davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
BY ELMER c. WALLER
United Press Financial Editor

NEW YORK. Aug. 5. - Trading
came to an abrupt halt on the Stock
Exchange Friday when brokers were
driven off the floor by fumes from
tear gas bombs. The Exchange or
dered dealings to cease for the day
shortly after noon.
Up 70 that time. trading had been
the lightest of any session since the
assumptions of operations following
the bank holiday shutdown. Prices
declined after an irregularly lower
opening but around noon had rail-
lied from the lows
Trading Continued on the Curb
and Chicago Exchanges but they
were on a sharply reduced scale for
the big board sets the pace for
these. markets.
Closing Prices Lower
Closing prices-last prices If the
session-were lower. Steel closed at
51ia, off /; American Can, 84is, up
Il: American Telephone, 1885,, off
- Bethlehem Steel, 389s. of l.;
Commercial Solvents. 3l7s, off u
and Consolidated Gas. 5li2, off 2
Sales TO noon totaled only SEQ 900
shares, or at rate of 1.250000
shares for full session. The leth-
argy continued after that until the
bursting of the ammonia pipe,
which sent the brokers scurrying to-
ward exits. A temporary closing
was ordered at first, but later, Ash
bel Green. secretary. issued the fol-
lowing statement which was carried
on the tickers:
"Notice-The exchange will be
closed for the balance of the day. "
Bond List Irregular
Confusion prevailed in the brok-
erage offices where stats were
sharply reduced because of the
lunch hour. A scramble was made
to recall the workers TO get out the
days statements and stand by for
orders from various parts of the
country. Newspaper Offices also
caught with men at lunch recalled
their workers to get out the final
lists.
The bond section of the Exchange
closed also since it is directly con-
nected with the stock floor and its
traders also were forced to leave
Up to the time of closing the bond
market had been irregular and
quiet.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
TOLEDO CASH GRAIN
Bp Times Special

NJ tWfN NNtciut
TOLEDO Aug. Cash grain close.
Grains IN elevators. transit billing Wheat
No red. 96M 97c; No ! red. lac pre-
MUM. Corn No. ? yellow. ST. "a ssisc.
OatS-No: white. 42is Ns3tsc Rve-No.
2 IS IN 76i2c. Track prices. 28i d rate:
Wheat-No. ! red 9oI POI &c: 10 red.
ss~ sQc. Corn No. yellow. 53I 54c. No.
s. yellow, 52n 55c. Osts-No 2 white.
Clorer-CaSh So so. oct. S8T5B Asks
cash So rs Aug. SOB Toledo produce
close. Butter Fancy creameEv Csc Eggs
cwt zoe. -
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
INDIANA STOCKS
AND BONDS

The following quotations DO not rep
resent actual bids or offerings. but rereil
indicate the approximate market 4eve
based on buying and selling inquiries OF
rcee1il transactions.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05

out so we'll They cannot earn a reasonable return,
therefore. the funds they have 50 they are I'M
likely 10 desire
But there many other banks in the country
wh.ch undoubtedly will be rc@dy and eager to accept
the government aid. They would stand to- risk very
little and 10 make great deal II they could get
money at per cent. for instance, from the govern
ment and loan it out at per cent most Of them
could increase their earnings to stockholders
tremendously And the fact that borrowers could get
funds at these institutions if loans denied at
their regular banks would tend to make the latter
loosen up for fear Of losing customers.
Would Help Smaller Borrowers
r may be claimed. Of course, that industry is not
the market for loans but that is only Of the
stronger companies The second-string concerns
nhicl in rnarketa BILE securities
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05


Bel. Rail E Stock Yards. com. 26 30
Cent Ind PHr p.d 1er.-...... II II
Cent Ind Pws ptd 7fs.... 9 y
Citizens Gas com ......... - II
Citizens Gas Co pfd ST.. % 81
Home T T. T r Wayne psd - IS 20
Ind Il Mich Flee Co pfd IT,. 20 -
Ind Gen Service Co p.d g.. e5 60
Ind Hydro Elec Co 20 ..... - 80
Indpls Gas Co com ......... 20 ~
Indpls Pwr q 1t pfd Co.. 81 SIS
Indp!s Pwr & II pfd 6ia<.. e6 20
No Ind Pub Serv Co pfd &C. IS 80
No Ind Pup Se.v Co ptd 5iscs 80 81
No Ind Pub Serv Co pfd To. 81 Il
Indp.s Water CO pfd 5ee 81 "a
Ind Pub Serv Co g. ..++. asa 39i.
Public SeEv Co OF Ind pfd &C. Il II
Public Serv ca Of Ind p.a 7rc. sc 20
South Ind Gas & e pfd &C. So So
TeFre Eaute Elec pfd 6oe..... 81 81
BONDS
Belt p r a. stkyds As 1889. So %
Citizens Gas Co SIS 1912. - 81 es
Home T g. " 5iss 1855 -. ss 100
aome & " &c i9s3...... 50 l02
Indpls Rvs Inc IS 1867 -. 20 -
Indpls Water Co 4i3s 1910. 9si, lO0is
Indpls water CO IS 1850 e3 Ell
Indpls Water Co SIS 1870. g2f5 esf.
Irdpls Water Co 5i2s 1888 100 lO3
Indpls Water Co 5ias 1854 100 ina
Kokomo Wat Works. IS 1883 70 "a
Lafayette Tel Co IS 1857 SO III
Muncie Water Works IS 1888 g2f5 3d.
Richmond Water Works 1857 g4i5 al
Terre Eaute Wat WK SIS 1856 g4i5 az
Terre Haute Wat Wk IS 1898 g3i a7i.
Traction Terminal Co S. 1857 IS 40
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
Daily Price Index
1lo30-l932 Average. i01

NEW YORK. Aug dun & Bradstreet's
oaly weighted price index Of 30 basic
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
Foreign Exchange

By Abbott. Hoppia & Coz
Aug. -
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
INDIANAPOLIS WAGON ,yHEAr

City grain elevators are pa}sng 80 cent,
Tor No 2 soft red wheat ,0tner grades
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-05
NHEfF MD LAMBS
Receipts. 400: market. lower

Lambs. Shorn Basis
80 lbs down Good and choice So 0of $50
80 lbs. down. Com. and med. 300n 600
Ewes
Good and choice ..... 20O7 3 90
Common and medium ....... i.00G 200
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
VIGOR IN WASHINGTON

r EVILS w. DOUGLAS. President Roose-
~ velts vigorous young budget director,
made a brilliant statement of the case of
balanced budget in his address before the
American Publishers Association in New York
last week.
In making this clear statement he gave
the impression that his administration knows
exactly where it is going is determined to go
there, and will go there if the rest of the di-
vision leaders have his straight-thinking vigor
and the untrammeled social viewpoint we
hope he has
His reasoning was: The budget must be
balanced to preserve the nations credit. The
nations credit must be preserved for the sake
of the world as well as of America. He said:
If the budget is not balanced falling reve-
nues and retrenchment to meet falling reve-
nues continue until the process become tanta-
mount to running race and ending at zero.
. To those who say, You must not cut
the army for instance, say, Which is more
important, national defense which is per-
fectly futile if the credit of the government
collapses, or an uninpaired credit of your
government?
For myself say an unimpaired credit of
the government For it is upon that that all
human values of our people ultimately rest
There are many ways in which this
balancing of federal expenditures and receipts
can be expressed, such as employment and
happy and contented homes
With great pain in the task of cutting en-
pioyes from the pay rolls and veterans from
their pensions, he asserted that he will bal
ance the budget Imitation will be controlled
Then progress. Weed the field and the crops
will thrive
This leaves a tremendous problem. 1t in
wolves promise of employment and happy
homes" This problem calls for vigor as great
as that shown by the firm hammered young
man who made the statements. If govern
ment expense must be cut, money also must
be got in great quantities to forward recovery.
The direct. aggressive drive of Lewis Doug
las buoys the hopes inspired by the direct,
aggressive moves of the whole Roosevelt adj
mnistration.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
JOBLESS EXCHANGE.

LEW tears will be shed over the passing of
the costly and useless Hocver-Doak en-
ployment service. Mild was the description
OF Secretary Of Labor Frances Perkins of this
unlamented service as too unsatisfactory"
It was rotten with compromise, politics.
nepotism
Its passing clears the way for enactment
of the pending Wagner bill. This measure
supported by President Roosevelt and Miss
Perkins-passed in 1881 by congress and We
toed by Mr.. Hoover-does not duplicate local
and state free employment services, as did
the old system. 1t would coordinate them
into federal whole, assist in financing them
on $3.50 basis, standardize and guide with
expert advice
In addition to these local-state- federal ex-
changes, Secretary Perkins proposes to set up
regional clearing houses and establish ma
tional advisory council to bring capital and
labor together i'll the business of placement.
Too much can not be said for an ade-
quate, free and closely knit employment serv-
ice in this broad and complex country. Such
a service can aid in orderly reconstruction
in many ways. 1t can not make jobs but it
can provide a free flow Of the workers to
those jobs that are available
1t can prevent glut of labor in one part
of the country and a shortage in another.
It can assist in mass movements of workers
from such industrial sore spots as the coal
mining regions.
And it can make unemployment insur-
ance systems work. No European country
ance system without federated system of
free employment exchanges.
The Wagner bill should be given early
hearings, and made a part of the admin
istrations emergency program.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
THE "NEW DEAL" AND RUSSIA

1T is possible that the "acid test" of the
Roosevelt administration and the New
Deal" will be the treatment of Soviet Russia.
If they do not act decisively on this issue,
they may wreck their entire program.
How is it possible to debar a country con-
trolling one-siXth of the land surface of the
earth from participation in an economic con-
ference, and expect to reach any vital re-
suits? How is it possible to lower tariff bar
riers, and have the results mean anything
when 16000OOO0 people are excluded from
recognized economic intercourse?
How can We expect to secure disarma-
ment much less world peace. when we feed
the fires of hatred and misunderstanding by
keeping in quarantine country as large as
Russia?
Alfred E. Smith refreshingly brushes away
all the cobwebs from this issue when he con-
cludes: 81 believe that we ought to recognize
Russia; do not know of any reason for not
doing it,.
He adds: Somebody says they owe us
s10o,0o0,0o0 We kept troops in Russia for
quite a while when We were not at war with
them I think we could sit around the table
and settle the matter very easily"
Let us examine the objections made to
recognition and see how much validity they
possess
We are told that Communism and its prac-
tees are abhorrent. The guiding principle
in American foreign policy down to 1917 was
that the institutions of a foreign state are
strictly the business of its own citizens.
We are told that Russia is unstable. This
argument is absurd, since Russia has proved
herself one of the most firmly established OF
all modern states.
1t is held that the Soviet regime is I'M
representative. The answer is that it is far
more representative than the old czarist re-
gime, and just as representative as the Lvev
revolutionary government in Russia, which we
were the first to recognize.
It has been asserted that Russia has re-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
Probability 5551
MONDAY, MAY /. 1898.
CHILD HEALTH DAY
THIS is one of the days that COUNT

THIS is one of the days that count
By presidential proclamation. May has
again been designated as Child Health day.
fitting way to remind us all that on the
health Of our children depends the future of
the race.
Mothers and Babies First" is the keynote
of this particular Child Health day selected
by the national committee in charge Of the
days activities.
They, with President Roosevelt, call upon
all agencies. public and private, and all indi
viduals having the interest of children at
heart, to set aside this day for earnest con-
sideration of the needs of the children in their
communities and in their homes, and to in
augurate constructive activities to protect and
promote the health and physical yigor Of the
youth of our nation"
A big task for a single day; but not too big,
If we understand that nothing is more i'm
portant than our children and the mothers
who bear them.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
NJ.

WHEN this comforting is all over, we are 60
w ing to learn that European statesmen
are interested chiefly in debt settlement
They will discuss tariffs, the gold standard.
disarmament or anything else but in the end
they will come back to the question of how
much we are willing to cut.
II the answer fails to satisfy them, they will
agree to nothing of any consequence.
Europe has been sold on the idea that war
debts block recovery and that the slate must
be wiped clean, or nearly so.
Our theory that German reparations had no
connection with what the allies owed us never
has been accepted in London or Paris
Ever since it became apparent that Germany
would not pay, Europeans have commended that
we should share the loss.
Working from point to point, many of them
have reached the conclusion that we should
write oil the entire obligation.
it without acute distress, and that our
moral duty toward the future outweighs their
moral duty toward the past.
In addition, they assume that we are hope
leSsly sentimental that we always can be touched
by an appeal for sympathy, and that our miser-
illness, though very obvious, is only skin deep
We are, in the estimation of most Europeans
just nation Of slopkeepers with more or less
talent for accommodating cash, but with very
little stamina or fneSse when it comes to the
phases OF llST1 such
as we'll thought out schemes of expansion care
fully arranged alliances, diplomatic intrigue and
the long drawn battle of wits to which they have
been trained.
Europeans believe that we can be worn down
after certain length Of time and persuaded to
give them what they want, rather than continue
the haggling.
They believe that our great desire is for
business improvement and that they need only
sell US on the notion that it can be had through
debt reduction to get what they want.
THERE is nothing underhand or insincere in
their attitude. They have argued from the
beginning that they could not pay US if Germany
failed to pay them, that PREPARATIONS and other
war debts were inseparabe, that the war was
common adventure, that what we loaned them
really was part of our contribution that the
debt burden had grown too great for civilization
to carry, and that the one safe thing to do was
to jettiSon most of it,
We have taken the ground that "a contracts
contract, that the allies could paw whether
Germany did or not that the trade slump caused
the existing financial stringency that trade
could be restored with the right kind of leader
ship, that nothing was needed but little loos-
enlng up all along the line, that unreasonable
military expenditures constituted Europe's
worst trouble and that if these were lowered
everybody could pay.
No matter where the argument begins it
invariably ends with war debts and disarma-
ment hooked together.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
A Bad Viewpoint

QUT even if it is possible that
- some suave high-hat practition-
er might have impeded the hand of
hate slightly, wonder just how far
any defense group is supposed to 70
IN trucking to prejudice. Certainly
1t does not argue well for the state
Of American courts if the vital point
IN any trial is to become not the
evidence, but the religious back
ground of the contending lawyers.
think that there are certain con-
cessions which honest men should
not make. In my opinion the LAWYER
for the defense at Scottsboro con-
Quoted spirited and intelligent de-
Tense, and I believe that eventually
they will win their case in spite Of
obstacles.
Nor do think that fair criticism
lies against an appeal from the
specific to the general. The Com
munist party has taken occasion to
point out that Scottsboro is not
merely an exception, but bears a,
definite relationship to the whole
trend Of court action in regard to
the Negro.
I believe that is true. I see no
reason why anybody who think that
should not state his opinion.
The southern press itself has adj
mitted the disadvantages which
surround the Negro when brought
to trial Alabama papers have ad-
mitted a. much. The Montgomery
advocate spoke Of Negroes as being
'underprivileged."
This, I maintain, is mild way of
stating it. But if it is true that the
Negro in America is under
privileged" why should the fact be
kept quiet? Is it really fun to be
fooled? And. after all, who is
fooled? Certainly not the Negro.
BY now he must be in on the secret.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01

tains him, and pours fresh courage
into his veins after every defeat.
DUT what of the people who find
ID themselves enslaved in an ex-
istence regulated by mechanisms in
stead Of seasons? Thousands Of the
city-bred live in treadmills, and they
must stop eating when the ma
chinery ceases to function.
In spite of industry. thrift, and
fidelity, they often find themselves
cast upon the economic scrap-heap.
For their problems there is re-
quired a new sort of courage. that
of the mind; they must cultivate
a different bravery, the kind that
will dare them to rebel against a
system that sustains tools and uten-
sis and implements while it lets
men die.
They must try and try and try
again, even as the farmer goes back
each spring to cope with hurricanes,
droughts. and insect pests, and, for
that gigantic task, fortitude that
girds the soul instead Of the body
is needed.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01

TINE Presidents railroad DILL, intended to
4 effect economies in our transportation
system and thus strengthen it financially, will
be before congress soon.
There are wasteful services and practices
that should be eliminated. There are con-
solicitations that should be brought about.
There is an undeniable necessity for scaling
down what President Roosevelt called the
"topheavy" financial structures Of some Of the
carriers.
But we are not deluded that economies
can be effected without likewise killing off
some jobs or that consultations can be
brought about without injuring some existing
railway communities.
For these reasons the bill should contain
full protection for labor Also, if the rail-
roads thus are to be helped in this
emergency by the federal government, it is
their duty to follow the suggestion of labor
and so rehabilitate their plant and equipment
as to provide more work
Perhaps the railway co-ordinator who will
be appointed under the Roosevelt bill, Should
be clothed with power to have the carriers
undertake the delayed improvement and
maintenance Of their plant.
In this connection, the railways themselves
would benefit and be provided with more
traffic, from the proceeds of which additional
labor costs would be paid, by the government
starting a large public works program.
The bills provision for suspending the
antitrust laws while the railroads are being
co-ordinated is debatable; but there should
be no debate about its provisions to bring
about financial reorganizations where and
when necessary.
Indeed, if there is any doubt that
language of the BILL as presented, will not
bring these reorganizations about, its terms
should be frightened Immediately and made
completely explicit.
Nor should there be any dispute about
having the co-ordinators orders made review
able by the Interstate Commerce commission.
Otherwise, we would have a railway GEAR"
and it will be time enough to create a rail-
road dictator when the government takes
over the carriers.
The Presidents program now is important,
not because our system of railroad transporta-
ton so far has failed to provide adequate
service, but rather because in the railway
plant of the country thousands of individual
and institutional investors have placed their
funds.
The railroads, because their traffic has
been reduced so greatly, are in a financial
plight which threatens very seriously to in
jure the insurance policy holders. the savings
banks depositors, and others whose inStitu-
lions have invested in railway bonds and
stocks. For this reason, the Presidents pro-
gram is timely and important.
But, in passing it, Congress should remem-
Der that railway labor is to be considered as
well as railroad capital
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
THE INDIANAPOLIS TIMES

pudiated the debts Of the imperialistic czarist
government. Many states have in the past
repudiated even their own debts, but we have
not hesitated to preserve diplomatic relations.
Russia has been denounced as an "eco-
nomic vacuum" to employ phrase of Mr.
Hoover. Such charge is in poor taste from
a country in the throes Of serious depres-
sion when Russia admittedly is doing more
remarkable things in an economic way than
any other country.
Russia is held up as a horrible example of
arbitrary economic changes and forced labor.
Long ago, we set up the principle in our for
eign policy that internal changes and domes-
tic policies in another state should not concern
us in our formal relations with it.
Further, forced labor certainly is better
than forced idleness and bread lines.
1t is alleged that Russia desires to promote
revolution abroad. But SO have we at differ
ent times in our history
1t is said that if we recognized Russia and
traced with her, We would be helping the Com
munist cause This is doubtful, but other CAPT.
talistic states will trade with Russia if we do
not.
Russia, it is said, does not discharge her
international obligations. Soviet Russia may
not have discharged the obligations of the rot
ten regime which it superseded, but it has dis
charged its own obligations.
Suppose, for example, Soviet Russia had
repudiated war debt payments to this country!
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-01
The Message Center : :

costs are reduced as much as so
per cent on some items, they still
ask for and get advanced rates.
How long are we to endure this?
BY indianapolis Unit, B. E. F.
This is an answer to the former
chief of staff of the B. E. F.,
Doak Carter, who had a writeup in
the D. A. V. paper.
think, and so does the B. E. F.,
the same about Doak Carter.
I would like to have Mr.. Carter
understand that the B. E. F. is not
red. Neither are the boys going to
Washington, reds or being nisled.
Mr.. Carter is more red and rad
ical than any one I can think Of.
Mr.. Carter wears a $35 pair of Of
f1cer's boots and a high priced pair
Of whipcord trousers, which we
charge we're bought with B. E. F.
money.
The B. E. F. here would like fol
Mr.. Carter to come back here and
'straighten up some Of the matters
he left while trying to organize what
is known as the Emergency Expe-
dictionary Forces.
1t is true John Pace was radical,
but he didn't sell his buddies out.
1t seems as though Mr.. Carter has
turned his buddies down and joined
the Economy League. We hope Mr..
Carter will read this and ponder
upon it,