Indianapolis Times, Volume 45, Number 248, Indianapolis, Marion County, 24 February 1934 — Page 14

PAGE 14

Flexible Margins to Be Suggested as Modification of Bill to Regulate Stock Exchanges. BY RALPH HENDERSHOT - limn 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, end 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 bv calling loans through the federal reserve banks. High officials, in fact, stated that loans had not reached dangerous proportions. 808 Outside Loans Prevented It would seem, though, that if the top and bottom boundaries of margin requirements were fixed bv law and the federal trade commission was given the power to regulate them uothin 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 pioposed 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 B 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 hich 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 rven at the peak of the boom they seldom wjere above 30 per cent, except in the case of highly speculative stocks. 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 generally, 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.

New York Stocks (By Abbott. Hoppln & Co.l

Feb. 23Oils— Prev. High. Low. Close. Close. Amerada 4;■ a 48% 48% 48 3 * AM Rfg 33% 32 32 33% Barnsdall 9% 8% 8% 9'* Consol Oil 13% 13 13 13% Cunt of Dpl ... 20% 19% 19'* 20 Houston mew i . ... s'* 5% Houston i old I .. 27% 26% 26% 27% Indian Rfg . 3% ... Mm Con Pet ... 13% 13'* 13'* 13% Ohio Oil 15 14'* 14'* 14'* Pet Corp 13'* 12 '2 12% 13'* Phillips Pet, 17'* IT* 17% 17% Pure Oil 13% 12 7 * 12‘ 13% Royal Dutch . 39 ... Slid Oil 36 33' 2 33' j 32% Shell Un ll 1 * 11 ll‘ 10' 2 Simms Ppt 10'* 10'* 10'* ... Skellv Oil 10 ‘4 10'* 10'* 10'* Soc Vac 17'* 17 17 17'* SO f Cal 41'* 4040 41 Hoof N J 48'* 47 '2 47' 4 48‘2 Sun Oil -•• 80 Texas Corp . 28'* 27'* 27'* 28 Tidewater Assn. 11 4 10'* 10% 111* On Oil ol Cal .. 18'* 18'2 18'2 1j streh— Am Roll Mills.. 27'* 28 28'. 37 firth Steel 48'* 48 48’* 48 15' ers AM 31 '2 29'* 29'* 31'. (ol F A- Iron .. 8' 8 8 8 * Cruc S'eel .... 38'* 31 ! 2 34‘2 36 * 1,11 if Sts Steel .. ... 4040 Inland Seel ... 49'* 49'* 49% 49 * Huai im Steel . 18’* 17 3 * 17% 19 jitiveesport Tin. 93'* 90 90 9. ilatl Steel .. 54 51'a 51 '2 54 Hep 1 A Steel . 25% 23'* 23 >* 25 Rep lAc St pfd 67'* 63'* 63'* 64% U S Smelt 131 3 * 124 2 125 130 2 Vanaotum 30' 2 28 28'* 30 Mid Steel 20>2 19 19'* 20 2 b S Pipe & Friy. 31'* 29 4 b S Steel 59 * 57 57 * 58;,* b S Steel pfd 94 '2 93, s 94% 94-* 1 0u liststn SAc T 32'* 30'* 31 3- * Atchison 69 3 4 67 67 (0 l A ;',^. u . ne .::::lk 8% ■- tan Par 16'* 16'* 16'* 16* t", & Ohio 45’* 44 44'* 45 * Chi Ar O' W .... 5% 5 5 5 * CMA SI T ... % ,7, ,7, CMASt Ppfd . 12 IP. 11* lhi N W 14'* 13'* 13 a • Cm R lsl ... s’* s'. 5 * • * thi R I ~’r pfd. . ” * l’cla Ac Hud ,*,O 6P* 69 CiVi Northern ... 30% 29 29 30’a l.i Central pfd .. 36 4 34% 35% 3b * K C SOU 18, J], If 2 I.jt. A Nash .... 5. 2 56'i 56 2 57 MK A T 13 4 12* 1- * 13 4 IIJl lJ v P r*nl 4"'* 40'* 41 41 1 * is Y Cent ■•••• TV,* o.i: 2S I ■> N Y Chi &St L. 25% -4'* -4 4 25* NYCA- St LpfcL 34'* 32 32 54 * 14 Y New Haven 21’* 20 2 20* 21 * N Y Ont A Wes. 11 JO 2 JC 2 10 * Norfolk & Wes .1.8' 2 I*s ~ * 34 Kor Pac 34 32 J 2 4 • Penn R R 3c* 36 * 3b * Reading _■ 'jja- 31 ‘I Si R R 35** 33 33 33 4 Sou R R Pfd -••40 4 • * • • 132’ • Villon Pac 133 128 1-8 li* Vr T Mart lnd .. 16'* 15% 15'2 16 ’ Motors— S3 , s3 , 54% Auburn 55 sj s 59*. Chrysler 01 • * Grn Motors 41* 3. .- 39* Or aha m Mot ... 4 * ~, ;>2% Hudson 23 . * 6 , g , 4 6 3 * tS “l; ?• Tackard 8 * * „r S udebaker 9 * • * * Yellow Truck ... •'* 62 02 Motor Acres*— 20 % 21% Bendtx 21 * jL 2 Bohn Alum b 6 6, 63 b. Bore Warner -®,* 7%, 17 . ■R r , CC 4 1* ‘ a 16'* 4b* 1; Bucd Wheel .... 5% 4% ,4'* En-on Mfe Sgi, 30', Elec A'.ito Lite.. 30 , 29 , - * • Ho id 'A- 2 Mullms Mfe .... If* ” 13 Murray Body 11 * 1 * q* t': mVr'i * FtoL. .." 39 3 * 3 1l 3 1l Al"”sun 22 20% 21 2P* Am Smelt 49% 46,* . Anaconda 16 l3 1 . , Cal & HecU . J ♦ ?, 2 oc " 37aCreDe Pasco. Ot Nor Ore . 14% 14 l * 14'* 14 ‘ Homer-take Mm.. ■ • ' 49 Hone Sound ... 49'a 46'. 4b * w In:- Copper - 235 ft Nickel .... ?4 . 23 £ . Isl Cree* Coal .. 2<% 2.* --a Kennecott Cop.. 21% -0 . 20 * .1 Noranda Cop .. 34% 34 34 * 34 * Phelps Dodge .. 17'a 16'* Tobaeros — ... Am Sum Tob 18*. I-'* If * 4 Am Tobacco A..•" Ll, 7S a A Am Tobacco B 75 • <5 * • * •- * 1 lee A- Myers BBA * 86 * 86 * b: \vl ll 3 a Am Cat A Fdy.. 3-% 31 31 31 * Am LOCO 38% 36% 36 a 38 Am Mach A Fdy 1. . J* ‘A, il,* Am Steel Fdy... 24%- 22% 2- * -4 * Bald Loco J 4 l3, }-,J P irroughs 1•' i‘ • h,* - 9 ,* I T 80*2 *6 * *^2 C*!rr Tract 30U Colga* Palm Pee*. 17 16 16% 16 * Congoleum ... 30 29 29 30 Fostef Wheeler ! 21% 30 20 % 21 3 . g,- Tk C "! ?i’% Vvt 21 '* Sl% Gen R R Sig..-. 41%- 40% 40% 41 . Ircsol Rand .. *2 66 6,% . Inf Bus Mach..l44 142% 143 143% Int Harvester .. 44% 42'* 4- * 44 * Kelvinator 20‘a 19 19 20 Natl Cash Reg... 22** 20 s . 2! 22% Proc A Gambif.. 39% 38% 38 a 38;, Pullman Inc... 58 a 56 * 56 * 58-* S mmons 8ed.... 2P* 20% -0 a 21;* West Air B 33 32 33* West'.rgh Elec.. 43’* 41 a 41% 43* Worthington Pm 29% 28 28 -9 * Am A- For Pwr.. 11% 10% 10% 17% Am Power A Lit 10% 9'* 9 3 * 10 4 A T A T ...H4 121 121 122% Am Wat wks... 22;* 1 * ;2-* 22 a Brook Cn Gas.. 77• a <•% <• s "•% Col GA- Elec ... 17 15% 16% 16% Cos! G E pfd , , 75% Com A Sou 3 *% 2 a 3 Consol Gas . . 41% 40% 40% 41% Elec Pr A- Lit. 7% 7% 7’* 7% EP A L pfd ... . - ■ 15% 7n T T 15'. 14% 14'. L'% Lou GA E A ... . 19% 1?% Nat Pwr A Lit.. 13 12% 12% 12% North Amer .... 2P* 20% 2(% 2P* Pac GA E 20% 20 20 20* Pub Serv N J 41% 40% 40% 41% So Cal Edison... 20% 19% 19'. 20% Std Gas 14 13% 13% 14% S:d Gas pfd ... 13% 14% t’mted Corp .... 7% 7 7 7'* Vn Gas 1mp.... 18% 18% 18% 18% Vt P*r A Lit A 4'* 4% 4% 4% Western Union 62% 59 59% 61% Rubber*— Firestone 33% 22% 22% 23% Goodrich 17% 16% 16% 17'* Goodyear 40’* 39 39 40% V S Rubber , 21% 19% 19'* 51 V 6 Rubber pfd.V4s% 42% 43 45 s , *.el Spring ....V% 3% 3% 3% t

Wall Street

1 Croslev Radio ... 12% 12% Fox Thea 16% 15 15 16% Loews Inc 33% 31'a 31% 33 Radio Corp 8% 7% 38% Warner Bros ... 7% 6% 6% 7% Foods— Armour A 6% 5% 5% 6% Beatrice Cream 15% 15 15 15% Borden Prod .. 24% 24’ 24’ a 24% Cal Packing 27 25% 25% 26% Canada D G A 25% 24% 24% 25% Coca Cola 109% 109% 109% 109 Cont Bak A 13% 12% 12% 13% Corn Prod 74% 74 74 74 Crm of Wheat 33 33 Gen Foods 3.5% 34% 34% 35 Gold Dust 20% 19 % 19% 20 % G W Sugar 29% 29 29 29 1 2 Hershev 55 54 54 23% Int Sait 23% ... Loose Wiles ... 39% 39 39 39 1 2 Natl Biscuit 41% 40% 40% 41% Natl D Plod 15% 15% 15% 15% Purity Bak 17% 16% 16 1 2 17% S Porto Rico S 36 36% Sid Brands 22% 22 22 22% United Fruit 66% 64 64% 65% Wriglev 59% 59% 59% ... Retail Store*— Ass Rrv Goods.. 17% 16% 16% 17% Best k Cos ... *.1% Or Un Tea 7% 7% 7% 7% Hahn Dept Sts.. 7% 7% 7% 7% Jewel Tea 46% 45% 45 1 2 46% Kresge S S 20% 19% 19% 20% Kroger Groc ... 32% .31 31% 32% Macy R H 59 57 .57 59 May Dent St 41% 39 39% 42 Mont Ward 34% 32% 32% 33% Penney J C 63% 63 63 63% Safeway St 53% 5.3% 53% ... Sears Roebuck 49% 47% 47% 49% Woolworth 53% 51% 51% 52% Aviation— Aviation Corp ..8 7’ 2 7% 7% Douglass Air ... 24% 22% 23 24 Curtiss Wright . 4% 4% 4% 4% Curtiss Wright A 10% 10 10 10% Nor Am Av 6% 6% 6% 6 United Aircraft. 25% 24% 25% 23% Chemicals— Air Reduction .... ... 101% ... Allied Cheni 157% 155 155% 1.59 Am Com Alcohol 50 48% 49% 49% Col Carbon 70% 68 68 70% Com Solvents .. 29% 38% 28% 29% Dupont 103% 100 101% 102% Freeport Tex ... 48' 2 47% 47% 49 liquid Carb .... 29 28 28% 28% North Alkali .. 38 37% 27% 38% Tex Gulf Sulph. 40% 39% .39% 40% Union Carbide . 48% 46% 46% 48 U S Indus Alco. 57% 55% 55% 58% Natl Dist tnew). 27% 26% 26% 27% Drugs— Coty Inc 7% 7% 7% 7% Lambert 29% 27% 28% 29% Lehn & Fink ... 20% 20 20 20 Zonite Prod ... 7% 6% 6% 7% Financial— Adams Exp 10% 10% 10% 10% Allegheny Corp. 4% 4% 4% 4% Chesa Corp 42% 41 41% 42% Transamerica .. 7% 7% 7% 7% Tr Conti Corp.. 6 5% 5% 6 Building— Am Radiator ... 16 1 * 15% 15% 15% Gen Asphalt ... 20% 19% 19% 20 Int Cement .... 33% 31% 31% Johns Mnnville 63 59** 60 62 Libby Owens Gls 41% 38 38 41 % 1 Otis Elev 18% 17% 17% 18% Ulen Const .... 3% 3' a 3% 3% Miscellaneous— Am Bank Notp 21 19 1 * 19% 20% lAm Can 106' 2 102% 103 105% Anchor Cap 21% 21 21 21% : Brklvn Man Tr. 32% 31% 32 3e% Conti Can .. 80 77% 78% 80 Eastman Kodak. 92% 89% R 9% 92% Owens Bottle ... 90 88% 89 91% Gillette 11% 11% IP* 11% Glldden 24% 23% 23', 24% Gotham Silk ... 10% 10% 10% 10% 1 Indus Rayon ... 87® 84% 84% 69% Inter Rapid Tr.. 10% 9% 9% 10% New York Curb (Bv Abbott. Hoppm k Cos.) —Feb. 23Close. Close. AlliPd Mills ... 8% Hiram Walker.. 45% Alum Cos of Am 73% Hud Bav Min.. 10% Am Beverage . 3 Humble Oil ... 40% Am Cvanide B. 19% Imp Oil Ltd.... 13% Am Gas Ac El . 29 Int. Petrol .... 21% Am Superpower 3% Lake Sh Min . 44% Ass Gas A: El. l%.Libbv McN Lib. 5% Atlas Corp .. 14% Lone Star Gas 6® Can Ind Ale A 16® Natl Bellas Hess 3% I Can Mare .... 4 Newmont Min.. 52 • Carrier Corp .. 7 Nia Hud Pwr.. 7 (Cities Serv . . 3% Novadel Acene. 6.5% Com'wealth Ed 54 Pan Am Airwvs 38% Cord Corp . .. 6® Park Davis .. 25 Creole Petrol 12® Penn Road . . 3% j Crown Cork Inti 7® St Regis Paper 4 Deere k Cos 31% Sal Creek Prod 6% : Distillers Lim 21 % Shprwin Wms, 65® Distillers Corp. 20% Std of Ind 30% Dow Chem .72 Std of Kv 17 E! Bond k Sh. 18% Technicolor Ind 9% Fisk Rubber . 17® Tech Hughes gld 5% Ford of Can A 23 Un Gas 4% Ford of Europe 7% Un Pwr Ar Lt A 4 i 31en A!dn Coal 19% Wright Harg Min 7% Gulf Oil of Pa. 72%

Federal Farm Loan Bonds

tßy Blyth k Cos, Inc.) —Feb. 23 Bid. Ask. 4s Nov. 1. 19-57—37 93 94(4 4s Mav 1. 1958—38 93 94% 4%S July 1. 19.46—36 94 pS% 4%s Jan 1. 19.47—37 94 95% 4%S Mav 1. 1957—37 94 95% 4%s Nov 1, 1958—38 94 95% 4%s Mav 1, 1942—32 96 97% 4%s Jan. 1, 1943—33 95 96% 4%s Jan. 1. 1953—33 95 96% 4%s Julv 1, 1958—33 95 96% 4%-s Jan 1, 1955—35 95 96% 4%s July 1, 1955—35 95 96% 4%s Jari 1. 1956—36 95 96% 4%s July 1, 953—33 96 97% 4%s Jan. 1. 1954—34 96 97% 4®S July 1. 1954—34 96 97% 5s May 1. 1941—31 99% 100'5s Nov. 1. 1941—31 99% 100% Home Loan 4s July 1. 1951 ... 94% 95%

In the Cotton M*arkets

—Feb. 23 CHICAGO High Low C'.ose January 12 86 12 79 12.79 March 12 23 12 13 12.13 May 1239 1225 12 26 July 12 54 12.41 12.41 October 12 70 12 58 12.58 December 12.80 12.70 12.70 NEW YORK January 12 78 12 63 12.63 March 12.15 12.02 12.02 Mav 12 33 12.17 12.18 Julv 12 46 12 31 12.32 October 12 64 12 48 12 49 December 12.75 12.61 12 63 NEW ORLEANS January 12 62 March 12 13 12 02 12 02 Mav 12 30 12.13 12 16 Julv 12 44 12 28 12 29 October 12A0 12 45 12 48 J

STOCKS DECLINE 1 TO 6 POINTS ON hLYJOARD Heavy Liquidation Weakens All Divisions After Recovery.

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. Aveiage of ten industrials: 93.95. off .04 BY ELMER C. WALZER United Press Financial Writer NEW YORK. Feb. 24.—Stocks lost fractions to more than 6 points in a quiet session yesterday, wiping out all the recovery made since the reaction of Feb. 9. when the industrial average sank 2.36 points in a 3.000.000-share shakeout. The slow, steady selling that undermined the list got under way after a recovery following a steady to firm opening. Packing shares were hard hit on news the ten leading companies would be investigated under the packing act on charges of conspiracy in price fixing. The decline spread to all sections. Rail List Slumps Rails sold off 1 to more than 3 points; utilities fractions to more than a point; communications to more than 2 points; farm equipments more than 2 points; oils a point; industrial leaders to more than 2 points, and liquor issues to more than 2 points. Mining issues were unsettled by a 4-point break in United States Smelting. Aviation issues met support for a time with United Aircraft the feature. The group was aided by proposals in the house postoffice committee to provide rates of pay for air mail at 0.002 cents per pound mile and to permit all lines to compete for the business, including those whose contracts were canceled. Oils were featured for a time by Seaboard, which rose more than 2 points. Its advance w'as wiped out later. Special issues in various sections made gains early in the day and some of them made new highs for the year or longer. However, the decline gathered momentum as the close approached, spreading to all divisions of the market. U. S. Dollar Steady Commodity markets held better than stocks or bonds. Wheat closed fractionally lower while corn was up fractionally and oats unchanged. Silver, cotton and rubber futures made small gains. The dollar was steady. Transactions on the Stock Exchange yesterday approximated 2.290.000 shares against 1.900.000 shares Tuesday. Curb trading totaled 410.000 shares against 352,000 shares Tuesday. Dow Jones preliminary averages showed industrial, 106.14, off 2.36; railroad 50.02, off 1.79; utility 27.59, off 0.72.

Bank Clearings

INDIANAPOLIS STATEMENT —Feb 23Clearings $1,871.000 00 Debits 4,451.000.00

Treasury Statement

By L nited Press WASHINGTON, Feb. 23.—Government expenses and receipts of 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 James T. Ha mill k Cos.) —Feb. 23Close. Sterling. England $5,07% Franc. France • 0656 Lira. Italy 0862 Belgas. Belgium 2326 Mark. Germanv .3956 Guilder, Holland 6707 Peseta. Spain 1350 Krone. Norway 2.455 Krone. Denmark 2268

Investment Trust Shares

(By Abbott. Hoppin k Cos l —Feb. 23Bid. Ask. American Bank stocks Corp.. 1.18 1.22 American & General Sec A.. 5,50 7,50 American k Inv Tr Sh 2 00 3.00 Basis Industry Shares 3 60 3 70 British Type Inv Tr Sh 70 80 Collateral Trustee Shares A . 487 5.12 Corporate Trust Shares ioldi 2 20 224 Corporate Trust Shares (newl 2.51 <♦,44 Cumulative Trust Shares .... 440 4.48 Diversified Trust Shares A.... 625 .... Diversified Trust Shares B. ... 8 50 8 75 Diversified Trust Shares C.. , 335 3.40 Diversified Trust Shares D .. 510 5.20 First Insurance Stock Corp.. 128 132 First Common Stock Corp ... .95 110 Fixed Trust Oil Shares A ... 900 925 Fixed Trust Oil Shares B ... 7.87 812 Incorporators Investments .... 19.37 20.75 Land Bank Bond Shares .... 106 1.17 Low Priced Shares 6 60 6.70 Mass Inv Trust Shares 19.95 21.68 Nation Wide Securities 3.60 3.70 North Amer Trust Shares 153 > 1.93 1.97 North Amer Trust Shares issi 2.53 258 North Amer Trust Shares isßi 270 2.85 Selected American Shares .. 3!35 .... Selected Cumulative Shares.. 720 .... Selected Income Shares 3.60 4 00 Std American Trust Shares A 314 3.18 Trust Shares of America .... 300 3.06 Trustee Std Oil A 5.75 5.85 Trustee Std Oil B .4 40 5.55 U S Electric Lt <k Pwr A 13.00 1.3.75 Universal Trust Shares 3.25 330

U. S. Government Bond

By United Pres # NEW YORK. Feb. 23 —Closing Liberties: (Decimals represent thirty-seconds'. LIBERTY 3%s (32-471 102 3 Ist 4'•*s (32-471 102.26 4th 4%s (33-381 102.28 TREASURY 4%5-3%s (45* 100.14 4%S (47-52i 109 2 3%s (43-471 - 101 3%s (41-431 March 101.1 3%s (40-431 June 101.4 3'* s (41 1 100 13 3%s 46-49 1 • 98.31 3s (51-55) 97.22 Fire Reports Thursday 627 a m 1" West Washington street, tearoom, small loss 830 a m . 3346 North Arsenal, residence. small loss 2 49 p m . Sixteenth and Pennsylvania automoDiie. small loss. 3 24 p. m . 1415 Jones, residence, small loss. 3 41 p. m . 1026 North Pershing, residence. small loss. 5:20 p. m.. 1515 Montcalm, residence, no loss. 7:24 p. m.. 1402 East Vermont, residence, no loss. 9:37 p. m., 1457 Lee. residence, no loss. Friday 1:13 a. m.. Sixteenth and Sherman, glass factory, considerable loss. NEW YORK RAW SUGAR FUTURES —Feb. 23 High. Low. Close January 1.76 March 161 159 1.59 May 1 64 1.l 1.61 Julv 1 68 1 65 1 65 September 1.73 1.70 1.70 December 1.7* 1.7*

THE INDIANAPOLTS TIMES

Chicago Stocks | ■" Bv Abbott. Hoonir A Cos. ” TOTAL SALES. S2.WX) SHARES —Feb. 23High. Low. Close Acme Steel Cos 41 40% 40 '4 Advance Aluminum .. ... 3% Allied Products 20% 13 19 Altorfer Bros . 23 22% 23 American Y\ette 3% 3% 3’ Assoc Telephone Util % Assoc Tel util A pfd % Bastaln-Blessing S'* 7% 7'* Bcndix Aviation .* 21% 20% 20% Borg-Warner 28 26% 26% Brach k Sons . 10 '3 E L Bruce Cos 16 ' 15 15 Butler Bros 11 '3 10% 11 '3 Campbell W k C Foun 15 14 ! 2 14 > 3 Canal Construction ... 3 Central Cold Storage ... ... 8 Cent 111 Pub Serv old. .. ... 20 Cent 111 Securities com .. ... % Cent Pub Util ... % Cent Pub Util V T C % Cent & So West 1% 17 1U Cent k So West pfd . 13 12’, 12’, Chi k North Western. 14 ! 13’* 13', Chicago Corp com . 3 3 s 3‘, 3 1 , Chicago Corp pfd ... 29 Chicago Flexible Shaft 10 1 2 Chicago Yellow Cab .. 12'2 Cities Service 3*4 3' 3‘, Commonwealth Edison.. 55 54% 54'2 Consumers ... % Consumers 6'- pr pfd.. 6 5% 5'2 Continental Steel ... 10 Cord Corp 7'3 7 7 Crane Cos 10 9' 2 9% Crane Cos pfd 63 60 60 Decker k Cohn .. 2 Eiec Household 13', 13 13 Gen Household Ut .... 14% 13 13% Gen Candy Corp 4', Godchaux B .... B’* 3'2 B'a Golldblatt, Bros 17 ’4 16’, 16', Great Lakes Dredge 20' a 20 20 Hall Printing ... 7** Houdaille-Hershey A ... .. 22' 4 Houdaille-Hershey B .. 6% 6', 6 1 , Kalamazoo Stove .. 26 1 2 Katz Drug 31% 31 1 2 31 *4 Ken-Rad Tube k L ... 5% Keystone Steel ... 16’2 Libby-McNeil 5% 5 5 Lion Oil Refining Cos .. 4% 4 ! 2 4' 2 Mapes Cons Mig Cos ... 34’ 2 McGraw Electric 5% McWilliams Dred Cos .. ... 22 3 .t Middle West Utilities... '2 3 a 3 b M West U 6% pfd A 2' 2 2' 4 2% Midland Util 6%, A pfd l's Midland Util 7'. PL 1' 2 Miller & Hart nfd 8 Modine 14% 14 1 a 14% Monroe Chemical ... B' 2 Muskegon Motor Spec A* 11 Nachmann Springfield 5 National Electric Pow A 3 , Vi % National Leather .. 1 % National Standard 26% 25' 3 26% Noblitt-Sparks Ind Inc 15% 15 15 North American Car ... 5% Northwest Bancorpora. .. ... S', Northwest Engineering 6' 2 Oshgosh Overall 6 5% 5% Penn Gas & Elec .. 12'2 Potter Cos .... 4 3 , 4', Prima Cos . . 9% Public Serv N P .. . 13 1 2 19% 19% Public Service 6% pfd. 61 60 61 , Public Service 7% pfd . . 64 1 2 Quaker Oats 118*4 117% 117% Reliance Mfg Cos ... 17 Sandard Dredging Cos.. .. 2’, Stutz Mot Car of Am.. 7% 7 1 2 "‘'2 Sutherland Panel Cos. 18’, 16 3 4 16% Swift Internacional ... 27', 26V2 26 1 2 Thompson JR... . ... 10 Utah Radio ... 2 Utility & Ind 1% Utility k Ind pfd.... 4*.4 4 4 Viking Pumo ... 4*4 Viking Pump nfd , 254 Vortex Cun Cos 9’i 8% 9 Walgreen Cos com .. 24% 22% 22® Wieboldt, Stores ... 17*4 Zenith Radio 4 3% 3%

On Commission Row

—Feb. 23Fruits Cranberries —Cape Cod early blacks. 25lb box, $2.25. Pears Washington D'Anfou. 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, Florida, $1.35®2.25 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, $125 per dozen. Lettuce—lceberg, best (4-ss), crate, $3.50; hothouse.ls-lb. basket. $1.15. Radishes—Hothouse button. 40c dozen. Spinach—New Texas. 85c®$1 bu. Turnips—Per bu.. 90c. Tomatoes—3o-lb. carton $2.25. Potatoes—Northern round whites. 100-lh. bag. $2.35; R. R Ohios, 100-ib. bag. $2.35; 15-lb. bag, 40c; Idaho Russets, 100-lb bag, $2.60. Sw'eet Potatoes—Nancy Halls, per bu, $1.65.

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, 4Vi 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 w’eigh 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 CINCINNATI; Feb. 23.—Butter—Packing stock No. 2. 15c; butter fat, 20c. Eggs— Steady; extra firsts, 17c; seconds. 15%c; nearby ungraded. 16c. Live Poultry—Fowls, 5 lbs. and over. llVic; 4 lbs. and over, 13c: 2 lbs. and over, 13c; Leghorns, 3 lbs. and over. 11c; roosters. 8c; stags, colored, 13c; Leghorns. 10c; colored broilers, 1% lbs. ar.cl over, 25c; 2 lbs. and over. 22c; colored fryers, 3 lbs. and over. 19c; roasting chickens, 4 lbs. and over, 19c; capons. 8 lbs. and over, 22c; under 8 lbs, 19c; ducks, white. 4 lbs. an<t over. 12c; under 4 lbs, 11c: colored 4 lbs. and over, lie; under 4 lbs, 10c; guineas, old, 8c: young. 1% lbs. and over, 18c; 2 lbs. and over. 18c: No. 1 turkeys, young hens, 8 lbs. and over, and young toms. 10 to 15 lbs, 23c; young oms. over 15 lbs, 23c. CHICAGO. Feb. 23.—Eggs - Market, steadier: receipts. 20.038 itwo days) 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 daysi 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. 11c; 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 $1.50 % 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 W'ednesdav, 843: yesterdav. 605. NEW YORK. Feb. 23 Potatoes— Firmer: Long Island. $1,40®2 60 barrel: southern. s3®s barrel: Maine. $1.40®4.25 barrel; Idaho. $2,40® 265 sack: Bermuda. $5,50® 7 Jparrel; Canada. $2 10®2.25 barrel. Sweet potatoes—Steady: Jersey, basket, 50c® $1 50; southern, basket. 40c®51.25 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; turkevs. 14®24c: chickens. 13®24c: broilers. 31®32%c: capons. 19®32c; fowls. 12® 16c: ducks. ll®14c: Long Island ducks. 15®T5%c. Live Poultry—Quiet; geese, 8® 12c: turkevs. 12®80c: roosiers, 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.

Daily Price Index

By United Press NEW YORK. Feb 23.—Dun & Bradstreets daily weighted price index of thirtv basic commodities compiled for the United Fress: (1930-1932 average. 100) Today 103.65 Yesterday 108.58 Week ago 109.08 Month ago 104.59 Year ago 69.00 1934 High i Feb. 17) 109.16 1934 L<)W i Jan. 3i 101 05 (Copyright, 1934, Dun <fe Bradstreet, Inc.) Other Livestock CLEVELAND, Feb. 2S.—Cattle—Receipts, for the week on good cattle, others off 175: market teady todav and about steady slightly; choice steers, 750-1,100 lbs, $6 25 hi 6 75( .450-1.200 lbs . s4® 6: heifers. 6001 ono lbs, $4.25® .4 50; good cow s, all w eights. $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. $6,50®7.50; fair to good .$5.50® 650 Sheep—Receipts. 800 market steady with $lO top for choice lambs, unchanged for the week; choice w ethers. s4® 5; medium to good. 534: choice spring lambs. s9® 10; good to choice. sß®9 Hogs—Receipts. 700; market steadv to 5 cents higher: prices 60 rpnts lower than Monday’s opening; 250300 lbs, $434 25: 220-250 lbs, $4.20®4.50; 180-210 lbs . 54.60®4.65: 150-180 lbs, *4.6t; stags $1.75® 2: pigs. $3®3.25. CINCINNATI. Feb. 23.—Hogs—Receipts, 3.800; active 15 cents higher, butcher weights above 230 lbs. up more, top and bulk good to choice. 160 to 250 lbs, $5; 250 to 300 lbs, $4.80®4.90: better. 140 to 160 lbs, $4.25®4 65; 120 to 140 lhs„ s3®4. Cattle—Receipts. 600; calves. market moderately active steady to strong: most heifers and steers. $465.50: odd lots to *5.75 and part load good vearltngs. *6; odd head beef king. *2 75® 3 25: low cutters and cutters. $1 bulk good to choice vealers S6 50 others from $6 downward Sheep Receipts. 100: steady; better grade lambs scarce odd lots $9.50 down: closely sorted handyweight* to *los X_at ewes. 13.50&V

PORKER VALUES RISE 25 CENTS AT STOCKYARDS Lambs. Vealers Unchanged; Cattle Prices Steady at $6.25 Down. An advance of around 25 cents over Thursday's average featured hog trading at the Union Stockyards yesterday. 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. Someother classes held slightly higher. Receipts were 1.000. Few bids and sales on hogs at Chicago were steady to 5 cents higher than Thursday’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. $4.5541: 4.75 $4.80 2.000 19. 4.704® 4.B•■> 4.90 5.000 20. 4.60® 4 70 4.75 7.000 21. 4.50® 4.55 4 60 6.000 22. 4.55® 4.65 4.65 5.000 23. 4.80® 4 90 4.90 5,000 Market, higher. (140-160) Good and choice.. .$ 4.25® 4.50 —Light Weights—-(l6o-1801 Good and choice.... 4.80 (180-200) Good and choice.... 4.80 —Medium Weights—-(2oo-2201 Good and choice.... 4.85 (220-250) 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 1350 itpl 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 t1.050-l.looi 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 y —cows — Good 3.25® 3.75 Common and medium 2.75® 3.25 Low cutter and medium 1.50® 2.75 —Bulls (yearlings excludedi— - Good (beef steers I 2.75® 3.50 Cutter, common and medium.. 1.50® 2.75 —VEALERS— Receipts. 1,000; market, steady. Good and choice $ 6.5(i® 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) (500-9001 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, 1,000; market, steady. (90 ebs. down) Good k choice ? 9.25® 9.75 190-110 lbs.) Good and choice. 9.00® 9.50 (90 lbs. down) Com. k 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. 23.—Hogs Receipts. 22,000, including 8,000 directs, s®loc higher than yesterdav, 180-300 lbs.. $4.50®4.65; top $4 65; 140-170 lbs., $4®4.50; pigs. s3® 3 50: bulk good packing sows, $3.90®4.10; light lights, 140-160 lbs., good and choice, $4%4.40; light weight. 160-200 lbs., good and choice, [email protected]; medium weights. 200-250 lbs., good and choice, $4 50®4.60; heavy weights, 250-350 lbs., good and choice, $4.35®4.66; packing sows, 275-550 lbs., medium and choice, $3.80®4.25: slaughter pigs, 100-130 lbs., good and choice, s3®4. Cattle —Receipts, 2.000; calves, receipts. 800; few loads good tochoice steers and yearlings on small killer and shipper accounts, steady; medium, light steers and yearlings, weak; cows, weak to 15c lower; others mostly steady: best long yearling steers. $6.60; lower grade light steers. $4.75(3 5.50; slaughter cattle and vealers: steers 550-900 lbs., good and choice. $6.25®7 50; 9001.100 lbs., good and choice. $5.50(3 7 35; 1.100-1.300 lbs., good and choice, ss® 7.25; 1.300-1,500 lbs., good and choice. $4.50®6.75; 550-1,300 lbs., common and medium, s4® .5 50: heifers. 550-750 lbs., good and choice. $5.25® 6.75; common and medium, $3.50(3 5.25; cows. good. $3.50®4; common and medium, $3(33.50: low cutler and cutter. $1.50®3: bulls, yearlings excluded, good beef. $3.10(5 3 65, cutter, common and medium. $2.75(5 3.50: vealers. good and choice. $5 75@7 25 medium. $5®5.75; cull and common, s4® 5: stocker and feeder cattle: steers. 5501.050 lbs., good and choice. $4.50®5.75: common and medium. $3.25®4.75. Sheep —Receipts. 9.000; opening around steady with yesterday's close: sheep little changed: slaughter sheep and lambs: lambs. 90 lbs. down, good and choice, $8.90®9.75: common and medium, $7.25(3 9.15; 90-98 lbs., good and choice, $8.50® 9.65: ewes. 90-150 lbs., good and choice, s4® 5 75; all weights, common and medium. $3®4:50. TOLEDO. Feb 23.—Hogs—Receipts. 200; market, steady to 10c higher; heavy yorkers. $4 70®.4.80; mixed and bulk of sales, $4.70® 4.80; pigs and lights. $2.75(3 4: medium and heavies. $4 25®4.80: roughs. $3 (3 3.40. Cattle—Receipts, light: market,, steadq. Calves —Receipts, light; market, steady. Sheep and lambs—Receipts, light; market, steady. LAFAYETTE. Feb. 23.—Hogs—Market, 200 30c higher; 250-300 lbs,, $4,80; 300-325 lbs,. $4.50: 225-250 lbs.. $4 70; 200-225 lbs,, $4.65; 170-200 lbs., $4 60; 150-170 lbs , $4,25; 140-150 lbs., $4: 130-140 lbs., $3.75; 100-130 lbs , $2 [email protected]; roughs. $4 down. Top calves. $6.50. Top lambs, $8.50. 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 [email protected]; few' 145-160 lbs.. $4®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. ss® 5.60: mixed yearlings and heifers, largely $4.25(35.50; cows, $2 75(33.50: low cutters. $1.50® 1.75: sausage bulls, $2.75®3.10; top vealers. $6.75: slaughter steprs. 550-1.100 lbs . good and choice. $5.50®6.85; common and medium. $3.50® 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® 10; common and medium. $6®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®s 10. or steady to 10c higher: 210-250 lbs.. $4.75®5: heavier butchers. $4 75 down: 120-145 lbs.. $3.25® 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. Ft WAYNE, Feb 23—Hogs-15® 35c higher; 220-250 lbs.. $4.75; l(i0-200 lbs., $4 65; 250-300 lbs. $4 65 3CO-350 lbs. $4 50 150-160 lbs , $4 20: 140-150 lbs.. $4; 130-140 lbs. $375: 120-130 lbs. S3 25 100120 lbs . $2 75: roughs. $3 50®3 75: stags, $2 25 down Calves—s7®7 50. lambs, $9 By Times Special LOUISVILLE Feb 23.—Cattle—Receipts. 100; supply verv light, market, generally steadv; bulk common *o 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. $2.75®3.75: well bred Hereford stock calves, mostly ss® 5.50. Calves—Receipts, 175: market, not fully established; early indications, fully stea’dy to streng; better grade vealers considered Salable. *5-So®6; strictly choice kinds considered eligible to $6.50: medium and lower grades. $5 down Hogs—Receipts. 600; 15c higner: 170-240 lbs . $4 90; 245-270 lbs . $4 60: 275 lbs. up. $4.25; 145165 lbs. $4: 120-140 lb'. $3 25: sows. $3 stags $1.70 Sheep—Receipts. 25. fullv steads, medium to good lambs. $7 50® 850 choice kinds, eligible to $9. bucks discounted $1: most throwout*, $5.50, deniable htt *2.506.1,

Today and Tomorrow

Realignment of Powers May Solve Rising Question of Peace or War. BY WALTER LIPPMANN

THE postwar era came to an end as Mr. Frank Simonds has pointed out. with the National Socialist revolution in Germany and the rise of Hitler Anew era is now in the making. What it is to be like, whether it is to bring peace or another war no man can say until the realignment of the Powers, which is now in progress, has taken place. In the postwar era the continent was organized around the predominance of France and her allies in central Europe. The home of peace then rested upon prompt and generous concessions to the German republic. Some concessions were made. But they were always too late and always too grudging. So that hope has dashed. The result was the provocation of fierce resentment in Germany and the

alignment of Italy on the side of the vanquished nations. The German resentment, aggravated enormously by the terrific pressure of domestic deflation was exploited in the Nazi revolution. This brought into power anew Prussianism. based not on the divine right of the Junkers to the rule, but on the passions of an exasperated mob. The revival of the military spirit in Germany coincided with marked diminution of the military spirit in France. BBS IN the last yeaf\ as the German government has become stronger and more daring, the French has become weaker and more vacillating. In Italy, on the other hand, whatever may have been the initial spiritual affinities between the Black Shirts and the Brown Shirts, it was soon seen that the thrust of the Nazis was directed at the vital interests of Italy.

Hitler W'as moving through Austria to the Italian frontier, and if he arrived there the security of Italy and Trieste and the Adriatic was immediately imperiled. Thus, while France has been weak, it has fallen to Italy to arrest the Nazi advance in Austria. In the meantime, the weakness of France, combined with Germany's willingness to concentrate for the present on Austria and on the Saar, made it possible and expedient for Poland to accept a truce with Germany in respect to the corridor and Silesia. The net result, then, of the first year of Nazi rule was to detach Poland from the French system and to reveal to Italy the fact that her vital interests lie not with Germany and a forcible revision of the peace treaties, but with France and the maintenance of those treaties. As Poland has become separated from France, the pressure of forces has been bringing Italy and France together. They arc. after all. both victors and beneficiaries of the war and. whatever may be their jealousies, they have today, as in 1918, a common interest to defend. B B B BBS THE tragic events in Austria show clearly enough that the peace and order of Europe can not. be preserved successfully by Italy alone. The influence and power of France are needed if the popular forces in central Europe are to be rallied to preserve national independence not only in Austria but throughout the Danlibe valley. So the question of the hour is whether France now nas a government strong enough to reestablish the prestige France has lost in the past year and is determined to do it. The small nations of central Europe must of necessity gather around a strong power, and France is the only power in Europe which has a vital interest in their security. Unless France asserts herself they are bound sooner or later to follow the example of Poland and make temporary and separate bargains. After that, they will exist by the grace of Germany, and not because they have treaty rights and the strength to maintain them. bub b b b THE wwld is now waiting for the Doumergue government in France to show its hand. France, in partnership with Italy, has the power to check the Nazi advance and to give the shaken people of central Europe a chance to stabilize their position. If this is not done the experience of Austria will almost certainly be repeated many times throughout the Danube valley, and, whatever the outcome, it will be stained with blood and scorched with violence. The event which France has dreaded for fifteen years is now at hand. There is once more a militant Germany. The French alliances are crumbling Britain, and. of course, the United States, will not intervene. It is not war. but t is a situation in which force and not formulae, power and not pacific diplomacy, self-help and not peace pacts are the measuies of what will and will not be done. It is a mad and a sad world. The responsibility for making it, like the responsibility for the great war itself, of which it is the direct sequel, can not be fixed exactly. It is a tragedy of human incompetence and of the unrestrained passions of mankind. The moment of decision has arrived. It would be vain to deny it, and for the time being the hope of peace and order in Europe depends entirely upon the resolution and the power of the two nations, France and Italy which have a direct interest in maintaining them.

Deaths Hugh Eddie, 84. city hospital, broncho Pn j e ohn° n Harrison Jackson. 85. 3912 East Washington, chronic myocarditis. John Fellenzer, 88, 2522 West Washington, hypostatic pneumonia. Fannie Kimble, 46, Central Indiana hospital, broncho P neu^ on '?; B NnT . th Al? _ Helen Langsenkamp, 94, 2146 Nortn Ala b Xfga a r r et er c O ou C nn°ey, S -60. Central Indiana h 0 B. r ßn"nt, 88. St. Vincent's hosP * Jen nVe* \Vii nto m Se Mamie b Neele P y Pl s3'’' 617 North Senate. Ul George W Meier. 73. HOl Wright. chronic myocarditis. hospital Wiliam Tanner. 63, city nospuai, broncho pneumonia RooseHarry L. Blumenthal, 69, 360. Koose velt. pulmonary hem°n'ru|Be; . . Katie Brown. 65, 2241 Sheldon, diabetes ("harles E, Garrett. 51, city hospital, Se HeMy m Coss. 70. 1116 North Capitol, br Arth h ur P T™ n 25 a ; 1110 East New York, l 0b A a ivin P Et U tTn o burn. 26, city hospital, skull fr joh U n White. 61. 3505 East North uremia Marilyn Jean Henning, 21 days, 1429 Congress consenit&l heart disease. Josephine Carlson. 79. 2007 North Capitol. cerebral hemorrhage Emma Boon. 96, 974 West Twenty-fifth, broncho pneumonia. _ „ (Vl M . u . Clara E. Wilson. 69. 1542 South New Jersey, chronic myocarditis. „ Clara C. Lutzman. 63, Central Indiana hospital, endocarditis. Jonathan Jessie Overman. 75, city hospital. cerebral hemorrhage^ Robert F Wright, 78, Central Indiana hospital, chronic nephritis. Wilbur Good. 69. city hospital, broncho P Henry Whitcomb, 52, city hospital, lobar Pn Tides n Kinnaman, 42, city hospital, peri'Teonard Crane. 85, 42 North Riley, cardio vascular renal disease . Henry I. Becklev, (8. 420 East North, arteriosclerosis. Margaret McQuaid. 83, 520 East ermont. arteriosclerosis. Oscar Fuson Harry, 71. 1902 North Illinois, cerebral hemorrhage. Births Girls Joseph and Shirley Waltz. 2017 Jones Chester and Margaret Veatch. 1304 B Janies and Mildred Callahan, 2031 North A< Walter and Marlon Gray. 556 Birch, John and Catherine Emlson. Coleman h °Robert, and Louise Messlck. Coleman h and Catherine McMahon. St. Vincent's hospital. Boys Arthur and Marie Baker. 651 Arbor. John and Mary Henthorn, 1209 South Ra iH?be lPb and Alice Broadlick, Coleman h °Michael —d Helen Poliak, Coleman hospital. Farland and Pauline Wallen, Coleman hospital. . Earl and Mary Barnett, St. Vincent s hospital. _. ... ~ Eugene and Charlott Long, St. Vincent s hospital.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealerfc. A cash discount of 25 cents per ton is allowed. DOMESTIC RETAIL PRICES Anthracite Coke, nut size 8.^5 Coke, egg size ..5 Indiana, forked lump 5 so Indiana, egg 3 -00 Indiana, mine run 4,i0 Kentucky lump 7 00 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8.2a West Virginia lump " ' 4 Wpst Virginia egg nO Island Creek * 60 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. By United Press CHICAGO. Feb 23 —Apples— Michigan Jonathans bushel. $1.65®1.75; Baldwins. $1 25® 1 50 Carrots —Illinois, 40®50c bushel. Spinach—Texas. 60®75c bushel. Beans—Southern green, 52.25®2.75 bushel: wax. $2 25®2.50. Cucumbers—Central western hothouse, $2®2.50 two dozen Tomatoes —Florida. $1®1.75 box. Parsnips —lllinois. 85®90c bushel. Sweet potatoes —Tennessee. $1.35® 1.40; Indiana, slso® 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® 75c bushel. Onion market (50-lb. sacks i Western Valencias, $1®1.15. Central, western yellows. sl. Trinidad rum manufacturers are stocking up in anticipation of an increased export business with the .United States.

Bright Spots

Indiana Hydro-Electric Power Company declares a dividend of 87% cents a share on the 7 per cent cumulative preferred stock, payable March 15, of record Feb. 28: the payment is one-half of the usual amount. Net asset value of the Atlas Corporation common stock increased 57 per cent in 1933 to $11.02 according to Ihe annual report released today: net asset valued in 1932 was $7.02. Gross assets of the corporation as of Dec. 31 were $121,336,000, against *53,890,000 on Dec. 31, 1932. Ludlum Steel Company in 1933 earned $161,063 after depreciation and taxes, equivalent to $3.59 a share on 44,900 shares of preferred stock, against a net loss of $474,311 in 1932. Industrial employment in California during January increased 23% per cent over January of 1933. according to the February Business Outlook of the Wells Fargo Bank and Union Trust Company, San Francisco. The report also stated that an increase of 26 per cent over January a year ago was recorded irl total pay rolls. 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 auarterlv dividend of 1-52 of one share of common stofck. or $1.50 in cash has been declared on the convertible preferred stock, payable the same date as the common stock dividend. Preliminary annual statement of the General Foods Corporation and subsidiaries for 1933 shows net earnings were approximately $11,000,000 or $2 10 a share on the $5,251,468 shares of the company's no par value common stock against $lO.343.882 or $1.97 a share on 5,251,501 shares in 1932. CITY DENTAL SOCIETY SECRETARY IS DEAD Dr. C. 'L. Byers, 55, to Be Buried in Crown Hill Monday. Dr. C. L. Byers, 55, of 2138 North Illinois street, died in his home at noon yesterday. He had been secretary of the Indianapolis and Indiana Dental Associations a number of years. Last rites will be held at 2 Monday in the Tabernacle Presbyterian church with burial in Crown Hill. The body will be at the Kreglo & Bailey funeral home tomorrow and Sunday. Dr. Byers was graduated from dental college in 1904 and had practiced here since. He is survived by his widow, Mrs. Hazel Byers; a sister and three brothers. THIRD CHERRY PIE WINS CONTEST TITLE lowa City Woman Captures Baking Championship at Chicago. By United Press CHICAGO, Feb. 24.—The third cherry pie she ever baked won for Mary Lenore Spencer of lowa City. Ia„ yesterday the title of national cherry pie champion. The pie baked by Miss Spencer was submitted in a contest conducted by the national cherry week committee. Cost of the winning pastry, Miss Spencer, said was 26 cents and it took half an hour to prepare. NEW YORK COFFEE FUTURES Feb. 23. SANTOS High. Low Close March 10 55 10.35 10 38 Mav 10.75 10 62 10.63 July 10 88 10 65 10.74 September 1119 1102 1106 December 11 28 11 12 11.13 RIO January 8 61 March 8M 8 30 8 30 Mav , . 850 835 835 July . i 563 850 840 September ...J 855 845 846 December g.SS 8.55 8.55

SELLING DRIVE FORCES WHEAT PRICES LOWER Corn Futures Close Higher After Resisting Pressure; Oats Steady. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Feb. 24—The wheat market closed lower on the Board of Trade yesterday when the pit element started a wave of sellmg toward the close on weakness in stocks. Wheat closed * to •>* cent lower. Corn, however, resisted the pressure and was % cent higher. Oats remained unchanged. Strength in foreign markets yesterday imparted a bullish influence at the start and wheat deliveries were as much as ** cent higher before the end of the first half hour. Stocks began a reaction later. However. and prices slipped to small fractions above the previous finish. Though some interest w’as apparent at times, buyers were not enthusiastic. Buying activity was believed stemmed somewhat by a forecast for moisture in parts of the southwest. Winnipeg wheat developed a reactionary tendency after gaining '2 to •% cent yesterday, while Liverpool finished ’. 4 to % cents higher. Corn and other grains were more or less influenced by the action of wheat and prices averaged somewhat higher, although the best figures were not maintained. Chicago Primary Receipts Feb. 23 Bushels. Toda' Last Meek Wheet 531 000 438 OHO Corn 712 000 ,568 000 Oats . 252.000 105.000 Chicago Futures Range —Feb. 23WHEAT - p r ev. Open. Hish. Low. Close, close. Mav, ,83 7 , 89 1 4 .88 .88 .88 July.. .87 .87% .86% .86% .86% Sept. .87% .88% .87 .87'. .87% CORN May.. 50 3 4 ,51 ,50'j .50% ,50% Jillv.. ,52% ,53 .52% .52% .52% Sept ,54% ,54% .54% ,54% .54 % OATS Mav.. .35% .3.5%. .35', ,35% 35% July. . .3.5 % .3.5 % .34% .34% .34% Sen' .34% ,34% .34' 4 .34 % .34% RYE - Mav.. ,59% .59% ,59 .59% 58% Jillv . .60% 61 .60% .60% 60% Sep:. 62 % .62% .62% .62% .61% BARLEY - May %V% .47 Juh 48% .47% LARD 'Old i M.t 6.15 6 25 6.15 6 22 6 05 RELLIES— (Old i. May .... 7 n 7 47 BELL'ES—(New 1. May. . 805 805 9.05 805 805 July 8 40 8.40 LARD- (New May., 6 75 6 80 6.70 6 75 653 July.. 6.67 6.85 667 630 6 60 Sept.. 6.97 7.07 6.97 6.97 6 80 CHICAGO CASH GRAIN By I nilnt I‘rcxx CHICAGO. Feb. 23.—Cash grain: Wheat No. 1 hard. 90' 2 c; sample grad* hard. 12® f 3c. oCorn—No. 2 mixed 48%®) 48%c; No. 3 mixed, 47%®'48c; No. 2 vef- 1 low, 48%® 49c: No. 2 vellow, old. 49%®i 49%c: No 3 vellow. 47®48%r: No 4 yellow. 47%r, 'lf. 5 yellow. 46%c; No. 2 white, 49%®. 50 %r; No. 3 white 49®%9%cNo. 4 while. 46%c: No. .5 white 46%c’ Oat- No. 2 white. 3.5%®36r; No 3 while •75 % ® 37c; No. 4 white, 34®34%c. Rye - No. 2. 63%e. Barley - ,53® 72c: quotable. 50® 79c Clover seed—sll® 14. Timothv - $7 25® 7 50. Cash provisions Lard $6.55; loose, $6.05; leaf. $6.25: S. bellies, SB. TOLEDO CASH GRAIN By I illicit Press TOLEDO. Feb. 23 -Grain close: (Grain in elevators. Iransit billing! Wheat— No 2 red, 92® 93c. Corn—No. 2 vellow .54 ®ssc. Oats—No. 2 white. 39%®40%c. Rye No. 2. 66®67c. (Track prices. 28%c rate.) Wheat—No. 1 red. 88%®>89c; No. 2 red 87%®88e. Corn—No. 2 yellow 49%®J o0%c; No. 3 yellow, 48® 49c: No 4 46%®> 47%c Oats—No. 2 white. 36%®38%c: No. 3 white. 35%®37%c. (Toledo seed close 1: Clover—March, $8.25. Aisike Cash, $8 50. ST. LOUIS CASH GRAIN By T nitcil Press ST. LOUIS. Feb. 23. Cash crain Wheat In lair demand, steady to % cent higher 2T 3nf t cent lower on hard grades; rpf * 30%®:91r: No 2 red garlicky. 86%®90%r: No. 5 red garlicky. 86%c; No. 2 hard. 88%r, nominal. Corn In fair demand % to % cent higher: sample mixed 36%c; No 3 vellow. 48%c: No. ,3 . vHlow. 4Rc. No 4 Vf*llou- 4^ , aC. sarrnuK vellow. 40r Oats—ln fair demand unchanged: No. 2 while, 37®?8e, No. 4 white. 35c; sample while 34 %c: No. 2 mixed. 37%c; sample mixed. 34%c; No. 2 red. 38c; No. 2 Burt. 37%c.

Lippmann

Indianapolis Cash Grain

- Feb. 23 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—Firm: No. 1 red. 82®83c; No. 2 red. 81® 82c: No. 2 hard. 81®82c Corn—Steadv; No. 3 white. 41® 42c: No. 4 white. 40®4ir: No 3 yellow. 40®4]r No. 4 yellow. 39640 c: No.'3 mixed. 39®40c; No 4 mixed, 38®39c. Oats—Steady: No 2 white. 31%®32%c; No. 3 white, 30%631' •r. Hay - (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville). - Inspections- - Wheat No. l red. 3 cars; No. 3 hard. 1 car. Total, 4 cars. Corn—No. 2 white. 2 cars; No. 3 white. 9 cars; No. 4 while. 2 cars: No. 6 white. 1 car: No. 2 yellow. 1 2cars: No. 3 yellow', 26 cars; No, 4 yellow, 6 cars; No, 3 mixed, 1 car; No. 4 mixed. 1 car. Total. 60 cars Oats—No. 2 white, 17 cars: No. 3 white. 8 cars; No. 4 white, lacr. Total. 26 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 80 cent* for No. 2 soft, red wheat, utner grades on their merits. Want to Look Young? The secret of keeping young is to feel young—to do this you must watch your liver and bowels—there's no need of having a sallow complexion—dark rings under your eyes —pimples—a bilious look in your face—dull eyes with no sparkle. Your doctor will tell you ninety per cent of all sickness comes from inactive bowels and liver. Dr. Edwards, a well-known physician in Ohio, perfected a vegetable compound as a substitute for calomel to act on the liver and bowels, which he gave to his patients for years. ftr Edwards Olive Tablet* are gentle in their action s'et always effective. They help bring about that natural buoyancy which ail should enoy by toning up the liver and clearing the • ystem of impurities. / I'r. Edwards Olive Tablets are know f by their olive color. 15c, 30c flo Advertisement.

Evening School Strong courses offered in Secretarial, Stenography, Accounting Bookkeeping and kindred subjects Spend part of vour evenings In selfimprovement. Cost low. Central Business College Architects A Builder* Building

Family Washing y,,n^ um Delivered Damp—Ready t* Iron 5c iD..nr k 4vs* I**J!,Y PROGRESS LAUNDRY

FEB. 24, 1934