Indianapolis Times, Volume 45, Number 247, Indianapolis, Marion County, 23 February 1934 — Page 38

PAGE 38

Wall Street Flexible Margins to Be Suggested as Modification of Bill to Regulate Stock Exchanges. BY RALPH HEXDERSHOT _ Time* Special Financial Writer

One of the modifications of the bill to regulate stock exchanges throughout the country may be that of making margin requirements flexible. Such a suggestion is to be made, according to Washington advices, and it is safe to say that it would meet with the approval of Wall Street. Speculative excesses are a rather rare occurrence in the security markets, and it would seem that there would be no special point in hampering the normal activities to provide for them. Moreover, flexible rates might even prove more effective than stationary ones, for any increase

would suggest immediately that the authorities were of the opinion that conditions were becoming dangerous. It is true, of course, that administrative authorities might not be willing to take responsibility for lifting margins when they thought such a step was in order. It will be recalled that government agencies were slow’ to put pressure on in the last bull market by calling loans through the federal reserve banks. High officials, in fact, stated that loans had not reached dangerous proportions. a a a Outside Loans Prevented It would seem, though, that if the top and bottom boundaries of margin requirements were fixed by law and the federal trade commission was given the power to regulate them within those boundaries there would be little danger of trouble in the future. This would be especially true, since all loans to

Ralph Hendershot

brokers must be placed through federal reserve banks under the proposed law, making “outside” loans impossible. It will be recalled that corporations and individuals loaned huge sums of money to brokers during the last bull market. But when the break came they all withdrew on a moment’s notice, and the Federal Reserve banks were obliged to pump about $3,000,000,000 of new money into the market in the course of a few days to prevent a panic. a a a No Figures Are Mentioned No figures were mentioned in the Washington dispatches as to what limitations, if any, were to be suggested. A iow of 40 per cent and a high of 70 per cent probably would serve very well. When the last bull market got under way margins of 15 and 20 per cent were common, and even at the peak of the boom they seldom were above 30 per cent, except in the case of highly speculative stocif;. The fixing of margins by a governmental agency would serve an excellent purpose. In the past margins have been determined largely by the brokers themselves. In order to secure brokerage business some concerns have been inclined to carry customers at rates lower than those prevailing gonerally. and the tendency has been to force the percentage downward. With all being obliged to require the same rates, the only advantage a brokerage house will have to offer is the service it is able to render. The better-equipped organizations consequently will stand to serve the most customers, giving greater solidarity to the business and tending toward conservatism.

Retail Ccal Prices

The following prices represent quotation. from .ending Indianapolis coal dealers A cash discount of 2a cents per ton is allowed DOMESTIC RETAIL PRICES Anthracite $125 Coke, nut size 8 75 Coke, egg Size 8.75 Indiana, forked lump 5.50 Indiana, rgg 5 00 Indiana, mine run 4.75 Kentucky lump 7 00 Pocahontas lump 8 25 Pocahontas egg 8.25 Tocahontas forked lump 9.25 Pocahontas mine run 7 25 New River smokeless 8.25 West Virginia lump 8.75 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.

Daily Price Index

Jill I niti ll I’l l MM NEW YORK. Feb. 21— Dun <fc Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press : 11930-1932 average, 1001 Today 108.58 Yesterday 108.43 Week ago 108.97 Month ago 104.47 Year ago 68.74 1934 high i Feb 17 109.16 1934 low (Jail. 3i 101.05 (Copyright. 1934. Dun & Bradstreet. Inc.l New York Curb ißy Abbott. Hoppin &. Cos.) —Feb. 21. Close Close. Allied Mills .. B’. Gen Aviation... 7 Alum Cos of Am 73 J Glen Alden Coal 20'i Am Beverage 3't Gulf Oil of Pa. 72’ 4 Am Cyanide B 19 7 B Hiram Walker.. 46 y Am Gas & El 30 : r Hud Bay Min 10 ! B Am Superpower 3 i Humble Oil .... 42 1 Ass Gas El.. I'* Imperial Oil Ltd 14 1 a Atlas Corp 14 Int Brtrol . 22 7 B British Am T A 30' B Lake Shore Min 45'* British Celanese 3 : Lone Star Gas.. 7' 4 Can Ind Ale A 16’ 4 Natl Bellas Hess 3> 4 Can Mare .... 4 1 * Nia Hud Pwr.. 7' 2 Cities Serv . 3'j Novadel Agene . 67' 2 Consol G of S 61 Park Davis ... 25 Cord Corp ... 7' 4 Penn Road ... 3 7 8 Creole Petrol. 12 St Regis Paper . 4 3 a Crown Cork Inti 7 Sal Creek Prod 7 Deere <fc Cos .. 32‘ B Sheruin Wins... 65 Distillers Lim. 21 7 s Std of Ind ... 31 Distillers Corp. 20 Std of Kv .... 17' 4 Dow Chem . 74'.- Terhnt'-olnr Ind. 9 7 El Bond A- Sh . 19 ' i Trek Hughes G 5’ 4 Fisk Rubber .. 18' 4 Un Gas 4' B Ford rs Can A 23' ■ Un Pwr A' Lt A 4’ K Ford of Europe 6 7 i Wright Harg’ M 7‘s Other Livestock BY UNITED PRESS CLEVELAND. Feb. 2.3 —Cattle—Receipts, for the week on good cattle, others of! 173. market steady todav and about steady slightly; choice steers. 750-1.100 lbs.. $6 25 /„ 6 75: 560-1.200 lbs . $4/6: heifers. 6001 090 lbs . $4 25'./ 5 50. good cows all weights. $2 50'./ 3.25. Calves- Receipts. 250. market steady today with top of $8: no change for the week; choice to prime. $7 50 8; choice to good. $6,504/7.50; fair to good .$5 50/6 50 Sheep—Receipts 800; market sreadv with $lO top for choice lames: uncharged for the week; choice wethers. $4/5; medium to good. s3w4: choice spring lambs. $94/10; cood to choice. $8 a 9 Hogs-Receipts, 700: market steady to 5 cents higher: prices 60 certs lower than Monday's opening 250300 lbs.. $4 /1 25: 220-250 lbs $4.25 <7 4.50: 180-210 lbs. $4 60''/ 4 65: 150-180 lbs.. $4 60; stags. $175/2: pigs. S3 Vi 3.25. Ft WAYNE. Feb 23 higher; 220-250 lbs., $4 75; 160-200 lbs . $4 65. 250-300 lbs. $4 65: 300-350 lbs. $.50 150-160 lbs. $4 20 140-150 lbs.. $4: 130-140 lbs. $3 75; 120-130 lbs. $3 25: 100130 lbs., 12.75 roughs. 53.50ti3.75; stags. $7 25 Calves s7*/7.50; lambs. $9.

Constant GROWTH ASSETS Jan. 1. 1918—52,407.15 Jan. 1, 1920—5195,335.37 Jan. 1. 1924—51,130,222.48 Jan. 1, 1928—51,806,814.72 Jan. 1,1930—82,252,007.56 Jan. 1,1933—52,864,522.27 Jan. 1, 1934—83,043,91 8.09 Surplus —$ 1,060,000.00 The Pioneer in offering full coverage automobile insurance at LOW COST. Insure your car fully today in this financially strong company and be assured of absolute protection. . STATE Automobile Insurance Assn. 7th Floor Occidental Building, Indianapolis, Ind.

Produce Markets

Delivered in Indianapolis Prices—Hens. 10%c, Leghorn hens. 10c; Leghorn spring-er-stags, 6c; large springer-stags. 9c; rocks. 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, 27® 29c; No. 2. 24®25c: butterfat, 22c.—Quoted by Wadley Company. BY UNITED PRESS CHICAGO. Feb. 23.—Eggs-Market, steadier; receipts, 20.038 (two daysi cases; extra firsts, 16c; fresh graded firsts, 15%c; dirties, 13%c; current receipts. 14%c; checks, 13c. Butter—Market, steady; receipts, 10,323 (two days) tubs: storage extras. 92 score, 23%c; storage standards, 90 score. 23 %C; extra firsts, 90-91% score. 24®24%c; firsts. 88-89% score, 23®23%c: seconds. 86® 87% score. 22%c; extras, 92 score, 24%; specials. 25®25%c; standards, 24 %c. Poultry—Marked, unsettled: receipts, 12 trucks, one car due; turkeys, 10® 15c: hens. 12® 13c; Leghorn hens, lie; ducks, 12® 15c; geese, 9c; old roosters. 9c; white rock broilers, 21c; springers, 15® 16c; Plymouth Rock broilers. 23c. Cheese Twins. 14%®14%c; Longhorns, 14%® 15c: daisies, 14%®15c. Potatoes—Supply liberal: no trading on account of cold weather: market, nominally steady: closing sales yesterday: Wisconsin Round Whites. $1.77%® 1.82%. unclassified $l5O %1.50; Idaho Russets, $2.05® 2.10; Colorado McClures. $2.10® 2.20; new' stock —demand and trading slow; steady: sales to jobbers, Florida bushel crates Bliss Triumphs, $1.50 ® 1.60; arrivals, $1.75; on track. 327; shipments Wednesday, 843; yesterday, 605. NEW YORK, Feb. 23.—Potatoes—Firmer; Lomj Island. $1.50®2.60 barrel; southern. s3'i)s barrel: Maine. $1.40® 4.25 barrel: Idaho. $2.50® 265 sack: Bermuda. $5.50® 7 barrel; Canada. 52.10®2.25 barrel. Sweet potatoes—Steady: Jersey. basket. 50c® $1.50; southern, basket. 40c®. $1.25. Flour —Steady: springs: patents. $6.45® 6.70 barrel. Pork—Firm: mess, $21.50 barrel. Lard—Firm; middle west spot. $6.60® 6.70 a 100 lbs. Dressed poultry—Firm; turkeys. 14® 24c: chickens. 13® 24c: broilers. 31® 32%c: capons. 19®32c; fowls, 12®j 16c; ducks. 11® 14c; Long Island ducks. 15' 15’ % Live Poultry- Quiet; geese. 8® 12c; turkeys. 12®80o; roosters. 10c: ducks. 8® 12c; fowls. 15*) 17c; chickens. 10®22c: capons. 16® 24c. Cheese—Firm: state whole milk flats to specials 1933, 19®20c; Young America. 16c.

NEW YORK COFFEE FUTURES —Feb 21— SANTOS High. Low. Close. March 10.63 10.58 10 63 Mav 10.38 10.79 10 83 Julv . 10.98 10 84 10.96 September 1131 11.15 11.30 December 11.43 11.27 11.43 RIO January 8.80 March .... 8.52 May 8.60 8.50 #.05 July 8.60 8.50 8.55 September 8 69 8.78 8.65 December 8.72 8.70 8.70 CHICAGO FRCIT MARKET By United Press CHICAGO, Feb 23 Apples—Michigan Jonathans bushel. SI .630) 1.75; Baldwins. $1.25® 1.50. Carrots—lllinois. 40® 50c bushel. Spinach—Texas. 60*.) 75c bushel. Beans—Southern green. $2.25® 2.75 bushel; wax, $2.25®2.50 Cucumbers —Central western hothouse. $2®2.50 two dozen Tomatoes —Florida. Si® 1.75 box. Parsnips Tennessee. $1.35® 1.40: Indiana, $1.50® 1.75. Rhubarb—Michigan hothouse. 25® 40c: Illinois. $1.25® 1.75. 20 pounds Rutabagas Central western. 75® 85c. 50 pounds Turnips—Central western. 50®. iSc bushel. Onion market 150-lb. sacks i Western Valencias, $1®1.15. Central, western yellows. sl. Commercial Investment Trust Corporation declared the regular quarterly dividend of 50 cents per share on the common stock, payable April 1, of record March 5: The usual Quarterly dividend of 1-52 of one share of common stock, or $1.50 in cash has been declared on the convertible preferred stock, payable the same date as the common stock dividend.

STOCK PRICES IRREGULAR IN SMALLRANGE Chrysler Reaches New TwoYear High as Volume Turns Light.

Average Stock Prices

Average of thirty industrials for Tuesday high 109 39. low 107.55, close 108 50. up .36. Average of twenty rails: 52 16. 51 31. 51.81. up 02. Average of twenty utilities: 28,60. 28.10. 28.31. up .11. Average of forty bonds: 92 29, off .07. Average of ten first rails: 97.56. up .16. Average of ten second rails: 82.66. off .24. Average of ten utilities: 95 00, off .14. Average of ten industrials: 93.95. off .04. BY' ELMER C. WALZER United Press Financial Writer NEW YORK. Feb. 23.—Prices were steady as compared with Wednesday’s closing levels at the opening on the Stock Exchange today. Trading continued light. A long list opened at the previous close, including such issues as Chrysler at 59%, International Telephone 15%, Case 79%, Bethlehem Steel 48; Alaska Juneau 21% ana Phillips Petroleum 17%. United States Steel common stocks advanced % point to 59% on the first sale of 1,500 shares, and small gains were noted in International Harvester, National Distillers, Montgomery Ward, General Motors, Chesapeake & Ohio, American Smelting, Standard of New Jersey and Columbia Gas. Aviation issues were active. Cur-tiss-Wright opened 2000 shares at 4%, up %, and later a block of 8,000 shares sold at the same price. Aviation Corporation opened 2,000 shares at 7%, up %; United Aircraft 5,000 shares at 25%, up 1%, and Douglas Aircraft 1,500 shares at 23%, unchanged. Low-priced issues, recent favorites, continued active. Packard opened 8.000 shares at 6% up % from the previous close. Automobile issues generally were higher with Auburn up a point at 55%. Demand improved for the leading industrial issues, however, and good gains were noted in American Can, Du Pont and General Electric. American Telephone rose 1% to 124. Railroad issues were mixed in a narrow range as were gold miners. Wet stocks continued erratic as the investigations into pools drew to a close. During the early dealings volume shrank, but prices firmed in many sections, notably the automobile division. Chrysler, which opened at 59% unchanged, rose to 60%, anew 1933-34 high.

Bank Clearings

INDIANAPOLIS STATEMENT —Feb 23Clearings $1,871,000.00 Debits 4,451.000 00

Treasury Statement

By United Press WASHINGTON, Feb. 23.—Government expenses and receipts ot the curernt fiscal year to Feb. 20, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,101,126,124.17 $3,246,691,573.50 Receipts $4,650,944,897.66 $1,221,384,809.92 Surplus. $ 549,818.773.49 x 52.025,306.763.62 Cash Bal $4,993,181,783.78 xDeficit.

Foreign Exchange

(By Abbott. Hoppin & Cos.) —Feb. 21Close. Sterling, England $5.07% Franc, France 0654 Lira. Italy 0866% Belgias, Belgium 2320 Mark. Germany ... 3945 Guilder. Holland 6685 Peseta. Spain 1345 Krone, Norway 2550 Krone. Denmark 2268

Investment Trust Shares

(Bv Abbott. Hoppin & Cos.) —Feb. 21Bid. Ask. American Bank Stocks Corp 1.20 1.25 American & General Sec A... 5.50 7.50 American & Inv Tr Sh 2.00 3.00 Basic Industry Shares 3.65 3.75 British Type Inv Tr Sh 78 .84 Collateral Trustee Shares A 5.00 5.25 Corporate Trust Shares (oldl. 2 22 2.25 Corporate Trust Shares inew® 2.56 2.60 Cumulative Trust Shares 4.40 4.50 Diversified Trust Shares A... 6.25 .... Diversified Trust Shares B ... 8.55 8.75 Diversified Trust Shares C. .. 3.40 3.45 Diversified Trust Shares D... 5.20 5.40 First Insurance Stock Corp .95 1.10 Fixed Trust Oil Shares A .. 9.15 9.35 Fixed Trust Oil Shares 8.... 800 825 Incorporators Investments ... 19.50 20.75 Land Bank Bond Shares 1.06 1.17 Low Priced Shares 6.65 6.90 North Am Trust Sh (55) 2.56 2.60 Mass Inv Trust Shares 19.87 21.58 Nation Wide Securities .. . 365 3.75 North American Trust Sh 53 1.95 1.99 North American Trust Sh i55) 2.56 260 North American Trust Sh iSB) 275 2.87 Selected American Shares... 340 .... Selected Cumulative Shares.. 7.20 Selected Income Shares 360 4.00 Std American Trust Shares A 3.18 3.23 Trust Shares of America.... 3.03 3.10 Trustee Std Oil A 5.85 6.0(1 Trustee Std Oil B 5.*>5 5 60 IT S Electric Lt & Pwr A 13 25 13.75 Universal Trust Shares 3.30 3.36

Federal Farm Loan Bonds

By Blvth & Cos.. Inc. Bid. Ask. 4s Nov. 1, 1957-37 93% 94% 4s Mav 1. 1958-38 93% 94% 4',s July 1. 1956-36 94% 95% ■4os Jan. 1. 1957-37 94% 95% 4%s Mav 1. 1957-37 94% 95% 40s Nov. 1 1958-38 94% 95% 4%s Mav 1. 1942-32 960 87% 4%s Jan. 1. 1943-33 95% 96% 4%s Jan. 1. 1953-33 95% 96% 4%s July 1. 1933-33 950 96% 4%s Jan. 1. 1955-35 950 96% t%s July 1, 1955-35 95% 96% 4%s Jan. 1. 1956-36 950 96% 4 3 4S Julv 1. 1953-33 960 97% %0s Jan 1. 1954-34 96% 97% •-0S Julv 1. 1934-34 96% 97% 's Mav 1. 1941-31 99% 100% 5s Nov. 1 1941-31 99% 100% Home Loan 4s. July 1. 1951. .. 95% 96 0

U. S. Government Bonds

By United Press NEW YORK. Feb. 21 —Closing liberties. (Decimals represent thirty-seconds.) Liberty S%s (32-47) 102 2 First 40s (32-47 102 25 Fourth 40s 133-38 > 102.27 Treasury 4 OS-30S (45) 100.16 40s (47-52i 109. ? 3 aS *43-47) 101.1 3 3 aS (41-43) March 100 31 3 3 s i4O-43i June 101 2 30s (411 100.14 3%s *46-49i 99 3s (51-55* 97.21 Fire Reports Thursday 8 27 a. m . 17 West Washington street, tearoom, small loss 830 a m 2346 North Arsenal, residence. small loss 249 p m., Sixteenth snd Pennsylvania, automobile, small loss 3 24 p. m. 1415 Jones, residence, amal! loss. 3 41 p m . 1026 North Pershing, residence. small loss 5 20 p. m . 1515 Montcalm, residence, no loss 724 p. m . 1402 East Vermont, residence. no loss. 9 37 p. m., 1457 Lee. residence, no loss. Friday 113 a m . Sixteenth and Sherman, glass factory, considerable loss. 5:32 a. m., 2118 North Gale, factory, small loss.

THE INDIANAPOLIS TIMES

New York Stocks ■ - (By Abbott. Hoopin * Cos.) “““

—Feb. 23 Oils— Prev. High. Low. 10 00. close. Amerada 48% 48% All Rfg 33% 33% Barnsdal! 9% 9% Consol OH 13% 13% Cont of Del 20% 20 Houston inew) 5% 5% Houston 'oldi 17% Indian Rfg ••• 3H ... Mid Com Pet.. 13% 13% Ohio Oil 15 14% Pet Corp 13% Phillips Pet 17% 17% 17% 17% Pure Oil 13% 13% Sbd Oil 32 \ Shell Un • 11% 10% Skellev Oil . 10% Soc Vac 17% 17% S O of Cal 41% 41 S O of N J 48% 43% 48% 43% Sun Oil ... . 60 Texas Corp 28% 28 Tidewater Assn.. .. ... 11% 11% Un Oil of Cal 19 Steels— Am Roll Mills 27% 27 Beth St tel 48 48 Bvers AM 31% 31 % Col Fuel & Iron 8% 8% Cruc Steel ... ... 36% Gulf Sts Steel 40 Inland Steel 49% 49% Ludlum Steel ... ... 19 McKeesport Tin . . ... ... 92 Natl Steel 54 53% 53% 54 Rep Iron & 5t1.... ... ... 25 Rep I & Stl pfd 64% U S Smelt 131% 130 131% 130% Vanadium ...... 30% 30 30% 30 Mid Steel ... ... 20% U S Pipe & Fdy. 30% 30% 30% 30% U S Steel 59% 59 59 58% U S Steel pfd 94% 94% Youngstn S& T 32% 32 32% 32% Rails— Atchison ... 69% 70 Atl Cst Line 517% B&O 33% Can Pac . 16% 16% Ch & Ohio 45% 45% 45% 45% Chi & Gt W 5% C M & St P 7% 7% C M & St P pfd . 12% Chi N W 14% 14% Chi R Isl 5% 5% Chi R I 7% pfd . 8% Dela & Hud 70 69 Erie 24 24% Grt Northern pf .. ... 30% 30% 111 Central 36% 36% K C Sou 18% Lou & Nash 57 M K & T 13% Mo Pac ... ... 5% Mo Pac pfd ... ... 8% N Y Cent 41% 41% 41% 41% N Y Chi & St L 25% N Y C & St L pf 34% N Y New Haven. .. ... 21% 21% N Y Ont & Wes ]O% Nor Pac ... 34 34 Penn R R 37% 37% 37% 37% Reading 55% Sou Pac 31% 31% 31% 31% Sou R R 35% Sou R R pfd ... 40% 39% Union Pac ... ... 132% Wabash ... ... 4% West Maryl 16% 16% Motors— Auburn 55% 54% Chrysler 60% 59% 60% 59% Gen Motors 41% 40% Graham Mot .... ... ... 4% Hudson 22% 22% Hupp 6% 6% Mack Truck 39% 38% Nash 30% 30% Packard 6% 6% 6% 6% Reo .. .. ... 5% 5% Sttidebaker ....... ... 9 8% Yellow Truck 7 7% Motor Accessories— Bendix ... 21% 21% Bohn Alum ... 65% 65% Borg Warner ... 27% 27% Briggs 17 Vi 17% Buda Wheel ... ... 5% Eaton Mfg ... ... 21% Elec Auto Lite .... ... 30% 30% Hand A 6% Mullins Mfg ... ... 14 Murray Body .... ... ... 10% Stew Warner .... ... 10% 10% Timken Rol 39% Mining— Alaska Jun 21% 21% Am Smelt 49% 49 49% 48% Anaconda ... 16% 16% Cal & Hecla 5% Cerro De Pasco. 37% 37% 37% 37% Granby ... 11% 12 Gt Nor Ore 14% Howe Sound 48% 49 Ins Copper 614 Int Nickel 24 23% 24 23% Isl Creek Coal 28 Kennecott Cop 21% 21 Noranda Cop ... 34% 34% 377s 34% Phelps Dodge ... ... 17% Tobaccos— Am Sum Tob ... ... 19Vi Am Tob A 75 Am Tob B 75% G?n Cigar ... ... 33% Ligg & Myers B. .. ... 8614 86 \ Lcrrillard ... 41% 41% Equipments— Allis Chalmers .. 20% 20% 20% 20% Am Car & Fdy 31% Am Loco ... 38 38 Am Mach & Fdy .. ... ... 17% Am Steel Fdy 24 * Bald Loco 1414 1414 Burroughs 17% Case J I 79% 79 Vi Cater Tract 31 31 Colgat Palm Peet 16% 16% Congoleum ... ... 30 Foster Wheeler.. .. ... ... 21% Gen Am Tank C 43 Gen Elec 22% 22% Gen R R Sig 41% Ingsol Rand 71 Int. Bus Mach 144 143% Int Harvester .. 44% 44% 44% 44'/4 Kelvinator 20% 20 1 4 20% 20 Natl Cash Reg 22% 22 >4 Proc & Gamble. .. ... 3914 38% Pullman Inc ... ... 58% Simmons Bed ... 21% 21 % West Air B 33% Westingh Elec.. 43 42% 43 430 Worthington Pm .. ... ... 29% Utilities — Am & lor Pwr.. .. ... 11'4 11% Am Power & Lit 10% 10% 10% 10% AT&T.. 124 112% Am Wat Wks 22% 22% Brook Un Gas.. .. ... ... 77% Col Gas & Elec. 16% 16% 16% 16% Col G & E pfd 7514 Com & Sou 3 2’a 33 Consol Gas 41 % 41 41% 41% Elec Pwr & Lit.. .. ... 7% 7% EP & L pfd 15% 15% Int T & T 15% Lou G&EA 19% Nat Pwr & Lit 12% 12% North Amer ... 21% 21% Pac G&E 20% 20% Pub Serv N J ... ... 41% So Cal Edison ... ... 20% Std Gas ... 14% Std Gas pfd 14% United Corp .... 1% 7*4 7% 7% Un Gas Imp .... 18% 18% 1814 18% Ut Pwr & Lit A 414 Western Union.. .. ... 62% 61% Rubbers— Firestone ... ... 23% Goodrich ... 17% 17% Goodvear ... 40% 40% U S Rubber 21% 20% 21>i 21 U S Ruh pfd 45% 45% el Spring 3% 3% Amusements — Crosley Radio .... ... ... 12% Fox Thea ... . 16% Loew Inc 33% 33% 33% 33 Radio Corp .... 8% 8% 8% 8% RKO 3% 3% 3% 3% Warner Bros ... 7% 7% 7% 7% Foods— Am Sugar ... ... 57% Armour A 6% 6% Beatrice Cream. . . ... .. 15% Borden Prod ... 24% 24% 24% 24% Cal Packing 27 260 Can Dry G Ale. .. ... 25% 25% Coca Cola 109% 103 Cont Bak A 13% 13% Corn Prod ... 74 74 Crm of Wheat.... ... ... 33 Gen Foods ... 35% 35 Gold Dust 20% G W Sugar 29% Hershey ... ... 23% Loose Wiles ... ... 39% Na-1 Biscuit 41% 41% Nat' D Prod 15% 15% Purity Bak 17% 17% S Po-to Rico Sug . . . . 36% Std B-ands 22% 22% 22% 22% United Fruit ... ... 65% Retail Stores— Asso Dry Goods 17% Best & Cos 31% Gimbel Bros 6% 6 Gimbel pfd ... ... 28% Or Un Tea 7% 7% Hahn Dept Sts 7% Jewel Tea ... . 46% Xresge S S 20% 20% Kroger Groc ... ... 32% 3T acy R H 59 Mav Dent St ... 3 2 Mont Ward 34% 34% 31% 33% Penny J C . 63% 63% Sears Roe 49% 49% 49% 3 90 Woolworth 52 % Aviation— Aviation Corp . 7% 7% 794 7% Douglass Air ... 24% 23% 24 24 Curtiss Wright ... ... 4% 4% Curtis Wr A ... 10% 10% 10% 10% Nor Am Av 6% 6% 6% 6 United Aircraft 25% 25% 25% 23% Allied Chem 159 Am Com Alco .. ... 50 49% Col Carbon . ... 70% 70% 70% 70% Com Solvents 29% 29% Dupont 103% 103 103% 102% Freeport Tex 49 Liquid Carb 28% Math Alkali 38 33% Tex Gulf Snip 40% 40% Union Carbide 48% 48 U S Indus A1 57 3 4 58% Natl Dist (new) 27% 27% Drugs— . • Coty Inc 7% 7% Drug Ins 1 Lambert . 29% 29% Lehn & Fink 20 20 Zonite Prod 7% 7% Financial— Adams Exp 10% 10% Ailegh Corp 4% 4% Chesa Corp 42% 42% Aransamerica 7% 7% Tr Conti Corp 6 6 Building— Am Radiator ... 16% 16 16% 16% ! Gen Asphalt ... 20% 20 i Johns Manville . ... 63 62 ; Libby Owens Gl. 41% 41 41% 41% Otis Elev 18% 18% Ulen Const 3*4 3% Miscellaneous— Am Bank Note >1 20% Am Can 106% 108 108 105% Anchor Cap 21% 21 31 21% Brk Man Tr ... 32% 32% 32% 32% Conti Can 80 EastMan Kod 92% Owens Bottle 92% Gillette 11% 11% Glidden 24% 24 24% 24% Gotham Silk 10% 10% Indus Rayon 89% later Rap Tr ... .. , u ... 10%

PORKER VALUES RISE 25 CENTS AT STOCKYARDS Lambs, Vealers Unchanged; Cattle Prices Steady at $6.25 Down. An advance of around 25 cents over yestterday’s average featured hog trading at the Utiion Stockyards this morning. Practically all classes participated in the increase. Initial trade was active and demand fairly strong. The bulk, 160 to 300 pounds and upward, were selling at $4.55 to $4.75. Porkers weighing from 130 to 160 pounds brought $4 to $4.50. Light slaughter pigs, 100 to 130 pounds, were salable at $2.50 to $3.60. Receipts were estimated at 5,000. Holdovers, 170. Most sales in the cattle market remained unchanged. Few loads of weighty steers sold at $6.25, while others ranged mostly at $4 to $5.75. Receipts numbered 500. Veal market held stationary, selling at $7.50 down. Receipts were 500. Steady action marked trading in the lamb market, with most early sales ranging from $9 to $9.50. Some other classes held slightly higher. Receipts were 1,000. Few bids and sales on hogs at Chicago were steady to 5 cents higher than yesterday’s average at $4.60 down. Receipts were estimated at 22.000, including 8.000 directs; holdovers, 4.000. Cattle receipts numbered 2,000; calves, 800; market unchanged. Sheep receipts were 9,000; market stationary. HOGS Feb. Bulk. Top. Receipts 17. $4.55(0 4.75 $4.80 2.000 19. 4.70®! 4 8a 4.90 5.000 20. 4.60*3! 4.70 4.75 7,000 21. 4 50® 4.55 4 60 6.000 22. 4.55® 4.65 4.65 5.000 23. 4.80® 4.90 4.90 5,000 Market, higher. (140-160) Good and choice.. .$ 4.25® 4.50 —Light Weights—-(l6o-1801 Good and choice.... 4.80 1180-200) Good and choice.... 4.80 —Medium Weights—-(2oo-220) Good and choice .. 4.85 (220-2501 Good and choice. .. 4.85® 4.90 —Heavy Weights—-(2so-2901 Good and choice.... 4 85® 4.90 (290-350) Good and choice.... 4.60® 4.85 —Packing Sows—(3so down) Good ... 3.75® 4.25 (350 upi Good 3.50® 4.00 (All weights) Medium 3.25® 3.75 —Slaughter Pigs—-(loo-130) Good and choice.... 2.50® 3.60 CATTLE Receipts, 500; market, steady (1.050-1.1001 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 (750-900) — 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, 1,000; 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) (500-9CO) Good and choice 3.75® 4.75 Common and medium 2.50® 3.75 (800-1.500) Good and choice 3.75® 4.75 Common and medium 2.50@ 3.75 SHEEP AND LAMBS Receipts, 1,000; market, steady. (90 kis. down) Good & choice.s 9.25® .9.75 190-110 lbs.) Good and choice. 9.00® 9.50 (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 EAST ST. LOUIS. 111., Feb. 23.—Hogs— Receipts, 8.500; market, steady to 5c higher; pigs, light lights and heavy butchers, not established- top $4.75; bulk 170-250 lbs., $4.65®4.75; few 145-160 lbs., SV//.4.70; 70-100 lbs., pigs. $2.50; sows largely $3.65® 3.90. Cattle—Receipts. 800: calves, receipts. 800: market. 25c lower on vealers; generally steady on other classes in cleanup trade; a few odd lots of streets, SSO/ 5.60: mixed yearlings and heifers, largely $4,250/ 5.50; cows, $2 75*03.50; low cutters, $1.50® 1.75; sausage bulls, $2.75®3.10; top vealers. $6.75; slaughter steers, 550-1,100 lbs., good and choice, $5.50®6.85; common and medium, $3.500/ 5.75. 1.100-1.500 lbs., choice. $5®6.60: good. $4®6.25: medium. $3.75® 5.50 Sheep—Receipts. 1,000: market. few choice lambs to city butchers, fully steady at $10; asking strong prices for others: indications steady on throwouts and sheep; lambs. 90 lbs down, good and choice. s9®lo: common and medium. s6® 9.25; 90-98 lbs., good and choice, $8.75 ®10; yearling wethers, 90-110 lbs., good and choice. $6.75® 8.50; ewes, 90-150 lbs., good and choice, $3.75® 5.50; all weights, common and medium, $2.75® 4.25. PITTSBURGH. Feb. 23.—Hogs—Receipts, 800; holdovers. 600; fair demand on 150210 lbs. at ss® 5.10. or steady to 10c higher: 210-250 lbs.. $4.75® 5: heavier butchers. $4 75 down: 120-145 lbs., 53.25*4/ 4: packing sows, $3.75 down. Cattle—Receipts. 80; slow', quotable steady. Calves —Receipts, 50; steady; good and choice vealers. $7.50® 8; medium, s6® 7. Sheep —Receipts. 100: nominal; lambs, quotable $10.25 down; clipped, up to $8.25; aged wethers, $6 down; ewes. $5.50 down. By Times Special LOUISVILLE. Feb. 23.—Cattle—Receipts, 100; supply very light; market, generally steady; bulk common to medium, steers and heifers, $3.75®4.75; better finished fed kinds, quotable, $5®5.75; bulk beef cows. $2.75®3.50; low cutters and cutters, mostly $1.50®2.50; sausage bulls, mostly $3.25 down: few heavy kinds. $3 50; Stockers and feeders, unchanged; common to medium, natives salable. 52.75® 3.75; well bred Hereford stock calves, mostly $-5® 5.50. Calves—Receipts. 175: market, not fully established; early indications, fully steady to strong; better grade vealers considered salable. $5.50® 6: strictly choice kinds considered eligible to $6.50: medium and lower grades, S5 down. Hogs—Receipts. 600; 15c higher: 170-240 lbs. $4.90; 245-270 lb'.. $4.60; 275 lbs. up. $4.25; 145105 lbs., $4: 120-140 lbs., 53.25; sows. $3; stags. $1.70. Sheep—Receipts, 25; fully steady: medium to good lambs. $7.50® 8.50: choice kinds, eligible to $9; bucks discounted SI; most throwouts, $5 50; desirable fat ewes, $2.50®3.

Dealers In Municipal, Road, School and General Market Bonds. Real Estate preferred Stocks and Bonds. Investment ' Trusts. City Securities* Corporation 420 Circle Tower Telephone: Lincoln 5535

Investments and Investment Service Wm. E. Shumaker & Company, Inc. 1408 Circle Tower Ll-83.54

Stocks —Bonds Zaiser & Zaiser Incorporated 129 E. Market LI. 9375

Conservative Business Invited Smcrican Rational Bank AT INDIANAPOLIS

Chicago Stocks

TOTAL SALES 100 000 SHARES —Feb. 21High. Low. Close. Abbott Lab 46% 46% 46% Acme Steel Cos ... 41% Allied Product* 20% 19% 20% Asbestos Mfe 3% Bastian-Blessing 8% 8% 8% Bendix Aviation 21% 21% 21% Borg-Warner 28 27% 27% Brach & Sons 9% Brown Fen & Wire B 4% Bunte Bros 4% Butler Bros 11% 10% 10 * Canal Construction Central Cold Storage. 8 Cent 111 Pub Serv pfd. 20 19% 20 Cent Pub Util _% Cent & So W P L pfd . . . 13 Chi & North Western... 14% 14% 14% Chi Citv & Con Rvs ..- % Chicago Corn com 3% 3% 3% Chicago Coro pfd . ... 29 Chicago Flexible Shaft. 10% 10% 10% | Cties Service 3% 3% 3% Club Aluminum * Commonwealth Edison 55 Consumers ... ••• Consumers 6% Pr pfd . ••• J * Crane Cos 10% 10% 10% Crane Cos pfd 64% 63 2 63 2 Dexter Cos •••,, ,SJ Electric Household .... 13% 12% 13 Gen Household Ut 13 12% 1- s Go'.dblatt Bros 17 16% 18 Great Lakes Aircraft . .. .•■ 1% Great Lakes Dredge .. 20% 20% 20% Grigsby-Grunow Hall Printing 8% 8 8 s Hart-Carter pfd ,1Hart, S&M 16% Houdailie-Hershey (A) 22 Houdaille-Hershey (B) g% Iron Fireman .. ... 13 Kalmazoo Stove 25% 25 25% Katz Drug 32 Kellogg Switch, com . ... 3 Ken-Red Tube & Lamp 5% 4% ,2% Keystone Steel . 1> Libbv-McNeil 5% 5% 5% Lindsay Light 22 Lynch Corp 39% Mapes Cons Mfg Cos 34 McWilliams Dredg Cos.. .. ... 23 , Meadows Mfg Cos com % % % Merchants & Mfgs A.. 2% 2% 2 2 Mickelberry's Food Prod .. ... 3 Middle West Utilities. % % % Mid W Util 6% pfd A 2% 2% 2;s Midland United % % % Monroe Chemical 8% 7% 8% Mosser Leather 14% 14 14% Muskegon Mot Spec A. .. ... 12 Nachmann Springfield 5 Nat Elec Power A % National Leather }% Nat Securities Invest Noblitt-Sparks Ind Inc. 15% 14% 15% North American Car 5%

In the Cotton Markets

—Feb. 21— . CHICAGO High. Low. Close. March 12.22 12.03 12.11 Mav 12.42 12 20 12.29 July 12.56 12 35 12.43 October 12.70 12.54 12.60 December 12.80 12.64 12.74 NEW YORK January 12.77 12 62 12,63 March 12.15 11.96 12.00 May 12.32 12 12 12.17 July 12.47 12.22 12.33 October 12.62 12 45 12.47 December 12.73 12.58 12.61 NEW ORLEANS January 12.73 12.65 12.50 March 1- 09 11 94 12.00 Mav 13.27 12.07 12.17 July 12.43 12.25 12.33 October .... 12.50 December 12.70 12.59 12.65

On Commission Row

—Feb. 23Fruits 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. 12%c per pint. Bananas—Per pound. sc. Apples Wealthy, Wolf River, Grimes Golden, Jonathan, F.orida, [email protected] a bu., fancy Staymans, $2.25 a box. Grapefruit—s3 @3.75. Oranges—California Navels, $3.75 a box. Vegetables Cabbage—Eastern Danish, 50-lb. 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. $2.35® 2.50. 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, $1.25; California, $2.50 a crate. Cucumbers—Hothouse, $1.25 per dozen. Lettuce—lceberg, best (4-ssl, crate, $3.50; hothouse,ls-lb. basket. $1.15. Radishes—Hothouse button. 40c dozen. Spinach—New Texas. 85c@$l bu. Turnips—Per bu., 90c. Tomatoes—3o-lb. 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. Sweet Potatoes—Nancy Halls, per bu.. $1.65. NEW YORK RAW SUGAR FUTURES —Feb. 21High. Lwo. Close. January 1.77 1.76 1.77 March 1.63 1.55 1.60 Mav 1.68 1.61 1.63 Julv 1.73 1.65 1.67 September 1.73 1.69 1.70 December 1.80 1.75 1.75

;WE BUY AND SELL: U- S. Government Bonds U. S. Territorial and Insular Bonds Indiana Municipal and Gravel Road Bonds Land Bank Bonds Home Owners' Loan Corporation Bonds Bonds and Stocks of Indiana Corporations General Market Municipal and Corporation Bonds Y Indianapolis Bond and Share Corporation 129 East Market Street Telephone Riley 4551

Summary of 71st At All Times An Annual Statement S'<- ~ Anchor of Safety or Boston. Massachusetts FINANCIAL CONDITION DECEMBER 31, 1933 Outstanding insurance $3,411,708,382.00 Admitted assets ($16,208,674.81 increase over 1932) 655,664,366.32 General surplus or safety fund ($1,582,980.43 increase over 1932) 44,153,600.34 Total liabilities 611,510,765.98 /Legal reserve on pols. in force. . .$546,151,593.00 Including .Divs. to policy holders for 1934. . 16,054,788.60 Special contingency reserve .... 15,000,000.00 GENERAL SURPLUS AND CONTINGENCY RESERVE ..$ 59,153,600.34 SUMMARY OF ASSETS Bonds and stocks (Insurance Commissioners’ Standard).... $ 192,688,803.77 Real estate mortgages 259,266,129.63 Loans and company’s policies 96,247,133.61 All other assets 107,462,299.31 TOTAL ADMITTED ASSETS S 655,664,366.32 /Cash in office and hanks $15,568,825.63 Including iU. S. Government bonds and notes 20,406,584.49 Other short-term obligations 9,071,101.38 DAN W. FLICKINGER ALBERT HERMANN General Agent District Manager 1222 Circle Tower Indianapolis 407 Odd Fellow Bldg. Indianapolis

North Am Light & Pow 32% 2% Northwest Engineering. 6 5% 6 Ontario Mfg 5% 5% 5% Oshkosh Overall 18 Penn Gas & Elec 13% Potter Cos 4% 4 4% Prima Cos 9% 9% 9% Public Service N P 19% Quaker Oats 119% 118% 118% Quaker Oats, pfd 120 119% 119% Rath Packing .. 25 Reliance Mfg Cos 17% 17% 17% Southern Union Gas... 1% 1% 1% Swift &Cos 18% 18% 18% Swift International 27% Utah Radio ... 2% Utility & Ind 1% Vortex Cup Cos ... 8% Walgreen Cos com 24% Ward Montgomery A 108 Zenith Radio ... 4

Indianapolis Cash Grain

—Feb. 31— The bids for car lots of grain st the call of the Indianapolis Board of Trade f. o. b shipping point, basis 41% New York rate, were: Wheat—No. 1 red. 81%®82%c: No 2 red. 80%® 81 %c: No 2 hard. 80%081%c Corn—Steadv; No. 3 white. 41042 c; No. 4 white. 40®41c: No, 3 vellow. 40y41r: No. 4 vellow. 39®40c: No 3 mixed. 39® 40c: No. 4 mixed. 38®39c. Oats—Steadv: No. 2 white. 31%®32%r No. 3 white. 30%® 31 %c Wheat—No. 1 red. 2 cars: No. 2 red. 1 car. Total. 3 cars Corn—No. 2 white. 2 cars: No. 3 white. 6 cars: No. 4 white. 2 cars: No. 2 vellow 7 cars: No. 3 vellow, 17 cars: No. 4 vellow. 2 cars: No. 5 vellow. 1 car: No 3 mixed 2 cars: No. 4 mixed. 1 car. Total. 40 cars Oats—No. 2 white. 11 cars: No. 3 white. 3 cars; No. 4 white. 5 cars. Total. 19 cars. Chicago Primary Receipts —Feb. 21— —Bu.ihel— Todav. Last week. Wheat 428.000 317,000 Corn 506.000 884.000 Oats 166,000 168,000 CHICAGO CASH GRAIN By l nited Bn ss CHICAGO. Feb. 21.—Cash grain: Wheat —No. 2 hard. 88%® 90c: sample grade hard. 82c. Corn—No. 2 mixed. 48%c; No. 3 mixed. 47%®47%c: No. 6 mixed, old 46c; No. 2 vellow. 48®48%c: No 2 vel'.ow. old. 44%: No. 3 vellow. 47%® 48c; No. 4 yellow. 46®46%c; No 5 vellow. 45c: No. 6 yellow, old. 45c; No. 2 white. 49 0c: No. 3 white. 480®48%c. Oats—No. 2 white. 35%®36%c: No. 3 white, 35c; sample grade white. 35c. Rve—No sales. Barlev—Sales . 54®74c. Clover seed —$11® 14.25. Timothy—s7.2s® 7.50. Cash provisions—Lard. $6.30: loose. $6; leaf. $6.25: bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO. Feb. 21.—Grain close: (Grain in elevators, transit, billing ! Wheat—No. 2 red. 92®93c. Corn —No 2 vellow. 53%® 54%c. Oats—No. 2 white. 39%®40%c. Rte—No. 2. 65%®66%c. Track prices. 28%c rate.) Wheat—No. 1 red. 88%®90c; No. 2 red. 87%@88c. Corn—No. 2 vellow'. 49®50c; No. 3 vellow. 47%48%c: No. 4 yellow. 46®47c. Oats—No. 2 white. 36% ®3B%c: No. 3 white. 35%®36%c. Toledo seed close: Clover—March. $8.25. Alsike —Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. Feb. 21—Cash grain. Wheat —In fair demand. % to 1% cents lower on red and steadv on hard grades: No. 2 red. 90%c: No. 3 red. 90c; No. 2 hard. 89c nominal. Corn—ln fair demand, unchanged to % cent lower; No. 2 yellow. 47%®48%c: No. 3 vellow. 47%® 47 3 4C: No. 3 white. 48%c; No. 5 white. 46c. Oats — In slow demand, unchanged to % cent lower: No. 2 white. 37®37%c; No. 3 white. 36c; No. 1 burt, 38c.

I Buy BLDG. & LOAN NewtOll and STOCKS T n jj SfiH 415 Lemcke Bldg.

Active Trading in Government Municipal Land Bank Catholic Church and Institutional Bonds Real Estate Bonds and Stocks General Market Securities A. J. WICHMANN & CO. f INC. 712 CIRCLE TOWER, RILEY IKIO INDIANA I*OLIS, INDIANA

Let us suggest conversion of your Defaulted Securities into Income Producing common stocks listed on recognized exchanges I. G. Kahn & Cos., Inc. INVESTMENT COUNSELORS Llnroln 6*87 Suite 445 Illinois Bldg. Indianapolis

Abbott, Hoppin 6? Company 203 Continental Bank Building RI ley 5491 MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Produce Exchange Commodity Exchange. Inc. New York Coffee and Sugar Excnange, Inc. Chicago Mercantile Exchange Co-Managers .Tames T. Hamill Kenneth lx. Woolling

„TEB. 23,193*4

GRAIN MARKET UP FRACTIONS: TRADING LIGHT Unexpected Strength at Liverpool Creates Local Buying. BY HARMAN W. NICHOLS United Tress Staff Correspondent CHICAGO. Feb. 23.—Grains followed at the opening of the Board cotton attheopening of the Board of Trade today. Wheat and corn futures were % to higher and oats were % to % cent higher. Liverpool opened stronger than expected and this linked with other influences to attract buyers to the local market at the start. The foreign markets displayed strength yesterday, while American markets were observing Washington’s birthday. Winnipeg closed to •% cent higher, while Liverpool was t© cent higher in the face of an advance in sterling. Chicago Futures Range —Feb. 23WHEAT— Prev. High. Low. 10 00. close. May 89% 88% .89% .88% July 87% .87 .87% .86% Sept 88% .87% .88 .87% CORN— Mav 51 .50% .50% 50% July 53 .52% .52 3 4 .52% Sept 54% .54% .54% .54’ 4 OATS - Mav 35% .35% 35% .35% July 35% 35 35 .34% Sept 34% .34% .34% .34% RYE— May 59% .59% .59% .59% July .. .60% .60% Sept .. •• .61% BARLEY— Mav 47% .47% .47% 47 July 47% INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat, other grades on their merits. LECTURE ON LUCK SET Dr. A. F. Gouthey to Address Young People at Tabernacle. “Luck,'' will be Dr A. P. Gouthey’s subject for the special Young Peoples night sendee at the revival meeting at Cadle Tabernacle tonight . "Modern Unbelief. Its Cause, Crime and Cure' was the subject last night in which Dr. Gouthey asserted that atheistic societies have made great inroads into the colleges of the country and are now organizing junior atheistic societies in the high schools.