davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
$3.50 TAXLAW
EMERGENCIES
RULED VALID
Boards Judgment Must Be
Accepted, Rules State
Supreme Court.
CHAIN LEVY UPHELD
Filling Stations Must Pay,
Is Verdict of Indiana'S
Highest Tribunal.

Two Indiana supreme court rul-
ings on tax questions, one holding
filling stations must pay the chain
store tax, and the other holding
county tax adjustment boards
declarations of tax emergencies, I'M
der the $3.50 law, are final, we're an
nounced yesterday.
The opinion on the $1.50 law,
written by Judge James P. Hughes,
held:
These boards may err in their
Judgment in fixing the levy-all men
do not see alike and come to the
same conclusion-but as long as
there is no fraud or corrupt motives
in the fixing of the levies, the Judg-
ment of the members of the board
must be accepted"
Constiutionality of the $3.50 law
was not involved in the case, which
was appealed from Milford town
ship, DLagrange county.
COnstitutiOnaIity Involved
However, constitutionality of the
act is involved in seeral other Sl.oO
law ley appeals pending before the
court. The law provided a total levy
of more than $3.50 could not be as
sessed in any taxing unit OF the
state. unless an emergency existed.
The chain store tax ruling was
written by Judge Michtel Fansler.
The suit was filed by the Midwest
ern Petroleum Corporation, which
sought to enioin enforcement OF the
law. in Marion circuit court SUIT.
More than S5O0,000 has been paid,
under protest, by petroleum COM
panies. the money having been held
in a separate account pending hlgh
court ruling.
The suit charged the chain store
tax law was discriminatory, but the
supreme court ruled that 80 long as
all are treated alike, under like cir
cumstances. neither of these pro-
visions { Sec. %, Art. l, Indiana law
and the fourteenth amendment to
the federal Constitution is Nlo-
lated
Discrimination Stressed
The decision said that in its
opinion the law was intended to
discriminate against chain stores IN
favor of local merchants and that
the court was considering the case
on that basis.
This court has upheld statutes
discriminating against the itinerant
merchant and peddler in the inter
est of the local merchants, the rul-
ing pointed out after stating the
small merchant is essential to stabll-
ity of local communities.
IF protection of the local mer-
chant is sufficient basis for policy
of discrimination against peddlers
and itinerant merchants, it is diff
cult to see why it should not afford
a sufficient basis for policy of
discrimination against chain store
organizations"
o.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
SIugged On Head with Bottle

John Oltine, so, of 1877 Somerset
avenue, was treated at city hospital
last night for head injuries received
while he was asleep on rear porch.
He said he was slugged on the head
with bottle by an unknown assail-
ant.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
Alleged ShopIifter Held

Gladys Crane. GIT West Thirtieth
street, was held on petit larceny
charges today by police. She was
accused of stealing several articles
valued at 1894 from a downtown
store.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
Gold Price Set at S34.OI

WASHINGTON, Dec. 16.-The
government today set the price for
newly mined gold at S34.01 an
ounce, continuing the price in effect
since Dec. l.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16

One Best-Pan Toy
l. Ocean Flight, Sun Thorn, For
get Not.
q Rubio, Euryalus, Meany.
8. Pan Toy, Scimitar, Miss Cor
inne.
4. Quatre Bras II, Pari Mutuel,
Mad Wind.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
ECUADOR PICKS HEAD
Liberal Conservative President
Chosen in Election.
BIZ Omitted Press

BIZ United Press
GUAYAQUIL, Ecuador, Dec 16.-
DR.. Jose Maria Velasco Ibarra was
elected president of Ecuador in the
national election. returns showed to-
day. He ran as Liberal Conservative
candidate receiving 1921 votes to
$3.50 for Carlos Zambrano, Socialist.
and 47S for Ricardo Paroles, Com
muniSt.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-16
M(M%N RACE TRACK
tsSsts%e3e Sele.,c:1tti;o!',n,s
BY TOM NOONE
MONIES SELECTIONS FOR TODA'

Days Best-Pan Toy.
Best Longshot-Woolorac
Best Parlay-Thermopyla and Rubio.
Evening star., 1933-02-12
COMMERCIAL LOAN
TOTAL SHOWS GAIN
Increase Of s126,O00 900
for Week Reflects Better
Business Inquiry.
BY CHAS. p. SHAEFFER,

Associated Press Financial Writer.
The normal functions Of commercial
banking were partially restored last
week when reporting members showed
an increase of s126, 5000, 900 in loans.
This increase. for the week ended
February /, was one Of the heaviest
since the depression. and disrupted the
shrinkage of demand on the part of the
business public for accommodations on
commercial credit basis which caused
a drop of $2,664 100000 in loans be-
tween February 8, 1882, and February
l, 1888.
It likewise had the beneficial effect
Of temporarily halting the transfer of
banks working capital requirements
from bank loans to security issues, as
investments during the week fell Off
$4,000, 900 to point, still 81 ,410, ,000, 900
above the same date of last year.
Many reasons are ascribed in capital
circles to the change, the important
one being that $126,000,000 worth Of
employment for new cash was recog-
nized by the banks themselves, sound
enough to override impairment of bank
ing liquidity Of just that amount.
Since the period of general business
reaction with its attendant high NOR
tality rate among banks during the
last few years, it has been the general
practice Of banks to maintain a high
degree of liquidity SO as to be amply
prepared at all times to meet the with
drawalS Of deposits by customers.
Evening star., 1933-02-12
A. & P. REPORTS JANUARY
SALES OFF II PER CENT

Great Atlantic & Pacific Tea Co
estimates sales for four weeks ended
January %, 1888, at $57,235, ,494. COM
pairing with $68.966.45O in the four
weeks ended January 80, 1892, a de-
crease Of $11,730,956, or II per cent.
The period this year contained % busi-
ness days as compared with "a in 1882.
Tonnage sales for the four week
period are estimated at 371 1894, against
395, ,427 in the came period of last year,
a decrease Of 24,033 tons, or per
cent
Estimated sales for 48 weeks ended
January %, 1888, without consideration
of change in number of stores during
the year, total 93,187,312 as COM
pared with $926.740,115 for similar
period Of previous year, a decrease of
$133, 1852, ,803, or 144 per cent. Esti-
mated tonnage sales were 4,872,244,
against 5,007,128. decrease OF 2l4,884
tons, or "A Der cent.
Evening star., 1933-02-12
FAVORABLE BANK
FACTORS REVEALED
"Better Situation" for Pres.
ent Year Is Found in
Survey.
By the Associated Press.

By the Associated Press.
CHICAGO, February 11.-Favorable
factors In the Nations banking struc-
ture, forecasting a better situation
for 1888, are outlined in a new analysis
based on bank suspensions and re.
adjustments in bank MANAGEMENT dur
ing 1882.
'"The figures show that bank suspen-
sions have receded," says this survey
written by John Y. Beatty and published
today in the Rand-McNally Bankers
Monthly, "and we are getting closer tc
normal in bank closings"
A sharp reduction" in the size OF
the banks closed in 1882, plus some
improvement" In the record Of new
and reopened banks, are cited as two
major reasons for encouragement.
Banks Are Stronger.
"In 1921 there was a bank for every
1000 people" Mr.. Beatty says. To-day
there Is bank for about 1000 people
and these banks are much stronger than
they were 10 years ago. The resources
have just about doubled.
Bank operation has been much i'm
proved by new equipment A study of
the shifting of personnel from one lob
to another within the bank, and a
study of activity and methods of han
ding 1t at a profit, have combined to
make 1t much easier to lower expenses
than 1t has ever been before.
Income has been improved by ac-
count analysis, measured service charges
and more rigid policy on acceptance
OF new accounts
The liquidity of deposits, Mr.. Beatty
says, increased by Al per cent in 1892
from 20 per cent at the end of 1881
to Al per cent at the end of 1882.
"A shift in location of cash." he de-
clares; is indicated by the fact that
cash In vaults is reduced Is per cent,
whereas due from banks is increased
~ per cent. This Is fine compliment
to the existent correspondent system
ana demonstrates that bankers have
full confidence in each other.
In other words, larger banks in the
reserve cities are holding a much
greater amount of the cash reserves of
1neir correspondents than a year ago.
Investments Increase.
The investments of the weekly re-
porting member banks have increased
ABOUT IA per cent during the year, but
investments In Government bonds have
% per cent"
borrowing from Federal Reserve
oanks, the survey says, declined 81 per
cent IN 1882. although borrowings from
banks increased Slightly.
Bank suspensions for 1882, Mr.. Beatty
1eciares, totaled l,427, as compared to
z'zS8 In 1881 and 1,345 in 1880.
In 1880, the average size Of all sus-
pended banks was $642,9I0. In 1881
ms increased to S736,079. In 1882 it
to $472,8 his report says.
Evening star., 1933-02-12
Professional Incomes.
BY the Associated Press.

BY the Associated Press.
A private report to the Commerce
Department reveals that doctors and
lawyers are the two highest paid groups
of professional men and women in this
country, averaging an income Of $3.50
per annum.
Annual earnings Of other classes, in
order, were given as follows: Engineer
ing, architecture, $4,000; dentistry,
S4,725; college teaching, S3,260; library
work, journalism, $2,250; ministry
s2,220; skilled trades, s1,700; social
work, s1,517; nursing, S1,570; public
school teaching, 1890; unskilled labor,
S945. and farming, $3.50.
Concerning the life earnings of those
CT these various professions and occu-
pations, the statistics showed that doc
tors and lawyers averaged during their
lifetime $4,000; engineers and archi-
tects, $108,000: college teachers, STA
900; library workers and journalists,
$4,000; ministers. $4,000: skilled
tradesmen. $4,000, and so on down to
the farmer whose life earninJs averaged
$4,000.
Evening star., 1933-02-12
Carloadings Gain
Of ll,lO4 Reported
For Week of Feb. 4
BY the Associated Press.

BY the Associated Press.
The American Railway Association
said yesterday that car loadings for the
week ended February were 483, 1872
cars, an increase OF 1l,104 over the pre-
ceding week, but 90,731 below the same
week last year.
Miscellaneous freight loaded during
the week ended February was 152, ,306,
a decrease of 274 from the preceding
week and 26,536 under the same week in
1882; less than carlot freight, 161, $50,
an increase of 1,212 over the preceding
week but 25,563 below last year; grain
and grain products, 25,430, an increase
OF 176 over the week before but 1894
under last year; forest products, 14,284,
an increase Of 113 over the preceding
week but 4,049 under last year; ore,
1.38l. decrease l12 and 500; coal, 106,-
PIT, an increase Of 10,224 over the pre-
ceding week but %, Alb below 1882; coke,
5,567, an increase Of 1,126 over the
preceding week but 1,541 below last
year, and live stock, 16,027, decrease
OF 1851 below the preceding week and
4,045 under the same week last year.
Evening star., 1933-02-12
INVESTMENT BOND
MARKET STRONGER
DURING PAST WEEK
Prime Issues Resist Selling
Pressure-UtiIities Move
Against Trend.
Special Dispatch to The Star.

special DlSpatch TO The Star.
NEW YORK, February lin spite
of continued political uncertainties
there was better feeling in the in.
vestment market this week. Prices
showed stiff resistance to selling and
what Is more significant, trading in
creased substantially when the trend
was upward.
The most frequently mentioned rea-
sons for the flrmneSS included the
strength in some commodity prices, the
lessening of imitation talk as the 'lame
duck" Congress approaches the end of
its labors, a better tone in foreign ex-
changes. the declaration of regular divi-
dends by General Motors and a clearer
prospect for reorganizations among the
railroads, notably the Missouri Pacific.
Decline interrupted.
With investment sentiment improved,
the week witnessed the interruption of
the decline which at one time threat
ened to carry the bond market into
new low regions.
The heaviest pressure was felt in the
public utility list. The proposal In
Washington to tax the utilities heavily,
combined with reports of poor utility
collections and moves to reduce rates,
drove even the highest grade utility
mortgage bonds down to points.
They rallied narrowly later, but there
was still considerable pessimism as to
the outlook for them. Railroad and
industrial securities were carried higher
on the wave started by the General
Motors dividend decision, accelerated
by the good showing Of January motor
car sales, and carried to a crest by the
general feeling In the financial district
Aro1n Tale
statement justifies payment of the reg
ular dividend on the common shares.
One situation which caused some
conjecture in Wall Street was the fact
that while sterling was climbing rapidly
to a new top for the movement, Cana
dian exchange remained heavy around
Is to Is per cent discount. These two
exchanges sentimentally affect each
other but. contrary to widely held opin-
ion, they are not linked in any direct
manner. The heavineSs of Canadian
exchange resulted partly from exchange
gambling based on the susceptibility Of
exchanges to imitation talk-of which
there has been considerable amount
in Canada recently-and partly from
the statement that Canadian maturities
and interest payments in New York for
1888 amount to maae than the Cana
dian favorable trade balance for 1882.
German Issues Active.
German dollar bonds were subjected
to large volume of speculative buy
ing and selling during the week. Little
OF this was European trading the Ger
mans and Dutch apparently being sat-
isfied to hold the bonds they bought
SO much lower down In the latter
months of 1882. French bonds re-
mained firm. British issues fluctuated
only fractionally in spite Of sharp ex-
change advances Australian govern
ment dollar bonds were strong on Lon
don buying.
Copyright, 1881
Evening star., 1933-02-12
NINE STOCK GROUPS KEEP
FAIRLY STEADY TREND
Special Dispatch to The Star.

BOSTON, February 11.-Since the
september peak in the stock market,
the United Business Service noints o,,t
the Dow-Jones industrial average has
backed OF 26 per cent. Some security
quotations have dropped more than SO
per cent in this period, but the follow
ing prominent groups have shown a.
more steady trend: Chemicals, utility
operating companies, sugar, aviation,
food, chain stores, cigarettes, mail order
and rayon. Stock prices in all Of these
groups. except mail order, declined less
than the average In the abrupt drop in
values between February and July, 1882.
Stocks in these industries do not rally
In sensational way during a period
OF market strength although their gains
in the August upturn were nearly equal
to the average.
Evening star., 1933-02-12
GOLD DISTRIBUTION
IS DECLARED VITAL
British Writer Analyses Ef-
feet of Metal Upon Com
modify Prices.
BY the Associated Press.

BY the Associated Press.
Maldistribution Of world gold can
cause a collapse Of commodity price
levels throughout the world, the late Jo-
seph Kitchin held in q hitherto unpub-
lished paper which has come to the at
tention of the Federal Reserve Board.
Mr.. Kitchin, who died last year. was
Britisher and one Of the leading ex-
perts of the world on gold and monetary
matters. His contention was that an
adequate world supply of gold for use
as monetary reserves Is not in itself
sufficient, under the conditions of an
international gold standard, to insure a
stable price level.
The total supply must also be dis
tributed among the different national
monetary systems in such a way that
each important country or group OF
countries is assured of having large
enough reserves to expand the gold
basis Of its currency in accordance with
the development of its industry and
commerce, he wrote.
II the distribution Is not equitable in
this sense, he maintained, and If the
steady concentration Of gold in few
countries causes progressive shrinkage
of resources in the other countries of
the world restriction will spread to the
whole world. The gold accommodating
countries will find that their ample re-
serves are no safeguard against falling
prices and the attendant depression Of
trade.
Gains of gold in such circumstances
are, therefore, of no advantage to the
receiving countries and the cause Of
much misery to the world as whole
he wrote
The charts and tables accompanying
Kitchin's thesis represented an attempt
to show that the experience of 1929 to
1881 was Of precisely this nature; that
the fall of prices in these three years,
and consequently large part of the
ensuing depression, was directly con-
nected with the gold absorption by
five gold countries United States,
France, Switzerland, Holland and Bel
gium-at the expense of the rest of the
world
Evening star., 1933-02-12
POTATO MARKET.

CHICAGO, February IL Up Omitted
States Department of Agricultural -
Potatoes, receipts, 10 cars; on track,
131; total U. S. shipments, 302; strong
er,, trading light; Idaho Russets. few
sales, 1.35; Colorado McClures, 135.
Evening star., 1933-02-12
TRUST COMPANIES.
Markets to Close
In Observance of
Lincoln's Birthday
BY the Associated Press.

BY the Associated Press.
NEW YORK, February 11.-Finan-
cial markets throughout the country will
generally be closed on Monday in OBJ
servance of Lincoln's birthday
The New Orleans Cotton Exchange
viii be open, but the Chicago markets,
in common with all New York ex-
changes and banks. will haye holiday.
Evening star., 1933-02-12
HOLDERS OF BANK STOCKS
ESTABLISH new RECORD
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 11.-Holders
Of New York City Bank stocks estab-
lished new high record at the close of
1882. according to figures compiled by
Holt, Rose & Troster. The stock
holders lists Of the Is leading institu-
tions carried a total of 363,163 names,
according to the records, compared with
328,974 names at the end Of 1881. 301,-
932 names at the end of 1880 and 49,
40l names in 1920.
Thus from 1920 to 1892 the number
of shareholders has increased 343,762,
or 18 times.
Evening star., 1933-02-12
CIGARETTE PRICES
SHARPLY REDUCED
Wholesalers Cut Charges 80 Cents
a Thousand-Retail Organiza-
tions Announce New Prices.
By the Associated Press.

BY the Associated Press
NEW YORK, February 11-Tba
American Tobacco Co. TODAY reduced
the wholesale price of its leading brand
OF cigarettes to $3.50 a thousand from
Sc previously. The cut Is effective i'm
mediately.
The first reaction in retail circles tn
the announcement of American Tobac-
co.'s action was word that the Nation
wide grocery chain had reduced prices
OF the popular cigarette brands in manv
OF It's stores to 10 cents a package and
81 a carton.
Later one Of the large retailers Of
cigarettes announced that it had cut
the retail price of leading brands to
II cents package in New York City.
selling two packages for % cents and
carton for Sl.10. The previous price
was Is cents a package, two for a
quarter and $1.19 carton.
WINSTON-SALEM, NC, February II
P1.-The r. j. Reynolds Tobacco Co.
today followed the lead of the Ameri-
can Tobacco Co., and cut the wholesale
price of its leading brand OF cigarettes
from Sc, to $3.50 a thousand, less the
usual trade discounts.
Evening star., 1933-02-12
PARIS B0URSE PRICES.

PARIS, February IL R.-Three per
cent rentes, 76 francs 81 centimes; Al
per cent rentes, 91.50.
Exchange on Lepdon s7.7o. The dol
lar was quoted att25S0.
Evening star., 1933-02-12
Furniture Buying Active,

NEW YORK, February IL CP.-Sum-
mer furniture makers report the most
active early buying in several years
Stores have purchased liberal volumes
Of wicker and bamboo suites and have
also freely ordered beach chairs and
tables.
Evening star., 1933-02-12
Grocery Price Index Lower.

NEW YORK, February II (P).-Tha
National Wholesale Grocers' Association
reports continued decline in its price
index. The figure for the end of Janu-
airy was 64.2. or 2.6 per cent under
December ard 10 per cent under the
average for January, 1892.
Evening star., 1933-02-12
CHICAGO DAIRY MARKET.

CHICAGO. February IL (P).-Butter,
changed. Eggs, receipts, ii, ,9s4 cases;
easy; extra firsts, 13; fresh graded firsts,
12A. current receipts, IL.
Evening star., 1933-02-12

Winter Merchandise Moving.

NEW YORK, February IL (R-The
cold weather has helped move Winter
merchandise, but 1t has retarded pur-
chases of Spring goods.
Evening star., 1933-02-12
NEW YORK BANK STOCKS
BANKS.

NEW YORK, February IL (P.-Over-
the-counter market:
Evening star., 1933-02-12
BONDS.

Copyright. 1882. Stand. Statistics Co..
Imperial Valley press., 1933-08-16
POSSE ELUDED
BY GANGSTERS

CHICAGO, Aug. 16. (U.P) - Two
members of a kidnapping gang who
easily side stepped the most elab-
crate police trap ever laid were
hunted by hundreds of officers to-
day.
Authorities had a good idea of
their identity. They believed them
to be members of a kidnap gang
led by Roger Touhy, Chicago rae
keteer, and Harvey Bailey, alleged
kidnaper of Charles F. Urschel,
Oklahoma City millionaire, who was
arrested near Paradise, Tex, Sum
day.
More than 300 federal agents and
Chicago police participated in the
trap, using machine guns and air
planes.
In the face of this force, the
men drove boldly into the open,
grabbed a spurious package they be-
lieved contained $4,000 as addition
al ransom from John (Jake the
Barber) Factor, then skillfully out
distanced their pursuerS.
Scores of acres of forest land west
Of Chicago were searched by Off
GERS and possemen. For four hours
the district surrounding La Grange
was punctuated with screaming
police sirens, the spatter of bullets
and the roar of diving airplanes as
the minutely detailed trap was
sprung.
But the gangsters, outdistancing
and outwitting the officers, escap-
ed. Once they ran squarely into a
police barricade but quickly re-
versed their flight.
Police and federal agents under
Melvin Purvis, chief of the local
department of investigation office,
had planned the coup for days.
Imperial Valley press., 1933-08-16
FAMILIES IN
NEED OF AID
GROW LESS

WASHINGTON, Aug. 16. U.P)-
Almost 100000 families went off
the nation IS relief rolls in June,
Federal Relief Administrator Hop
kins reported today.
In June 3,745,367 families re-
ceived relief from pr.lic funds,
compared with 4,222,263 in May.
Reports submitted to Hopkins
from 46 states and the District of
Columbia showed that $66, 191 $50. 70
of local, state and federal funds
was spent for relief in June, COM
pared with O,232 ,506.75 in May
Hopkins said he had not eek
pected such drop" in relief fig
ures, but he emphasized states
must continue to do their share if
relief is to be considered adequate.
Nebraska and Vermont had not
submitted reports in time for in
cluSion in the nation wide survey.
OF the remaining states, Florida,
Georgia, Idaho, Louisiana, New
Mexico and the District of Column
bia reported increases in the num-
Der of families given relief in June
over May.