Indianapolis Times, Volume 46, Number 59, Indianapolis, Marion County, 19 July 1934 — Page 15

JULY 19, 1934_

Wall Street Many Brokers Reorganize Businesses to Meet New Conditions. BY RM.rif HtMIKRSmn —

Timvt Strtui financial Writer MANY brokerage houses have ■ been busily engaged in reorganizing their businesses during the last month or so to meet the new conditions which have arisen as a result of the passage of the exchange regulation act. Convinced that heavy speculation for long periods of time is a thing of the past, they

have been attempting to modify their services t o appear more to the investor. One of the things several of them have done in that direction has been to e n1 a rge and improve their statistical and analytical or-

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gamztUons. In other words, their minds have been centered on building up customers’ earnings with potential commissions in view rather than getting their customers to trade a.< actively as possible with the idea of increasing their own current earnings from commissions. Inasmuch as the greater percentage of outright speculators lose money, brokers who catered to speculators in the past constantly were laced with the necessity of attracting new clients. They sent out printed material which appealed to their desire lor quick profits, and, consequently, they had a very heavy turnover of customers. They are now interested in building up a much more conservative business—a business which will grow through the : ready appreciation of their customers’ accounts.

a a a S'OME of those brokers have decided to charge clients for the statistical services they perform in addition to commissioas on buying and selling orders, while others have taken the position that such services should be rendered gratis, the cost to be defrayed through commissions alone. Those handling the largest accounts have leaned largely toward the former attitude. The more conservative methods of doing business should benefit the brokerage trade generally, but the problem of whether or not to charge for statistical services raises an important question. Is the broker entitled to the extra charges, and can he advise impartially if he expects to profit only in the way of commissions from purchases and sales? The ideal arrangement, perhaps, would be for brokers to stick to the brokerage business exclusively and for banks, having ben segregated from their security-selling activities. to advise clients on their investments. But many banks are not equipi>ed to handle the advisory end of the investment business, and brokers have learned that to last in business they can not overlook the i question of whether or not clients I make money. Moreover, investors j seem inclined to seek advice from 1 brokers rather than from bankers. a a a T'N times like the present most . brokers can not afford to maintain very effective statistical organizations on the commissions they receive on investment transactions. Consequently, they would be obliged either to demand higher commissions, which they probably could not get away with, or to dig into capital in the hope of making up th* deficit in operating expenses later on. It is important to note that investors are not obliged to avail themselves of the advisory service offered. They can merely go on trading as they have in the past, depending on their own ability to select suitable securities. It will be interesting to see how it all works out. N. Y. Coffee. Sugar Futures —Julr 18— COFFEE —Santos— High. lew. Close. March 10 46 If* 39 10.46 \fn 10 55 10 44 10.52 j u!v 9 67 9 65 9 05 September .......... 10 27 10.16 10.27 December 10.40 10.30 10.40 —Rio— January - .... .... 789 M.irrh 7 92 Mar SW Sep-ember December 7 87 7 81 7.87 SI GAR High. Low. Close January M ireh 1 85 1 83 1 83 Mav 1 89 1 88 1 88 July 1 67 1 66 1.66 September ............ 1.73 171 1.71 ber 1 81 1.78 1.79 In the Cotton Markets —July 18— CHICAGO High. Low. Close. January ifs 7 13.50 13.50 March 13 63 13.57 13 60 Julv 13 18 CV-ober 13 43 13 29 13 34 December 13.57 13.44 13 49 NEW YORK January 13.50 13 38 13 40 March 13 59 13 46 13 49 Mav 13 64 13 53 13 58 Jutv 13 17 13 12 13.12 October 13 35 13 21 13 25 December 13 48 13.34 13 39 NEW ORLEANS January 13 40 March 13.54 13 45 13 47 Mar 13 60 13 52 13 54 Julv 13 13 13 07 13 07 October 13 33 13 18 13 21 December 13.45 13.32 13.35 Retail Coal Prices Th* following orlces represent Quotations from lesdine Indiansoolis coal dealer*. A cash discount of 25 cents oer tor t allowed Domestic Retail Frtees Antrrmctte 813 St Brasil iumo 6 CO Brazil eee 5.50 Brazil irtr.e run 5 25 Coke nut sire 82d Cose CKC sire 825 Indiana forked iumo 600 Indiana eee 5.75 Kentuckv lump Pocahontas lumo B.PC Pocahontas eee 800 Pocahontas forked lumo 9CO Pocahontas mire run * 25 New River smokeless 8 00 West Virginia lumo 675 West Vircmla eee 650 Island Creek - ••••••• 7, 00 Extra charge of 50c a ton for wheeline coal, and SI a ton for coal carried to bln DOLLAR VALUE DROPS British Pound Advances at London: Gold Price Unchanged. Bp rtc4 Press LONDON, July 19—The dollar was weaker today. The pound was $5.04' -. Gold remained at $34.76 a fine ounce, with the sterling price 137 shillings 10 pence Yesterday's pound price was $5 04\. PARIS, July IS—The franc was quoted at 15.1544 to the dollar (6.599 wu a. Iraaci,

STOCK SHARES DECLINE DURING DULL SESSION Aircraft, Movie and Mining Issues Lead Downward Movement. BY ELMER C. WALZER United Pre Staff Correspondent NEW YORK, July 19 —Stocks sagged In dull trading today with arcraift issues, movie stocks and mining shares leading the decline. United Aircraft dropped 1 1 i points to 16 ! i on persistent selling, v.hiie Wright Aero. Aviation Corporation and others in the group were heavy. Warner Brothers was the most active on the downside, with one sale of more than 5,000 shares. United States Smelting dropped to 138, after establishing a high for all time at 141, to show IT points loss. Howe Sound, American Smelting and Cerro De Pasco all were weak. The industrial list showed only fractional declines with United States Steel at 39%. American Can off a point at 100 * and Du Pont ofl % at 91T. Motors were fractionally easier while rails and oils were about steady. The cotton market was the scene of intensive selling as prices dropped more than 51.50 a bale—after an early advance of 50 cents —in unloading based on rumors from Europe. The German mark, in turn, was creating interest in foreign exchange trading with a gain of about cent as compared with the American dollar. Money and Exchange INDIANAPOLIS BANK CLEARINGS —July 19— Clearings $2,006,090.00 Debits 5 600,000.00 FOREIGN EXCHANGE (By Abbott. Hoppin it Cos.) —July ’8 — Close. S’crling England $5.04 Franc. France 0660% I I 0858 Bcleias. Belgium 2337 Mark Germany .3853 Guilder. Holland 6776 Peseta. Spain 1368 Krone. Norway 2533 Krone. Denmark 2253 Treasury Statement ißy United Press) WASHINGTON. July 19—Government expenses and receipts of the current fiscal year to July 17. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses.. $ 299.354 526 44 $206,806.708 40 Receipts . 143.663.338 41 92 844 809.86 Deficit 155 691 188 03 114.051,098.54 Cash Bal. 2,567,453.128.74 Investment Trust Shares tßv Abbott. Hoppin & Co.l —July 18— B id A sic Am Bank Stocks Corn 1.11 1.15 Am Ar Gen Sec A 4 00 5.50 Am it Inv Tr Sh 1.75 .... Basic Ind Shares .. 3.14 3.20 British Type Inv Tr Sh 40 .46 Collateral Trustee Shs A ... 4.55 4.65 Corporate Trust Shs fold).. 1.35 137 Corporate Trust Shs (new).. 225 2.23 Cumulative Trut Shares .. 384 .... Diversified Trust Shares A .. 6.25 Diversified Trust Shares 8.. 755 7.75 Diversified Trust Shares C .. 295 2.99 Dr. ersified Trust Shares D .. 4.55 4.60 First Insurance Stock Corp.. .75 .87 First Common Stock Corp... .62 .65 Fixed Trust Oil Shares A... 787 .... Fixed Trust Oil Shares B .. 6.75 Fundamental Investors Inc.. 189 209 Incorporators Investments . 17 30 17.60 Land Bank Bond. Shares ... 1.16 1.29 Low Priced Truss Shares... 570 580 Mas* Ini Trust Shares 18 68 20.30 Nation Wide Securities .. 325 3.30 North Am Trust Shares <53) 1 82 North Ain Trust, Shares 5.5-561 2 28 2 31 Nortlt Am Trust Shares '58).. 2.25 2.28 Selected American Shares . 2.51 Selected American Shares Inc. 1.17 1.26 Selected Cumulative Shares . 6 56 Selected Income Shares 3.39 3.75 Std American Trust Shares A 2 90 2.95 Truster Std Oil A 2.72 276 i r istee Std Oii A 545 5.55 Tr sire Std Oil B 5.00 5 15 U S Electric Lt A- Pwr A .. 12 37 12 67 Universal Trust Shares 2.90 2.95 New York Bank Stocks ißy Abbott. Hoppin A; Cos.) —July 18— Bid. Ask. Bankers 64% 64% Brooklyn Trust 98 102 Central Hanover 129'* 130' i National 28% 28 s * Chatham Phoenix Natl... 41% 42!g National City 27% 27% Corn Exchange 53 53' * Continental 13 13'* Empire 18% 19% First National 1.650 1,660 Guaranty 366% 368% Irvins 16% 17 Manhattan A- Cos 29% 29% Manufacturers 21% 22% Nev York Trust 104% 105', Public 33 33'* Daily Price Index (By United Press) NEW YORK. July 18.—Dun <fc Bradstreet s daily weighted price index of thirty basic commodities, compiled for ihe United Press: (1930-1932 average. 100) Today 114 89 Yesterday 114 83 Week Aeo 113.15 Month Aeo 113.44 Year Aeo (July 19) 112 99 1934 Hieh iJuly 18) 114 89 1934 Low (Jan 3> 101.05 Copvrieht. .34. by Dun A Bradstreet. Inc.

Bright Spots iB Abbott Hoppin & Cos i

Burroughs Adding Machinp Company declares thp regular quarterly dividend of 10 cents a share or. the common stocit. parable Sept. 5. of record Aug. 5. Mclntyre Mining Companv for the quarter ended June 91, reports a net profit of 5M1.734. against $800,168 for the same quarter in 1933. American Sugar Company declares the regular quar’erlv dividend of 50 cents a share on the common stock. Norfolk A: Western Railroad Company car loadmcs for the week ended July 14. totaled 16 448 cars as compared with 20.188 cars in the corresponding week last year flasoline stocks for the week ended July 14, declined >17.000 barrels to 49,811 non, affording to Ameritan Petroleum Institute. Domestic crude oil output during the week averaged 2.600,150 barrels daily. Public Service Corporation of New Jersev reports June income of $2,136,472 after charges and taxes, against $1,818,057 in June. 1933. S'ar.dard Oil of Kansas declares a dividend of 50 cents a share, payable Oct. 31, of record Oct. 1. National Biscuit in the quarter ended June 30. showed a net income of $3,198,231 after charges, equal after preferred dividends to 44 cents a share on the common stock, as compared with $3,066.620 or 42 cents a share for the corresponding period last year. Pennsylvania Railroad Company carloading* for the week endea July 14. numbered 56.188 cars against 63 763 cars for the corresponding week a vear ago. Demand Deposits Drop By Timei Special NEW YORK. July 19 —New York clearing house, in a weekly statement. shows total net demand deposits declined to $1,430,000 last week while time deposits increased $7 290.000. Clearings amounted to $3231.431 for the preceding week. Profit Replaces Loss By Time* Special CHICAGO. July 19.—Container Corporation of America reports net income for the first half of the current year amounted to $598,859 after all charges, as compared with a loss of $240,177 for the corresponding period last year.

New York Stocks 11 ibv Abbott. Hoppla St Cos J —————

AVERAGE STOCK PRICES FOR WEDNESDAY Net High. Low. Close, change. Thirty industrials 98.45 97.18 98.26 -r1.47 Twenty rails .66 *2.23 42.57 Twenty utilities 22.82 22.56 22.76 —.23 Forty bonds • .... 95.23 .03 Ten first rails .... 102.57 —.OB Ten second rails .... 81.24 .22 Ten utilities .... 99.09 +.lB Ten industrials .... 98.01 same -Off.

—July 19— Prev. Oils— High Low. 10 00. close. Amerada 49% 49% 49% Atl Rfg 25% Barnsdall 7'4 7',* Consol Oil ••• 10', 10 Cont of Del 19'. 19>a Mid Cont Pet.. . ... .. 12*g Ohio Oil 10% 10% 10 7 10% Pet Corp ... 10’g 10', Phillips Pet 17 s , 17% Plvmou’h Oil 11 s , Pure Oil 10% 10 Sbd Oil 31% 31 1 a Shell Un I 3 * Skelley Oil 9% Soc Vac •• 15% 15% S O of Cal 35% 35'/, 35% 35 S O of N J 44% 44% Sun Oil 63% . Texas Corp 23% 23% Tidewater Assn 11% 11% Un Oil of Cal 16% 18% Steels— Am Roll Mills.. .• ... 18% 18% Beth Steel 33% 33% Bvers AM 41 Col Fuel At Iron 5% Cruc Steel 23%. Inland Steel 38% Otis Steel 5 Rep Iron A- St I 16% 36% 16% 16% Rep I * Stl pfd 46% U S Steel 39% 39% Youngstn SAT.. ... ... 20% Motors— Auburn ... ... 23 Chrysler .■■ 41% 40% Gen Mo'ors . . 31% 31% 31% 32 Gen Motors pfd 102 s , 102% Graham Mot 2% ... Hudson 8% 8% Hupp % 22% Mack Truck 26 26% Nash 16 s , 17 Packard 3% 3% Reo ... ... 3 Studebaker ... 4 4 Yellow Truck 4 Motor Accessories— Bendix ... ... 14% Bohn Alum 60% 53% Borg Warner 22% 22 Briggs 17 Buacf Wheel ... . . 2% Eaton Mfg 16% 16% 16% Elec Auto Lite 22% 22% Houdaille A 3% 3% Murray Body ... 6% Stew Warner 6% Timken Roll ... ... 30 Timken Det Axel 6'% Mining— ' Alaska Jun 22 21% 21% 22 Am Metals 22 22% Am Smelt ... 42% 42% Anaconda 14% 14% Cal A Hecla 4 Cerro De Pasco.. .. ... 41 41% Dome Mines 43% 43% Granbv 9 8% Gt Nor Ore 11% Howe Sound ... 55% 54% 55'/* 54% Int Nickel 26 25% Int Silver .. ... ... 30 Isl Creek Coal 30% Kennecott Cop 21% Mclntyre Mine 49 Noranda Cop 44 44 Park Utah 4 4 Phelos Dodge ... 17% St Joe Lead ... ... 20 U S Smelters ..141 140% 140% 139% Vanadium 21 Amusements— Croslev Radio 16% 17 Fox Thea 11% 11% Loews Inc 28% 27% Radio Corp ... 6% 6Vi RKO ... 2 Warner Bros ... .. ... 4% 4% Tobaccos— Am Snuff ■ 63 Am Sum Tob .. 20% 20% 20% 20% Am Tob ‘‘A" 75 75 Am Tob ‘ B" 78 77% Gen Cigars ... 43 Ligg A Myers B 97% Loriilard 18% 18% Reynolds Tob B 45% Rails— Atchison 62% 62'% 3 A O 22'% 22 Can Pac 14 13% 14 13% Ch A Ohio 46% 46% 46% 46% Chi A Gt W 2% C M A St P 3% C M A St P pfd 6% Chi N W 7% 7% Chi N W pfd 50 Dela A Hud 52 Del Lac & W 21% Erie . • • . • • 17% Grt Northern pf 20 10% 19% 19% 111 Central 22% 22% 22% 22% Lehigh Valley 14% M K A T 8% M K A T pfd 20 % Mo Pac ... ... 3 Mo Pac pfd 5 N Y Cent . . 27% 271, 27% 27% N W C A St L pf 29% N Y New Haven 14 14 N Y Ont A West 6% Norfolk A Wes 186 Nor Pac ( 22% 21% Penn R R 29% 29% Reading . • . ■ 49 Sou Pac 23% 23% 23% 23% Sou R R 19% 19% *19% 19% Sou R R pfd 25 25 Union Pac 118 117% West Maryland 10% Equipments— Allis Chalmers. 16% 15% Am Brake Shoe. .. ... 25 25 Am Car A Fdy ... ... ... 21% Am Mach A Fdy .. ... ... 14 Am Steel Fdy.. .. 17 Bald Loco ... ... 10% Burroughs 13% 13% Case J I 52Vi 53 Cater Tract 26% Deere A Cos 21V* Elec Stor Bat 42% Gen Am Tank C . . 36% Gen Elec ... 20% 20% 20% 20% Gen R R Sig ... 33% Ingsol Rand ... 59V* Int Bus Mach 140 Int Harvester 33% 33% Natl Cash Reg 16% Pullman Inc 47% 47% Rent Rand 10% Und*Elliot 48% West Air B 21% 21% Westingh Elec ... 36% 36% Utilities— Am A For Pwr .. ... 7% Am Power A Lit 6Vi 6% A T A T 114 113% Am Wat Wks 19 Brook Un Gas 64 64% Col Gas A Elec .. ... 10% 10% Col G A E pfd 77 ',4 Com A Sou 2 2 Consol Gas .... .. ... 32% 32% Elec Pwr A Lit 5% E P A L pfd 11 Int Hydro Elec . 5% Int T A T . 12% 12% Nat Pwr A Lit. 9% 9 9 9% North Amcr 16% 16% Pac G A E 17% Peoples Gas ... 29% Postal Tel pfd 18% Pub Serv N J 35% 35% So Cal Edison 15% 15% Std Gas 9% Std Gas pfd 10 Stone A Webster 7 7 United Corp 4% 4'n Un Gas Imp ..... ... 16 16% Ut P A Lit A 2% 2% West Union 43 42% Rubbers— * Firestone ... 17% ••• Goodrich ... 12% Goodyear 27% 2^% U S Rubber 17% 17% U S Rubber pfd 41 Vi 41 Va

Miscellaneous— Am Bank oNte 19 Am Can 101*i 101 101 100 3 Brklvn Man Ts 41* 41 41 40!s Conti Can ... 80 !/ 2 . Crown Cork 25 Curtis Pub 22 Curtis Pub pfd ... ... 85'* 83*2 Eastman Kodak . .... 101’r Gillette 11 3 n? Glidden 25V 25 a Inter Rapid Tr §* 2 Owens Bottle 77V* Ravbestos 17 Foods— Am Sugar 70* 2 70* a Armour 'A' ••• 5*4 Beatrice Cream _ I6' i Borden Prod 27:6 28 Cal Packing 34 33 Canada D G Ale. .. ... • 18 Corn Prod 68 68 Crm of Wheat ... ... 33 32 s Cuban Am Sug . .. 8 8 Gen Foods 32 31% 31’s 31 3 a Gold Dust .... • 19* 19*2 G w Sugar ...33 3 34*' 34 >* 34*a Hershev EL? Int Salt 30*2 Loose Wiles Natl Bisciut 3o 2 3o** Natl D Prod 18 ! 2 18* a Purity Bak *5 S Porto Rico Sug 3 1 1 * S.’s Spencer Kellog ■ *3 Std Brands • 20-' 20*2 #0 2O 2 Un Biscuit s® United Fruit Wrtflev 64 2 Retail Stores — Asso Dry Goods First Nat! Stores 6® 2 Gimbel Bros 2'• Gr Un Tea - •? Hahn Dept Sts * Kresge S 19 Kroger Groc .... j; * Marshall Fields’ ” 14*ii M MSnt^aVd 81 :::: 29 '28% '29 Nstl Tea * Pennv J C 60^ Safeway St ..... •• ••• , • . J* * Sears Roebuck.. 45 44V* 45 44 Wooiworth 50^* Aviation— Aviation Corp 5 5 5*' 2 Curtiss Wright J Curtiss Wri (A) g 3 . Douglas Air *® • Nor Am Av 4 4 Speerv Corp ® 4 United Aircraft. 17 1< Chemicals— Air Reduction „ I*)®. Am Com Alcohol .. ... 30 29 a Col Carbon ‘j* Com Solvents 21 20’* Dupont 92 3 92 V. Freeport Tex 32V* 32. Liquid 26*a Math Alkali ?2H Mon'.-wontW dun .. ... 52*j 32 Natl Dis (newl.. ... 204* 20 a ftebOßtlClT SUU. •• ♦ ••• **/?

THE INDIANAPOLIS TIMES

Tex Gulf Sulph. 33 32% 33 32% Union Carbide .44 43% 43% 44% U S Ind Alco . 44% 44V, 44% 43V* Virg Ch 6% pfd 17 Drur*— Cotv Inc 5% Lambert 25% 26 Un Drug 13% Zonite Prod 5 4% Financial— > Adams Exp 8% Allegheny Corp.. .. ... 2% 2% Am Int Corp 7% Chesa Coro •• •. 46% 46 46% ... Lehman Corp 71 Transamerica 6% 6% Tr Conti Corp 4% Building— Am Radiator 14% 14% Int Cement 24',* Johns Manville 54 Lib Owens Gls 32 Otis Elev 15% 15% Household— Col Pal Peet 15% Congoleum ... 28 27% Mohawk Carpet. 17 16% 17 16% Kelvinator 15% 16% Proc A Gamble 37 36% 37 37 Simmons Bed 13% 13% Textiles— Amer Woolen .. .. ... 10 10 Belding Hem ..... ... ... 12% Celanese Corp 25% 25% Collins Aikman ... 13% Gotham Hose 7 Indus. Rayon ... 24'4 Kayser Julius 16Vb New York Curb (By Abbott, Hoppin & Cos.) —July 18Close.l Close. Allied Mills ... 8 IGlen Aid Coal.. 24 Alum Cos of Am 64 Gulf Oil of Pa.. 62% Am Cyanide B 20V*lHiram Walker.. 30 Am A Fo Pr Wa 4%|Hud Bay Min... 13% Am Gas A El.. 26 I Humble Oil .... 42% Am Superpwr . 2%11mp Oil Ltd ... 14% Asso Gas A El. %ilnt Petrol 28% Atlas Corp .... lOVilLake Shore Min 54% Brazil Tra ALi 9 Libby McN Lib. 5 Can Indus A1 A 6% Natl Bellas Hess 3 Can Marc .... 2 Novadel Agene.. 20% Carrier Corp .. 9% Park Davis .... 25% Cities Serv .... 2% Penn Road .... 2% Cord Corp .... 3% St Regis Paper. 3% Creole Petrol.. 12%!5al Crk Prod... 6% Deere A Cos .. 21%ISherwin Wms.. 71 Distillers Corj. 13%)Std of Ind 27% Dow Chem 76%!std of Ky 16% El Bnd ASh .. 14% ! Technicolor Ind 13% Fisk Rubber .. 9 ITeck Hugh Go 6% Ford of Can A 19%1Un Pwr & Li A 2% Ford of Europe Harg Min.. 9% Gen Aviation.. 4%|

Chicago Stocks 1 (By Abbott. Hoppin & Cos.)

—July 19High. Low. 11:00 BerghofT Brew Cos 5 4% 4% Butler Bros 9% 9% 9% Cities Service 2 Crane Cos 9 Electric Household 15% General House Util 9% Kingsbury Brew Cos 2% Libbv-McNeil 5% lob-Snarks Ind. Inc 12% Swift & Cos. ... 18% Swift International 33 U S Gypsum pfd 43% Utility & Ind. pfd 3% Walgreen Cos com 27

Bond Prices By Fenner & Beane '

—July 19— High. Low. Close. Alleg Corp 5s 'SO . ... 36 Am&For Pwr 5s 2030... 50% 50% 50% ATjzT db 5s *65 . . 110% 110% 110% Atchison gen 4s '95 105% B & O cv 4%s '6O 54 Beth Steel 5s A ’36 103% Can Pac 4s '57 85% 85 85 C&O 5s A ’39 ... 110% ChMStP&P adj A 2000 . 11% 11% 11% ChMStP&P rs 5s A ’75 36% 36% 36% Cons Gas NY 4%s ’sl 105% Det Ed 5s E ’52 108 Erie RR rs 5s ’67 73 Goodyear 5s ’57 102% 202% 102% Gt Nor 06s D 76 77% Gt Nor 7s A ’36 95% Interboro R T 5s '66... 74% 74 74% Int TAT db 5s ’55 64% 64% 64% McKess & Robb s'is 'SO 84 Nat Dairy db 5%s 48 95 NY Cent 4Vis O 2013.. 73% 73% 73% Nor Am 5s '6l 91% 91 91% Penn RR 4%s D ’81... 97% 97% 97% Poland 7s ’47 1|4% 114 114 Shell Un Oil 5s ’47 99% Sin Cons 6Vis B 38 104% Texas Corp 5s ’44 ...103% 103% 103% Tob Pr NJ 6'is 2022 107 Un Pac Ist 4s ’47 ... 108 U S Rubbei 5s A ’47 .. 86% 86% 88% Ygstwn S&T 5s B ’7O 85 U. S. GOVERNMENT BONDS (By United Press) NEW YORK. Julv 18.—Closing Liberties. (Decimals Represent 32nds.) —Liberty—--3' is (32-47) 104.14 Ist 4%s (32-47) 103.7 4th 4Vis (33-38) • 103.24 —Treasury—--4%5-3%s (45) 104.21 4' is (47-52) 113.30 3%s (43-47)) -. 105.14 3%s (41-43 March 105.20 4' is (43) 105.15 3 VsS (46) 103.13 3s (51-55) 102.10 FEDERAL FARM LOAN BONDS (By Blyth & Cos., Inc.) —July 18Bid. Ask. 4s Julv 1, 1946—44 100% 100% 4s Nov. 1, 1957—37 100 100% 4s Mav 1. 1958—38 100 100% 4%s July 1, 1956—36 100% 100% 4'.*s Jan. 1. 1957—37 100% 101% 4%S Mav 1, 1957—37 100% 101% 4%s Nov. 1. 1958—38 101 102 4%s May 1, 1942—32 100% 100% 4%s Jan. 1. 1943—33 100'/* 100% 4 1 is Jan. 1, 1953—33 100 100% 4%S julv 1. 1953—33 100 100 Vi 4*is Jan. 1. 1955—35 100% 1003* 4%s Jan. 1. 1956—36 101 102 5s May 1, 1941—31 100% 101% 5s Nov. 1. 1941—31 100% 101% Home Loan 3s Mav 1, 1952—44 100.30 101.00 4s July 1. 1951.. 101.1 101.5 Federal Farm Mortgage Corporation 3Vis March 15. 1964—44 102.16 102.20 The latter three quotations are in thirty-seconds.

Births Girls Roy and Pauline Bell. 930 Woodlawn, girl. Charles and Marguerie Maley, St, Vincent's hospital. Bvron and Alice Williams. St. Vincent’s hospital. Eben and Florence Brand. 1101 East Michigan. Lloyd and Grace Lewis. 3139 Graceland. Martin and Agnes Stienke. 963 Rochester Harvard and Gladys Bluestein. 805 North California. Donald and Margie McClain, 463 Concord. Thomas and Nannie Holland. 319 West McCarty. Frank and Daisy Lawrence 2958 Hillside. John and Lola Higgins. 516 Woodlawn. Robert and Beatrice Jordan. 1716 Northwestern. George and Morris Sanders, 2205 North Sheldon. Sampson and Nellie Rich, 1715 Gimber. Alonzo and Dovie Easley. 2131 Hovey. Boy* Chester and Mary Ridge, St. Vincent's hospital. Gilbert and Eva Cavlor, 2826 Sangster. Sylvester and Prestelia Moore. 611V* West Eleventh. Maroin and Leota Poynter, 503 South Warman. James and Marv Cook. 821 Birch Cecil and Daisv Davis. 1910-Charles. George and Martha Sample. 620 West Vermont. Russell and Ruth Avers. 829 South Meridian. Edward and Emma Harmishfeger. 618 South Alabama. Deaths Donald Kuhn 5 months. Ri.ev hospital, military tuberculosis. Louis Asmus. 79. city hosnital. hypostatic pneumonia James W. Bavless. 91. Central Indiana hospital, general paralysis. william Rose. 60. of 1534 South Belmont. pernicious anemia. Robert Graham. 17 months, Riley hospital. broncho pneumonia. Jennie H. Dunn. 69. of 519 Sutherland coronarv occlusion. Clavton Harris. 15. Rilev hospital, liver abscess. Floss Richard. 49. of 120 North State, carcinoma. Net Earnings Increase Bp Timrg Special CHICAGO. July 19—Detroit Edison Company and subsidiaries for the twelve months ended June 30, net income totaled $7,382,837, against $5,573,947 for the previous twelve months. Gross income for the same period amountetLto $14,050,269, compared wild $12,195,970,

HOG PRICES OFF STO 10 CENTS AT CITYYARDS Cattle and Sheep Remain Unchanged; Vealers Strong. Price quotations of hogs at the Indianapolis Union Stockyards fell below the $5 mark today for the first time in nearly a week, when declines of from 5 to 10 cents from yesterday’s average were registered. Only the medium and heavier weights were affected by the drop however, lights and light lights holding around steady with prices in the previous session. The bulk of weights from 200 to 300 pounds ranged between $4.80 and 54.90 with a few of the very best of the kind being quoted as high as $4.95. The declines in weights of 160 to 200 pounds carried prices down to between $4.55 and $4.80. Light weights of from 130 to 160 pounds continued to be quoted at prices of from $3.90 to $4.15 as did weights ranging between 100 and 130 pounds which held at prices of from $3 to $3.40. packing sows were being sold at from $3.50 to $4.25. Receipts in the swine market totaled 5,000 and holdovers numbered 320. Prices of cattle for the 800 receipts were mostly unchanged. Prices of the bulk steers held steady at $5.50 to $7.50 as did good and choice heifers at $5.50 to $6.50. Cow trading was dull and slightly lower at prices ranging between $2.50 and $3.50. Low cutter and cutter kinds continued to sell at from $1.25 to $2.25. The vealer market was strong at prices ranging from $5 down. Receipts totaled 600. Lambs were fully steady with the previous day, good ewe and wether kinds selling at from $7.25 to $7.50. Bucks were $1 less at from $5 to $6. Receipts in the sheep market totaled 800. Slaughter stock held at from $1.50 to $3. Traders of hogs at Chicago continued to talk of lower prices on a weak market. Little was being done, however, as asking was stronger than in the previous session. Receipts totaled 20,000, including 8,000 direct. Holdovers numbered 4,000. Cattle receipts numbered. 10,000 commercial and 3,000 government, and calves 1.500 commercial and 1,500 government stock. The market was steady. Sheep were steady to weak for the 10,000 receipts.

July Bulk. Top. Receipts. 13. $4.85@! 5.00 $5.00 7.000 14. 4.85(31 5.00 5.00 2,000 16. 4.75@i 5.00 5.00 6.000 17. 4.90(3! 5.00 5.00 5.500 18. 4.90® 5.00 5.00 5.000 19. 4.80® 4.90 4.95 5,000 Market, Lower (130-160) Good and choice....s 3.90@ 4.15 —Light Weights—-(l6o-180) Good and choice.... 4.55® 4.65 (180-200) Good and choice.... 4.70@ 4.80 —Medium Weights—-(2oo-220) Good and choice.... 4.80® 4.85 (220-250) Good and choice.. 4.85@ 4.95 —Heavy Weights—-(2so-290) Good and choice.... 4.80® 4.85 (290-350) Good and choice.... 4.70 Q) 4.80 —Packing Sows—(2so down) Good 3.85® 4.25 (250 lbs.) Good 3.75® 4.10 (All weights) Medium 3.50® 4.10 —Slaughter Pigs—-(loo-130) Good and choice.... 3.00® 3.40 CATTLE Receipts, 800; Market, Steady. Good and choice $ 6.50® 9.00 Common and medium 3.00® 6.75 (1,100-1,500)-Good and choice 7.00® 9.50 Common and medium 5.25® 7.50 (675-750) — Good and choice 5.25® 6.75 Common and medium 2.50® 5.25 (750-900) Good and choice 5.25® 7.00 Common and medium 2.50® 5.2a —Cows — Good 3.25® 4.00 Common and medium 2.25® 3.25 Low cutter and medium 1.25® 2.25 Bulls (yearlings excluded) Good (beeff steers) 2.50® 3.50 Cutter, common and medium.. 1.50® 2.50 VFALERS Receipts, 600; Market, Strong. Good and choice $ 4.00® 5.00 Medium 3.00® 4.00 Cull and common 2.00® 3.00 —Calves— Good and choice 999 Common and medium 2.50® 4.50 —Feeder and Stocker CattleGood and choice 4.00® 5.50 Common and medium 2.75® 4.00 (800-1.500) , Good and choice 4.00® 5 50 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts, 800; Market, Steady. Lambs. 90 lbs. down, good ana choice * 7 (90-110 lbs.) Good and choice 6.75® 7.25 (90 lbs. down) Com. and med. 5.00® 6.00 —Ewes— Good and choice Common and medium I.oo® 2.00

Other Livestock (By United Press) CHICAGO. July 19.— Hogs—Receipts, 20,000, including 8,000 directs; market, slow, about steady with Wednesday: 220310 lbs., $4,805/ 4.90; top. $4.95; 170-210 lbs.. $4.35<</,4.80; light lights, $4.25 downward- pigs, $347 3.50; packing sows, $44/ 4.35; ‘light lights 140-160 lbs., good and choice, $3,754/ 4.35; light weight 160-200 lbs., good and choice, $4.204/.4.80; medium weights, 200-250 lbs., good and choice, $4,654/4.90; heavy weights, 250-350 lbs., good and choice. $4,754/ 4.95; paclaing sows, 275-550 lbs., medium and choice, $3,504/ 4.35; slaughter pigs. 100-130 lbs., good and choice. $3 473.75. Cattle—Receipts, 10,000 commercial; government, 3.000; calves, 1.500 commercial. 1,500 government; fed steers and yearlings, weak to 25c lower; general demand narrow; not many grain fed in run too many, however, for demand- best heavy steers, $9.75; few loads. 58.50ijr9.25; not much over $8.50; bulk grain fed steers. $74/8.50; grassy steers, $3,504/6; other killers, slow; slaughter cattle and vealers; steers. 550900 lbs , good and choice. $5,754/ 8.25; 9001.100 lbs., good Ad choice, $64/9.25; 1.1001,300 lbs., good! and choice, $6,504-/ 10; 1.300-1.500 lbs., good and choice, $7,254/ 10; 550-1.300 lbs., common and medium. $2.7547 7.25; heifers, 50-750 lbs.,. good and choice. $5.25477; common and medium, $2,254/ 5.50; cows, good, $347 4.75; jommon and medium. $24/ 3.25; low cutter and cutter, sift/2: bulls, yearlings excluded, good, beef. $3,254/4: cutter, common and medium. $2,254/3.50; vealers. good and choice, 54.75476.50: medium. $3,504/5; cull and common, $2,504/3.50; stocker and feeder cattle: steers, 550-1.050 lbs., good and choice. $4,254/ 5.50; common and medium, $2,504/4,25. Sheep—Receipts, 10.000; lambs, steady to 25c lower; early sales seven doubles; Xdahos, $7.35. natives and other westerns showing decline, most natives. $7 downward, about steady: practical top. $7.25; few to traders, $7.35; sheep steady; first montanas of season on sale today; one double in feeder flesh at $6.25; slaughter sheep and lambs: lamb:. 30 lbs. down, good and choice, $6.50417.35; common and medium, 54.75ft/6.65: ewes, 90150 lbs., good and choice. $1,754/2.75: all weights, common and medium. $1,254/2.25. FT WAYNE Julv 19.—Hogs—Steady to 10c lower: 250-300 lbs . $4 85; 200-250 lbs., $4.70- 180-200 lbs.. $4.65; 160-180 lbs.. $4.55; 300-350 lbs.. $4.75; 150-160 lbs.. $4; 140150 lbs.. $3 75; 130-140 lbs.. $3.50: 120-130 lbs.. $3: 100-120 lbs. $2.75; roughs. $3.50; stags, $1.75. Calves, 96; lambs, $6.50. (By Times Speciali LOUISVILLE. July 19.—Cattle—Commercial. 150: no governments; run very light: demand narrow, market slow; about steady with Wednesday's decline on plainer grade grassy slaughter cattle: bulk, common to medium steers and heifers, $3®*.66: a few low quality cutter offerings down to around $2 25; good dry fed yearlings salable to around $6, bulk plainer grade grassy beef oows, $2.2547:3; good kinds and smooth heifer types up to $3.50 or better; most low cutters and cutters. sl4/3; sausage bulls salable mostly $3 down: best heavy kinds eligible higher, light Hereford heifer stockers mostly $4 47 4.50. Calves—Commercial, 300; no governments: vealers. steady: bulk $4 down: a few- strictly choice. S4 50. Hogs—Receipts. 1.0C0: steady; bulk be*ter 210-300 lbs. $5: 185-205 lbs.. $4 08; 305 lbs. up. $4.30 160-180 lbs. $4: 145-155 lbs $3 65; 120-140 lbs. $2.25: sows. $2.75. SheepReceipts. 1,600. including 140 fresh stock ewes; lambs in light supply; quality slightly improved: market, generally steady; better trucked in ewe and wether lambs. $5 50 to mostly $6 75. some choice offerings. $7 and s'trictlv choice strongweights quotable higher; bucks discounted, light medium iambs. $54/5 50: throwouts, $4 50 down; fat slaughter ewes, mostly sl4/2; trading moderatclv active on stock ewes, generally steady; bulk 15.504r7.50 a heard; stMW idabv sad Momaca ysarliags* *B.sQ.

Margin Requirements of 45 Per Cent Prescribed by U. S. Reserve Board

New Act Governing Stocks to Become Effective in October. BY RICHARD L. GRIDLEY United Press Staff Correspondent (Copyright. 1934. by United Press) WASHINGTON, July 19.—Margin requirements of at least 45 per cent for speculative security market accounts will be prescribed by the federal reserve board under the new securities act which becomes effective in most provisions Oct. 1, the United Press learned yesterday. A final decision on margin requirements has not yet been made by the reserve board which will regulate stock market credit, but it was learned that initial requirements of the reserve board will be virtually the same as contained in the security act. Rules Changeable at Will The act set as a “standard” for loans on securities an amount not greater than the higher of—1— per cent of the market price of the security or, 2 per cent of the lowest market price of the security since July 1, 1933, but not more than 75 per cent of the current market price. These may be changed upward or downward at will by the federal reserve board. Official announcement of margin requirements is expected within a few weeks. 'They are expected to apply to new brokerage accounts opened since July 1 and to old accounts in which transactions have been made since July 1. They will be effective Oct. 1. Old non-active accounts and old collateral loans will not generally be affected until July 1, 1937. The new margin requirements would be slightly higher than present New York Stock Exchange requirements of 33 1-3 per cent for accounts of less than $5,000 and 25 per cent for accounts above that figure. Most exchange houses are now requiring a 10 point margin on bonds. Brokers expressed no surprise today at indications of the board’s action. They doubted the ruling would occasion any important changes in speculative markets. Board Studies Markets One large New York broker said that 99 per cent of his margin accounts were indicative of some other large commission houses. Federal reserve board experts have been studying speculative markets for months with a view toward adopting a satisfactory margin policy and have been in constant communication with leading bankers. These studies are believed to have shown that adoption of the margin requirement “standard” set in the securities act would have least interference with security market movements particularly in view of the fact that Wall Street has anticipated such margin requirements. Produce Markets Delivered In Indianapolis prices; Heavy hens. 10c Leghorn hens, 7c 1934 broilers, 2 lbs. and over, 16c; Leghorn broilers 1% to 2 lbs. and over, 14c bareback broilers lie; old roosters, 4c; ducks and geese, 3c; young guineas. 1% to 3 lbs., 20c: old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 11c. Each full case must weight 55 lbs. gross; a deduction of 10 cents a pound for each pound under 55 lbs. Will be made. Butter—No. 1. 27 @2Bc; No. 2, 25@26c. Butterfat. 20c; Quoted by Wadley Company. (By United Press) CHICAGO. July 19.—Eggs—Market, unsettled receipts, 7.625 cases: extra firsts, 17%c: fresh graded firsts. 17c: current receipts. 13%@14%c: dirties. No. 1. 13%c; No. 2. 11c; checks. No. 1. 12%c; No. 2, lie. Butter—Market unsettled; receipts, 12 395; extra firsts (90-91% score:. 21 %@ 22c; extras (92 score3. 23%c: firsts (8889% score), 20%@21c; seconds (86-87% score), 20c; specials, 23%fi 24V*c; standards. 23%c. Poultry—Market, weak; receipts, 31 trucks, 1 car, 2 cars due; Leghorn hens. 9c; While Rock fryers. 16c; colored. 15%c; colored broilers 15 %c; White Rock. 16c; Plymouth Rock, 18’2c; spring geese. 11c; turkeys. 14c; old roosters 9c; Leghorn broilers, 1% lbs. up. 13c; under 1% lbs., 12c; ducks. 4% lbs. and over, 10c; under 4% lbs.. 9c; colored springs, 18c: hens over 5 lbs., 13c; black chicks 12@13c: cocks. 9c: barebacks, 13c. Cheese Twins. 11(®11%C; Longhorns, 12%(3 ll%c; daisies. ll%<®l2c. Potatoes— Supply liberal; demand and trading slow on account of weather: market dull: Idaho Triumphs. $1.50; Virginia cobblers sl.lo® 120; reconditioned. $1.25: slightly decayed $1(61.05; Indiana mixed cobblers and Triumnhs. $1.15. Arrivals. 38 on track. 401; shipments, 805. NEW YORK. Julv 19.—Potatoes— Steady; Long Island, $1.25-6 2 bbl.; New Jersey. 75c @sl.lo bag; southern. $161.50 bbl.; Maine, $1(61.15. Sweet Potatoes —Quiet; Jersey basket, 75c(652.15; Southern basket, 40c@ 12.50. Flour—Firm; springs; patents, $7.25 @ 7.50 bbl. Pork— Steady . Mess—sl9.7s bbl Lard—Easy. Middle West—Spot. $4.60 (a 475 a 100 lbs. Dressed Poultry— Steadv; turkeys. 126 27c; chickens. 9@2Bc: broilers. 176 28c; capons, 256 35c; fowls. 10 6 18c: ducks, 126 14c; Lon'g Island ducks. 12615 c. Live Poultry—Dull' geese, 7c; turkeys, 10615 c: rooster, 10611 c; ducks. 86 11c; fowls, 12615 c: broilers. 14@25c. Cheese—Quiet; state whole milk, fancy to specials, 18619 c; Young America. 12% 6 13c. Butter—Receipts. 14,867 packages; market, firm; creamery higher than extras 24% 6 25c; extra (92 score) 24c; first (90 to 91 score) 23% 6 23%c; first <BB to 89 score), 22%<623c; seconds, 21%6 22c.Eggs —Receipts. 13.526 cases; market steady; special packs including unusual hennery selections. 19622%c; standards 18*6 18%c: firsts 16=U6 17c; seconds, 15%616c: mediums. 15®15%c; dirties, 15<g.l5'*c; checks. 13%614c. Other Livestock By United Pren LAFAYETTE. July 19.—Market—Steady to 10c lower; 200-300 lbs.. $4.706 4.80: 180200 lbs $4 55 6 4 60; 160-130 lbs.. $4,406 4 50: 140-160 lbs.. $3.6563.90: 120-140 lbs., $3.206 3.40; 100-120 lbs., $2 7563:_ roughs, $4 down top calves. $4; lambs. $6.50 down.

TODAY AND TOMORROW aaa a a a By Walter Lippmann

(Continued From Page Thirteen)

permanent the first thing to be noted is that we have as yet no clear indication from the President as to where he stands. That the matter is being studied we know. But Mr. Roosevelt never has said that he has reached any conclusion in his own mind as to which of these emergency powers he thinks should be perpetuated. Thus the issue which Mr. Root describes is not yet crystalized. Mr. Roosevelt is using his powers in the emergency, which till continues. But by next winter it will be necessary for him to make decisions. He will have to decide in each of the many sections of the New Deal what he wishes to see done when his emergency powers expire. Mr. Root states that the great constitutional questions are not a party matter. But, if they are to be debated effectively, the parties must send to congress men who are competent to debate them.

JUNE HARDWARE SALESIMPROVE Register Small Gains Over Last Year; Outlook Optimistic. By Times Special NEW YORK, July 19.—June hardware sales are reported from several sources as a shade better than June, 1933. The severe drought took a heavy toll from the totals of the midwestern wholesalers, and from all retail trade in the affected areas. Conditions have so far improved that expectations for July are optimistic, Hardware Age says in its market summary. Sales to date are running close to the corresponding records of last year. Price movements have been fewer, and less radical than for many months past. Advances and declines are both appearing, according to the special conditions surrounding each line. In general, values are felt to be safe, except where there has been an overreach of price raising during the early NRA period. Sales of bicycles, velocipedes, wagons, fishing tackle, playground ball equipment, and all supplies for summer sports are much ahead of last year. The popularity of the bicycle shows no signs of waning, and dealers willing to handle sales on a close margin are reporting lively turnover in competition with mail order and department store outlets. Thoroughly satisfying results from sales campaigns on plumbing supplies, on harness goods, on paints and on china and glassware are mentioned by some houses who have featured these offerings. Sales of hose and sprinklers have been well ahead of last year, except in parts of the east. Lawn mowers, scythes and grass hooks have suffered a decrease, in most territories, though competitive pricing has kept the major portion of available business in the hands of hardware merchants. On Commission Row —July 19Quotations below are average retail prices being offered to buyers by local commission house dealers. Apples—Fancy Delicious. $2.50; Transparents. [email protected]. Blackberries—24-qt. crate. $2.50. Cherries—Michigan Sour, 16-qt. crate, $2 Oranges—California Sunklst. $5*25.50; Valencies, $4.5025. Lemons—Sunkist, $6.50 6 7.50. Grapefruit—Florida seedless. $4.50. Raspberries—Southern Indiana black. 24-qt. crate, $1.65; red, [email protected]. Cantaloupes—lndiana jumbos, flats. $ 90 21.10;. standards, flats. [email protected]; Honeydews. $3.75. Pears—Caiavos, $3.50 a box. Watermelons—2s6 75c. Bananas —A pound, sc. —Vegetables— Sweet, Corn—Home grown, doz., 20®40c. Cabbage—Home growns, bushel. 60675 c. Celery—Michigan, flat boxes. $1.25; medium, dob.. 45c. Onions —Texas yellow. 50-lb. bag. $1.75. Potatoes—Rural New York. 100-lb. bag.. $1.65; Idaho Russets. 100-lb. bag, $2 25; new, barrel, $2.90. Sweet potatoes—New Alabama, bushel. $2.50 Beans—Round stringless, bushel. $1.50 @1.75. Beets—New, 25@30c a dozen. Carrots —Home grown, bushel, $2; doz.. 25640 c. . , . Cauliflower—Homegrown, basket, 50c® $1.50. Lettuce—Outdoor. 15-lb. basket. 90c; iceberg best. $3.75 a crate. Peas —California, case, $3.25. Radishes—Ohio. 50 doz. bunches. 50c. Rhubarb—Home grown, dozen. 30c. Spinach—Home grown, bushel. 50675 c. Tomatoes —Hothouse, 10-lb. basket, 85c; original Tenn.. 30-lb. lug. $2. CHICAGO FRUIT MARKET (Bv United Pressi CHICAGO. Julv 19.—Fruits and vegetables: Apples—lllinois transparents, bu. sl6 1.50; Michigan. $162 bu. Cucumbers —lllinois, bu.. 256 85c. Carrots—California, crates. 6 dozen bunches. $2.50; Illinois and Ohio. bunch. 2 6 3c. Tomatoes— Tennessee lugs. [email protected]; Illinois, flat lugs, 356 75c. Sweet potatoes—Tennessee, bu.. $1.7561 85; Alabama bu.. $1.8562. Mushrooms—lllinois, lb., cartons, 25® 40c. Peaches —Georgia, % bu.. 50c651.25 Red Raspberries—24 pints. Michigan $1256 2.10; black raspberries. $1.1561.25. Lettuce —California, crates, $1.506 2.25 Beans— Illinois, green, bu.. 50 6 75c: wax, 75c651. Cabbage—lllinois, crates. $161.50. Celery— Michigan, crates. 406 50c: flat boxes. 40 a 65c. Cherries —Michigan. 16-auart crates. 90c6 $1.15, sour. Canteloupe —lndiana, crates. $161.25; Illinois, small crates 75c6 $1 Cauliflower—lllinois, flat boxes. 506 75c. Corn—lllinois, sacks. 5 dozen, yellow. 75c6 sl. PenDers—lllinois, bu.. $16.1 50; Tennessee. $161.15 Onion market.r,inlb sacks'. California —Yellows. $1.1061.33. California, whites, [email protected].

BREWERY EARNINGS UP Pfeiffer Company Predicts Income Will Exceed Last Month. By Times Special CHICAGO, July 19.—July earnings of the Pfeiffer Brewing Company it is reported will exceed those of last month, according to a statement of William G. Breitmeyer, president of the company. June earnings after all charges except federal income taxes, totaled approximately $60,000 as compared with $20,000 in twenty-one days in May w’hen sales began, plant improvements totaling $65,000 are being completed rapidly.

At present the Republican party is effectively represented for this debate only in its “progressive” section. Men like Borah, Norris, La Follette can hold their ovn in any discussion. But they oo net represent what usually are called the conservative Republicans. Their ablest spokesmen are not in congress. There is no one of the stature of Mr. Root, for example, or of Mr. Hoover, or of Mr. Mills, or of Mr. Stimson. It will make little difference whether the Republicans capture twenty or eighty seats in the autumn unless among the winners there are men who are really able to carry on the debate. It is not in quantity but in quality that the conservative opposition is weakest. The Republican managers would, therefore, do much for the country, and incidentally for the future of the party, if they took pains to send to Washington even three men who can command the attention of the country, because they are adequate to the occasion. jCopynsbt, 1934)

PAGE 15

MAJOR FUTURES SHOW ADVANCES IN ACTIVE DAY Bullish Element Inserted by Further Drought Dam-. . age News. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, July 19.—Apprehension over further drought damage inserted a bullish element into the grain trade at the opening of the Chicago Board of Trade today. Wheat started % to 1% cents higher, corn was up % to a cent, oats were % cent higher to % cent lower, and rye was up 1 to 1% cents. Although a major part of the Canadian northwest remained hot and dry a cool breeze whipped across Lake Superior and brought some relief to that section. The corn belt, meanwhile, generally was hot and dry with continued reports of crop deterioration -coming from the west. Liverpool wheat started strong in the face of heavy profit-taking with a good demand accompanying advancing prices. Chicago Futures Range —July 19— Prev. Wheat— High. Low. 10 no. close. July 100'* .99% 1.00% OR 7 * Sept 102 101 1.01% 100% Dec 1.03% 1.02 1.03% 1.01% Corn— July .62 '2 .61 % Sept 64 .63% .63% .63% Dec 67 .66 .66% .65% Oats— July 45% .44% .45 ,44% Sept 45% .45% .45% .45% Dec 46% .46 .46% .46% Rye— Julv .72% .71% Sept 74% .74 .74% .72 Dec 76'* ,75% .76 .74% Barley— July ... ... .60 Sept 56%

Cash Grain

INDIANAPOLIS —July 18— The bids for car lots of grain at the call of the Indianapolis Board of Li,.de, f. o. b.. shipping point, basis 1' */ac to river: Wheat—Firm; No. 1 red, 90 1 2 ®9l Lie; No. 2 red, 89*.2@90!ac; No. 2 hard, 89*/2@ 90' jc. Corn—Firm: No. 2 while, 58 , 24759 l ic; No. 3 white. 57>a4/58>2C; No. 2 yellow. 551 2 4/56*20; No. 3 yellow. 54@55*2c: No. 2 mixed. 54 1 /2@55',2c; No. 3 mixed, 53liftgi 54'aC. Oats—Steady: No. 2 white. 42!i@43!' a c: No. 3 white. 41 , '247 42 , 2 C. Hay—(f. o. b country points taking 23* 2 c or less rates to Cincinnati or Louisville)—No. 1 timothy, 13^13.50. —lnspections Wheat—No. 1 red. 4 cars: No. 2 red, 43 cars; No. 4 red, 1 car: No. 1 hard, 3 cars; No. 2 hard. 2 cars; No. 1 mixed, 6 cars; No. 2 mixed, 5 cars. Total. 64 cars. Com—No. 2 white, 6 cars; No. 3 white, 10 cars; No. 4 white. 2 cars; No. 2 yellow. 7 cars; No. 3 vellow, 17 cars; No. 4 yellow. 3 cars. Total, 45 cars. Oats—No. 3 white, 1 car. Total, 1 car. Local Wagon Wheat City grain elevators are paving 87 cents for No. 2 soft red wheat. Other grades on their merits. (By United Press) CHICAGO. July 18.—Cash grain: Wheat —No. 2 red winter, sl.oo>,Va 1.00'.i; No. 3 red, $1; No. 4 red winter, 99'ic; No. 2 hard. $1 03U 1 1.03' 2 ; No. 1 mixed, sl.Ol 4/1.02; No. 2 mixed, sl.oo*i: No. 3 mixed, 99 3 4C; No. 2 red smutty. 99c. Corn—No. 1 mixed. 65c (mainly white!: No. 2 mixed, 63’ic: No. 2 yellow, 63*247 64c; No. 3 yellow, 63*.24/ 64c; No. 2 white, 66c. Oats— No. 2 white. 47* i: No. 3 white, 45*/ 2 c; sample grade white. 45c. Rye—No. 3, 72c. Barley—Quotable, 5647940 (on feed to malting). Timothy—s9.3s 47 9.50. Clover 5eed—512.254714. Cash provisions—Lard. $7; loose, $6.40; leaf, $6.37: bellies. $lO. TOLEDO. July 18.—Cash grain (In elevators. transit billing) Wheat—No. 2 red. sl4/1.01. Corn—No. 2 yellow. 674768 c. Oats—No. 2 white, 48*2'7/'49*ic. Rye—No. 2. 74*ifi 75*/ic. (Track prices, 24'j'c rate! Wheat—No. 1 red, 96*247 97c; No. 2 red, 95*24/ 96c. Corn—No. 2 yellow. 6347 63*/ 2 c; No 3 yelow, 6247 62 lie; No. 4 yellow, 61 4/ 61 */ 2 c. Oats—No. 1 white. 46*/ift/48c; No. 2 white. 45*, 2 @47c; No. 3 white. 454/46', 2 c. ST. I,OUIS. Julv 18.—Cash grain: Wheat—ln good demand, steady to Vie lower on red and lc higher on hard; No. 1 red. 9847/98*2C: No. 2 red 9747.98’i-c early, and 97c at close; No. 4 red, 96c; sample grade red. 95Vac: No. 2 red. garlicky. 9447 9 sc: No. 4 red garlicky. 94c; No. 2 red smutth. 944/97c: No. 2 hard, $1.03; early. $l.O2 3 4 at close: No. 3 hard, $1.02: No. 2 light garlickv. 97ft/97'/ 2 c: No. 4 light garlicky. 96c. Corn—ln fair demand. Vic lower to 6c higher; No. 2 vellow, 63Vic; No. 3 vellow. 63c; No. 4 yellow, 62' 2 4V 62 3 4c; No. 4 yellow, 62*7c. Oats—ln slow demand, Vic higher; No. 1 white. 48c. Rye—No. 1. 80c; No. 2 rye. 77c. CHICAGO PRIMARY RECEIPTS —July 18— —Bushels—- .... Todav Last wcelt Wheat 1,179,000 597,000 Com 494.000 539,000 Oats 195,000 84,000 Marriage Licenses Galen Moore. 23, of 3706 West Michigan street, store cierk. and Evelyn Hineman, 18, of 5860 Guilford avenue, housekeeperBoedrick Chitwood. 24 Greenwood, Ind., janitor, and Bernice McClary, 13, of 1130 Gimber street, housekeper. William Bivens, 51. of 2902 East Twen-ty-second street unemployer and Lena Lewis. 52. of 199 North Hawthorne lane, teacher. Emeal Smith. 20. of 1518 Brvmas place. Junkman, and Earline Hayes, IS, city, housekeeper. S. G. Wtlmer. 30, of 62 North Sherman drive, clerk, and Sylvia Falk 28, Y. W. C. A., teacher. William Barber. 49. of 921 Park avenue. salesman, and Pearl Johnson, 43. of 1405 Southeastern avenue, wltress. Alex Wilson, 64, Terre Haute, salesman, and Trma Welch, 44 of 2035 North Meridian, housekeeoer. Ovid Leonard. 23. R. R 17, Box 111. book binder, and Ruth Hoskinson, 23, of 405 North LaSalle street, shirt boxer.

FRIGIDAIRE LAUNCHES ADVERTISING CAMPAIGN 700 Newspapers to Benefit by Drive Opening This Week. By United Prett DAYTON, July 19.—1n recognition of the fact that there now are 1,250,000 more Frigidaires in use than the nearest competitive make, Frigidaire Corporation, subsidiary of General Motors Corporation, this week launched one of the most comprehensive summer advertising campaigns in its history. Seven hundred newspapers and leading national magazines will be used, H. W. Newell, vice-president, stated. Plaas for the business drive were laid before more than 18,000 members of the Frigidaire organization last week in 200 meetings throughout the country. The campaign embraces household refrigeration principally, but considerable attention will be devoted to commercial refrigeration for food and beverage retailers, mills coolers for dairy farmers and affi conditioning equipment for homes, offices, business establishments and other applications. 44 Banks Reopened By Time Special WINCHESTER. Mass., July 19. Reopening of forty-four banks in the United States, during the month of June is reported, releasing nearly $34 000.000 in frozen deposits. On the first six months this year 313 banks have been reopened releasing deposits of $270,000,000,