Indianapolis Times, Volume 45, Number 245, Indianapolis, Marion County, 21 February 1934 — Page 17

FEB. 21, 193f

Experts in Street Not Certain of Government’s Aim Concerning Business and Finance. BY RALPH HENDERSHOT

Time* Special Financial Writer Whrn starting out on a trip it is a pretty good idea to have a definite objective in mind or at least to have decided on the general direction to be taken. The same principal would seem to hold as far as government policy is concerned. Detours in the nature of experimentation probably are entirely permissible at times, but it undoubtedly is wise to hold to the direction of the ultimate objective. Trained in the art of following trends, the experts in Wall Street are mor than a little confused as to the objectives the government has set lor business and finance. They can not quite make out whether the aim 1 government ownership of institutions and corporations, government supervision under private ownership or whether, after the emergency has

passed, ownership and operation will be placed back in private hands on more or less the same basis which prevailed prior to last March. It is admitted quite generally that things have gone along quite well so far. It is pointed out, however, that an important part of the improvement in business has been due to the expenditures or loans of the government itself. The question raised is what will happen when the government finally decides that it has spent enough and wishes to throw business back on its own resources. The experts are not at all certain that it can step out from under the responsibilities it has assumed even if it later decides that is the thing to do. a a a Government Plans Important The government's plans in that respect are important where their business is concerned. If, for instance, it plans to continue to finance industry

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Ralph llcndershot

they may as well close up shop. And they question the advisability of keeping their organizations intact in the meantime. But if they disband lor the time being they are not so certain they will be able to reassemble their organizations when they are needed. The termination of the CWA is expected to constitute an important test of the government's ability to get out from under an important precedent. It is expected also to furnish an excellent tipoff as to whether the government ran put the clamps on inflation. Basing their conclusions partly on the results of the dole in England, many people in the financial district anticipate trouble when the workers are told their services are no longer required. And, it is argued, if the government is obliged later on to resort to currency inflation in order to continue meeting its obligations. a a a a a a Securities Act a Factor It is hoped, of course, that private business will have improved to such an extent by the time the government decides to step out that no trouble will be experienced in absorbing the workmen who are thrown out of jobs. Some concern is felt on that score, though. If the securities act of 1933 is modified so that private business can be financed by private investors it is felt that the load will be much easier to bear. It is agreed quite generally that the banks can not take over the financing job, since long-term capital is needed. Another factor quite obviously enters into the situation also. Most of the CWA workers have been finding the government or its agents rather easy taskmasters, and they may not be particularly eager to work for private concerns again.

New York Stocks (By Abbott. Hoppin Ac Cos.)

—Feb. 20— Prev. Oil*— High. Low. Close, close. Amerada .. . 49 49% A* I RfK .. 3r% o.l>* 33% 33% Barnsdall . !•%, 9 9% 9% Consol Oil 1? < 13% 13% 13% Cont of Del 20 19'* 19% 19% Houston mew i s'a 5 5 5 Houston ioldi . . . ... 27'2 Indian Rfc . . 3% Mid Tout Pet !'KM* 13 1 2 14 Ohio Oil . ' 1 % 14% 14'* Pot Corp . '3% 13 13'r 13' 2 Phillips Pet 17'2 17'* 17% 17% P ire Oil 14 * 14'a 14% 14 3 a Koval Dutch 33 33' 2 Rkellev Oil . . 10% Soo Vac 18% 17% 17% 17% S O of Cal 41% 41% 41 ‘2 41% S 6 of Kan . . .. . 33% R O of N J 48% 48'* 48% 48'2 Roil Oil . . . 61 Texas Corp 28% 27% 28 27"! Tidewater Assn IP, II 1 , IP, IP, Un Oil of Cal . IP, 18"* IS 1 * 19'a Slrrl*— Am Roll Mills . 27'* 26% 27', 27 Beth Steel . ... 48% 47 % 48 47% Bvers A M ... 32 3P* 31% 31% Col Fuel <t Iron 8 7% 7 7 a BV* Cruc Steel ... 3P, 38 37 36 C.ulf Sts Steel 40', 40 40', ... Inland Steel ... 49 48% 48'2 48'* l.udlum Steel . 19% 18'* 19'a 18% McKeesport Tin. 9’ 91% 94 93 Natl Steel 56 3 a 55 3 „ 55 3 a 55’2 Rep I & Stl. 24-'a 2!'a 24 3 * 24% Rep I * Stl pfd 81 80 61 59'2 It S Smelt . . 170 127 '* 129'* 127% Vanadium .. . 30'* 2f", 30', 29% Mid Steel 20% 20', 20'* 2Pa Shell Un ... 11% 11 1 H 3 H u S Pipe A- Fdv 32 3(1% 31% 31 U S Steel 58% 58 58'2 58 U S Stl pfd .. . 94 3 , 94'2 Younestn SAT 32 7 a 32 32 • 32'* . Rails— 7P 2 70'g 70'a 70 Atl Cst Line . 61'2 51 B& O 33% 33 33% 33% Can Par .... 19' 2 16 7 a 16% 16'* Ch A Ohio 453 r 45 s * 4a • 4a', Chi A- Gt W 5. 5 * C M A- St P 7*2 7 1 s 7*2 7'* CMA St P pfd 12 11 % ll 7 * 11% Chi N W 14'r 11 14 3 r 14% Chi N W .. 14', 11 14’s 14'* Chi R Isl 6 7 s a' 2 5% •>% Chi R I 7 pfd !"r 9'* 9 * 9'* Dela A Hud 70 69'2 69* 2 68'2 Eric * T \ ? I 24 5 r -4 Grt Northern pd 30** 30 30% 30 111 Central .38 35 35% 3a * K C Sou 18 17'r 18 ... I,ou A Nash . 56'2 55'2 56 5a 3 * M K A T . .. 13'* 13 r 13 * 13% Mo Par ... •> 2 ,■ Mo Pac pfd 3'2 8 B'2 8 a N Y Cent • 42'2 41 -2 42 42 NY C A St I, 2> 24'b 25 25 NY C Si L pfd 3P* 33‘ 2 34 33 2 N Y Uew Ha-.rn 21N 21 21% 21 N Y Onl A Wet P. 'r 11 H 8 IP* Nor Pac . 34'. 33% 33'* 33% Penn RR . - 3.'2 36 , 37-a 3< t *% *30% •% g% Sou R R . 3a'2 34 % 3a 34% Sou R R Pfd .39,2 39 39'* 39 Union Pac . ...132% 131 2 131 2 132 2 Wabash ••• ‘ •:!. Vest Mary IP* 16'= lb's 16% Auburn 55' 2 54 , 5a a 54 , Chrysler 59'* 58 59'* <7B Gen Motors 40% 40 40'a 40* Graham Mot .. 4% - * ’ * SJISr. • ,1; Nash T !. U . . " 3'P* *23% 29> 29% Packard j>% 5,* 82 5^ sfudebaker 8% 8% 51* Yellow Truck < o ■, b % t * Motor Access- 21 Bcndix -! 2 * si,* Jii. Bohn Alum . 68% 63 66, s §2 2 Bore Warmer 2P, -6 * -2 * ri, Bua<£ Wheel . . 4% ~?% 4’2 2 |% |:Vc on A^' C Lite. liV: %; 3 ; 28\ H and A ... 6 2 6% s * Mullins Mfc .. 13% % * 12,* Murrav Body .. 11 19 lu, n 2 Ste" Warner. •' * * * 2 * Timken Rol ... 39% 39 39 39 , Mining— Alaska .Tun . . -* j*,* Am Smelt .. 48 > 48% 48 * 48 s Anaconda 18 l6 a 16 b 16 . Cal A Heda . . . • Cerre de Pasco. 38 3P* 38 C.ranbv 12% 1- ‘r * Gt Nor Ore -il ' -A3 * Homestake Mm 3a2 330 330 332 Howe Sound . 4b% 46 * 48 41 Ins Copper ..., o?, 4 Int Nickel .... -*>% -3 a a 2 -a * Isl Creek Coal . . •:, 2 1 Koncetott Cop..--31 3 JO . -la -1 Noranda Cop... . • c Phelps Dodge 1 ‘ * 1 ' * 1,4 J fil * puts 20 2 Tobacrn — Am Snuff -j’/*** ** *iq IQ 1 * Am Tob 1 A*.... .. • Gm T C*ar C ° 35 33% 33% 34% Ie A M'ers B' 86% 85 86 Bb_, torri iard 17% 17'* 1. l, 7 * Reynolds T 'B! 41% 40% 41% 40-a Equipment*— _. Allis Chalmers . .1 - -0 * .1 2* Am Car A Fdv. 32 31 * .'2 3^ Amer Loco .. 3 3 2, fi** Am Mach A Fuv l. s 1 * Am Steel Fay... . - *J V Tj," Bald Loco Burroughs !• * L 3 791^ J I ‘ , 4 *3 1 * 0,1 -li Cater TTact . 31% 31 31 * 31 C'olgat Palm P’ • V s IS j 16. 15% Congo.eum -3 29 2 e. . - 2 Elec Stor Bat • •,,, Jk,* Foster Wheeler .’ ; .r -0% C.en Am Tk Car L b 4.% 4^* Gen R P R Pii '. "" * • * ij% 41 ‘ Irßu^Mack.li I ', 143% 1% i43% In? Harvester.. *4 44 a 44 - 44 8 Kelvmator 2b, V*l Pi gh ROP 22 2 -2 2 Z Prcc Gamble.. 39 38 3 4 38 3 4 38 Pullman Inc s<*2 a Simmons Bed 2' * -1 -U* -*% West Air B 3-% 3-% 3. a 33 Wes*ingh Klee . 43% 43 43% 43 Worthington Pm .. •• 30 *9 2 AiiThTPr . 11% 11% 11% Jl% Am Power A Lit 10% 10% 10% 10% AT&T 122% 122 122% 122 Am 46 at Wks ... 22% 22% 22% 22% Brook Un Gas... .. ... ,4 <5 Col Gas A Eire.. 17% 16% 16- a 16% Col G A E pfd.. .. ... 75 75 Com A Sou .... 3% 33 3 Consol Gas .. 41 v 40% 41% 41% Elec Pwr A Lit.. 8 7% 7% 8 EP A L pfd .. 15 s * 15% 15% 15% Int TAT 15% 15% 15% 15% Lou OA E A... 19% 1# 19 19% Nat Pwr A Lit.. 13 12% 12% 13% North Amer 214. 21% 21% 22 Pac GA E . 20% 20% 20% 20% Pub Serv N J . . 42% 41% 41% 42% So Ca! Edison... 20% 20 20% 19% Sid Gas 14%' 14% 14% 14% Std Gas pfd ... 13% 13% 13% 13% United Corp 7% 7‘* 7% 7% Un Oas Imp 18’. 18% 18’. 18% Ut Pwr & Lit A 4% 4% 4% 4% Western Union.. 62% 62 62 62%

Wall Street

Rubbers— Firestone 21% 21 24 24 Goodrich 17% 17% 17% 17% Goodyear . .41% 40% 40% 40% U S Rubber . 21% 20% 21 21% U S Rubber pfd 46% 40% 46% 47 Kel Spring . 3% 3% 3% 4 Amusements— Crosley Radio .. . 12% .. Fox Thea 16% 16% 16% 16% Loews Inc . 33% 32% 33 32% Radio Corp . . 8% 8% 8% 8% RKO ... 4 3% 3% 3% Warner Bros ... f> 2 7 7 ! 4 7 4 Foods— Am Sugar ... 56% 56 Armour A ... . 6% 6% 6% 6% Beatrice Cream. . 16 Borden Prod 21% 21% 24% 24% Cal Packing ... , . 26% 26 Can Dry G Ale .. ... 25% 25% Coca Cola 104' Cont Bak A ~.. 1;% it% 13*7, Corn Prod .70 75 “ 75 “ 76 " Crm of Wheat.. 33% 33 33 33 Gen Foods 3i% 35 35% 35 Gold Dust .23% 30 20 20% G W Sugar . .. 21% 2)% 29% 30 Hershey .. sciInt Salt ... 4 *'. 23% Loose Wiles . *39% 39% Natl Biscuit ... 43 42 42 42% Natl D Prod .. 15% 15% 15% 16 Purity Bak IT 3 * 17%. 17% 17s b S Porto Rico Sug . . . . 36 Std Brands .... 22 3 * 2.’ 3 r 22% 'ui'i United Fruit . . 65'* 65 W'ard Bak A io 10 Wrigley 60 53% 60 59% Retail Stores— Asso Dry Goods .. ... 179 17% Gimbel Bros ... s 5% Gr Un Tea ' g R Hahn IVpt Sts 7‘-, 7' B 7s„ “73: Jewel Tea 45% 4040% 46 Krcsge S S. . 2n 7 B 3.t, 2nv, Kroger Groc . 32V* 32 32% 32'4 Mary R H 59 58% 59 00 Mat Dept St 411, 41 Mont Ward .. . ?t 33 5 8 33 7 , 33 7 a Penny J C 62', 62 62', 62% Safeway St. 54 3 , 543,, 5 4 i 2 54 Sears Roebuck 49% 48 7 4 433 4 4 g3 n Wool worth 51% 57% 51', 50% Aviation— Aviation Corn.. 7% 6% 7'4 6% Douelass Air . 25% 24 24% 24 Curtiss Wright 4% 4 4% 4% Curtiss W’right A 10% 10 10% 9% Nor Am Av. o>, 5% s’. 51 United Aircraft. 23', 21% 23% 21 Chemicals— Air Reduction . ... 103 102 Allied Chem ....158% 156 158'4 156 Am Com Alcohol 43% 48', 48% 47% Col Carbon 70 69% 70 69% Com Solvent 2')', 28% 2926', Dupont 102 101', 102 101’, Freeport Tex 49% 48% 48% 50 liquid Carb... 29 28% 28% 28% Math Alkali . 38% 37- 7 , 38% 38% Tex Gulf Sulph. 40% 40 3 a 40% 41 Union Carbide 48% 47% 48% 473, U S Indus Alcoh 58% 37% 57' . 57% Natl Dist mewl 27 26% 26% 27 Cotv Inc 7% 7% 73, 73, Lambert 29% 29 29 29% Lehn A- Fink... 19% 19% 19% ig3 4 Zonite Prod 7% 7% 7% 7% Financial— Adams Exp. 10% 10% 10% 10% Allegheny Corp.. 4% 4% 4% 4% Chesa Corp .. 43 42% Transameriea .... 7% 7% 7% 7% Tr Conti Corp.. 6 5% 6 6 Building— Am Radiator.... 16', 16 16 16% Gen Asphalt... 20% 29% 20% 20% Int. Cement ... . 34 Johns Manville 61% 62 62% 62% Libbv Owens Gls 41% 40% 41 403, Otis Elev 18% 17% 18% 17% Ulen Const 31, Miseella neons— Am Bank Note.. . . . . 20% Amer Can 106% 105 106', 104 1 - Anchoro Cap . 21% 21% Brklyn Man Tr. . 33% 32% 32', 32% Conti Can . . 80% 80 80% 79% Eastman Kodak 92 Owens Bottle... . . 90>•. 90 Gillette 11% 11% 11% 11% Glidden 22% 22% 22% 22% Gotham Silk ... 10% 10% 10% 10% Indus Ravon 89 89% Inter Rapid Tr 11 10% Real Silk Hose.. .. ... 12% 12 New York Curb <Bv Abbott. Honpin A Cos.) Feb. 20— * Close Close. Alum Cos of Am 73 Gen Aviation.. 6% Am Beverage... 3% Glen Alden Coal 20 Am Cyanide B 20 Gulf Oil of Pa.. 71% Am Gas A El.. 30% Hiram Walker.. 45% Am Superpower 3% Hud Bav Min... 3% Ass Gas A Ei 1 % Newmont Min.. 54 Atlas Corp 13% Nia Hud Pwr 7% Brit Am Tob A 30% Novadel Agene.. 67% Can Marc 4% Park Davis... 25% Cities Serv 3% Penn Road 3% Con Gas of B. 61 St Regis Paper. 4% Creole Petrol... 11 % Sal Creek Prod. 7 Crown Cork Int 6 1 , Shewin Wms. ... 65 Deere A Cos 33 Std of Ind.. .. 31 Distillers Lim . 21% Technicolor Ind 9% Distillers Corp 20 Technicolor Iti£i 9% El Bond A Sh. 19% Teck Hugh Gold 5% F;*k Rubber ... 18% Un Pwr A Lt A 4% Ford of Can A 23'.- Wright Harg M 7% Ford of Europe 6%

Daily Price Index

By United Press NEW YORK. Feb 20.—Dun & Bradstreets daily weighted price index of thirty basic commodities compiled for the United Press--119331932 average. 100) Today 108 43 Yesterday 108 53 Week ago 109 03 Month ago 104 79 Year ago 68 98 1934 High i Feb. 171 109 16 1934 Low iJan 3' 10105 (Copyright 1934 Dun & Bradstreet. Inc.)

U. S. Government Bonds

By United Prrtti NEW YORK Feb 20 —Clos*.ii(t Liberties: Decimals represen* thirtv-seconds. i Liberty 3% (32-47* 102 4 First 4 1 * s .32-47i 102 26 Fourth 4%s (33-38. 102.26 Treasurv 4%S 3%f .45* * 100 16 4%s (47-52 1 108 30 3%S (43-47* 101.1 3*s (41-43* March 101 3*s (40-43i June 1 101.4 3 ! t* *4ll I 100 15 3*.* .46-49* I , 99 it tSI-35, I. 97.32

AVIATION ISSUES STRENGTHEN AS PRESSURE LIFTS List Jumps Fractions to 2 Points; Others Show Firm Tone.

Average Stock Prices

Average of thirty industrials for Monday: high 109 57. low 107.04. close 107.53. off 1.54 Average of twenty rails: 52 40. 51 42 51.62. off .40. Average of twenty utilities: 29.96, 28.08. 28.27. off .65. Average of forty bonds: 92 445. unchanged. Average of ten first rails: 97.57. up .11. Average of ten second rails: 83.06. off .15. Average of ten utilities: 95 20. off .02. Average of ten industrials: 93.99. up .07. BY ELMER C. WALZER United Press Financial Writer NEW YORK, Feb. 21.—Pressure lifted from the aviation shares yesterday and they rose fractions to more than 2 points to feature a dull, but firm stock market session which was curtailed by one hour because of a blizzard in the New York era. Opening at 11 E. S. T. the stock market was moderately active with prices irregular in a narrow range. Trading turned dull and continued so to the close. Foreigners resumed buying, making up in part for little demand by domestic traders. Delay at the opening was caused by lack of specialists, telephone clerks and exchange employes to carry on the gigantic Stock Exchange machinery. Utility Group Weak The only weak groupc was the utility, where losses extended to more than a point. Incentive for selling came from the statement by George B. Cortelyou, president of Consolidated Gas, that utilities “will be among the last to derive the benefits of a national recovery which they were among the first to help promote.” United Aircraft led the aviation section, by gaining more than 2 points. Wright Aero was up a point. Motor shares were higher, as were motor equipments. Studebaker made a new’ high for the year at 8%, up !l> in the former, while Electric Auto-Lite at 30, up 1%, was at a new high in the equipment section. Pierce-Arrow and Packard continued active in low’-priced issues. Oils steadied after an early setback. Steels held firm but dull. From 11:50 to 1:52 p. m. there w r as not a transaction in United States Steel common stock. Those that w’ere made throughout the session were in a range of % point. Rails gained fractions to a point. Wet stocks were steadier than recently. High grade industrials like American Can w’ere up a point or more. Mercantile issues, rubbers and chemicals were firm. Silver Prices Slump Commodities failed to move in line with stocks. Wheat sold off more than a cent a bushel as did rye, W’hile other grains w’ere down fractionally. Cotton lost a few points; silver was down 24 to 50 points; rubber down 8 to 13 points; silk off 2 cents; hides and copper futures off a few points. Bonds were irregular and quiet. The dollar was firm in sterling terms and steadyotherwise. Trading in the four hours yesterday totaled 1,220,000 shares against 2,350.000 shares in the five-hour session Monday. Curb sales were 221,000 shares against 401,000 shares Monday. Dow-Jones preliminary averages show-ed industrial, 108.14, up 0.61; railroad 51.79, up 0.17; utility 28.20, off 0.07.

Bank Clearings

INDIANAPOLIS STATEMENT —Feb. 20. Clearings $1,526,000.00 Debits 4.250.000.00

Treasury Statement

li\t United Press WASHINGTON, Feb. 20.—Government expenses and receipts of the current fiscal year to Feb. 17, compared with the corresponding period of the previous fiscal year: This year. Last Year Expenses SI. 034.245.760.99 53.208.116,145.46 Receipts $4,635,951,250.49 $1,212,984,106.69 Surplus $ 601.705.489.50 x 51.995,132,038 77 Cash Bal $4,213,574,892.71 xDeficit.

Foreign Exchange

Abbott. Hoppin & Cos. —Feb. 20— _ Close. Sterling. England $5 OS's Franc. France 0653 Lira. Italv 0365 Belgies. Belgium 2310 Mark. Germany 3345 Guilder, Hollariw* 6673 Peseta, Spain 1342 Krone, Norway 2545 Krone. Denmark 2260

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —Feb. 20Bid. Ask. American Bank Stocks Corp.. 120 125 American & General Sec A... 5.50 7.50 American <fc Inv Tr shares... 2 00 3.00 Basic Industry shares 3 64 3 70 British Type Inv Tr shares.. .78 82 Collateral Trustee shares A... 5.00 5.25 Corporate Trust shares < old 1. . 2 20 2.24 Corporate Trust shares <newi 2.55 260 Cumulative Trust shares 4.40 4.50 Diversified Trust shares A... 625 Diversified Trust shares B. .. 8.50 8 75 Diversified Trust shares C 3 38 3 42 Diversified Trust shares D... 5.15 530 First Insurance Stock Corn.. 130 1.36 r’irst Common Stock Corp.. ,95 1 10 Fixed Trust Oil shares A ... 9.00 9.25 Fixed Trust Oil shares B 7 87 8 25 Incorporators Investments ..19 50 20.75 Land Bank Bond shares 1.06 1.17 Low Priced shares 6.62 675 Mass Inv Trust shares 19 84 21 55 Nation Wide Securities 3.70 3 80 North Am Tr shares <53 > 1.94 199 North Amer Tr shares (55*... 2.55 2 59 North American Tr shar isß> 2.75 2.87 Selected American shares ... 3.40 Selected Cumulative shares. . 7.20 . . Selected Incom*- shares 360 400 Std American Tr shares A... 3 17 3.21 Trust Shares of America 3.01 3.07 Trustee Std Oil A 5 85 6 00 Trustee Std Oil B 5.45 5.55 U S Electric Lt & Pwr A... .13 25 14.00 Universal Trust shares 3.28 3 32

Federal Farm Loan Bonds

(By Blvth & Cos.. Inc.) —Feb. 20— Bid. Ask. 4s Nov 1. 1957—37 93’; 94% 4s May 1. 1958—38 93% 94% 4%s Julv 1. 1956—36 94% 95% 4%s Jan. 1, 1957—37 94’ 2 95% 4* 4.S Mav 1 1957—37 94* 2 95% 4*4* Nov. 1. 1958—38 94% 95% 4%s Mav 1. 1942—32 96% 98 4 1 -s Jan. 1. 1943—33 95% 96% 4%s Jan 1. 1958—33 95% 96% 4%s July 1. 1953—33 95% 96% 4%s Jan. 1. 1955—35 95 % 96% 4* 2 s July 1. 1955—35 95* 2 96% 4%s Jan. 1. 1956—36 95% 96% 4%s July 1. 1953—33 96% 98 4%S Jan. 1. 1954—34 96% 98 4%s July 1, 1954—34 96% 98 5s Mav I. 1941—31 99% 100% 5s Nov. 1. # 1941—31 99% 100% Home Loan 4s, July 1, 1951.... 96 96%

THE INDIANAPOLIS TIMES

Chicago Stocks .... —— g T Abbott, HooDin * Cos.

TOTAL SALES 63.000 SHARES. —Feb. 20High. Low. Close ! Acme Steel Cos 41 1 2 41 41 % Advance Aluminum 4 3% 4 Allied Products IS 1 . 18 : j 19% i Aitorfer Bros ... 23 Am Pub Serv pfd io 9 10 American Yvette ... % Asbestos Mfg 3% 3% 3% ! Bastian-Biessing ....... 9 B’* 9 Bendix Aviation 21% 21 21% Borg-Warner 27% 26% 27% Butler Bros 10% 10 10% Canal Construction 3’. Cent Ac So West old 7% Chi A- North W’estern.. 14'* 14 14% Chi City & Con Rvs ... % Chicaeo Corn com 3 T * 3% 3% Chicago Corp pfd ... 29 Cities Service 3% 3 3 3% Club Aluminum ....... ... % Commonwealth Edison.. 54% 54 * 54'* Consumers ... % Consumers 6% nr pfd.. 4% 4'? 4% Cord Corn 7% 7 7'* Crane Cos 10’* 9% 10 Crane Cos pfd 64>2 63% 64 DeMets Inc pfnee 15.. 14% 14'* Dexter Cos *% Gen Household Ut .... 12 7 * 12% 12 1 * Goldblatt Bros 16'* 16% 16 s * Great Lakes Dredge ... 20% 20 20’ 2 Grigsby Grunow Va % % Hall Printing B’2 8 3 * B’2 Hart Carter pfd ... I 3 * Iron Fireman 3 ! 4 13 13 Jefferson Elec ... 15 Katz Drug 31 Kentucky Ut Jr cum pf 19 18 18 Libby McNeil SVa 5 Y* 5’2 Lindsay Light ... 2’2 Marshall Field 18’4 McWilliams Dredging Cos 23 22% 23 Meadows Mfg Cos com.. .. ... ’* Merchants & Mfrs A * ... 3 Mickelberry’s Food Prod ... ’s Middle West Utilities.. Va % ’2 Middle W Util 6% pfd A ’ 4 Midland Util A pfd l's Midland Util 7G> A pfd I l * Modine • 14 ’4 14 14 Monroe Chemical 8 7 7 Mosser Leather ... 13 Nachmann Springfllled. 5 National Leather I'* 1% 1% Oshkosh Overall 6 5 3 4 6 Potter Cos ... 4% Prima Cos ... 9 % Public Service 6% pfd.. 60 58 60 Quaker Oats 118 'a 118 11814 Quaker Oats pfd ... 120 Rath Packing 25 1 4 Stutz Mot Car Cos of A . . . . 7 7 * Swift & Cos 18% 18 18’ 4 Swift Internacional ... 27' 2 Utility & Ind 1‘ 2 Utility & Ind pfd 5 4% 4% Vortex Cup Cos 8% 8% 8% Wahl 2*2 2% 2% Ward Montgomery (Ai 108 Wieboldt Stores 17% 16% 17 Yates Machine 1 Zenith Radio 4 3% 3%

Bright Spots

(By Abbott. Hoppin Ac Cos ) American Metals and subsidiaries in year ended Dec. 31 earned $1.55 a share bn the 6 per cent preferred stock against a net loss of $2,256,630 in 1932. Gross Revenue for Canadian Pacific Railroad Company for week ended Feb. 14 was $2,095,000 against $1,711,000 in the similar 1933 period. Chesapeake A Ohio Railroad Company January net operating income totaled $2,679,268. against $2,335,978 in January, 1933. Jewel Tea Company sales for four weeks ended Jan. 27 totaled $1,214,762, against $1,095,422 in the fike 1933 period. Revenue cars handled bv the Atchison. Topeka Ac Santa Fe Railroad company in the first six days of last week numbered 18,374 cars, against 17,279 cars in the like period last year. Wahl Corporation in 1933 earned $5.98 a share on the 7 per cent preferred stock against a net loss of $588,614 in 1932. Lehigh Portland Cement Company in year ended Dec. 31 had a net loss of $847,420 after expenses against $1,988,189 in 1932. Brooklyn Edison Company in 1933 earned $9.70 a share against $10.66 in 1932. Kansas City Southern Railroad Company January net operating income was $94,189. against 55,835 in the similar 1933 period. New York Edison in 1933 earned $4.28 a share against $4.91 in 1932. Chesapeake & Ohio car holdings for own lines and connections in week ended Feb. 17 were 28.289 ears against 28,002 in the previous week and 26.860 in the similar 1933 week. National Cash Rgister Company has received an order for 2.000 cash registers from the Ohio Liquor commisison. United Carbon Company 1933 profit was $636,217, against $149,643 in 1932.

In the Cotton Markets

—Feb. 20— CHICAGO High. Low. Close January 12.77 12.66 12.66 March 12 10 12.00 12.01 May 12.28 12.19 12.20 July 12 43 12.35 12.35 October 12 62 12.51 12.51 December 12.72 12 63 12.63 NEW YORK March 12 02 11.90 11.90 May 12.20 12.08 12 09 July 12.35 12.23 12 23 October 12.53 12 40 12.40 December 12.64 12.51 12.51 NEW ORLEANS January 12.52 March 12.01 11.90 11.90 May 12 18 12.06 12.07 July 12.32 12.21 12.22 October 12 49 12.38 12.39 December 12.61 12.50 12.50 Marriage Licenses Robert Skinner. 22. 2715 East Washington street, bookkeeper, and Thelma Cox, 19, 1833 West Morris street, housekeeper. Albert Hopwood, 22. 5530 Herbon street, steel worker, and Dorothy Brown, 19, R. R. 5, Box 489, housekeeper. Edward Schmidt, 31. Cincinnati, meat cutter, and Breagetta Bien, 31, 1035 River avenue, telephone operator. J. Edward Watson, 52. 1111 Eugene street, mechanic, and Addie Seward, 64. 1111 Eugene street, housekeeper. Edmond Fahev, 41. Los Angeles. Cal., salesman, and Mary Williams. 44, Lincoln hotel, housekeeper. William Kirkendall. 48, Martinsville, Ind.. laborer, and Florence Mount, 50. 968 Elm street, housekeeper. Lambert W. Sutton. 26. 223 Blake street, laborer, and Jennie Gieseking. 24, R. R. 7. Box 84. housekeeper. Births / Bovs Edward and Ellen Dankert. 2748 Manker. John and Stella Good, 2213 West Morris. Raymond and Frances Fiscus, 529 North Kevstone. Herbert and Florence Lyons. Methodist hospital. Roy and Elsa Hedges. 524 East Twentyfourth. Clarence and Pearl Sparling. St. Vincent’t hospital. Thomas and Elizabeth Stapleton. St. Vincent's hospital. John and Susanna Jarrett. Coleman hospital. , Roy and Viola Nelson. Coleman hospital. Fritz and Martha Wenke, 1450 South Hiatt. William and Ethel Oliver, 758 North Livingston. Girls Clarence and Susie Keith, 216 North Koehne. Steve and Annie George. 840 Virginia. Clifford and Nellie Heidenreick, 858 South Addison. George and Edna Fall. Coleman hospital. Harry and Essie Grinnewald. Coleman hospital. Charles and Bonnie McClure. Coleman hospital. Robert and Freda DeNoon. 2633 Brookside Frank and Marie Andrews. 3415 East Twenty-fifth. FTank and Hazel Lavar. 1134 Arnolda. Deaths John N. Norton. 84, 3741 Salem, arteriosclerosis. Edward A La Rue. 64, city hospital, aortic insufficency. Nancy Elizabeth Sandy. 88, 5613 East Washington, arteriosclerosis. Evelyn Blasdel. 71. 726 East Fifty-fourth, hvpostatic pneumonia. Frank Beil. 29. 218% Indiana, sarcoma. Raymond Brummett. 9 months 2912 Caroline, broncho pneumonia. James A McClamroch. 72, 246 North Oakland, acute nephritis. Ida A. Halfaker. 68. 2168 South New Jersey, diabetes mellitus. Fred Brandt. 62. city hospital, pulmonary infarcition. Willis Johnson, 44. eitv hospital, uremia. Mahala Sm'th Mitchell. 53, 115% West Rav. myocarditis Daisy M. Smith. 34, 1638 Ingram, carcinoma. Anna Elizabeth Miller. 55. 1202 East Vermont, broncho pneumonia. Elizabeth Lorine Carroll. 1 month, 510 Bell. Mary Alice Jones, 71. 3329 West Tenth, uremia. Ora Harrison. 64, 2944 Clifton, coronary occlusion. _ _ . Mike McFerren, 66 2342 Ralston, chronic interstitial nephritis. NEW YORK RAW SUGAR FUTURES —Feta. 20High. Low. Close. January 1.76 1.70 1.76 March 1.55 1.50 1.55 May 1.61 158 1.61 July 1 65 1.60 1.65 September 1.66 164 1.88 December U 4 . i.74

PORKER PRICES MOVE 10 TOl5 CENTSLOWER Cattle, Vealers Steady to Strong; Lamb Values Strengthen. Weakness appeared in hog tradj ing at the local stockyards yesterday. Majority of classes ranged j from 10 to 15 cents lower than yesterday’s average. Slight increase was shown in receipts and demand was fair. The bulk, 160 to 300 pounds, sold at $4.60 to $4.80, while few small lots brought $4.75. Weights scaling 300 pounds and upward were i selling at $4.35 to $4.55. Lighter kinds, weighing 130 to 160 pounds, sold at $3.90 to $4.40, while light | slaughter pigs, weighing 100 to 130 pounds, were salable at $2.25 to $3.50. Receipts were estimated at 7,000. Holdovers, 219. Initial sales on beef steers in the cattle market were steady to strong. One choice load sold at $6.25. Bulk held under $6. Other classes remained inactive. Receipts numbered 1,500. Vealers held steady to slightly higher than the previous close, selling mostly at $7 down. Odd heads ranged up to $7.50. Receipts were 600. Slight strength was evident in lamb trading, with most classes strong to around 25 cents higher. Early bulk sold at $9.25 to $9.85. Few small lots ranged up to $lO. Receipts were 500. An advance of 5 cents featured the hog market at Chicago, with initial sales quoted at $4.75 down. Early action was light. Receipts were estimated at 25.000, including 9.000 directs; holdovers. 2.000. Cattle receipts, 8,000; calves, 2.000; market unchanged. Sheep receipts numbered 15,000; market stationary.

HOGS Bulk. Top. Receipts. 14. $4.70® 4.90 $4.90 5,000 15. 4.60® 4.75 4.80 7.000 16. 4.60® 4.75 4.30 6,000 17. 4.55® 4.75 4.80 2.000 19. 4.70® 4.85 4.90 5.000 20. 4.60® 4 70 4.75 7,000 Market, lower. (140-160) Good and choice....* 4.15® 4.40 —Light Weights—-(l6o-180) Good and choice ... 470 (180-200) Good and choice. .. 4.70 —Medium Weights—-(2oo-220) Good and choice. .. 4.70 (220-250) Good and choice.... 4.65® 4.70 —Heavv Weights—-(2so-2901 Good and choice. .. 4.60® 465 (290-350) Good and choice.... 4.50® 4.60 —Packing Sows—(3so down) Good 3.65® 4.00 (350 up 1 Good 3.50® 3.75 (All weights) Medium 3.00® 3.50 —Slaughter Pigs—-(loo-130) Good and choice.... 2.25® 3.50 CATTLE Receipts, 1,500; market, steady. (1.050-1,100) Good and choice $ 6.00® 7.00 Common and medium 4.00® 6.00 (1.100-1,5001 Good and choice 5.50® 7.00 Common and medium 4.00® 5.50 (675-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.25 (750-9001 Good and choice 4.75® 6 25 Common and medium 2.75® 4.75 —Cows— Good 3.25® 3.75 Common and medium 2.75® 3.25 Low cutter and medium 1 50® 2.75 —Bulls (yearlings excluded! Good (beef steers) 2.75® 3.50 Cutter, common and medium.. 1.50® 2.75 —VEALERS— Receipts, 600; market, steady. Good and choice $ 6.50® 7.50 Medium 4.00® 6.50 Cull and common 2.00® 4.00 —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 (800-1.5001 Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 SHEEP AND LAMBS Receipts, 500; market, higher. (90 lbs down) Good & choice * 9.25®10.00 (90-110 lbs ) Good and choice.. 9.00® 9.75 (90 lbs. down) Com. & med... 7.00® 9.00 —Ewes— Good and choice 4.00® 5.00 Common and medium 2.00® 4.00

Other Livestock BY UNITED PRESS CHICAGO. Feb. 20. —Hogs—Receipts. 25,000 including 9.000 directs; fairly active and 5c to 10c higher than yesterday; 160300 lbs., $4.5079 4.65; top $4.70 paid sparingly; good pigs. $3.25*33.75; packing sows, $3.859 4.10; light lights. 140-160 lbs. good and choice, $4.15f/4.60; light weight 160-200 lbs., good and choice, $4.40® 4.70; medium weights. 200-250 lbs., good and choice, $4.50®4.65; heavy weights, 250-350 lbs., good and choice. $4.35*94.60: packing sows. 275-550 lbs., medium and choice, $3.75®4.30; slaughter pigs. 100-130 lbs., good and choice. 53.25®4.15. Cattle —Receipts. 8.000; calves, 2.000: yearlings and choice steers. all weights; fully steady; others slow but mostly steady early; she-stock, bulls and vealers. steady; top on 1,036-lb. yearlings. $7.35; 1,272lb steers. $7: slaughter cattle and vealers, steers, 550-900 lbs., good and choice. $6.50 *9 7.50 : 900-1,100 lbs., good and choice. $5.75*97.35; 1.100-1,300 lbs., good and choice. $5.25*9,7.25; 1.300-1.500 lbs. good and choice, $4.75*96.75: 550-1.300 lbs., common and medium. $4.259 5.75: heifers 550-750 lbs., good and choice. $5.50*3 7: common and medium, $3.75*35.50: cows good. $3.5094.25; common and medium. $3 9 3.50; low cutter and cutter, $1.75*93: bulls yearlings excluded good beef, s3*9 3 50: cutter common and medium. $2 35 93.25: vealers, good and choice. $5.50*9 7: medium. $595.50: cull and common. s4*9 5; Stocker and feeder cattle: steers. 5501.050 lbs., good and choice. $4.25(95.75: common and medium, $3.5094.50. Sheep —Receipts, 15.000: fat lambs opening slow; undertone steady to easier: talking around $9.50*9 9.75 on desirable offerings; some held higher; undertone strong to unevenly higher on aged sheep; yesterday top ewes, $5.65; lambs 90 lbs. down, good and choice $99 9.85: common and medium. $7.35*99 25: 90-98 lbs., good and choice. $4*95.75: all weights common and medium. $39 4.50. EAST ST. LOUIS. 111.. Feb. 20.—Hogs— Receipts, 11.500. including 1,000 direct; market, opened 10 to 15 cents lower than yesterday's average; lighter weights off more; pigs and light lights not established: top. $4.60: bulk. 160-230 lbs.. $4.5094.60; 240-300 lbs.. $4.2594.45: sows mainly. $3.40*93.60. Cattle—Receipts. 3,500; calves. 2.200; market, not established on steers; mixed yearlings, heifers, cows and bulls opened fully steady: vealers 25c lower; top. $6.75; early sales mixed yearlings and heifers largely $4.50 9 5.50; with top. $5.65: cow's. $2.8593.50; low cutters, $1.5092; top sausage bulls. $3.25. Slaughter steers. 5501.100 lbs., good and choice. $5.5096.85; common and medium. $3.5095.75; 1.1001.500 lbs., choice. $59 6.60; good, $49 6 25; medium. $3.759 5.50. Sheep—Receipts. 2.000: market, few choice lambs to city butchers and shippers strong to 10c higher at $10910.10; nothing done on others. Lambs, 90 lbs. down, good and choice. s9® 10.10: common and medium. $69 9.25: 9098 lbs., good and choice, $8.759 10; yearling wethers. 90-110 lbs . good and choice. $6.75 9 8.50: ewes. 90-159 lbs., good and choice. S3 509 5.25: all weights, common and medium. $2.5094. CLEVELAND. Feb. 20.—Cattle—Receipts. 300: market, fairly active and steady, choice steers, 750-1,100 lbs.. $6.259 6.75; 550-1.200 lbs.. $59 6: heifers, 600-1,000 lbs . $4.25*95.50: good cows all weights, $2.50® 3 25. Calves—Receipts, 300: market, slow but steady: choice to prime. $7.50*9 8: choice to good. $6.5097.50; fair to good. $5.50®6.50. Sheep—Receipts, 1.000: market, active and steady; choice wethers, $49 5; medium to good. s3®4: choice spring lambs. s9®lo; good to choice. SB-39 Hogs —Receipts. 1.800: light hogs decline 15® 25c as government completes buying: heavyweights steady; few heldover: 250300 lbs.. $4 5094 75; 220-250 lbs. $4,509 4.75: 180-210 lbs.. $5: 150-180 lbs.. $5; stags. $1.7592; roughs, $2.75®3; pigs, $3.25*93.50. LAFAYETTE. Feb. 20.—Hogs—Market. 10® 15c lower: 170-250 lbs.. $4.5094.55: 250325 lbs.. $4.35*8 4.45: 140-170 lbs.. 53.90® 4.15: 120-140 lbs.. $3 25 9 3 65; 100-120 lbs., $292.75; roughs, $3.75 down; top calves. $6.50; top lambs. $8 50, PITTSBURGH. Feb. 20.—Hogs—Receipts. 600. holdovers 1.050; fully steady; top $5.10; bulk. 150-210 lbs . $595.10; 210-250 lbs.. $4 759 5: 250-300 lbs., butchers. $4.75 down: 120-140 lbs., $3.259 4; packing sows, slow quotable. S3 50 down. Cattle—Receipts. 15: nominal. Calves—Receipts. 25; steady; good and choice vealers, $7.509 8; medium kinds. $69 7. Sheep—Receipts. 100; no choice lambs on sale, quotablv steady at slo® 10 25 for good and choice lambs; clipped lambs, quotable. $7.75 down: common to medium wool-skins.s6 *59.25. FT. WAYNE. Feb. 20.—Hogs—Receipts. 10c lower: 160-200 lbs., *4 65; 200-250 ibs.. $4 55 250-300 lbs . $4 45 300-350 lbs.. $4 25: 150-160 lbs.. $4.25: 140-150 lbs.. $4; 130-140 lbs . $3.75; 120-130 ibs.. S3 25: 100120 lbs.. $2.75; roughs, choice. $3.50; stag*. $2. Calves —*7; Western lambs, $9.50; native lambs. $9.25.

Today and Tomorrow

Municipal Bankruptcy in New York City Would Be Serious Shock to National Recovery. BY WALTER LIPPMANN AMONG those who are following the struggle to set in order the financial affairs of New York City there must be many who wonder why, if the federal government can afford a deficit of ten billions this year, it is so necessary to balance the municipal budget. The underlying reason is that a central government is sovereign, and the sovereign can in the last resort create the money it must have. That ultimate power over money itself enables a sovtreign to make forced loans if it needs them, or by the method of inflation to levy taxes. But a city or a state, like a corporation of an individual, can not inflate and can borrow only as long as its credit is good. It can not. directly or indirectly, create money as the federal government is now doing, and so it can pay its bills and its debts only in so far as it can levy normal

taxes or borrow from investors through the medium of banks. a a a ' I 'HE City of New York is in financial importance the largest governmental agency next to the federal government itself. It is larger than any state. It is larger than all but perhaps ten of the governments anywhere in the whole world. Owing to gross mismanagement under Tammany rule and to the severity of the depression, it is today in great difficulty. The solution of the difficulty concerns not only the millions of people of the city, not only the many millions more who live in the metropolitan area of which New York is the center, but the whole nation. Municipal bankruptcy in the financial capital of the nation would be a serious shock to the national recovery. Yet unless heroic measures are taken promptly,

bankruptcy is highly probable. The city does not have now the power to balance its budget. It lacks the power to reduce expenses. It lacks the

power to increase revenues. It is in a strait-jacket, and bankruptcy not later than next autumn is a virtual certainty unless the straitjacket is removed. This can be demonstrated. For the year 1934, of which nearly onesixth has already elapsed, the budget as adopted by the Tammany administration of Mayor O'Brien calls for expenditures of $551,000,000. The taxes that may- be levied on real estate are limited by agreement with the bankers, and also fixed by law at $438,000,000. Other revenues under existing law are estimated at $82,000,000. This leaves a deficit of about $30,000,000.

THE La Guardia administration is compelled, therefore, to cut expenses or find new revenues, or to borrow $30,000,000. It can not borrow from private sources because it can not sell its bonds. It has no power to levy new taxes. It has insufficient power to reduce expenses. The struggle at Albany turns on a request for power to reduce expenses. Now there is only one place in the budget where expenses can be cut in any substantial amount, and that is in the appropirations for salaries and wages. The reason is as follows: Out of the $551,000,000 to be spent, $168,700.000 are for the service of the debt. This figure can not be reduced. For suppose the city should decide to force the bondholders to take less interest. It could conceivably do that. But only on the theory that it did not have to borrow any more from them. The city has, in fact, to borrow several hundred millions from them this year, and obviously this would be impossible if it defaulted on the old money. Yet without the new money public works will come to a standstill, and pay rolls which are always paid before taxes come in can not be met. Default, even if it were morally justifiable, would, therefore, be no solution. The $168,000.000 for debt charges has to be paid. There is another $115,000,000 or so in the budget which can not be cut and have to be paid. Os this about $61,000,000 goes for pensions to retired employes, widows, the aged, the veterans and for support of charitable institutions. Another $12,000,000 or so is needed to light the city, to pay rent on leased buildings and for telephones. nan Another $24,000,000 has to be set aside by law to cover uncollected taxes. About $19,000,000 is left for repairs to all the city’s properties and for supplies; it is almost certainly too little. The debt charges plus these more or less untouchable items make a total of $273,000,000. The only thing left are personal services, that is, salaries and wages, amounting to $268,000,000, chargeable against the budget. The city also receives $49,000,000 from the state applicable to teachers’ salaries. The total pay roll is therefore $317,000,000. There is no other place in the budget where the whole or any substantial part of the deficit can be made up. If the budget is to be balanced without new taxes, the city pay roll has to be reduced about 10 per cent. But the city has not now the legal power to reduce its whole pay roll. The largest item in it is for teachers’ salaries, which accounts for $123,000,000 out of $317,000,000, and they are fixed by the state. It has no power over some of the courts, though it pays the bills. It

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 $4 25 Coke, nut size 8 75 Coke, egg size 8.75 Indiana, forked lump 5.50 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump 7 00 Pocahontas lump 8 25 Pocahontas egg 8.25 Pocahontas forked lump 9.25 Pocahontas mine run 7 25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. .

On Commission Row

—Feb. 20Fruits Cranberries —Cape Cod early blacks. 25lb. box. $2 25. Pears Washington D'Anjou. 90-1655, $2.50: Avacados, Fla . 14-20s, crate. $2. Strawberries—Florida, 15c per pint. Bananas—Per pound. sc. Apples Wealthy. Wolf River. Grimes Golden. Jonathan, Florida. $1.35®2 25 a bu.. fancy Staymans. $2.25 a box. Grapefruit—s 39 3.75. Oranges—California Navels, $3.75 a box. Vegetables Cabbage—Eastern Danish, 50-Ib. bag, $1.50; new Texas, half crate, $1.35. Onions—lndiana red. 50-lb. bag. 1.50; Indiana yellow. 50-lb. bag. $1.50. Beans—Round stringless, hamper. $3. Beets —Bulk per bu., $1.15; Texas, new $1.50 a crate. Peas—4s-lb. crate $5 Carrots—California, $3 a crate; per doz.. 60c. bulk per bushel, $1.15. Cauliflower—California (10-11-12s), crate $1.60. Celery—Michigan Mammoth, dozen, 85c: medium bunch. 45c; hearts, sl.2'i; California. $2.50 a crate. Cucumbers—Hothouse. $1 25 per dozen. Lettuce—lceberg, best (4-ss. crate, $3.50: hothouse,ls-ib. basket. $1 15. Radishes—Hothouse button. 60c down. Smnach—New Texas. $1 per bu. Turnips—Per bu.. 90c. Tomatoes—3o-!b. carton $2.25. Potatoes—Northern round whites. 100-lb. bag $2.35; R R Ohios. 100-lb bag $2.35; 15-lb. bag. 40c Idaho Russets, 100-lb bag. $2 60. * Bwe*t Potatoes—Nancy Halls, per bu., 8L8&.

has no certain legal power to reduce the cost of county offices, though here, too, it pays the bills. The present issue in Albany is how the pay roll can be reduced. However, even if this effort succeeds. even if the pay roll is cut $30,000,000 this year, the problem will not be solved. For next year, the law requires the city to set aside a reserve against uncollected , taxes twice as large as that required this year. This may create anew deficit of $26,000,000. a a a THEREFORE, if the pay rolls are cut this year, it will be necessary next year to continue the cut, and still there will be a large deficit. Nobody imagines that it is possible to cut pay rolls 10 per cent this year and say 20 per cent next year. Therefore, the city, in addition to cutting salaries, must have new revenues. Under existing law it can not find them. Real estate taxes almost certainly can not be increased. In 1933, although the tax levy was about $80,000,000 less than in 1932, the taxes uncollected were 27.6 per cent. Higher real estate taxes will produce a tax strike, but no new revenue. The city has to have more money next year and the state has either to get the money for it or give it power to get the money itself. To pretend that New York can be saved from bankruptcy without new taxes is to deceive the people. The real difficulty in New York is that the seriousness of the situation has not been brought home to the people, and the will to solve the problem has not been created. The mayor and the Governor have compromised and bargained and made concessions to lobbies and politicians and organized minorities when the position requires stern and unyielding leadership. They have let nearly two months pass, which means that every day they are spending at the old rate and increasing the deficit which will accumulate later. The reckoning will come in the autumn. It will come in the form of defaults, payless pay days and disrupted services. Their only way of safety is to be brutally frank and very bold. (Copyright. 19341

Produce Markets

Delivered in Indianapolis Prices—Hens. 10%c; Leghorn hens, 10c; Leghorn spring-er-stags. 6c; large springer-stags, 9c; cocks, sc; Leghorn cocks, 4c; ducks, full feathered and fat, 4% lbs. and over. 8c; geese. 6c; young guineas. 1% to 3 lbs, 35c; old guineas. 25c. No 1 strictly fresh country run eggs, loss off 13c; each full case must, weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1, 279 29c; No. 2,24925 c: butterfat, 22c.—Quoted by Wadley Company. BY UNITED PRESS CHICAGO, Feb. 20.—Eggs—Market, weak receipts. 14 080 cases; extra firsts 15%c fresh graded firsts 15%c; dirties, 13%c; current receipts. 14%c; checks, 13%c. Butter—Market, firmer, receipts, 9 689 tubs; storage (92 scorei 23%c; storage extras (92 scorei. 23%c; storage standards 190 scorei 23%c; extra firsts (90-91% scorei. 24924%c: seconds 186-87% scorei 22%c; specials. 25925%c. standards 24%c; firsts (88-89% scorei, 23®23%c. PoultryMarket, steady; receipts. 40 trucks one car: turkeys. 109 15c; heavy hens. 12c; Leghorns. 11c: ducks. 129 15c: geese lie old roosters, 9c; White Rock broilers, 21c; springers, colored. 14c; Plymouth Rock broilers. 23c Cheese—wins. 14%914%c. Longhorns, 14%®15c; daisies, 14%®15c. Potatoes—Old stock: Supply moderate; demand and trading light on account of weather; market nominally steady; too tew sales to establish a market: new stock—Supply moderate; demand and trading slow: market, dull: sales to jobbers, Florida bushels baskets Bliss Triumphs $1.75; shipments, 654; arrivals. 74; on track 329. CINCINNATI, Feb 20.—Butter Packing stock No. 2. 15c: butter fat. 20c. Eeos— Steady; extra firsts. 17%c; seconds 15%c; nearby ungraded, 16%c. Live poultry— Fowls. 5 lbs. and over. 12%c; 4 lbs. and over. I3c: 3 lbs and over. 13c: Leghorns. 5 lbs and over. 11c: roosters. 8c; stags colored 12c; Leghorns. 10c: colored broilers. 1% Ibs. and over. 25c: 2 lbs. and over. 22c: colored frvers. 3 lbs. and over I9c: roasting chickens. 4 lbs. and over. !9e: capons. 8 lbs and over. 20c: under 8 lbs.. 17c: ducks, white. 4 lbs. and over. 12c: under 4 ibs.. lie; colored 4 lbs. and over. 11c: under 4 lbs.. 10c: guineas, old 8c: vonng guinea**. 1% lbs. and over. 13c: 2 lbs, and over. 18c: No. 1 turkevs. young hens, 3 lbs. and over, and voung Toms 10-15 lbs.. 23c: voung Toms, over 15 lbs.. 23c. NEW YORK. Feb 20.—Potatoes— Firm; Long Island. $1.4092.55 barrel; southern. $39 6 barrel; Maine, $29 2 35 barrel; Idaho $2.509 2.65 sack: Bermuda, $5.5097 barrel; Canada. $2.109 225 barrel. Sweet potatoes —Slow: jersey baskets, 65c®51.50; southern baskets. 60c® $125. Flour —Easier; springs: patents, $6 509 6.75 per sacs. Pork—Steady; mess, $20.50 barrel. Dressed poultry—Quiet and steady; turkevs, 15® 24c; chickens. 139 19c; broilers. 13®32%c; capons. 189 30c: fowls. 129 16c: ducks. 11® 14c: Long Island ducks. 15® 15%c. Live poultry—Steady; geese. 89 12c: turkevs 13 9 23c: roosters. 10c: ducks, 8® 12c; fowls. 15916 c; chickens. 139 15c; capons. 22c. Cheese—Firm; state whole milk flats to specials. 1933, 19® 20c; young Americas. 16c Butter—Receipts. 16 408 packages, market firmer: creamery, higher than extras. 26%®27c; extra, 92 score. 26c: first, 90-91 score. 25%®25%c: first, 88-89 score. 24%®25c; eentralized. 90 score, 25%r: centralized. 88 to 89 score. 24%®25c. Eggs— Receipts, 39.552 cases; market about steady; special packs, including unusual hennerv selections. 18®19%c; s'andards. 17%®17%c: firsts, 16%®17c: seconds. 16 ®l6%c: mediums, 16®16%c; dirties, 18%c; cecks, 15%c. CLEVELAND. Feb 20 Butter—Market, firm; extras. 29c; standards, 28%c. Eggs —Market, weak; extra white, 17c: current receipts, 16%c. Poultry—Market, weak colored fowls, under 5 ibs.. 16c: colored fowls, over 5 lbs.. 15c: Leghorn fowls, 3% lbs. and up, 14c: Leghorn fowls, light. 12c: springer P.ocks, 16c: springers colored. 15c; capons. 8 Ibs. and up. 22c. colored broilers 20c; roosters. 9c; ducks, white. 5 lbs. and up 18c ducks, light. 15c; geese, heavy fat. l3c- ordinary. 12c. Potatoes—Ma:ne best, $2 25® 2 35; Idaho Burbanks, $2 259,2 40. Ohio best, SILO'S 2; Florida, $1.90 per bushel. CHICAGO FRUIT MARKET By United Press CHICAGO. Feb. 20—Apples—Michigan Jonathans, bushel. $1.509 1.75: Baldwins and Wagners, bushel, $1.259 1.50. Carrots —lllinois 409 50c bushel. Beans—Southern green. $2 2592 65; wax. $1.759 2 25. Cucumbers—Central western hothouse, $2 25 9 2.75. two dozen Tomatoes—Florida. $1 9 2 Celery—Michigan, 75c®51.75 square boxes. Parsnips—lllinois 75990 c bushel. Sweet potatoes—Tennessee $1 35 9 1 40; Indiana. $1 5091.75 Rhubarb—Michigan hothouse 249 40c. five pounds. Onion market < 50-lb sacks): Western Valencias, central western yellows, J and western whites, no sales, on accost of weather, AomUtally unchanged.

MAJOR GRAINS DROP SHARPLY IN FINAL TRADE Predictions of Rain Over Southwest Belt Is Depressing News: BY HARMAN IV. NICHOLS t’nited Prrss Staff Correspondent CHICAGO, Feb. 21.—Predictions of rain over parts of the dry southwestern wheat belt depressed the wheat trade and prices held generally lower on the Board of Trade yesterday. At the finish wheat was 1% cents lower, corn was ’2 cent lower and oats were % to % cent lower. At the start, wheat deliveries were as much as a cent beneath Monday’s finish. Resting orders rallied the market, however, and once higher, prices hung slightly under the last closing level, until toward the close when prices again slipped. Trade in the aggregate was not large, the public taking little interest in the activity. Prices at the low point were the lowest since Jan. 13. Corn showed more relative strength than did the principal cereal early, but slumped later. At the extreme corn and oats touched the lowest levels since late in December. Provisions dropped sharply and held lower most of the day on scattered selling, despite a better tone in the hog market.

Lippmann

- Chicago Primary Receipts —Feb. 20— - -Bushels— Todav, Last Week Wheat 307.000 852 000 Corn . 586 000 1 175,000 Oats 170.000 267.000 Chicago Futures Range —Feb. 20WHEAT— Prey. Open. High. Low. Close close. May 38% .09’* .88'* .88’* .89’* July 87 .87'* .86'* .86% .87% Sept 88'* .88% .87’. .87'* .88% CORNMay 50% .50% .50 .50 50’-'* July 52% .52% .52 .52 .52% Sepl 54% .54 3 * .54 .54 .54% OATS— May 35% .35% .35% .35'* .35% July 35 1 1 .35% .34% .34% .35% Se jftYE 34 '' ' 34l< 34 ' 4 34 '* May 59% .59% .58% .58% .59% July 61 .61 .60 .60 .61% Sept 62 ’ * .62’* .62% .61% .62% BARLEY— May 49 .49 .48 .48 .49% July 48% .49% LARD told— May 6.07 6.10 5.95 600 6.15 BELLIES (old) Lav 7.45 7.50 BELLIES mew I Mav 8.12 8.12 807 807 812 July 8.47 8.47 8.45 8.45 8.47 LARD (new 1 May . . 6.57 662 637 650 6.65 July . . 665 6.67 6.47 655 6.70 Sept 6.77 6.87 672 677 6.92 CHICAGO CASH GRAIN By l nit id Press CHICAGO. Feb. 20. Cash Grain Wheat—No. 2. hard. 90c. Corn No 3 mixed. 41%®47%c: No. 2 yellow. 48’® 48%c: No. 2 yellow, old. 49%c; No. 3. yellow. 47 ’* 'n 47 %c; No. 4 yellow . 460/47c; No. 5 yellow. 46%c: No. 6 yellow. *s%c; No. 6 yellow, old and new, 46c No. 6 yellow, old. 46c; No 2 white. 49®49%c: No. 3 white. 48%(f/49c, No. 5 white. 46%; sample. 310/420. Oats No. 2 white. 36® 36%c; No. 3 white. ,35®36c: No. 4 white. 34%r. Rvo No sales. Bariev -500/ 75c; Quotable. 500/80c. Clover Seed sll® 14.50. Timothy $7,250/7.50. Cash Provisions Lard. $6.27: loose. $5.85: leaf. $6.25: bellies, SB. TOLEDO CASH GRAIN Hi! United Pri nit TOLEDO, Feb. 20.—Grain close (grain in elevators, transit billing 1 Wheal.—No; 2 yellow. 53%0/54%c. Oats—No. 2 white. 39%®40%c. Rve— No. 2. 65%®66%c. (Track prices. 28%c ratei. Wheat—No. 1 red. 88%c; No. 2 red. 87%®88c. Corn No. 2 yellow. 494/50c: No. 3 yellow. 47% '(/ 48%c: No. 4 yellow. 46®47r. Oats —No. 2 white. 36%4/38%c: No 3 white. 35%® 36%c. (Toledo seed close 1. Clover—March. $8.25. Alsike—Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST LOUIS. Feh 29—Cash grain: Wheat —ln good demand, steady: No. 2 red. 92c; No. 3 red. 90%/n9l%c: No 5 red. 87<5l 89c: No 3 red garlicky. 88c: hard grades. 1 cent lower: No. 2 hard 89c nominal: No. 3 hard. 88%c. Corn—ln limited demand. %c lower. No. 2 yellow, 48'5 48%c; No. 4 yellow. 46%c Oats—ln limited demand. %c lower: No. 4 white. 3641370: No. 1 red. 39%c: No. 3 red. 36c. NEW YORK CASH GRAIN By United Press NEW YORK. Feb 20—Cash grain: Wheat—No 2 red. $105%; No 2 hard winter. $1.05% Corn No. 2 mixed. 58Vic. Oats—No. 3 white. 46%c.

Indianapolis Cash Grain

- Feb. 20 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 81%®32%c; No. 2 red, 80%®81%c; No. 2 hard. 80%® 81 %c. Corn—Weak; No. 3 white, 419 42c: No. 4 white. 409 41c; No. 3 yellow. 409 41c; No 4 yellow, 339 40c; No. 3 mixed. 39®40c: No. 4 mixed. 389 39c Oats Weak: No 2 white. 31%®32%c; No. 3 while. 30%®31%c. Kay—iF. o. b country points taking 23%c or less rates to Cincinnati or Louisville) . —lnspections Wheat—No. 3 hard 1 car. Total. 1 car. Corn—No. 1 white. 1 car; No. 2 white. 1 car; No. 3 white. 10 cars; No. 4 white. 1 car; No. 1 yellow. 1 car; No. 2 yellow, 17 cars; No. 3 yellow. 28 cars: No. 4 veliow. 22 cars: No. 5 veliow. 3 cars; No. 6 mixed, 1 car Total. 85 cars Oats—No 2 whi'e. 10 cars; No 3 white, 6 cars; No. 4 white, 2 cars. Total, 18 cars. Rye—No. 2, 1 car. Total. 1 car. INDIANAPOLIS WAGON WHEAT Citv grain eleva'ors are paving 81 cents for No 2 soft red wheat, utner grades on their merits l’. S. Dollar Strengthens By United Press LONDON, Feb. 20.—The American dollar, after several days of weakness, strengthened today and closed at $5.07 to the pound, compared to yesterday’s close of $5.13*4. The open gold rate rose sharply. Other Livestock BY UNITED PRESS CINCINNATI. Feb. 20-Hogs—Receipts, 3.600. 233 direct and through s’eadv; top and bulk 160 to 230 lbs $5; 230 to 250 lbs.. $4.90 250 to 300 lbs $4 70® 4 80: bejtter 150 to 160 lbs. $4.50 9 4.75; 130 to 150 lbs., $3.759 4 25; lighter weights from $3.50 down: good sows. $3 9 3 25. Cattle—Receipts, 225, calves. 250; generally steady on meagr supply: steers and heifers mainlv $49 5 50; fw higher: fat cows. $2 759 3 75: low cutters and cutters. $1.5092.50: odd head sausage bulls from $3 75 down good >o choice $69 7: others. $5 50 down. Sheep—Receipts. 300: direct and through 149; steady: better grades lambs. $99 9.75: most throw-outs $798 50, few fa', ewes $3.509 5. TOLEDO. Feb. 20 Hogs—Receipts 150; market, steady rattle receipts, light; market stead 1 . calves receipts, light; market, steady; sheep receipts light: market, steady. By Times Special LOUISVILLE. Feb 20 Cattle-Receipts. 200. market, fairly active, fully steady; bulk common to medium steers and heifers. s4®s: weil finished kinds salable, $5 259 6; bulk beef cows. $2 75 9 3.50: low cutters and cutters. $1 5092 50: sausage bulls. $3 50 down; common to medium, native stockers and feeders. $2 759 3.75- most well bred Hereford stock calves $5®5.50. Calves—Receipts. 250. mostly steady, bulk better grade vealers. $5 509 6; medium kinds, $4 509 5; plainer grades. $4 down. Hogs—Receipts, 1 000; 5c lower: 170-240 lbs $4 90: 245-270 lbs.. $4 60; 275 lbs. up. $4 25; 145-165 lbs.. $4: 120-140 lb* 33 25; sows, $3: stags $1 70 Sheep—Re-eiptg, 25 steady; medium to good lambs, $7 50® 8 50. choice kinds eligible $9 bulk throwouts, $5 50: fat ewes. $2 5093 NEW YORK COFFEE FUTURES Feb. 20— SANTOS High. Low. Close. March 10 80 10.72 10 75 Mav 11 00 10.91 11 00 Julv 11 08 11 07 11 06 September 11.57 11.48 11.55 RIO January 8 78 March 8 61 8 56 8 61 Mav 876 871 *2 76 July 8 84 8.77 82 September 8.85 December 8 95 8 88 8.88

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