... 5% 5 5 Lynch Corp 35% 347i 34% Manhattan-Dearborn .... ... 1% Marshall Field 17% 16% 17 McGraw- Electric .. ... 574 McWilliams Drdging Cos 24% 24 24% Meadow-s Mfg Cos com . % Vi % Mickelberrvs Food Prod 3% 3% 3% Middle West Utilities... 74 % % Midland United, pfd 1 Midland Util 7% 'A' pfd 1 Midland Util 6% P L 1% Miller & Hart pfd 10 Muskegon Mot Spec ‘'A’’ .. ... 13 National Leather 2 National-Standard 25 Noblitt-Sparks Inds Inc 14% 14% 14% No Amer Gas & Elec ... % No Amer Light A Power 3% 33% Northwst Bancrporation 6 Northwest Engineering. 6% 6 6 No West Util 7% pfd 3% No West Util pr lien 5% Oshkosh Overall 574 4% 4% Oshkosh Overall pfd .... ... 17 Penn Gas A Elec 1274 11% 12% Pines Winterfront ... 1% Potter Cos 4 3% 4 Prima Cos 10% 9% 9% Public Service 6% pfd.. 55 54% 55 Public Service 7% pfd 60 Quaker Oats 118 Quaker Oats pfd 118% 118 118% Reliance Mfg Cos 17% 17 17% Ryerson A Son 19 Standard Dderg Cos 2% Stand Dredg Cos pfd . . 5 4% 5 Stutz Mo Car Cos of Am 10 9% 10 Swift A Cos 17% 17% 17% Swift International ... 29% 27% 28 Thompson JR 9% U S Gvpsum com 48% Utah Radio 2% 2% 2% Util Pow A Lt ‘A’ 4V4 Utility A Ind 1% Utility A Ind pfd 374 3% 3% Walgreen Cos com .... 23% 22% 2374 Ward. Montgomery 'A'. 101% 10 101 Wavne Pump com .... 35 29 35 Wieboldt Stores 15% 13 15 William Oil-O-Matic 3 Yates Machine IV* Births GIRLS Lewis and Irene Pryor. 4541 Sangster. Ralph and Florence Emery. 4922 Hillside. Everett and Dorothy Patrick. 1133 Arnolda. BOYS Emmett and Benlta Kaye. Methodist hospital. Harvey and Alma Slaughter. 1536 West Vermont. Deaths Ira S. Crouch. 79. 3727 Watson road, acute cardiac dilatation. Charles F. Gray. 53, 1369 N. Olney, angina pectoris. John Snipp. 76, 2006 Carrollton. Parkinson's disease. William A. Hoffman. 46. city hospital, myocarditis. Emma G Bishop. 78. 2047 OHce. cardio j vascular renal disease. Marion D. Strough, 2 months. 2143 N. Bosart. entero colitis. Anthony Mull, 70. 1448 Saulcy. coronarv j occlusion. Marv Alice Layman. 37. 4308 West Mich- j igan. cerebral hemorrhage. Leatrice Joy Howard. 5 months. 538% I West Twenty-ninth, acute entero colitis. Edgar F. Stewart. 60. 1818 Shelby, .-ere- I bral hemorrhage. Marlon McGuire. 77. 1420 Castle, chronic j myocarditis. Alphonso Cason. 32. city hospital, chronic nephritis Abraham Kiadv. 59. Central Indiana : hospital, aortic insufficiency. Sarah Elizabeth Atkins. 66, 1543 S. State, chronic myocarditis. Oliver Underwood. 39. Methodist hospital. pulmonary embolus. Max Buehler. 86. 1626 N. New Jersey, cerebral hemorrhage. ! FIRE REPORTS Thursday 8 05 a. m.. 1609 Ingram, residence, no . loss. 925 a m . 977 West Washington, residence. $lO 9 28 a m.. 1914 Madison, residence. *lO 12.13 p m., 2324 North Illinois, auto, small loss. 1:12 a. m.. 1811 North Arsenal, residence, small loss. 4:26 p. m . 523 Beecher, residence. *lO. 4 28 p m.. Ohio and Pennsylvania busi- ! ness building small loss. 4:44 p. m.. 423 North Arnold*, residence *lO. 5:04 p. m . 918 East Seventeenth, residence. no loss. 6:43 p. m., 3801 South State, residence, small loss. 5:56 p. m.. 1132 North Illinois, residencet *io. ’ 8:15 p. m.. 910 North Holmes, residence, no loss. Todav 1:36 a m. Dawsonville road and Fall! creek, farm home. *2.000. United Fruit Company and subiidiaries report for 1933 shows earnings of $3.16 a share against $195 in 1 932.

Entertainment *Ch^° VPr 'Oil enjoy beer w ine, eat at PALMGARDEN

3, iy4

LOWER DOLLAR DISREGARDED BY MAJOR GRAINS Prices Slump Nearly Cent as Longs Take Profits Near Close. BY HARMAN W. NICHOLS United Press Slaflt Correspondent CHICAGO. Feb. 3.—The wheat market again disregarded devaluation of the dollar yesterday and longs took profits which resulted in a slump in prices on the Board of Trade. At the finish wheat was % to % cent lower, corn was unchanged to % cent lower, and oats were unchanged. At the extreme wheat futures sold off as much as a cent from Thursday’s finish. Trade in the aggregate was not large and the market was easily influenced by relatively small operations on either side. The stock market developed a reactionary tendency, as did cotton and sterling. The money situation was regarded as having confused the gram trade to such a degree that a majority of operators are acting with considerable caution, not knowing what to expect. There was light trading in corn and oats and prices hung within narrow limits. There was some pressure on corn from a commission house but declines were small. An early bulge in provisions, due to the advance in hogs, was mostly lost in a wave of profit-taking. Chicago Primary Receipts —Frb. 2 Bushel* Last . Today W-aek Wheat 473.000 453 000 Corn 596,000 547 000 Oats 166.000 184.000 Chicago Futures Range —Feb. 2 WHEAT— Prep, SR en ' Hi F h - L °w- Close, close. May.. .90% .91% .90% .91% .01% July.. .79% .90% .89% .90 .90% Sept. 90% .91% .90% .90% .91% CORN— Mav.. .52% .52% .52 .52% .52% July.. .54 .54% .53% .54% .54% Sept. .55% .55% .55% .55% .55% OATS— * Mav.. ,37% .37% .37% .37% .37 3 /* July.. .37 .37 % .36% .37 % .37% SP RYE- ,36 ' 2 ’ 36T * ' ,36T/ * Mav.. .62% .63 .62% 62% .62% Julv.. .63% .63% .63 . 63% .63% Sept. .64% .64% .64% .64% .64% BARLEY— May ... ... .52 .52% July. 52 .53 LARD (Old) Mav.. 570 5.72 567 5.67 567 BELLIES (old > May 7 10 7.15 BELLIES (new) Mav.. 7.75 7.75 7.72 7.72 772 July.. 800 807 800 8.05 800 LARD (new) Mav.. 627 627 615 615 620 July.. 6.30 630 6.20 6.20 622 Sept.. 6.40 6.40 635 6.37 6.37 ST. LOUIS CASH GRAIN By United Prest ST. LOUIS. Mo.. Feb 9—Cash grain close: Wheat—ln fair demand %c lower on red and %c low-er on hard grades; No. 2 red. 92%c: No. 3 red garlicky. 91%e; No. 2 hard, 91 %c. Corn—ln fair demand, unchanged to %c low-er: No. 2 yellow, 49% ®soc; No. 4 yellow. 49®49%c; No. 5 yellow. 43c. Oats—ln fair demand, tone steadv: sample white. 37%e: No. 2 mixed, 39%c; No. 2 red. 41c: No. 2 burt, 40%c; No. 4 burt. 38c. TOLELO CASH GRAIN By United Press TOLEDO. Feb 2.—Grain close: (Grain In elevators, transit billing)—Wheat—No. 2 red. 94®95c. Corn—No. 2, yellow. 55® 58c. Oats—No. 2 white. 41%@42%e. Rve —No. 2. 68@69c. 1 Track prices. 28%c rate). Wheat—No. 1 red. 90%@91c; No. 2 red, 89%®90c. Corn—No. 2 yellow. 50%®) 52c; No. 3 yellow, 49®51c; No. 4 yellow, 47%®48%c: No. 5 yellow, 46®47c. Oats— No 2 white. 38'2®40c; No. 3 white. 38® 39%c. Toledo seed close: Clover—March, $8.25. Alsike—Cash. $8 50. CHICAGO CASH GRAIN By United Prctii CHICAGO. Feb. 2. Cash Grain: WheatNo. 1 hard. 92%c; No. 2 hard, 92%c; No. 2 mixed, 91%c. Corn— fnewi No. 3 mixed. 48 1 4@48%c; No. 4 mixed, 47%@48%c: No. 6 mixed. 45%c; No. 2 yellow, 50%c; No. 2 yellow (old). 51®51%c; No 3 yellow. 48% ®49%c; No. 4 yellow, 47%®45%c: No 8 yellow. 46%c: No. 2 w-hite. 50%®50c; No. 3 white. 49*4c: No 4 white. 48%c; sample grade white. 42c Oats—No. 2 white. 37Vic: No. 3 white. 37®38%c; No 4 white. 35%® 36%c Rye—No sales. Bariev—66@B2c; quotable, 50® 82c Timothy—s 6 75® 7. Clover seed—sll®l4 Cash provisions: Lard $5 80; loose, $5.07; leaf. $5 12. 8. Bellies—s 7.

Indianapolis Cash Grain

—Feb. 2 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- Weak; No. 1 red. 88@87c; No. 2 red. 85®86c; No 2 hard. 85®86c. CornSteady; No. 3 white 43® 44r: No 4 white. 41®42c; No. 3 vellow, 42®43e; No. 4 yellow. 41®42c; No. 3 mixed. 41®42r; No. 4 mixed, 40®41c Oats Steadv; No 2 white 34®35c; No. 3 white. 33®34c. Hav- Steadv. (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville 1 No. 1 timothv. $7 5008; No. 2 timothy *707 50. Inspections—Wheat—No. 1 red. 2 cars; No. 2 red. 2 cars: No. 3 red. 1 car; No. 4 hard. 1 car; No. 3 mixed. 1 car. Total. 7 cars. Corn—No. 2 yellow, cars; No. 3 yellow. 11 cars; No. 4 mixed, 1 car. Total. 42 cars. Oats-No. 2 white. 10 cars: No. 3 white. 3 cars; sample white, 1 car. Total, 14 car*. Rye—No. 1, 1 car. Total. 1 car. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 83 cent* for No. 2 soft rea wheat, other grade* on their merits CHICAGO FRUIT MARKET By United Press CHICAGO. Feb. 2. Apples—Michigan Jonathan, $1.50 0 1 60; Baldwins, *1.35® *1.50. Carrots—lllinois, 40®50c bu. Spinach—Texas, 75®90c bu. Beans—Southern green. $1 65®2.15; wax. *1.75®2 25. Mushrooms—lllinois. 17%®32%c ib. cartons. Cucumbers—Hothouse, $2.75®3.25. Tomatoes—Florida. *1.25®2.50 box. Leaf Lettuce—lllinois. hothouse. 17%c box. Celerv— Michigan. $ .50® 1.25 sauare crate. Cabbage Wisconsin. $1 50 0 2 100 lb. saeksi. Parsnips Illinois. 75® 90c bu. Sweet Potatoes—lllinois. $1 350 1.40; Indiana. *1.50 @1.85. Rhubarb—Michigan, hothouse 25® 40c (5 ’b*. Onion Market (50 lb. sacks' Western Valencias. $1 15® 1.40; Central Western yellows. $1.15®1.20; Western whites. *1.75® 2.

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Evening School Strong courses offered tn Secre tarial. Stenography, Accounting Rookkeeping and kindred subjects Spend part of your evenings In selfimprovement. Cost low Central Business College Architects A Builder* Building.