Indianapolis Times, Volume 45, Number 232, Indianapolis, Marion County, 6 February 1934 — Page 8

PAGE 8

Wall Street

Leading Investment Bankers of Country Solidly Behind President Roosevelt, Christie Says. " BV RALPH HENDERSHOT Tlmn Financial Writer Believe it or not, the leading investment bankers of this country are solidly behind President Roosevelt's recovery program or at least that phase of it which has to do with their business. The authority for this statement is none other than Robert E. Christie Jr., president of the Investment Bankers’ Association, who. along with a national drafting committee, has just completed the first draft of a proposed code of fan practice for those who underwrite and sell securities to the public. And the statement would seem to be well backed up by the proposed code, which goes even beyond the provisions of the new securities act in curbing those who sought to make two or more dollars grow where only one had existed and who probably thereby earned the doubtful distinc-

tion of being the original currency inflaters. In other words, as they would say up around Madison Square Oarden. the code is plenty tough. The head of the association has been working on the code since early in November. He has found it a tremendous task, taking his entire time. While he has had excellent assistance from Washington, he points out that the undertaking involved in codifying all industries has kept the administrators so busy that it is not always possible to secure the greatest amount 3f co-operation. a a a Had Disapproved at First Mr. Christie stated that some investment bankers had at first disapproved of the idea of governmental interference but that ne had noted a tremendous improvement m their sentiment in recent months and today almost all of them are co-operating wholeheartedly in the undertaking.

Ralph Hendershot

“The Investment Bankers’ Association,” he said, “for the first time in its history has the opportunity of putting through reforms that could never have been accomplished under the old order. In the past about all the association could do was to adopt recommendations, pass resolutions and depend largely on moral force to make its reforms effective. Sometimes it worked; sometimes it did not. A few individuals, either within or without the association, who would conform to a rule could prevent effective adoption in active business practice, even if a majority eagerly desired it.” Now. with the power of the NRA behind the investment banking business. Mr. Christie believes that fair practices not only can be recommended but they can be enforced. The first move in grasping thus opportunity, he said, is to get up fair-practice provisions so comprehensive and specific that the code committee will have the basis of its work well in hand and ready to begin practical operation at the earliest possible moment. • * a ana Pay Tribute to Roosevelt After working on the fair-practice rules for almost three months Mr. Christie has no illusions about making a perfect code. That can be approached only by years of constant effort, but, he said, a big, practical and effective start is perfectly feasible, and no effort is being spared to build the best rules possible at this time. The code committee will then, he explained, carry the work further. The head of the Investment Bankers’ Association, who is a partner of Dillon. Read & Cos., paid high tribute to President Roosevelt for the way he has handled many difficult problems. Asked about the monetary situation, he replied that the President knew more about it than he. He said, however, that people had been greatly worried but that more recent developments have caused a great increase in confidence in the field of tanking. He predicted that business conditions would improve materially as a result.

New York Stocks 1 ■ 1 (By Abbott. Hoppln 4i Cos.) -

—Feb. 6 Prev. Oils— High. Low. 10:30. close. Amerada ... 30 Atl Rig 35* 35 Barnsoall 10 93 Consol Oil 14 13% 13% 13* Cont of Del 20* 20% Houston i new l SV Houston ioldi ... 29 Indian Rig , *l* Mid Cont Pet 14% 14% Oho Oil 15* . 15% Pet Corp 13% 13* 13% 14* Phillips Pet }?% Pure Oil ... 14 14's Roval Dutch - 3814 Sbd Oil 34 34 Simms Pet JJ * Skellev Oil U Soc Vac 19!• Ig!* 8O of Cal 42% 42% SO of N J 48* 49* Sun Oil - ®l Texas Core 29 29 Tidewater Assn ... ... 11H 11H Un Oil of Cal 20’ 20* Am Roll Mills 28'4 27* Beth Steel 4 48* Byers A M 31 4 31 a Col Fuel Ac Iron £'£ * • Cruc Steel Gulf Sts Steel 34 34 Inland Steel .. .. ... ••• 48 4 Ludlum Steel .. 18* 18 18 18* McKeesport Tin 2% Natl Steel 57*4 Rep lAt Stl 22 S 22* Vanadium ... 28 2B i U S Pipe Ac Fdy 29 28 4 U S Steel 59 59'. U 8 Steel pfd ?6 95% Youngstn SAc T 31* 31>4 Baits [ Atchison 22 (34 Atl Cst Line 52 '4 51* B Ac O 3 34>a Can Pac ]* 16 s Ch Ac Ohio 45s 46 Chi At Gt W £% C M Ac St P -- CMAc St P pfd 13*4 13 13 13* Chi N W 14*S 14% Cht R Isl 6 5 7 . Chi R I T'r pfd ® J Dela Ac Hud ‘2 Erie .. ••• 24*2 Grt Northern pf .. 32' 2 111 Central 38 s K C Sou 18 3 18' 2 Lou Ac Nash ??, MKAc T 14* 14 3 4 14* 14* Mo Pac ... 6 5 7 s Mo Pac pfd .... 9*4 9* 9% 9' 4 N Y Cent 44 7 s 44% 44% 44' 2 N Y Chi At St L 24' a 24 NYCAcSt Lpf 31% 31* N Y New Haven 23 '2 -3% N Y Ont & Wes 11* Norfolk & Wes 180 Nor Pac 34*2 35 V Penn R R 39 38* 38% 39 Reading 55* 55 55* 54 Sou Pac ....... 33 s 4 33' 2 33 ‘2 33 4 Sou R ■ 35*. Sou R R pfd 40% 40'. Union Pac ... , I 3 * Wabash * West Maryl 13* Motors— Auburn • • -i- *®, 56% Chrysler 57 7 a 5.*4 5<% 58* Gen Motors 41* 41 1 Son :: ::: 'is 7 * 23;*. m?E Truck.::: :: ::: $% 39*: Nash 30% 31 Packard s‘ 5* Reo i* Studebaker - „ Yellow Truck ... 6% 6% Motor Access— Bendut 22* 22% Bohn Alum 60 60*4 Borg Warner ... ZB* SSHWr:::::: ::: "t jS Eaton Mfg 19*4 IgN Elec Auto Lite 29 28 Houd iA> 6*4 6 , 6* •* Mullins Mfe 10 a Murrav Boev ... 10'j Stew Warner.... 9* 9% 9* 9* Timken Roi 40% 40 l s Alaska sun 22* 23% 22* 22% Am Smelt .... 46% 46 Anaconda 17* I*S 1(% 17la Cal At Hecla . * Cerro De Pasco 36 >4 36 Grsnby • 11* Gt Nor Ore 14 7 11H Homestake Mm 320 Howe Sound 3<% 3('a Ins Copper ... 6% 6 7 Int N:ckVl 23% 23 s 23% 22* Kennecott Cop 22 7 22*4 Noranda Cop • 35* Phelps Dodge 17 s s 18 Tobarros— Am Sr.ufl ... ... 53 3 4 Am Sum Tob 19* 19% 19‘a 19*4 Am Tob (A |l% Am Tob (Bt 84*4 83* Gen Cigar 35 Llg A* Myers iB) ?4 Lorillard ... 19* 19* Revnolds T (Bi .. ... 43*2 43 letiMHatSAllls Chalmers 22'a 22% Am Car At Fdy.. .. ... 33*2 33* Amer Loco ... 38 s * 38 Am Mach * Fdy 19 Am St*el Fdy 25% 26 Bald Loco 15 3 4 15H Burroughs 19 18 3 4 Case JT 83f 84‘, Cater Tract 3371 7 3331 3 Coif at Palm Pt 14 14' Congoleum 30 29 l 4 Elec Stor Bat 51 Foster Wheeler 20 3 * 20 l a Oen Am Tk Car .. 40S 40‘ s Gen Elec 25 24 7 * 25 25 Gen R R Sig.: 42' a Ingsol Rand ... .. ... *3*4 .3*% InT Bus Mach 146 7 s Int Harvester 46 * 46 Kelvtnator 17*4 17‘a Natl Cash Rea 22 22 *2 Proc Ac Gamble. 40 Pu’lmsn Inc . 57*4 Simmons Bed .... ... 23 7 24 Und Elliot 48S West Air B 35' 35*, Westirgh Elec 4 3 46' a Worthington Pm .. ... 30's 31 t tlllties— Am & Por Pwr 12 12 l a Am Power A Lit .. ... ll's 10 7 > A T A T 123'a 123'a Am Wat Wks 25 7 . 35' s Brook Un Gas 79 Col Gas A Elec 18'. 17*4 Col O A E pfd 73*2 Com A Sou 32% Consol Gas 46 45*. Elec Pwr A LH. B*4 E P A L Pfd IS 7 . Int T A T 17*4 17*4 Lou GAEA 19*4 Nat Pwr A Lit 1S 14 North Amer ... 22's Pae G A E 23 20 7 . Pub Serf N J 43* 43*

So Cal Edison 21 20 3 4 Std Gas 16*4 16V. Std Gas pfd 16*4 16*4 United Corp BV. 7 7 . Un Gas Imp 19*/4 19'/4 Ut Pwr & Lit A 47. 4 7 Western Union 64 64*. Rubbers— Pirestone 23* 2 23* Goodrich 17* 17* Goodyear 40 V. U S Rubber 19* 19* 197'. 19-* U S Rubber ... 36 Kel Spring ... ... 4 Amusements— Croslev Radio 13* Fox Thea 17* 17 17 16* Loews Inc ... 33* 33* 33* 32* Radio Corp 9* 9 9 9 RKO 3* 3* Warner Bros ** *** Foods— Am Sugar 60* 60* 60* 60 Armour A 6* 6 Beatrice Cream 18 17* Borden Prod 26* 27* Cal Packing 26* 27V. Canada Dry G Ale 28 Coca Cola 104 Cont Bak A 14* Corn Prod 79 Crm of Wheat 34* Gen Foods ... 38 36* Gold Dust 22 21* 21* 22* G W Sugar 34 33* Hershev 55 Int Salt 24* Loose Wiles 40* Natl Biscuit ... 45*4 45* Natl D Prod 17* 17* Puritv Bak 19V. 19V, S Porto Rico Sug 39 39 Std Brands 24* 24* United Fruit 68 68 * Ward Bak A 12 Wrigley 567, Retail Stores— Ass Drv Goods 17 Best & Cos 31 Gimbel Bros 6* 6* Gimbel pfd 28* Gr Un Tea 8* Hahn Dept Sts 7* 7* Jewel Tea 46 Kresge S S 21* 21* 21* 21* Kroger Groc 29 2974 Macy R H 6174 May Dept St 38* 39* Mont ward 33* 33* Penny J C 64* Safeway St 55 56 Sears Roebuck.. 51* 5074 51* 50* Woolworth 5374 Aviation— Aviation Corp .... ... 9* 9* Douglass Air 27 267. Curtiss Wright 4* 4* Curtiss Wr A 1074 10 Nor Am Av 7* United Aircraft 35* 3574 Chemicals— Air Reduction 105 Allied Chem 155* 156* Am Com Alcohol 58* 59* Col Carbon 70* 69* Com Solvents .. 34* 34* 34 5 . 34* Dupont 102* 10274 Freeport Tex 47 Liquid Carb 32* 32* Math Alkali 38*4 38* 387 38* Tex Gulf Sulph 42 41* Union Carbide.. .. ... 49* 49 s . U S Ind Alcohol .. ... 60* 61* Natl Dlst mewl. 30* 30* 30 s . 30’. Drues— Cotv Inc 9 Lambert 30 * 30* Lehn Ac Fink 20* 20 ■ Zonite Prod 774 Financial— Adam Exp 11* 11* 11* 11* Alieehev Corp 5* s‘. Chesa Corp 45 5 . Transamerica S'* B'-t Tr Conti Corp 6* 6* Building— Am Radiator 17V. 17* Gen Asphalt 21 0* 21 20* Int Cement 36* 36* Johns Manville 64* 64* Libbv Owens Gls 41* 41* 41* 42 Otis Elev 18* 18* Ulen Oonst 37. Miscellaneous— Am Bank Note . .. 21* Amer Can 102 102 Anchor Cap 24 Brklvn Man Tr 33* Conti Can ... ... 79 Eastman Kodak ... 91* Owens Bottle. 9274 Gillette 12* 12* 12* 12*. Olidden 21 20* Gotham Silk 1174 11* Indus Ravon 99* Inter Rapid Tr 117, Real Silk Hose 13 U. S. Government Bonds By i nited Prut NEW YORK. Feb. 5 —Closing liberties. Decimals represent thirty-seconds.l LIBERTY 3*s 32-471 102. First 4's i32-47l 102.16 Fourth 4's <33-38i 102.27 4*s-3,s <451 100.14 4*s (47-521 108.2 3*s ’ 43-471 101.3 3*s (41-43< March 101. 3*s 140-43> June 101.2 3s 141 > 100 13 3*s (46-49' 98 31 3s (51-55) 97.24 Daily Price Index By C'mfrd Print NEW YORK. Feb 5 —Dun & Bradstreet's daily weighted price index of thlrtv basic commodities, compiled for the fcnited Press: <1930-1932 average. 100) Today (new 1934 highi 107 24 Saturdav 107 17 Week ago 105.59 Month ago 101.74 Year ago . 68 53 1934 High Feb 5' 107.24 1934 Low (Jan. 3i 101 05 Copyright. 1934. Dun & Bradstreet. Inc.) Foreign Exchange <Bv Abbott. Hcppin & Cos.) —Feb. 5 Close Sterling. England *4 93* Franc. France 0619* Lira. Italy 830 Belgies. Belgium 2200 Mark Germany 3740 Guilder Holland 6335 Peseta. Spain 1275 Krone. Norway 2485 Krone, Denmark .2207

STOCK SHARES IRREGULAR ON PROFIT-TAKING Utilities Continue Advance: Steel Issues Ignore Favorable News. Average Stock Prices Average ot thirtv Industrials for Monday: High 111.93. low 139.50, close 110.74. up 1.33 Average of twenty rails: 53.37. 52 30, 52 97. up 1.12 Average of twenty utilities: 30.08. 28.75. 29 60. up 1.20. Average of forty bonds: 91.48. up 63. Average of ten first rails: 96.34. up .37. Average of ten second rails: 80 86. up 1.20. Average of ten utilities: 95 34. up .42. Average of ten industrails: 93.39, up .53. BY ELMER C. WALZER United Press Financial Editor NEW YORK. Feb. 6.—Profit-tak-ing brought an lower opening on the Stock Exchange. Trading continued active with large blocks—one of them 10.000 shares of Radio at 9, unchanged. Fractional losses were noted in Case, Western Union, Commercial Solvents, Mclntyre, Poicupine, Westinghouse Electric, Standard Brands. U. S. Steel, General Electric, Allied Chemical. Small gains were made by Union Carbide, Columbia Gas, Standard Gas, Consolidated Oil, Kcnnecott Copper and New York Central. American Telephone, Anaconda, Sears Roebuck, American Can and International Telephone were unchang'd. Utilities continued to make the best showing, nearly all of them registering fractional gains. Oils and rails held well. Steels slipped back despite favorable news for the industry, which now is operating at 37.5 per cent of capacity, against 34.4 per cent week ago. General Motors opened 5,000 shares at 41%, off % on disappointment over the declaration of the regular quarterly dividend of 25 cents a share. Many traders had anticipated distribution of an extra. During the early trading prices held around opening levels and trading picked up in volume. Wet stocks ran into profit-taking. Demand for utilities continued. Bonds were mixed after a long series of advances and trading continued active. Cotton futures were steady, off 1 to up 2 points. Sugar was practically unchanged. The dollar eased in terms of European currencies.

Bank Clearings

INDIANAPOLIS STATEMENT —Feb. 6 Clearings Debits .'. 5.167,000.00 Treasury Statement By United Press WASHINGTON. Feb. 6.—Government expenses and receipts of the current fiscal year to Feb. 3 compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses .$3,653,161,866.31 $3,045,930,078.34 Receipts . 4.523.127.384.07 1,159.130,676.93 Surplus . 869.965.497.76 1.886.799,401.41 Cash bal.. 4,309.794,457.88 New York Curb (By Abbott, Hoppln Ac Cos.) —Feb. 5 Close | Close Allied Mills .. B*l3t Atl & Pac. 150 I Alum Cos of Am 77*:Glen Aid Coal.. 16% Am Bev 24 ;Gulf Oil of Pa. 75 Am Cyan ‘B’.. 20*|Hiram Walker.. 50* Am&For P W. 8% 1 Hud Bay Min .. 10* Am Gas & El. 30*!Humble Oil ... 40* Am Superpwr. 4 |tmp 111 Ltd .... 13 3 / As Gas & El.. 2 ifnt Petrol 23 Atlas Corp 15'iU- Shore Min .. 44*4 Axt Fish Tob . 69* jibby MeN Lib. 5 Braz Tr & Lt. 14 I-one Star Gas.. 7* Can Ind A1 A’ 16%'Massey Har ... 7* Can Marc 2%'Mt Producers .. 5 Carrier Corp.. 7 7 Bellas Hess 2* Cities Serv ... 4' Min.. 55* Comwlth Ed ..60 S'* ?", and .^I v n r -' % Col G of Balt. 61 Cord Corp BV * P??t A navil” aVS Creole Petrol . 12* r>vir int 71/ t?enn Road 4 j b * ' SOS? 3t Regis Paper.. 4* 3al Creek Prod - 71/3 Si:: Sherwln Wms. . 66 Dlst Corp .... 22* std of Ind 32 i/ g Dow’ Chem ... 76%!gtd of Kv 17* El Bond & Sli. 20* Technicolor Ind 9* Fisk Rub 14*|Teck Hughes G 5* Ford of Can ‘A’ 24%iUn Gas 4* Ford of Europe 6* u pwr & Lt (A) 5* Gen Aviation.. B*lWr Hargraves M 7* Investment Trust Shares (By Abbott, Hoppln & Cos.) —Feb. 5 Bid. Ask. American Bank Stocks Corp.. 1.18 1.22 American and Gen Sec (A).... 5.00 7.00 Amer & Inv Tr Sh 2.00 3.00 Basic Industry Shares 3.85 3.90 British Type Inv Tr Sh 88 .94 Collateral Trustee Shares (A). 5.25 5.50 Corp Trust Shares (old) 2.32 2.36 Corporate Tr Sh (new) 2.62 2.65 Cumulative Tr Shares 4 53 .... Diversified Tr Shares (A> 6.25 Diversified Tr Shares 181 8.62 8.87 Diversified Trust Shares (C).. 3.42 3.52 Diversified Tr Shares (D) 5.38 5.48 First Insurance Stock Corp.... 1.38 144 First Common Stock Corp 88 1.03 Fixed Tr Oil Shares (A) 9.37 9.62 Fixed Tr Oil Shares (Bi 8.25 8.50 Incorporators Investments ....19.62 21.00 Land Bank Bond Shares 94 1.04 Low Priced Shares 6.85 6.95 Mass Inv Trust Shares 19.80 21.51 Nation Wide Securities 3.75 3.85 North Amer Tr Shares C 53).... 2.04 .... North Amer Tr Sh (’55) 2.65 2.75 No American Trust Shares CSB) 2.87 3.12 Selected American Shares 3.37 .... Selected Cumulative Shares.... 8.00 .... Selected Income Shares 3.75 4.25 Std Amer Tr Shares (A) 3.29 3.33 Trust Sh of Amer 3.13 3.18 Trustee Std Oil (A) 590 6.05 Trustee Std Oil (B) 5 62 5.75 U S Elec Lt & Pwr (A) 13.25 14.00 Universal Trust Shares 3.38 3.48 j Federal Farm Loan Bonds (By Blyth Ac Cos.. Inc.) —Feb. 6 Bid. Ask. 4s. Nov. 1. 1957-37 94 95* 4s. Mav 1. 1958-38 94 95* 4*S. Julv 1. 1956-36 94* 96 4*s. Jan. 1. 1957-37 94* 96 4*s, May 1. 1957-37 94* 96 4*s. Nov. 1. 1958-38 94* 96 4*s. Mav 1. 1942-32 97* 98* 4%5. Jan. 1. 1943-33 95% 97 4*S. Jan. 1. 1953-33 95% 97 4%5. Julv 1. 1933-33 95% 97 4*s. Jan. 1. 1955-35 95% 97 4*s. Julv 1. 1955-35 95% 97 4'-s. Jan. 1. 1956-36 95% 97 4%5, ulv 1. 1953-33 97* 98* 4\s, Jan. 1. 1954-34 97* 98* 3 %5. Julv 1. 1934-34 97* 98* ss. Mav 1. 1941-31 99% 101 ss. Nov. 1. 1941-31 99% 101 Home Loan 4s. July 1. 1951... 97* 98* Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. DOMESTIC RETAIL PRICES Anthracite (14.25 Coke nut size I 75 Coke, egg size ( 75 Indiana forked lump (59 Indiana, egg (04 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 825 Pocahontas egg 835 Pocahontas forked lump Pocahontas mine ’run 7.25 New River smokeless 825 West Virginia lump 8-75 West Virginia egg €.50 Island Creek 7.00 Extra charge of 80c a ton for wheeling coal, and SI a ton for coal carried to bim. NEW Y'ORK RAW SUGAR FUTURES —Feb. 5 High. Low. Close. January 1.77 1.74 1.74 March 1.62 1.59 1 61 May 1.66 1.62 1.63 July 1..70 1.65 1.66 September 1.74 1.68 1.70 December 1.77 1.74 1.74 (

THE INDIANAPOLIS TIMES

Chicago Stocks By Abbott. Hopplo A CO.l

(Total tales. 157 000 shares). —Feb. 5 High. Low. Close. Abbot Lab 46% Acme Steel Cos 48% 43‘i 44% Advance Aluminum ... 4% 4% 4% Allied Products 294 194 194 Altorfer Bros 15 4 15 154 Am Pub Serv pfd 10 34 10 American Lvette 4 4 4 Asbestos Mfg 34 Associated Tel & Ttl A 64 54 64 Bastian-Blessing 94 84 9% Bendix Aviation 224 22 4 224 Binks Mfg 3 24 24 Borg-Warner 284 284 284 Brach & Sons . 84 Brown Fence <sc Wire A 11 % 94 'll4 Brown Fence Wire B 44 34 44 E L Bruce Cos 164 134 164 Butler Bros 84 84 84 Campbell. W & C Found .. ... 14 Cent lil Pub Serv pfd 21 194 21 'Cent 111 Securites pfd 84 8 84 Cent Ind Power pfd ... 94 Cent & So West 14 14 14 Cent & So West pfd 12% Chain Beit 164 Chi & North West 154 144 144 Chicago Corp, com 4 34 34 Chicago Corp pfd ... 314 30 304 Chicago Flexible Shaft. .. ... 104 Cities Service 44 34 4 Commonwealth Edison. 62 53 4 60 Continental Steel 11 Vi 94 114 Cord Corp 84 8 84 Crane Cos 11 10 104 Crane Cos pfd 594 59 594 Dayton Rubber 7 6 7 Dexter Cos 54 5 54 Electric Household .... 134 124 13 Gen Household Ut 144 134 14 Godchaux <B) 94 9 9 Goldblatt Bros 324 32 % 324 Great Lakes Aircraft.. 1% 14 1% Great Lakes Dredge.... 20 4 20 4 204 Grigsby-Grunow 4 4 4 Hall Printing 64 Harnischfeger 64 Hart-Carter, pfd 9 84 9 Houdaille-Hershey <Bi 64 6 64 Illinois Brick 64 111 Northern Util 54 Iron Fireman 11% 11 11 Jefferson Elec 16 Kalamazoo Stove 274 27 27 Ken-Rad Tube & Lamp 64 54 64 Keystone Steel 194 184 194 Libby-McNeil 5 4% 44 Lincoln Printing pfd 4Vi Lynch Corp 38 354 374 Mapes Cons Mfg C 0... 34 334 34 Marshall Field 184 174 18 McGraw Electric 64 6 6 McQuay-Norris 444 McWilliams Dredg Cos.. 2rt% 24 24 Mickelberry’s Food Prod 34 33 Middle West Utilities .. 4 4 4 Midland Util 6% P L 14 Miller & Hart pfd 104 Modine 14 National-Standard 25 Noolitt-Sparks Indus Inc 16 14% 16 North American Car... 1 4- 1 North* Amer L & Pow 3% 3% 34 Northwest Bancorpora. 6 5% 54 Northwest Engineering. 6 5% 5% Potter Cos 44 44 44 Prima Cos 104 9% 10 Public Service 21 19% 21 Public Service N P.... 214 204 21% Public Service 6% pfd .. ..| 57 Public Service 7% pfd 614 Quaker Oats 118 Reliance Mfg Cos 184 184 184 Signode Steel Strapping 1% Sivver Steel Cast 64 So Colo Power A 3 So W G & Electric pfd 48% Standard Dredg Cos pfd 54 5 54 Stutz Motor Car Cos of A 10% 104 10% Sutherland Paper Cos ... 8 Swift & Cos 184 17% 18Vb Swift International ... 28 4 274 28 Telenh Bond & Sh A ... 3 Thompson J R 10% 10 10% Transformer Cos of Am % Utah Radio 24 2% 2% Utility & Ind 1% 14 1% Utility & Ind pfd 54 4 5Vi Vortex Cup Cos 94 Vortex Cup Cos A 264 Wahl 24 Walgreen Cos com 26 254 254 Walgreen Stk Pur War .. ... 44 Ward Montgomery A...104 103% 104 Waukesha Motor 35 33 35 Wavne Pump Com 14 Wavne Pump pfd 4% Wieboldt Stores 164 16% 164 Wisconsin Bankshares.. 4 Zenith Radio 5 4% 4%

Bright Spots

By Abbott. Hoppin Ac Cos. Neisner Brothers Company January sales totaled $984,463 against $793,048 in January of 1933. Boston Aluminum and Brass Company in year ended Dec. 31, had a net profit of $1,494,552 after interest, depreciation and federal taxes, equal to $4.24 a share on 352,418 shares of $5 preferred stock against a net loss of $720,568 in 1932. Steel operation increased three points to 36 per cent of capacity in the last week, according to magazine Steel. Loews Incorporated in twelve weeks ended Nov. 23, earned 95c a common share against 3c a share fn the like 1932 period. Net income of Mohawk Carpet Company for year ended Dec. 31 was $348,371 after payment of all charges against loss of $1,087,799 after depreciation and other charges but before inventory charge of $751,536 which was charged against surplus account in 1932. Erie Railroad Company has placed an order for 3,725 new freight cars. American Car and Foundry has received an order for 500 automobile cars and 500 box cars. Standard Steel Car Company, Pressed Steel Car Company and Greenville Steel Car Company, each have received orders for 750 hopper cars. Pennsylvania Railroad has placed an order for 7,000 complete sets of box car brake equipment with the Westinghouse Air Brake Company, charge for which will be about $1,000,000. Produce Markets Delivered in Indianapolis prices—Hens. 10!ic: 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, 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 fresh country run eggs loss off 15c each full 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 27®28c; No. 2. 24(ff25c. Butterfat—2oc. Quoted bv the Wadley Company. E. W. BOK SI,OOO HERO PRIZE GOES BEGGING Commission Fails to Disclose Worthy Recipient for 1933. By United Press PHILADELPHIA, Feb. 6.—Last year’s crop of heroes in Philadelphia failed to produce a single outstanding SI,OOO Edward Bok award. Consequently, the money has been returned to the bank. The committee charged with making the award each year to a member of the city police, park guards, or fire engine companies, pored diligently over the records of the 6.881 would-be heroes in the three organizations, but failed to find an “outstanding meritontous service in the line of duty,’’ and decided to make no award for the year. CONSIDERS LOWER TAX Excise Revision Sought to Check Canadian Bootlegging. By United Press OTTAWA, Ont., Feb. 6.—Revision of the excise act, to allow for a reduction in the excise tax on liquor, at the next session of parliament, is rumored here. The present tax of $7 per gallon and the figure being mentioned is $5 per gallon. It is hoped in this way to meet the threat of bootlegging from the United States. Housebreakers Steal SSO Jewelry Thieves entered the home of James Shinkle, 2754 Napoleon street, last night and looted it of jewelry valued at SSO.

SWINE VALUES REMAIN STEADY AT CITY YARDS Chicago Hog Prices Soar to New High at $4.65 for Choice Weights. Swine trading at the Union Stockyards this morning was quiet and generally steady at yesterday’s best average. Receipts displayed an increase over the last few days and initial demand moderate. The bulk, 160 to 250 pounds, sold for $4.55 to $4.75. Other grades weighing 250 pounds and upward were salable at $4.30 to $4.50, while lighter kinds scaling 130 to 160 pounds brought $4 to $4.50. Small slaughter classes, 100 to 130 pounds, were selling around $2.50 to $3.50. Receipts were estimated at 6,000; holdovers, 642. All classes of cattle remained mostly steady at the previous close, excepting slight weakness evident in common and medium she stock. Early bulk steers ranged from $4.50 to $6.65. Receipts numbered 2,200. Vealers lost their advance registered during yesterday’s session, selling around 50 cents lower. Good and choice grades sold at $7 to $7.50. Receipts were 800. Early bids and sales on hogs at Chicago moved 15 cents higher than yesterday’s average. Later best grades soared to anew top since Oct. 23, selling at $4.65. Receipts were estimated at 15,000, including 3.000 directs; holdovers, 5,000. Cattle receipts numbered 7,000; calves, 2,000; market unchanged. Sheep receipts numbered 7,000; calves, 2,000; market unchanged. Sheep receipts were 10,000; market steady. HOGS Jan. Bulk. Top. Receipts. 31. $3.60® 3.80 $3.85 8,000 Feb, 1. 3.60®! 3.80 3.85 4.000 2. 3.95 (H 4.15 4.15 5,000 3. 4.05® 4.25 4.25 2,000 5. 4.60® 4.75 4.75 4.000 6. 4.55® 4.75 4.75 6,000 Market, steady. (140-160) Good and choice....s 4.25® 4.50 —Light Weights—-(l6o-180) Good and choice.... 4.65® 4.75 (180-200) Good and choice 4.65® 4.75 * —Medium Weights—-(2oo-220) Good and choice 4.65® 4.70 (200-250) Good and choice.... 4.55® 4.65 —Heavy Weights—-(2so-290) Good and choice.... 4.45® 4.50 (290-350) Good and choice.... 4.35® 4.45 —Packing Sows— ' (350 down) Good 3.25® 3.50 (350 pi Good 3.00® 3.25 (All weights) Medium 2.75® 3.00 —Slaughter Pigs—-(loo-130) Good and choice.... 2.50® 3.50 CATTLE Receipts. 2.200; 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 (675-250) — Good and choice- 5.00® 6.25 Common and medium 3.00® 5.00 (750-900) Good and choice 4.50® 6.00 Common and medium 2.75@ 4.50 —Cows— Good 2.75® 3.25 Common and medium 2.25® 2.75 Low cutter and medium 1.25® 2.25 —Bulls (yearlings excluded) Good (beef steers) 2.50® 3.25 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 800; market, lower. Good and choice $ 7.00® 7.50 Medium 4.50® 7.00 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice 3-50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle)— (500-900) 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, 800; market, steady. (90 lbs. down) Good & choice.s 9.25® 9.75 (90-110 lbs.) Good and choice.. 9.00® 9.50 (90 ibs. down) Com. and med.. 6.25® 8.50 —Ewes— Good and choice 3.00® 4.00 Common and medium 1.50® 3.00

Other Livestock BY UNITED PRESS CLEVELAND. Feb. 6.—Cattle —Receipts, 200; market steady; all sold earlv: choice steers. 750-1.100 lbs.. 6.25 6.75:‘ 550-900 lbs., ssffl6: 900-1.200 lbs.. ss@6; heifers, 600-1,100 lbs., $4.25. $4.25'5'5.50; good cows, all weights. $2.50(33.25. Calves—Receipts. 500; market, active but 50 cents lower; all sold early; choice to prime. $7.50@8: choice to good. $6.50(37.50; fair to good. [email protected]; common. $4.50(35.50. Sheep— Receipts, 1,500; market active and steady with finest springers quoted at $lO top; choice wethers, s4@s; medium to good, $3(3 4; choice ewes handyweight, $3.50(3 4; choice spring lambs, s9@io; good to choice $839; medium to good. $738. Hogs—Receipts, 1,000: market, 15 cents higher in active trade; all sold earlv; 250-300 lbs., $3.7534.25: 220-250 lbs.. $4.25 3 4.50: 180210 lbs., $4.65 3 4.75; 150-180 ibs., $4.65® 4.75; stags, $1.75; roughs, $2.75; pigs. $2.75 @3. PITTSBURGH, Feb. 6.—Hogs—Receipts. 600; holdovers. 600; very active on 150240 lb. weights, mostly 35 cents higher; top and bulk, $5.25; not many other weights on sale: auotable higher; 250 lb. up. quotable $4.5034.75; 90-140 lb., $2.75® 3.75: packing sows. $3.75 down. Cattle— Receipts. 10; nominal. Calves—Receipts. 25: steady: top vealers. $8.50; medium, $6 37. Sheep—Receipts, 300; strong: top lambs. $10: some held higher; common and medium. $5. yearlings wethers. $7.25 down; aged wethers up to $5.25; fat ewes quotable $4.25: no shorn lambs on sale. TOLEDO. Feb. 6.—Hogs—Receipts. 225; market strong. 10 to 20 cents higher; heavy Yorkers, $4.5034.60; liixed and buk of sales, $4.40; pigs and lights, $2,753 4: medium and heavies. [email protected]; roughs. $2.2532.75. Cattle—Receipts. 150; market steady. Calves—Receipts, light: market steady. Sheep and lambs—Receipts, light; market steady. ■ CHICAGO FRUIT MARKET By United Press CHICAGO. Feb. 6 Apples—Michigan Jonathans, bushel. $1.503 1.60; Baldwins. $1.35 31.40. Carrots bushel. Spinach—Texas, 50 385 c bushel. Beans —Southern green. $1.7532.25 bushel; w’ax. $1.75 3 2.25. Mushrooms—lllinois. 203 32*c pound carton. Cucumbers—Central western hothouse, $2.7533.25 (2 dozen). Tomatoes—Florida, $1.2532.50 box: hothouse. $1.25. Celery—Michigan, 75c@5].25. Parsnips—lllinois, 90c35l bushel. Sweet PotJatoes —Tennessee, $1.3531.45 bushel; Indiana. $1.6031.85. Rhubarb —Michigan hothouse. 20340 c. Onion market: (50-lb. sacksi. Western Valencias. $1.1531.30; central western yellows. $1.1031.15; western whites. $1.753 2. NEW YORK COFFEE FUTURES —Feb. 5 SANTOS High. Low. Close. March 10.15 10.00 1011 Mav 10.37 10.25 10.33 July 10.50 10.40 10.44 September 10.82 10.70 10.77 December 10.93 10.82 10.88 RIO March 7 95 7.67 7.88 Mav : ... 8.10 7.90 8.03 julv 8.25 8 10 8.15 September 8.29 8.19 8.26 December 8.40 8.29 8.37 SIGN THWARTS POLICE \ Youth Posts Measles Notification to Elude Officers. By United Press SALT LAKE CITY, Utah, Feb. 6. —Even John Law Is afraid of measles, it was demonstrated here when two youths wanted on charges of auto theft, posted a measles sign and then escaped while officers, suspicious, went to the health department to investigate. Bicyclist Hurt by Car Henry Plakta, 66, 915 Concord street, was knocked from his bicycle at Warman avenue and Washington street today by a motorist who halted for a moment, and then drove on without offering aid or giving his name. Mr. Plakta sustained arm and head injuries and possible fracture of several ribs. He was taken to city hospital.

—Today and Tomorrow — ‘lnviolability of the Securities Act Is Keystone of New Deal, Assert Champions. BY WALTER LIPPMANN

THE dispute about the securities act is rapidly degenerating into a collision between unverifiable, but fanatical opinions. The enemies of the act declare that it imposes such gigantic risks upon corporate borrowers and upon investment bankers and security dealers that it is impossible for them to do business, that this law which professes to regulate private financing in effect prohibits it. The champions of the act retort that criticism of any feature of the act comes from men who wish to fleece the lambs, or at least from men deluded by those who would like to fleece the lambs. The enemies of the act say there can be no recovery without amendment. and the champions say that “the inviolability of the securities act” is “the very keystone of the new deal.”

As time goes on the two voices seem to become louder and less intelligible. The general public will do well to discount them both. For what has happened is that eminent lawyers have taken positions for or against the act; their passions and their prestige are now staked on proving that the positions they took are right. a a a IT is impossible to prove that either side is right. The act, which was passed last spring, lays down a set of rules to govern the issue and sale of securities. Almost no securities were being issued when the act was passed, very few were issued for two years before it was passed, almost’none since it was passed. The dispute, therefore, is about what would and about what might happen if and when economic conditions are otherwise favorable to the issue of new securities.

Obviously the act of 1933 can not be blamed for the closing of the capital market in 1932, How much it can be blamed for the failure of the capital market to reopen in 1933 is not susceptible of conclusive proof. The opposition will tell you about companies that would have done new' financing in the past months had their directors not been afraid to assume the risks in the act. The supporters reply that either the directors

were afraid to disclose the whole truth about their companies or they have been unnecessarily terrified by Wall Street lawyers seeking to sabotage the act. In short the argument can not be decided by an appeal to facts. There are too few facts. It turns, therefore, on an appeal to opinions about what is likely to happen in the future. Among the opinions there is a deadlock. There can be no doubt that the big corporations, the leading investment bankers, and their legal advisers, believe they can not operate under the act. Believing they can not operate, they will not operate. If they do not operate, their opinion that the act is unworkable will appear to be right since they will not be working under it. a a a ON the other hand the supporters of the act are afraid to amend it because they believe that an act which “Wall Street” regards as “workable” would deprive the investor of the protection which congress meant him to have. The problem is how to break this deadlock of opinion. There is, it seems to me, a way to do this which not only involves no risk to the public but gives it additional protection and at the same time meets the announced objections of the critics of the act. It can be done by employing a device, similar in principle to one which was used in the national industrial recovery act. The securities act is based on the theory that the investor will be protected if the whole truth about a security is made public at the time it is issued. Following this theory the act calls for full disclosure of all the facts which have a bearing upon the value of the security, and imposes tremendous penalties for misrepresentation. The critics of the act profess not to object to the obligation to disclose all the facts. But they say that the penalties for making a mistake are too great. The neutral inquirer may well ask himself this question: Is it in fact true that the investor will be protected if all the facts are disclosed at the time a security is issued? My own view is that he is not sufficiently protected. He is not protected against developments after the security has been issued. There does not seem to be anything in the act which compels a borrowing corporation to keep on telling the truth. Yet it is perfectly conceivable that everything may be fine when the bonds or stocks are originally sold and that much rottenness may develop later. Apparently the act provides no protection against that perfectly real danger. r a a Moreover, the act does not fully protect the investor against one of the most real dangers in the security business—the seductions of the high-pressure

HORIZONTAL Answer to Previous Puzzle by a ——i. I Who was the _ _ . 17 Pity. magnetic JN T ONI l IOISIC IQ jT TIIL 18 South America peasant in the TjHW L E QplN 20 States again, picture? ti ANTONIO 21 Polygons f 8 What was his A real name? L I A Y angles. 12 Bees’ homes. I SBAB MeBBQO 23 Cuts as grass. 13 Silkworm. AMG R ANIDBOIPIE P|ABR 24 Glided on 14 To crawl. NWnTe tBPETPInPIR ANBK skates. 16 Entrance. LJM|AOI-i|V|ABBC|Q Y TNGLZ 26 Instrumental 17 Sudden inva- [CjA|TjBIE~ AIR|N[EjSITMSU|M composition, sions by police. OiRj|BP|IINjBTJEISYJfeiA. 27 Helps. 19 To hold up. N||pO SBIAS SBBE E fcJBN) 29 Never. 20 He was a IDIRIaMAITI I IcIbIAIsIsIOI 31 Short-eared favorite of ow lroyalty 42 Lairg. VERTICAL 36 ’T u ” iu,tuouß 22 Type standard. 45 vessel for 1 disturbance. •' 3 \“ a '‘ e<l 15 H. r polls' a ££££“■ “SSt , P (dU . 50 Midday naps. 5 Afternoon 44 observed. 30 Customary \l nemy - meals. 45 Greek letter. 32 Perspiration. 53 Aowol a 6 Part oI the eye 46 Ingredient of 33 Positive series. 7 Spiders’ nests. powder, terminal in 55 Leaf of a calyx 8 North Carolina 47 p art of plant electricity. 56 Midday. 9 Eye. below ground. 34 Caterpillar 57 He was the 10 To change. 49 Turkish cap. hair. ' 8 chie * 11 Affirmative 51 Mineral spring 35 Visits. advisor. vote. 52 Because. 37 To soak flax. 58 And was a 12 Seraglios. 54 Egyptian 38 Indian. power in her 15 He was sun god. 40 Exists. . assassinated 56 Chaos. <7™ TANARUS"" !o"™ 33-4^' 32 45 44 vVO 4 <’ 4^ , 3a S 52 55 I | I 1 m rHml r

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Lippmann

salesman. It is all very well to say that all the facts must be filed in Washington. But the ordinary man will not read them, and could not understand them if he did; he will continue to rely upon w'hat some one tells him, and I do not see that this act provides any method of effective control over the salesman. That is not all. One of the really great evils of the 1929 era was the competition among bankers to lend. They forced money on foreign governments, on domestic corporations, on cities, on real estate operators. I do not see that the act provides any real protection against this evil. In short the act is somewhat naive. It attempts to stamp out all the evils of the security business by making borrowers tell the whole truth once as of a certain date. The whole truth, even once, is better than nothing. But it is not enough. The act needs to be strengthened by outlawing bad practices which it does not cover at all and by policing others. How can this be done? It can be done, I think, by a code. Let there be a code for the security business which calls for all the disclosures under the securities act, but which goes further and Galls for continuing disclosures after securities are issued, which licenses security salesmen, which sets up rules of fair practice for the whole business in all its phases, which establishes a code authority with power to put out of business an investment banker or a dealer who violates the code, with power to forbid any banker or dealer under the code from handling the securities of a corporation w'hich does not continually publish all the facts that the investor ought to know. an n HAVING created such a code, let the investment banker or dealer make his choice. If he signs the code he is subject to the law of the code. If he does not sign it he is under the securities act as now written. A procedure of this sort would require only one simple amendment to the securities act—empowering the President, for a period of three years, to suspend the act in relation to any dealer in securities who accepted a code w'hich the President had approved. Just as under the national industrial recovery act, an industry can get a limited and temporary exemption from the anti-trust law if it conforms to certain school social standards w'hich are higher than those under the Sherman act, so in this proposal the security manufacturers and traders could get a limited exemption from its liability clauses if they accepted the broader obligations of the code. This seems to be a possbile solution in that it provides two alternative methods of achieving the purposes of the securities act, and a period in w'hich the two methods can be tested in a practical way. (Copyright, 1934) Report of Jewell Tea Company for 1933 shows earnings of $3.40 a share against $3.98 in 1932.

.FEB, 6, 1934

GRAIN FUTURES SHOW UNEVEN TRADING RANGE 1 Moderate Profit-Tak ng in Securities Is Weak Factor. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Feb. 6—lrregularity in stocks and cotton was reflected in I grains at the opening of the Board |of Trade today. Wheat deliveries sold % cent lower jto % cent higher, and com and j oats were unchanged to % cent ] lower. Moderate profit-taking in stocks | brought about inconsistency in securities and this attitude was copied by grains. There was more divergence of I opinion among wheat traders. One element w'as impressed by readiness of longs to sell on bulges. Another element believes interest in the market is gradually broadening and that it will absorb the offerings from tired holders without experiencing any marked reaction. Chicago Primary Receipts —Feb. 5 Bushel* . Today Last week Wheat 917.000 600.000 Com 1.114,000 851 000 Oats 348,000 170.000 Chicago Futures Range —Feb. 6. Pr^r, W'HEAT— High. Low. 10:00 close. May 92% .02% .02% .92% July 91% .91 % .91% .91% Sept. 92% .92% .92% .92% CORN— May .52% .52% .52% .52% July .54% .54% .54% .54% Sept 56% .50% .56% .56% OATS— May .38% .37% .38% ,38% July .37% .37% .376 .37% *" May 63% .62% .62% .63 July .64% .63% .64 V* .64 BARLEY— May .52% .52 .52 .52% July 53% CHICAGO CASH GRAIN By United Press CHICAGO. Feb. s.—Cash grain; W’heat —No. 2 red and No. 3 red. 93%c: No. 2 hard, 93 %® 94 c. Corn—No. 2 mixed. 50%c; No. 3 mixed, 49%®49Yac; No 4. 48%c; No. 5 mixed. 47c; No. 6 mixed 408 (poor); No. 2 yellow, 50 1 4@51c: No. 3 yellow. 49%ifi 50c; No. 4 yellow, 48® 49c; No. 5 yellow. 47%c: No. 6 vellftw, 40c (poori; No 2 white. 50%@51 Vic; No. 3 white. 49% 47 50%c; No. 5 white. 47@48c; sample grade white, 32®35c: (old) No. 1 yellow. 51 %@ 51%c; No. 4 yellow. 49%c. Oats—No 2 white. 37%@39c; No. 3 white. 38538V 4 c No. 4 white. 37@37%c. Rye—No sales. Barley—Sales. 50@80c: quotable. 50®82c. Timothy—s6,7s@7. Clover seed—sll@l4. Cash provisions: Lard. $5.90; loose. $5 20: leaf, $5.25; S. bellies, $7.25. ST. LOUIS CASH GRAIN By United Preen ST. LOUIS. Feb. s.—Cash grain: Wheat —ln good demand, steady to lc higherNo 1 red. 95%c; No. 2 red. 94%c; No. i red, 94c; No. 4 red. 93%c: No. 2 red. garlicky, 92c; No. 1 hard. 94%c; No. 2 hard. 94c; No. 3 hard. 93%c; No. 5 hard. 90%r. Corn—ln fair demand, unchanged; No 2 mixed, 50c; No. 2 vellow, 50%@51e; No 3 yellow. 49%@59c: No. 2 white. 51%c. Oats —ln fair demand, unchanged; No. 3 white, 38Vic: No. 4 white. 38Vic; No. 2 red, 39Vic: No. 2 hurt, 40c. NEW YORK CASH GRAIN By Unitetl Press „ r J I EW YORK. Feb. s.—Cash grain— Wheat—No. 2 hard winter. $1.09%f No 2 red. $1.09%c. Corn—No. 2 mixed. 61c. Oats—No. 2 white, 48%c.

Indianapolis Cash Grain

—Feb. 5 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—Strong: No. 1 red, 88 389 c; No. 2 red, 873 88c; No. 2 hard, 87® 88c. Corn—Steady: No. 3 white. 43*@44%cNo. 4 white. 42*(@43*C; No. 3 yellow’, 42*343*c; No. 4 yellow, 41*®42*c: No. 3 j mixed, 41*@42%c; No. 4 mixed, 40*@ Oats—Steady: No. 2 white. 34®35c; No 3 white. 33334 c. Hay—Steady: If. o. b. country point* taking 23*c or less rates to Cincinnati or Louisville) No. 1 timothy. $7.50 38; No. 2 timothy. $737.50. —lnspections Wheat—No. 1 red. 2 cars: No. 2 red. 2 cars; No. 2 hard, 2 cars; No. 1 mixed. 1 car; No. 2 mixed. 1 car; No. 5 mixed. 1 car. Total. 9 cars Corn—No. 2 white. 4 cars; No. 3 whit#, 7 cars: No. 4 white, 3 cars: No. 2 yellow, 11 cars; No. 3 yellow. 19 cars; No. 4 veliow, 19 cars; sample yellow, 1 car: No. 3 mixed, 1 car; No. 4 mixed, 1 car. Total, 66 cars. Oats—No. 1 white. 4 cars; No. 2 white, 10 cars; No. 3 white. 2 cars; No. 4 white, 2 cars. Total. 18 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 85 cents for No. 2 soft red wheat. Other grades on their merits. In the Cotton Markets —Feb. 5 CHICAGO , High. Low. Close. March 11 80 11.87 11 67 May 12.02 10.84 10.88 July 12.15 12.01 12.01 October 12.35 12.21 12 21 December 12.47 12.30 12.30 NEW YORK January 12.48 12.36 12 36 March 11.78 11 60 11 64 May 11 94 11.76 11.76 July 12.10 11.92 11.95 October 1230 12.12 12.13 December 12.40 12.23 12.25 NEW ORLEANS January 1229 March 11 73 11.59 11.61 May 11,92 11.75 11 76 July ; 12.07 11,90 11.93 October 12 27 12 10 12.13 December 12.3 12.24 12.25 On Commission Row —Feb. 6 Fruits Cranberries—Cano Cod earlv blicks. 25lb. box, $2.25. Pears Washington A'AJou. fo-’ssg, $2.50; Avacados. Fla 18-16s. crate *1.50. Strawberries—Florida. 16c per pint. Bananas—Per pound sc. Apples - Wealthy. Wolf River, Orlmss Golden. Jonathan. Florida. *1.500i a t*.: fanev Stavmans. $2.2a a oox. Grapefruit—s3 2533.75. Orange—California Navels. *3.5034.25 a box. Vegetables Cabbage Eastern Danish. 50-lb. bag. $1.50; new Texas. 50-lb. crate, *3. Onions—lndiana white. 50-lb. bag. $1.40: Indiana veliow. 50-lb. bag. $1.50. Beans—Round stringless, hamper. $2.50. Beets—Bulk per bu,. $1.15: new. $1.75 a crate. Peas—3o-lb. hampers, $4. Carrots—California, $3 a crate; per do*., 60c; bulk per bushel. $1.15. bushel. $1.15. Cauliflower—California (11-12 c). crate. $1.65. Celery Michigan Mammoth, dozen. 75c; medium bunch. 40c: hearts. $1.25; 13btwxh per erte. *1 25; Caltforn.a. $2.75 a Cucumbers—Hothouse, $1.40 per dozen. Lettuce--Iceberg, best (4-ss), crate. $3.50 @3.75; hothouse, 10-lb. basket. 85c. Radishes—Hothouse button, 60c down. Spinach—New Texas. *1 per bu. Turnips—Per bu.. 85c. Tomatoes—Florida, 3C-lb. bag, $J.75. Potatoes—Northern round whites. 100-lb. bag *2.35: R. R. Ohlos 100-lb. bag. *2 35: 15-lb. bag. 40c; Idaho Russets. 100-lb. bag, *2.75: Texas Triumphs, new, $2. 50-lb. bag. Sweet Potatoes—Nancv Hall*, oer bu.. $1.65. Fire Reports, MONDAY 6:57 a. m.. 935 West Thirty-second, residence. *lO. 7:47 a m.. 2915 Brookside Parkway, residence, $lO. 10.11 a. m.. *72 Edgemont. residence. *lO. 10:36 a. m.. 1319 Cornell, residence, *lO. 11:11 a. m., 2729 Cornell, residence, no loss. 11:12 a. m.. 5758 (rear) North Pennsylvania, rubbish, no loss. 1:13 p. m.. 2236 Columbia, residence. *lO. 1:49 p. m.. grass fire mo address given). 2:07 p. m.. 1333 North Pennsylvania, garage, *5. 2 13 p. n>„ 2120 Park, residence, *75. . 4 00 p. zn„ 1204 Evlson, residence. *ls. 4:07 p. m., 1655 Martindale, residence. *ls. 7:44 p. m„ 700 South Emerson, grass fire. 8 12 p. m.. 2021 North Talbot, residence. $lO. 9:44 p. m.. 4013 North Pennsylvania, rooming house, (300.